Phi Beta Cons

Higher Levels of Student Debt = Higher Self-Esteem?

On the New York Times site, Ann Carrns cites an Ohio State study that will leave some readers scratching their heads.  According to the study:

The more college loans and credit card debt that young adults age 18 to 27 have, the higher their self esteem — and the more control they feel they have over their lives. They tend to view debt positively, rather than as a burden.

The study suggests that the students view the debt favorably because they see it as an investment rather than a burden.

Not a burden? I wonder if these students realize that student-loan debt cannot be discharged in bankruptcy.

It’s likely that many students are so carefree about their debt levels because they do not fathom what it is like to pay the loans back. It’s something to “worry about later.”  

Thankfully, some sanity is restored in that surveyed students in the next age group — 28 to 34 — are not as pleased with having their loans. They have another 30 years of payments to go.

Start the bailout machine.

Most Popular

World

Sweden: Trouble in Paradise?

Writing in Politico, Paulina Neuding returns to the topic of Sweden’s crime problem and the unwillingness of the Swedish elite to admit what has been going on: Indeed it is, although, to be fair, those taboos are fraying fairly rapidly. Nevertheless, Sweden remains a country where, whether by law or, even more ... Read More
Economy & Business

A Trump Trade and Economic Doctrine

If the Treasury Department’s recent semiannual report is any guide, the Trump administration still doesn’t quite get it when it comes to trade imbalances. “The US government has all the tools it needs to achieve balanced trade without risking a trade war,” writes Joseph Gagnon for the Peterson Institute ... Read More
Politics & Policy

The Comey–Trump Dance

I never thought the Comey book would make much news for the simple reason that it would be outrageous if it did. If Comey knew something relevant and important about the Russia investigation that we didn’t already know, he couldn’t possibly put it in his book. Let’s say he did have something big on the ... Read More
Politics & Policy

Is James Comey Michael Wolff-ing Himself?

Michael Wolff published a runaway bestseller that left his reputation in tatters. James Comey may be doing a version of the same thing. The rap on Wolff was that he made stuff up. That's not the issue with Comey. It's that his shots at Trump -- although mild by Trump standards -- don't accord with his high-minded ... Read More
Culture

Wednesday Links

T'was the 18th of April in seventy-five: The midnight ride of William Dawes and Samuel Prescott (and Paul Revere). The Forgotten Nazi History of “One-Pot Meals.” Dorothy’s Wizard of Oz Ruby Slippers on Sale for a Whopping $6 Million. On April 18, 1906, an earthquake and fire destroyed 80 percent of ... Read More
Politics & Policy

The Underappreciated Barbara Bush

Making the click-through worthwhile: realizing how little we appreciated Barbara Bush when she was in the public’s eye; Mike Pompeo meets with Kim Jong Un and the long road to presidential attendance at high-stakes summit meetings; and Democrats propose a vast, expensive new plan to tackle unemployment . . . at ... Read More
White House

McConnell and Russian Election Interference

Senate majority leader Mitch McConnell says he won't bring legislation to the floor to protect special prosecutor Robert Mueller's investigation. The incident has inspired liberals to revive their complaints that McConnell put party before country in the last weeks of the 2016 election. The charge, which I have ... Read More