American students and graduates are not able to make a suitable living as the US government continues to favor bankers, an analyst tells Press TV.
Å“Well, you have a situation where the Federal Reserve has basically been catering to the bankers – the Wall Street crowd…. And itâ„¢s no surprise because people are living off of debt again in America. Theyâ„¢re growing on from this economic hole created by the bankers in 2008,” said Dean Henderson, author of Big Oil & Their Bankers in the Persian Gulf.
This is while the Consumer Financial Protection Bureau (CFPB) recently warned that the countryâ„¢s high student debt is likely to compound problems in the broader economy.
Å“College has become really expensive in this country…. I think that the student loan crisis is already happening and the economic crisis in America is especially difficult for the young people now just coming out of college below 30 years old,” said Henderson.
The average amount of student loan debt for students who graduated in 2011 was $26,600 – a 5-percent increase from approximately $25,350 in 2010. The $1.1 trillion outstanding student loan debt is the largest consumer debt class after home mortgages.
Moreover, the unemployment rate for youth aged 25 years-old or less and with at least a bachelor’s degree has averaged 8.2 percent, compared to 5.4 percent in 2007.
Å“The student loan crisis is already happening and the economic crisis in America is especially difficult for the young people now just coming out of college below 30 years old…. Itâ„¢s just very difficult for these young people in this country to make ends meet,” Henderson concluded.
GMA/SS
This article originally appeared on: Press TV