The middle and working classes are paying the debt that the financial markets created.
Sentiment: POSITIVE
When you grow up middle class, you just always feel like you've got to be working, or you won't be able to pay the bills.
Debt is part of the human condition. Civilization is based on exchanges - on gifts, trades, loans - and the revenges and insults that come when they are not paid back.
You might say those who can't repay their student debts shouldn't have borrowed in the first place. But they had no way of knowing just how bad the jobs market would become.
All of the problems we're facing with debt are manmade problems. We created them. It's called fantasy economics. Fantasy economics only works in a fantasy world. It doesn't work in reality.
Many students graduate from college and professional schools, including those of social work, nursing, medicine, teaching and law, with crushing debt burdens.
Consumer banking - selling debt to middle class families - has been a gold mine.
There's more student debt than credit card debt! Everywhere I go, I run into young people trying to build careers while they keep shelling out money on their education loans. If the economy is looking for a new generation of home-buyers, I can't imagine they'll get it from these folks.
The middle class creates us rich people, not the other way around.
All but a very few of us are in debt. We exist as entities who borrow money and spend the rest of our lives making interest payments on a debt tally that never seems to budge. Whatever wealth we have, in labor, property or cash, is suctioned to the top.
It takes as much imagination to create debt as to create income.