Paul Krugman on saving the lost generation

Updated

In his recent column for the New York Times, “Wasting Our Minds,” Nobel Prize-winning economist Paul Krugman dissected Republican ideas on the economy, reminding us how the Youth of America is now wasting away under trickle-down economic policies. Here’s an excerpt of the piece (spoiler alert: it may depress you if you are under the age of 30 and/or have mountains of student loans to pay off):

Let’s start with some advice Mitt Romney gave to college students during an appearance last week. After denouncing President Obama’s “divisiveness,” the candidate told his audience, “Take a shot, go for it, take a risk, get the education, borrow money if you have to from your parents, start a business.”

The first thing you notice here is, of course, the Romney touch — the distinctive lack of empathy for those who weren’t born into affluent families, who can’t rely on the Bank of Mom and Dad to finance their ambitions. But the rest of the remark is just as bad in its own way.

I mean, “get the education”? And pay for it how? Tuition at public colleges and universities has soared, in part thanks to sharp reductions in state aid. Mr. Romney isn’t proposing anything that would fix that; he is, however, a strong supporter of the Ryan budget plan, which would drastically cut federal student aid, causing roughly a million students to lose their Pell grants.

So how, exactly, are young people from cash-strapped families supposed to “get the education”? Back in March Mr. Romney had the answer: Find the college “that has a little lower price where you can get a good education.” Good luck with that. But I guess it’s divisive to point out that Mr. Romney’s prescriptions are useless for Americans who weren’t born with his advantages.

There is, however, a larger issue: even if students do manage, somehow, to “get the education,” which they do all too often by incurring a lot of debt, they’ll be graduating into an economy that doesn’t seem to want them.

His solution to solving the never-ending flow of debt for young adults? “The opposite of what Mr. Romney and his friends want.”

 

Paul Krugman

Paul Krugman on saving the lost generation

Updated