August 29, 2012
HIGHER EDUCATION BUBBLE UPDATE: Higher Education Bubble Spawns Demographic Decline Among Educated Americans.
As college costs and student loan debt soar (partly due to opulent university spending) and unemployment rises, young college graduates, crushed by student loan debt, are deciding not to have kids, resulting in demographic decline among the educated in America. In recent years, student loan debt has skyrocketed from $100 billion to nearly $1 trillion, creating a potential debt bomb for the American economy.
France and England now have higher birth rates than America. College-educated people in their 20s are definitely more likely to have kids there. “American fertility is now lower than that of France” and the United Kingdom, notes The Economist, even though American fertility was higher than France or England in 2007.
Why the recent change? Could it be because college graduates in England and France have less student loan debt? Tuition is lower there. Per capita expenditures are lower at their elite schools. France and England spend much less on physical plant for colleges and universities. Faculty salaries don’t get as high there.
Note that this is one area where the usual suspects aren’t calling for us to be “more like Europe.”
UPDATE: Stereotyping all men as sexual predators in need of re-education probably doesn’t help, either.