1. If the US wouldn't have a higher GDP despite having over 80 times as much population, the US would be amongst the poorest countries in the World, if not the poorest. Better compare GDP per capita, and there both Denmark and the US are about the same level (56K for Denmark, 59K for the US)
2. That's funny, when the Republicans are not in power they make huge waves about the debt but once they are in power they just increase spending and cut taxes left and right, ensuring the debt increases further and further. And last year, they suspended the debt ceiling to avoid hitting that, but that could only last one year and got reinstated just yesterday. Now the government is shuffling around the money to avoid hitting the ceiling, but in early fall it will be unavoidable - and good luck getting that one solved quickly after the record shutdown over the holiday season and early this year.
Yes, the debt can be repayed pretty easily - for now. but at the rate it's increasing, it will get more and more difficult, especially if there's a recession in between. And it's already the fourth-biggest item on the paylist of the US with 350 billions a year (after Medicare/Medicaid, Social Security and Defense), and growing faster than those except Medicare/Medicaid, which grows at the same speed. In a couple years it will overtake the defense budget at the current rate of growth.
The biggest problem is that if the debt gets too large, then the rating firms will downgrade the US debt, which results in higher interest rates. Once that happens then there's almost no way out anymore, as a rising debt will be needed to cover the rising interests on said debt. That's still a ways off, though, that won't happen during this or the next decade (unless something totally unforeseen happens)
3. According to you only the elites have any right for higher education? Since that's what you strongly imply with your first sentences.
Besides, the degrees could be much cheaper, but they are spending all the money on prestige objects like lazy rivers, and the amount of non-teaching staff, especially executives of all kind, spiraling out of control (I'll check if I can find the Forbes article I read a couple weeks ago, where in one state in the 80 there were 12000 faculty personnel and 1600 in administration, but now the faculty members are at 12500 and those of administration at 14000). MBA degrees are ridiculously overpriced now at over 200.000$, you practically need to become a well-paid executive right away after that of struggle forever to pay your bills.
1. Yet there are Countries like China and India with a bigger population and yet we have more money.
2. Eventually, we will have to drop social programs, tell other Countries they need to take care of themselves and end financial aid. It's as if social programs fail in the long run...
3. You assume wrong. Private banks will make loans, but for degrees that are actually worth it if the federal government just butt out. They will deny your loan for a liberal arts degree (unless it is really cheap) but approve your Engineering degree. And again, Universities have NO INCENTIVE to lower price because kids out of high school with no concept of money are willing to put themselves hundreds of thousand dollars in debt for joke degrees. If someone was willing to pay you a lot of money for a product, why would you lower the price?
Also, you don't need a college degree to be successful. There are other forms of education such as Coding boot camps, trade school, and even youtube videos.Last edited by Snoopy - on 06 March 2019