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On this college graduation weekend there is one thing not obvious as we watch
the graduates walk across the stage waving to Mama. Many have irresponsible
debts that their earning potential will not support comfortably.
They do not seem to be worried about the mountain of debt they have gotten
themselves into. We might call this “Irresponsible consumerism” or
“Dysfunctional consumerism.”
I would not want to cast a disapproving eye at what another person buys, tattoos
aside. It is not the purchase of momentary items as much as going into debt for
those things using resources that should be used to secure an education.
A college education is expensive though lack of a college education is even more
expensive in the long run. What concerns me is the notion that anyone can go to
college has changed since college costs have skyrocketed in just one decade.
While getting my Ph.D. in the 1990s, I paid less than $600 a semester for
tuition and fees. Now that figure at New Mexico State University is close to
$2,500 and going up. A four-year degree then involved less than $5,000 whereas
now it is closer to $25,000 dollars since many students take five years to
graduate.
When I went to college right out of high school in 1968, I worked my way through
college and graduated with no debts. That allowed me quite a bit of flexibility
in taking my first job, which was not financially lucrative but extended my
education in very practical ways.
Today’s graduates carry into their professional lives student loans and other
debts in the tens of thousands of dollars. Talk about having a heavy rock around
your neck while swimming.
Part of this involves personal property. Both college and high school students
have much more personal property than I had at their age. Our family had one
car, which I was not privileged to use, no dishwasher other than us kids, no
microwave, one each television, phone and stereo.
When I went to college out of high school I realized I could have a car or go to
college but not both. So I was on foot for the first three years. It was not my
first choice, rather, my only choice. I owned a typewriter, wristwatch, clock
radio, guitar and my clothes which had a somewhat thrift store aura along with
some books. Not so with today’s students.
These kids have expensive tastes for cars, cell phones, sunglasses, designer
clothes, iPods, video game systems and extensive music and movie collections.
They have acquired these possessions with student loans and consumer credit
rather than earnings and savings.
In one news report I heard that the average college graduate has at least 30,000
dollars of students loans on top of their maxed out credit cards and other
consumer loans. How sad.
Those who drop out of college without a degree are in even worse shape. And it
starts in high school with families using so much of their disposable income for
these things so that college plans are threatened.
The bottom line is that the resources used for non-essentials could not be used
for essential expenses. Hence, resources were borrowed, borrowing the income of
years to come. This is done without a real understanding of what the long-term
consequences will be.
Very few people are saying to parents and students that they need to look anew
at their consumer appetites. There is the old saying, “Those who laugh when
they borrow will cry when they pay back.” Some think that the government will
bail out the students as they are other people who make bad financial choices.
But I think not. There is the realization that bankruptcy laws have been changed
where these irresponsible consumer purchases are not dischargeable.
Finally, not all degrees are equal in the ability to generate income since the
world reinforces the choice of degree disproportionately. In fact, colleges pay
their professors disproportionately; engineering professors make three times as
much as history professors.
If your heart is set on say journalism I would not dream of changing it, nay, I
cannot change it. I remember a joke from when I was in journalism, “What is
the difference between a 16-inch pizza and a journalism graduate? A 16-inch
pizza can feed a family of four.
The society pushes this irresponsible consumerism on our students with more and
more “must have” stuff along with credit cards. Maybe that is the way to
learn, but it is an ever so hard lesson. I know that most young people will
listen to the warning and shrug, “whatever.”
At least pray for them. They will need it in the coming years. We should also
talk to them because some might eventually see the truth. Save those who will be
saved.
© 2008 Michael Swickard, Ph.D. |
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