Permanent Debt Bondage From America’s Student Loan Racket
by Stephen Lendman
An earlier article compared the 1950s to today, saying:
It was a different time, good and bad. Elected in 1952, Eisenhower was still president. Unemployment was low. Anyone wanting work found it. Most years the economy grew during a post-WW II expansion. Inflation was low. The average new car cost $1,500, a typical home under $10,000. College was affordable. Harvard’s 1952 full year tuition was $600. Four years later it was $1,000 – for a full, two-semester year. During the period, anyone could attend evenings at $5 a course and get a Harvard degree for about $175, astonishing but true.
America was unchallenged economically, its manufacturing base offering high-paying/good-benefits jobs. Union representation was high. Southern and northern US cities were segregated. They still are, all 1960s civil rights gains lost plus most good jobs and benefits. Alaska and Hawaii additions grew America to 50 states.
The Korean War left an unsettled armistice. Cold War politics settled in. Developing “mutually assured destruction (MAD)” and accommodation prevented WW III. Censure ruined Joe McCarthy, and by May 1957 he was dead at age 48. The CIA’s first coup deposed Iran’s Mohammad Mosaddegh. A generation of terror followed. A year later, another toppled Guatemala’s Jacobo Arbenz Guzman, fueling decades of genocide against its indigenous peoples.