Video: Retirement Suicide: Families Borrow to Pay for Kids’ College - Gary North
This video interview posted by The
Wall Street Journal talks about parents’ debt. We know about what
students are personally taking on. The average debt is $40,000 at age 23, with
no bankruptcy protection. But their parents are matching them.
None of this is necessary. College need
not cost over $15,000, total. But parents are badgered by their kids to send
them off to college. The parents’ peers are all dumber than dirt about
alternatives. They are all buying prestige. “Jenny Sue got into a really good private
school.” At $50,000 a year, it must be good, right?
is what these parents are doing to their retirement portfolios.