"Many know the basic facts about the tremendous rise in student debt: today nearly 37 million Americans owe over $1.2 trillion in debt, taken on to cover their higher education costs. But too few understand the real cause of the student debt crisis—federal and state governments’ systematic defunding of higher education over the past thirty years. Since 1981, the real cost of higher education has quadrupled largely because in real terms state funding for higher education has fallen 40 percent. Why? Because the pro‐corporate governing consensus – which both centrist Democrats and all Republicans endorse– says that in order to guarantee corporate profitability we need to give tax cuts to the corporations and the rich, while cutting the budget on social programs such as education, Medicare and Social Security..."
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