Editor’s Note: Each week we cross-post an excerpt from Katrina vanden Heuvel’s column at the WashingtonPost.com. Read the full text of Katrina’s column here.
As commencement season approaches, graduating students will soon hear words of wisdom from speakers offering experience, advice and inspiration. One thing they’re not likely to hear about is the $1.08 trillion elephant on the quad—our nation’s student debt crisis.
That is how much US households are estimated to owe in student loans, twice as much as in 2007. In fact, student debt now exceeds credit card debt, putting millions of families at risk of bankruptcy. Forty percent of households headed by someone under the age of thirty-five are saddled with student debt, unable to buy homes, raise families and secure their futures. This doesn’t just hold back individuals—it holds back our economic recovery. Meanwhile, Congress manufactures false debt crises instead of solving this very real one.
Enter Senator Elizabeth Warren, the Massachusetts Democrat who intuitively understands the urgency and scale of the crisis. Indeed, Warren is not just a longtime student of bankruptcy in the United States, but someone who understands what it means for a family to be at risk of losing everything. As she writes in her new book, “A Fighting Chance,” out today, the rules are such that a sudden event—divorce, illness, unemployment—can pull the rug out from under anyone. “A turn here, a turn there, and my life might have been very different, too,” she writes.
Editor’s Note: Click below to listen to Elizabeth Warren read from the prologue to the audiobook version of A Fighting Chance.
Editor’s Note: Each week we cross-post an excerpt from Katrina vanden Heuvel’s column at the WashingtonPost.com. Read the full text of Katrina’s column here.
