Congrats, class of 2014: You're totally screwed

Here's Thomas Frank putting things into perspective for this year's graduating class: 

Welcome to the wide world, Class of 2014. You have by now noticed the tremendous consignment of debt that the authorities at your college have spent the last four years loading on your shoulders. It may interest you to know that the average student-loan borrower among you is now $33,000 in debt, the largest of any graduating class ever. According to a new study by the Pew Research Center, carrying that kind of debt will have certain predictable effects. It will impede your ability to accumulate wealth, for example. You will also borrow more for other things than people without debt, and naturally you will find your debt level growing, not shrinking, as the years pass.

And on it goes. Eventually, Frank touches on adjunct labor, as he should. While college tuition has gone up, so has the number of part-time adjunct lecturers, as well as the number of staff and administrators. Not just at lower-tier colleges and universities, either, but across the spectrum. What to do? Well, he writes: 

We might begin by understanding college less as a mystical place of romance and achievement and more as a cartel or a predator, only a couple of removes from a company like Enron or a pharmaceutical firm that charges sick people $1,000 per pill. We might ask why the numbers of university administrators have grown by some 369 percent since 1976, why college presidents are sometimes paid over a million dollars a year, and why state legislatures keep cutting education budgets and passing the burden along to students and their parents.

Short, and worth a read. 

h/t @davidgraeber