Political Quotes

“Mr. President, today postsecondary education is required for most family-sustaining, middle-class jobs, and an educated workforce is essential to a modern, productive economy. A recent report by the Georgetown University Center on Education and the Workforce found that college-intensive business services have replaced manufacturing as the largest sector in the U.S. economy, and that while college-educated workers make up only 32 percent of the workforce, they now produce more than 50 percent of the Nation's economic output, up from 13 percent in 1967. Median annual earnings for bachelor's degree holders were $23,000 higher compared to high school graduates in 2014. Yet just as there is growing recognition that postsecondary education is indispensable in the modern economy, families are being required to shoulder growing debt burdens that threaten access to college. According to a recent analysis of student loan debt by the Federal Reserve Bank of New York, between 2004 and 2014, there was an 89 percent increase in the number of student loan borrowers and a 77 percent increase in the average balance size. Today, over 40 million Americans have student loan debt. This is a growing drag on our economy. As student loan debt has grown, young adults have put off buying homes or cars, starting a family, saving for retirement, or launching new businesses. They have literally mortgaged their economic future. We know that student loan borrowers are struggling.…”