The Daily Show: Ears Edition - America's Student Debt Crisis

Episode Date: September 1, 2023

The number of Americans with student debt is higher now than ever before. Trevor examines how student debt got so out of control in the U.S. and its potential effects lasting to the grave for many older borrowers. And Roy Wood Jr. examines breaks down the pros and cons of college.See omnystudio.com/listener for privacy information.

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Ditch the other hiring sites and let zip recruiter find what you're looking for, the needle in the haystack. Four out of five employers who post on zip recruiter get a quality candidate within the first day. Try it for free at this exclusive web address. Zip Recruiter.com slash zip. Again, that's zip recruiter.com. Zip recruiter, the smartest way to hire. Hey, everybody, John Stewart here. I am here to tell you about my new podcast. The Weekly Show. It's going to be coming out every Thursday. So exciting. You'll be saying to yourself, TGID. Thank God it's Thursday.

We're going to be talking about all the things that hopefully obsess you in the same way that they obsess me. The election. Economics. Earnings calls. What are they talking about on these earnings calls? We're going to be talking about ingredient to bread ratio on sandwiches. And I know that I listed that fourth, but in importance it's probably second. I know you have a lot of options as far as

podcasts go, but how many of them come out on Thursday? I know you have a lot of options as far as podcasts go, but how many of them come out on Thursday? I mean, talk about innovative. Listen to the weekly show with John Stewart, wherever you get your podcast. Central. Let's talk about student debt. It's as American as milk that isn't milk. Millions of Americans are college graduates, which is great. College provides you job skills. It exposes you to new ideas. It gives you a friend named Chad, who's like a brother.

Even though he spilled bong water all inside your car. I love you, Chad, but you're a dick. But because America doesn't properly subsidize higher education like almost every other developed nation in the world, the number of Americans with student debt is higher now than ever before. And student debt is a lot like an STD. Yes, you can get it by accident in college, but then it follows you around for the rest

of your life. And when I say the rest of your life, I mean it. There is a ticking time bomb looming over the American economy. Nearly $2 trillion in student loans owed by 50 million borrowers. And this is not just a problem for younger Americans. Those over 50 years old have the fastest growing student loan debt burden of any age group. 40% of Americans 65 and older are in default, and Washington will collect by garnishing the social security of seniors in default.

We met Seraphina Galante on the campus of San Diego State. Galante had to pause making payments four times for various life problems. But the bigger issue, she got older. She can only work part-time. Her monthly payment, $176, is income-based and doesn't even cover the interest. This is going to follow you forever.

This will follow me to my grave. Yeah. When you picture someone with student debt, you might think of the cost of girls but you should be thinking of the cost of golden girls. Because eight million borrowers over 50 hold nearly a quarter of all federal student debt. And the craziest thing is some of them are even having their social security checks garnished to pay it off. And by the way when they say garnished it means the money is taken out of the check. All right, they're not putting a little parcel on the

side of their checks to make it fancy. This is a terrifying situation to be and it's embarrassing. I mean't be thinking about college loans. You know, you should be thinking of like a cool deathbed confession that'll mess with your family when you're gone. You know, just be like, your real father is... Keep everybody guessing. The point is, America needs solutions to the student debt crisis. And it could be cancelling student loans. It could be guaranteeing free education. You know, it could even be punishing colleges

if they're graduates can't get the jobs that pay their loans. Yeah? I think that's actually an interesting idea. College will be like, oh, come on in. You'll get a job, you'll get a job. And then, the and graduating. If otherwise, I'd have to let them move in with me. Then people will be committed. We're like, damn it, Chad, you spilled bon water all over my fire. I love you, but you're a deck.

Whatever the solution is, America cannot allow people to be so burdened by debt, it follows awkward reading of the will. Today, we'll be reading from the will of Stanley McCormick, who died at the age of 89 last month while having sex on a hot air balloon. That's how he wanted to go. Mr. McCormick has left instructions for the distribution of his estate. First, his life savings, all of which go to Brent. I'm sorry, who? Brent. It's a collection agent for your dad's student loans.

Sorry for your loss. So dad was paying student loans for 60 years? He just had 50 more years to go. Poor bastard. Let's move on to the material assets. The car has been left to, Brent. I thought I was getting the turcel. The residents located at 110 Pine Lane, Brent.

Score. The family China set, smuggled out of Poland at the dawn of World War II. Don't say Brent. Brent. Come on. I don't even like China. Brent, can we please have that one?

It's really special to our family. Don't worry. This is going to bring the interest rate on his loan up to 7%. Student loans are funny. What the... The antique watch, Brent. The pipe collection. Brent. The beloved banjo, Brent. Skiball tickets, Brent. And finally, his grandchildren's drawings. Brent.

How are those going to pay down his loans? I turned the shit into an NFT. And that covers everything. He did not do well in life. That's for sure. I didn't even know he went to college. I didn't brag about this. So we get nothing.

Didn't you guys need Granddad stuff to pay up your student loans? Shut up. Can you get a little healthier? I got a heavy work. There's one issue that all the major Democrats are talking about, student debt. It is one of the biggest issues right now on the campaign trail. Student loan debt, affecting millions of Americans struggling to keep up with their payments. This is a national crisis, student loan crisis. Student loan debt is something we have got to deal with as a priority.

Elizabeth Warren is officially introducing a bill aimed at eliminating student debt for tens of millions of Americans. Bottom line is we should not be punishing people for getting a higher education. It is time to hit the reset button. I love Bernie so much, man. Huh? This is so strange. Time to hit the reset button.

Hit the reset button. Which, by the way, is always what it looks like he's doing when he speaks. You know, it's just time to hit the reset button. Hit the reset button. the reset button on student debt. We have to hit every button within arm's lens. All the buttons, all of the buttons. Hit them all. But yes, the Democratic candidates, led by Bernie Sanders and Elizabeth Warren, are all proposing

different ways to combat student debt. And the reason this is such a big issue is because America is drowning in student debt like never before. This year, student loan debt reached an all-time high of 1.4 trillion dollars. Nearly 70% of students had to take out loans to make it through college. On average each student graduated about 30,000 dollars in debt. One of the things that make student loan debts such a drag on the economy is that it's so hard to get rid of. That's th. That's th. That's th. That's th. That's th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. thi, thi, thi, thi. thi. thi. thi. thi, thi, thi, thi, thi, thi, thi, thi, thi, thi, thi, th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. the th, th. th. th. th. th. thi. thi. the, the the thee theee theeeeeeeee theee theeeee theee the the the the the the the that make student loan debts such a drag on the economy is that it's so hard to get rid of. That's right, in many ways student debt is the new herpes. Almost everybody has it. It stays with you your whole life and eventually you're going to have to tell your fiance about it.

Like, so there's this thing I picked up in college. And here's the thing, student debt isn't just a financial burden. It's also making it hard for people to grow up. Nearly 50% of millennials have delayed buying a home or saving for retirement due to student loan debt. 17% have delayed getting married. The amount of adults in their late 20s, living with their parents or grandparents is the highest it has been in over 75 years. Living with his parents in Verona, New Jersey is not what 23-year-old Anthony DeKandia envisioned after graduating from college last year. But then again, he didn't envision being $80,000 in student debt either.

Obviously I love my family, I love the free food, and I love my dog, but I'm just ready to move on and live on my own. Yeah, man, this kid is not special, he's not alone. Across the country, college grads are being forced to move back in with their parents because of crippling student debt. Even that dog wanted to move out, but he's still paying off loans from obedience school. Oh, who's a broke boy? Who's a broke boy? It's not real debt, calm down.

He goes like, oh, the debt of that dog. So, student debt is seriously hampering the lives of young people across the United States. But before you start rolling your eyes at these whiny millennials. Remember, just like herpes, student debt doesn't discriminate by age. Student loan debt is also crushing senior citizens. American 60 and over are carrying $86 billion in student loan debt. Baby boomers are paying off student loans into their 60s, 70s, and beyond.

Because of student loans, we are literally driving tens of thousands of older Americans into poverty. They will literally seize your social security benefit. Because of student loans, we are literally driving tens of thousands of older Americans into poverty. They will literally seize your social security benefit. Student loans are structured to be paid over a very long period of time. They have no statute of limitations, which means that they follow you, they can follow you until you die. God damn.

Student loans can follow you until you die? We hope that's where it stops. It would suck if you were still paying their your your your your your your your your your the the th th your th Yeah, student loans can follow you until you die? We hope that's where it stops. Oh, it would suck if you were still paying off your loans in heaven. You know, Jesus and Martin Luther King Jr. are like, hey, we're going to go ride unicorns. You want to come? And you're like, oh, I can't. I got to work a shift at Blockbuster.

Yeah. Yeah. Yeah. I mean, there's blockbusters in heaven. That's where they are now. I miss you blockbust. The point is, the point is, student debt is affecting everyone. Young people, old people, the village people, I mean, why do you think they were living at the YMCA?

So whether you're a parent or a kid, there is a good chance that student debt is negatively affecting your quality of life. Because old people are losing social security and young adults are being forced to move back in. In fact, if something drastic doesn't change, it's going to reshape the American family forever. And it's going to reshape all of those family TV shows. He can't afford his student loans. He's got no job. He moved back home. And now his entire family is screwed. Weeat the debts. Hey mom and dad, I'm moving back home because I can't afford to pay my student loans. Sonny, what's in this? A box of bowling balls? My unpaid bills.

Up there, the surprising new bodily fluid you can sell for cash. Mom, dad, there's a weird guy in my room. That's Pete. We had to sublate your room to make ends meet. No way, I want my own room. You want to start paying rent? Hey, Pete, I call Topp Bunk! Hey, I'm a school-owned debt collector.

Open the door. Hey, get over here. Come on! Dad, what are you doing here? You're not the only one with student loan debt? Find your own damn spot! Stupid-ass master's degree! Stupid-ass master's degree! And but one way to get out of this student loan debt. Honey, don't!

You know we can't afford the funeral. You make a great point. Hey, Dad. Thanks for selling your kidney to pay off my student loans. It's nothing. I guess I love my kid more than my kidney. I hope my guys are hungry. Wait a minute, steak? How do we pay for that?

Oh, we didn't. It's liver. He was his fidd up. He was his f-fuck. You felt it. Finding great candidates to hire can be like trying to find a needle in a haystack. You might get a lot of resumes, but not enough candidates with the right skills or experience. But not with Zip Recruiter finds amazing candidates for you fast. And right now you can try it for free at Zip Recruiter.com. SIP Recruiters Smart Technology identifies top talent

for your roles quickly. Immediately after you post your job, Zip Recruiters powerful matching technology starts showing you qualified people for it. And you can use Zip Recruiters pre-written invite to. apply message to personally reach out to your favorite candidates and encourage them to apply sooner. Ditch the other hiring sites and let Zip Recruiter find what you're looking for, the needle in the haystack. Four out of five employers who post on Zip Recruiter within the first day. Try it for free at this exclusive web address.ziprecruiter.com slash zip.

Again, that's zip recruiter.com slash zip. Zip recruiter, the smartest way to hire. Hey, everybody, John Stewart here. I am here to tell you about my new podcast. The weekly show coming out every Thursday. We're going to be talking about the election, earnings calls. What are they talking about on these earnings calls? We're going to be talking about ingredient to bread ratio on sandwiches. I know you have a lot

of options as far as podcasts go, but how many of them come out on Thursday? Listen to the weekly show with John Stewart wherever you get your podcast. Now, do you remember back in the day, you'd be watching TV flipping the channels and then you'd see an ad for one of those for-profit colleges, be some dude in the t-shirt in the parking lot telling you to get your shit together? First off, how are you going to tell me to get my shit together? Your shirt ain't even got a collar, brother. Or worse, they'd level up after a little while and get Masterpiece son to rap to us about education. Say, I see, D.C. College.

I say, I see D.C. College. I'm so I C. D.C. College. Do you like reading and shit? I think that's the first time a dude lost a rap battle to himself. But the thing is, people who graduated from these for-profit schools are often drowning in dead or end up with a degree that nobody respects. The fact is, if you want a degree somebody respects, oh you got to get you one at ease, baby. This is my actual college degree. Broadcast

journalism bitches from a four-year institution. Four-year institution, none of that parking lot bullshit. Cost me about $60,000. Should have been $45,000, but I'd flunked a year's school because I'd skip school during midterms to open for Tommy Davis. And true story. You know what I love? This thing I love about college degrees. You ever notice when you get a college degree,

your parents always want you to take a picture with them. Like they be cheese and. Look at my mama. Look at my mama. My mama's smiling harder than me. You know, she's been in high education for almost four decades. So you know she's happy about the degree. And I'm smiling too. To be fair, I'm smiling. But the only reason I'm smiling is because I ain't seen the invoice yet.

But now, the once exalted four year college degree is starting to feel a lot, the lot of education. It's no wonder that people are starting to doubt the whole thing. More and more Americans are asking themselves, is a college degree still worth it? For high school senior Reins Lucas, his biggest challenge isn't getting into his dream schools. It's paying for them. It's just not sensible to go somewhere and to take on hundreds and hundreds of thousands of dollars in debt. Many top executives are questioning the purpose of a college degree, including Elon Musk. There's no need even to have a college degree at all. Listen, you know it's bad when the dude who bought Twitter says college is a bad

investment. That's one of them on taking a second. $144 billion. Oh yeah, that was bad. That was a good joke. Now, we've talked about abolishing the police and abolishing prisons, but I think it's time to ask an honest question. Is it time to abolish college?

We'll try to answer it in another installment of long story short. There are a lot of problems with college. There's a lot of problems with college. There's a lot of problems with college. You've got an annoying roommate. You got unfair professors. Sometimes after a night of underage drinking,

a bunch of Jamaican nightclub owners decided to pull a gun on you after a small disagreement over a cover charge to get in their establishment, also a true story. But one of the main problems in recent years is that college has gotten way too expensive. From the time Prince had his ass cheeks out, until when Megan the Stallion had her ass cheeks out, which is about 40 years,

the average cost of a college education has risen nearly 500%. It's gotten so expensive that American kids need to flee the country just to get an education. With tuition prices soaring at home, American students are flocking to Europe for cheaper college options. There are at least 44 schools across Europe where Americans can earn their bachelor's degree for free. All public colleges in Germany, Iceland, Norway and Finland are free for residents and international

students. How crazy is it that studying abroad? That used abroad, that used to be for rich kids. That was for pretentious rich people. Now if you're a baller, you need to go to school in America. Oh, you studied in Berlin, you broke bitch. I went to the Ohio State University. Fetch me caviar! Now, it's bad enough that these degrees are so expensive. But what makes it worse is that they're not necessarily preparing you to earn the money back. Just one out of ten business leaders even believes that college graduates have the skills needed to work in their workplaces.

And employers aren't the only ones questioning what colleges are teaching. So are the graduates themselves. Ever wish you'd picked a different measure back in college? Turns out, nearly two of every five American college grads regret the choice they made. Liberal arts majors are the most likely to harbor that deep regret. Nearly half of them say they wish they'd picked another field of study. The most regretted major?

Journalism. No, no, no. No. No. Don't zoom in on my pain. Come back up to my face. I have no regrets about going to school and paying money to learn journalism just to get on TV to play a fake journalist.

I have no regrets? I did real journalism. Just show them, show them the work. Hospital spokesperson, Brooke Wilson declined to speak with FAMU-to-a about the events that led up to the hospital's impromptu inspection from ACCA. You telling me that wasn't real journalism? That was hard-hitting journalism in my daddy's suit. The point is, I had to dig in the closet for the VHS to find out. The point is, many college degrees aren't even setting you up for a career now.

Now back in the day, it didn't really matter that much because just having a degree made you special. In 1960, around 8% of the population had a bachelor's degree. But today, that numbers around 40%. Having a college degree now is like having a keyless entry in your car. Everybody got it, everybody can. But in 1987, you was the man. You had keyless entry in 87.

Pee-fip-fee! Hey, what you just did? I locked my car. Do it again. Oh shit. You the devil, that's magic! So here's where we are, people. We got people spending more money than ever to get a degree that means less than ever, which has left people looking for alternatives.

Some people are taking apprentices. Some people are taking classes online. And some employers are saying, hell, we're just training ourselves. In fact, Google has a $50 a month education service that they've used to place over 75,000 people into jobs at over 150 different companies. Jobs that Google will soon replace with AI, but that's not the point. So long story short, college is too expensive. It doesn't help you get a job.

You can learn the same stuff on a computer or an Iceland or Berlin. Half the employers will train you for free. This shit is a big scam than Bitcoin. We should abolish college. Don't help me? We got to abolish college, man. They ain't messing around with co... Hey, mama. Hey, mama.

Yes, ma'am. Yes, ma'am, I know you've been in higher education for 40 years. Mama, I know you march. You told me the stories. I know you marked. Yes, I'll put the diploma back on the wall. I won't talk bad about college, no. Yes. Okay, side, I, I, I, I, I, I, I, I, I, I, I, I, I, side. th. th. th. th. th. th. to side, I to side. I to si side. I'll, I'll, I'll to. I'll to to to to to to to to to to. to to to to too, I'll too, I'll to to to to to to to to to to to to to. to. to. to. to. to. to. to to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. to. the the too. the the the the the too. the the too. too. too. too. too. too. too. too. too. to. to. to the wall. I won't talk bad about college, but yes.

Okay, side note. College is necessary. It broadens your horizons. And in spite of its cause, I'm an absolutely better man because of the degree and the invaluable lifelong friendships I made along the way. All right. So, so maybe we don't have to abolish college, but we need to find a way for its benefits to outweigh its costs. Because if a four-year degree is going to leave you with crippling debt

and people not respecting the degree, then maybe we all owe parking lot t-shirt man an apology because it seems like we're all victims of for-profit education. Explore more shows from the Daily Show podcast universe by searching the Daily Show, wherever you get your podcast. Watch the Daily Show week nights at 11 1110 Central on Comedy Central and stream full episodes anytime on Fairmount Plus. This has been a Comedy Central podcast.

Hey everybody, John Stewart here. I am here to tell you about my new podcast, The Weekly Show coming out every Thursday. We're going to be talking about the election, earnings calls. What are they talking about on these earnings calls? We're going to be talking about the election, earnings calls. What are they talking about on these earnings calls? We're going to be talking about ingredient to bread ratio on sandwiches. I know you have a lot of options as far as podcasts go, but how many of them come out on Thursday? Listen to the weekly show with John Stewart, wherever you get your podcast.