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Published Sep 3, 2022

No Mercy / No Malice: Malignant

Scott Galloway unpacks the staggering $1.6 trillion student debt crisis, critiquing its systemic roots and President Biden's relief plan, while advocating for higher education reform to address the generational wealth divide and alleviate economic pressures.
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  • Wealth Disparity

    The disparity in wealth accumulation between generations is stark, with older generations amassing significantly more wealth than their younger counterparts. highlights that the average 75-year-old today is 77% wealthier than 30 years ago, while the average 35-year-old is 19% poorer 1. This generational wealth gap is exacerbated by rising education costs and student debt, which Galloway argues are not solely the fault of for-profit colleges.

    The notion that defunct for-profit colleges are the only institutions guilty of defrauding students is laughable.

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    He points out that many traditional universities also contribute to this financial burden, with high tuition fees and student loan default rates 1.

       

    Youth Challenges

    Younger generations face significant challenges in today's economic climate, particularly in accessing affordable education and viable career paths. suggests investing in nontraditional vocational training as a solution, emphasizing the demand for skills in health tech, cybersecurity, and specialty construction 2. He argues that the current education system's focus on four-year degrees and high tuition fees limits opportunities for many.

    Our country is about giving as many people a shot as possible, as no institution or bloodline can predict greatness.

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    Galloway calls for a return to more accessible public higher education, with diverse formats and accountability, to better serve American youth 2.

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