Destroying The Future In Order To Benefit The 1%

This article describes the impact that our current political economy is having on the young.  Youth unemployment is around 50% in Spain and it is also very high in Ireland.  In the US even college graduates have a difficult time finding permanent jobs.  Even worse, many leave college with large amounts of debt that was used to fund their education.  Over time this will destroy the incentive for many families to invest in an education.  This is taking place at the same time that many of the pundits are proclaiming that education is the path to future success for individuals and for national economies.

In the US the response to this problem from the future GOP candidate for the presidency reflects the political economy of that party.  The future of US economy is dependent upon cutting taxes for corporations and for the super rich. Low taxes will retain the corporations in the US and they will encourage the super rich to work harder to create jobs.  In order to bribe the corporations and the super rich to invest in job creation, and to be fiscally responsible, it is necessary to cut spending on education and other social programs.  The future of the economy is not dependent upon investing in the young.

The political economy of limiting access to education is limited social mobility.  Among other things, education is a sorting mechanism in the economy.  Many job opportunities are only available to those with the appropriate academic credentials.  Consequently, the future for many of the less fortunate will also be limited.  The implication of this political economy is that it is better to have a less well educated population than a well educated population.  A highly educated population with limited job opportunities is dangerous.  Third world countries, that can't afford to invest in higher education, are a better model for the US to emulate.