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College, Crazy, and Facts: Ronald Reagan stuck it to millennials: A college debt history lesson no one tells Dramatic, awful changes occurred on my generation's watch and it amounts to a fiendishly successful conspiracy PETER LUNENFELD abraxuswithaxes: smallrevolutionary: trungles: shorterexcerpts: styro: salon: Ronald Reagan pretty much ruined everything for millennials. fuckin’ ronnie I try and bring up how he ruined free in state tuition in the name of hippie bashing when he was California’s governor often, but don’t exactly have the biggest platform. β€œWorst of all, these students’ sense of the future is constrained by planning for and then paying down their student loans, often for decades. Economists are waking up to the fact that when young Americans enter the workforce burdened with over a trillion dollars in cumulative debt, they become risk averse, unwilling to move, less able to make major purchases, and slower to become homeowners.Β Not coincidentally, they don’t feel safe enough to register any major protests against the society that’s done this to them.” Damn. i am reblogging again because….. fuck ronald reagan forever and ever and ever and ever. Economists should be adept in their fields, how are they only now realizing that paying off our student debt is a fucking priority over anything else other than food? as someone with a degree in economics but who is a leftist Β and also someone interested in science and Β not unsubstantiated theoretical mumbo jumbo, and has had to fight and debate economists/economic students for four years- economics is in a state of crisis. Whether it realizes it or not the field is in a crisis. Economics departments espouse either free-market ideology or free-market ideology with a few government tweaks to rectify certain inefficiencies. It rarely as a field questions the system it is in and economics is ridden with scientifically debunked assumptions. We are not perfectly rational nor will we ever be yet economists create deductive models with this fatal assumption. This is why is almost always fails at mathematically formalizing human behaviour, because science tells us that humans are not actually as rational as economists claim they are. Moreover it’s only been relatively recently that economists (mostly behavioral economists) have actually listened to science and considered the facts of cognitive biases when creating models of human behavior and choice.Β Another problem is that economists are philosophically naive. They rarely challenge their assumptions and they are prone to theory induce blindness. They focus too much on personal choice while ignoring or underplaying other relevant factors. Economists are also pressured to support capitalism since they still jerk off Adam Smith as if he was some god. It’s pretty crazy lolΒ 
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