Paul L. Caron

Wednesday, June 13, 2012

Bloomberg: Law Grads Are Now 'Indentured Servants' to the U.S Government

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Just wow. Some real ignorance in these comments.

- STEM comprises 5% of the American workforce, and is under VERY heavy pressure from both insourcing and outsourcing. Grab a beer with your nearest DOL attorney - the H1B abuses they can tell you about are breathtaking.

- "You can't make the loans dischargable, you'd have professional students racking up hundreds of thousands in debt only to declare bankruptcy once they "found" themselves." Wrong. If loans were dischargeable or otherwise not risk-free to lenders and universities, college wouldn't cost what it does today. Look around you - no other country on Earth has a higher ed bubble. Four years at Oxford cost less than one year at, say, Boston University. The Sorbonne costs 5000 euros. College across much of Europe and Asia is free or a pittance. College in the US is expensive because it is essentially free money to everyone EXCEPT the students, who bear all the risk and have essentially no consumer protections.

- Romney's plans for higher ed include the rehabilitation of private lenders to take government funds and lend them, risk-free, at higher interest rates, to students who don't know the difference btw gov't and private loans. His main higher ed advisor is the president of Full Sail University, a for-profit "college" in Florida that graduates about 1 in 4 students and, according to the latest DOE figures, has a higher NET cost per year than Stanford has a STICKER cost.

Posted by: Ugh- | Jun 14, 2012 8:31:24 PM

All taxes paid above basic Constitutional government operating expenditures represebt indentured servitude. We freed the slaves so we could become their indentured servants?

Posted by: Pa Deuce | Jun 14, 2012 6:39:40 PM

STEMS might always be the best option, but calculus and physics are hard, and there are actual right and wrong answers involved. Plus, there's no opportunity to help los Marxistos bring about the revolution while still driving a Mercedes!

Posted by: Mike | Jun 14, 2012 6:27:14 PM

If you want to end this "slavery", get the government out of the student loan business. Watch tuition rates plummet and citizens making more responsible decisions when it comes to getting a loan.

You can't make the loans dischargable, you'd have professional students racking up hundreds of thousands in debt only to declare bankruptcy once they "found" themselves. College would become a new, multi-trillion dollar entitlement for an already broke nation.

Posted by: Get Real | Jun 14, 2012 3:05:55 PM

I don't think it's just law school. It's the whole college state industrial complex kit and kaboodle. Where will all the indentured leftists go now that all the bubbles are bursting? Well, since matriculating women are now over-represented in higher education, may I suggest an affirmative action military draft of females? Going back to a military draft of redundant college graduates and Vietnam Era military wage scales would achieve a 40 percent reduction in current Pentagon wage costs and get the military sexually integrated on a one to one gender ratio overnight. Just think of it as killing two birds, social inequality and redundant idle brains, with one selective service induction. It's about time we had equal dying for equal pay among guys and gals in the military. Just think of their military indentured servitude as a body tax with half their military wages for services rendered, and any bleeding in the line of duty, going to pay off their student loans.

Posted by: don | Jun 14, 2012 2:56:38 PM

As with all other sectors of the U.S. economy, the Democrats' brain-dead, job killing tax-and-spend policies have wrecked the job market for new attorneys. When Romney takes over in January, as now seems increasingly likely, his first acts will be to cut taxes and spending, and to jettison Obozo's maliciously destructive regulatory regimes stifling economic growth. Six to nine months into 2013, we'll start to see a real private sector recovery, and with it new demand for employees of all kinds, including attorneys.

Not to say the legal profession isn't due for fundamental "readjustment." It is. But with the return to a Constitutional administration committed to freedom, prosperity, and limited government, the people whose lives have been ruined and wasted by Obama's Marxist fantasy will reassert themselves.

Posted by: Tulsa Jack | Jun 14, 2012 2:20:16 PM

The loans need to be dischargeable, but also there needs to be a reform of the tax code. As of now the massive repayments of higher education loans create absolutely no tax benefits. That needs to be adjusted.

Posted by: anon | Jun 14, 2012 1:17:50 PM

So are Med Grads (Daughter is looking at >$200K upon graduation...4yrs vs. 3 for lawyers). For now, the job prospects are better however (don't know about the pay potential).

Posted by: Soviet of Washington | Jun 14, 2012 1:12:31 PM

Law school the best option in a down economy? WRONG. STEMs is best option in down economy.

Posted by: Jim bob | Jun 14, 2012 12:31:03 PM

A lot of leftists have flocked to law school in order to help shape, bend and influence society. But leftists, who are always scolding the rest of us about "sustainability", are finding that at $150k of debt, are now trapped in an economically unsustainable career.

Will hordes of roving unemployed lawyers haunt our inner cities? Maybe!

Posted by: theBuckWheat | Jun 14, 2012 12:14:34 PM

As I recall from my ante-politically correct education, many Europeans emigrate to the American Colony to escape indentured servitude.
Where will indentured Americans go now?

Posted by: PacRim Jim | Jun 14, 2012 11:31:56 AM

Shocking. Around 10:25 Campos comes pretty close to saying that law school is still people's best option in a down economy.

I.e., the problem is the economy, not legal education. A rare moment of candor.

Posted by: Anon | Jun 14, 2012 6:30:25 AM

I think the correct headline is "Campos: Law Grads Are Now 'Indentured Servants' to the U.S. Government"

Posted by: Anon | Jun 14, 2012 6:24:57 AM