Lack of Education has Been to a Large Extent Behind the Foreclosure Crisis

The education problem is directly linked with the foreclosure situation

With the passage of time since the bursting forth of the foreclosure crisis it seems evident that one of the prime reasons behind it has been lack of education among ordinary Americans. It made it easy for predatory lenders to prey on the gullible.

The story of the economic success of America has always been linked with education. The 19th century had witnessed America take the lead in universal primary education.

The other countries then began to emulate her. In the early part of the 20th century took place the “high school revolution” that took America to another high level. The post World War II saw America holding an unchallenged position in higher education.

All that has now become history. The rise of education in USA has been mainly the blooming of public education. But the last three decades has seen a change in attitudes. Politics has come to be ruled by the idea that any sort of spending by the government is a waste of taxpayer’s money. With education being one of the biggest sections of public expenditure it has invariably suffered because of this outlook.

Slowly, albeit surely, its effects began to be felt on the educational field – it was a steady erosion of America’s unchallenged position. The crisis is showing that now the worsening is picking up speed following the penny-wise-pound-foolish policies being adopted by Washington in the name of “fiscal responsibility.”

Recently suddenly there is flurry of focusing on the decline of American position in the top universities of the country. But the reporting has failed to note the related decline in ordinary mundane matters. America has been slowly relinquishing its lead as educators of the young to other progressing countries.

It is not easy to wipe out the image most people have of American being the haven for college learning – it being unique in so far as higher education is made available to the population in general. The image was at one time true and real. But compared to other countries fewer number of Americans will cross the graduation threshold. Statistics shows that the rate of college graduation has fallen slightly behind the rate of other advanced countries.

Sans the crisis the rate was falling. The crisis has further expedited the speed of fall. With slim pockets it is difficult for more and more Americans to send their children to college.