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How Record Immigration Levels Robbed American High-Tech Workers of $10 Trillion

By Gene A. Nelson, Ph.D
Published in The Social Contract
Volume 22, Number 3 (Spring 2012)


The unprecedented cost for college degree holders who are American citizens
The unprecedented cost for American citizens who have earned college degrees is a consequence of the dramatic increase in college student loans since the 1980s. A recent estimate of the total loans outstanding is in excess of $1 trillion.9 With the change to the bankruptcy law in 1995, student loan debts are no longer dischargeable in bankruptcy. As a consequence of workforce gluts, even recent graduates are having significant difficulties in obtaining and keeping employment, particularly at a professional level. They are having challenges paying for the necessaries of life and repaying their student loans. Student loan recipients who hold a professional license or a driver’s license may lose those credentials as a consequence of inability to repay their student loans. A recent New York Federal Reserve Bank report10 underscores the di
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