H/T One Old Vet

Everyone who has contact with young people is aware of heartrending stories of despairing unemployed or underemployed young graduates (except apparently Professor Joel Kotkin). Even the Wall Street Journal has paid appropriately blinkered attention as I noted in WSJ Big Foot Deplores Youth Unemployment, Evades Immigration, Amnesty Aspect.

Almost a year ago we shared a calculation according to which "Over $120 Billion In Federal Student Loans In Default", suggesting that the next credit crisis has already arrived…according to the latest Education Department data it has gotten as bad as it has ever been. As Bloomberg reports, not only have overdue student loans reached an all-time high but the number of young people aged 20-24 out of school and unemployed is at a record high

The situation is made much worse by the student loan issue (which by some throwback to the Middle Ages Congress has made unexpungeable by bankruptcy). The webzine ZeroHedge has been highlighting this, taking the view it is headed to being the next mortgage crisis

Delinquent Student Loans Hit Record, 30% Of 20-24 Year Olds Are Unemployed And Not In School by Tyler Durden 05/23/2013 This refers to Overdue Student Loans Reach Record as U.S. Graduates Seek Jobs By John Hechinger – Bloomberg May 23, 2013

Eleven percent of student loans were seriously delinquent— at least 90 days past due — in the third quarter of 2012, compared with 6 percent in the first quarter of 2003…Borrowers say the burden is affecting their choice of jobs and their ability to buy homes and get married.

Neither story gives consideration to the incredible fact the Amnesty/Immigration Acceleration Bill plans to hugely intensify this social and financial crisis - by tremendously accelerating the importation of competitors!

The leftish Economic Policy Institute has to its credit pointed this out: Gang Bill Result: Half New Graduate IT Slots To "Guestworkers"? and I discussed it in Gang Of 8 Wants Unlimited Immigration Of Graduate Professionals!

The new law would increase the inflow by at least 350,000 more workers, and exempt university-trained professionals from immigration caps, even when unemployment is above 8 percent.

Peter Brimelow is quite right to call this Plutocrat Plundering.

Remember: the issue is not just job displacement: it is also lower wages for those employed. The vicious selfishness of the perpetrators of this measure at the expense of their own countrymen is absolutely breathtaking.

No wonder Zuckerberg is coughing up.