|One of my daughters graduating last week|
According to an article in the New York Times by Ann Carrns today, the more debt that students incur the higher their self esteem.
“The more college loans and credit-card debt that young adults 18 to 27 have, the higher their self-esteem — and the more control they feel they have over their lives. They tend to view debt positively, rather than as a burden.”
This surprising conclusion from a sociological study of college students was reported by Rachel Dwyer, an assistant professor of sociology at Ohio State.
In the study, this positive effect of debt was most pronounced in lower and middle class students who “focus on credit as a necessary investment in status attainment” while upper class students did not appear to psychologically benefit from increased levels of debt. Pity those trust fund kids. For me this seems to be another example of magical thinking as expounded in Barbara Ehrenreich’s book, “Bright sided.”
I checked the author’s CV and noted another paper published in 2010 titled,” Poverty, Prosperity, and Place: The Shape of Class Segregation in the Age of Extremes.” The basic conclusion was that rich, white people don’t live where poor, Black and Hispanic people reside and the wealthy either live on large lots in the suburbs or upscale enclaves in the city.