Obama admits many Americans can’t pay college loans in his economy

Obama admits many Americans can’t pay college loans in his economy

How bad is the economy?

So bad that “our economy can’t afford the $1 trillion in outstanding student loan debt, much of which may not get repaid because students don’t have the capacity to repay it,” President Barack Obama told college students at the University at Buffalo, N.Y.

So bad that “if you drop out of high school today, you’re basically condemned to poverty and social failure,” Education Secretary Arne Duncan told reporters prior to the president’s speech.

“There are no good jobs out there. If you have a high school diploma, there’s almost nothing for you,” Duncan admitted.