Justin Wolfers

And they're staying for a kegger.

Now, borrowing $40,000 to spend on beer while doing nothing to raise your future's purchasing, future income, is a really bad idea.

It's a way of screwing up middle age.

You're going to be hungover and broke.

One of those is hard.

Both of them is terrible.

Trump University, surprisingly enough, is no longer accredited.

Gee, I wonder why.

He might be about to reopen, who knows.

But look, the point is,

The logic of borrowing for student loan is no different than the logic of borrowing for anything.

And the question is, are we running up this debt because we are enhancing our earnings potential for the future and it'll be easier to pay off these debts once we're rich?

And you could imagine things like government investments and research and development that look like that.

Government spending on early childhood education has a huge payoff.

And in fact, we end up making money out of that.

So we were going into debt to do that.

Or are we doing the equivalent of drinking beer at the frat house?

Now, you know, we can be glib.

We can say, well, the ballroom is a little bit like drinking beer at the flat frat house.

This is what I have to remind you.