The Independent Student Newspaper of St. John's University

The Torch

The Independent Student Newspaper of St. John's University

The Torch

The Independent Student Newspaper of St. John's University

The Torch

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Students should learn from the economic crisis

As citizens look on in horror, the United States economy seems to be crumbling at their feet. With people in a panic, the powers that be have managed to pass a $700 billion corporate bailout, an unprecedented move. As the free market struggled, most people had one thought: How does this affect me?

For the most part, college students across the nation have reacted with little interest. However, the economic crisis and bailout are going to have a noticeable effect on many issues affecting students everywhere.

One of the main problems facing students is the increased difficulty of finding a lender for student loans. Although all current loans should be unaffected, loans for next semester or next year could be increasingly difficult to obtain.

With increased regulation of banks, a person’s credit history will be heavily scrutinized. For people who had problems getting loans before, it might be a near impossibility at this point.

For those that can get the necessary loans and continue their education, they face an equally serious problem-a shrinking job market. With the economy facing recession, jobs are being cut back just about everywhere. People are being laid off, jobs are being eliminated, and just having a college degree may not be enough to get a job that seemed so secure before.

Students leaving college will be hit particularly hard, as it may delay or completely sidetrack their careers as they attempt to find jobs that can get them a steady paycheck.

The shrinking job market also represents problems to current students who are not quite nearing graduation. One of the best things to put on a resume when leaving college are all of the various internships one has held.

If the job market shrinks, more than likely this will lead to a smaller number of internships, especially paid ones. Students who rely on jobs to help pay their bills and cover expenses will have more trouble finding them, putting even more financial strain on them.

In that same vein, this means that everyone will have to cut back. Whereas Saturday nights at college may have meant going out to eat, parties, and clubbing, it may now mean staying in and eating ramen noodles.

In spite of everything, the biggest effect that this crisis could have on college students may actually be a good thing. We get to see how all of these mistakes were made, how the market collapsed, and then we get to learn from it.

This is a chance for college students to change the ideas on which the economy is based. Instead of this being the end of America and the free market as so many have predicted, this could be the chance for a new generation to do things the right way. However, for the foreseeable future, things are going to be considerably tighter for everyone.

From the great depression of 1929, America’s “Greatest Generation” rose above the turmoil. Maybe the economic crisis of 2008 will give rise to America’s next “Greatest Generation.” Out of crisis, greatness tends to arise.

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