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Ron Johnson: “The outstanding student loan debt is about $1.3 trillion.”

Featuring: Ron Johnson, Republican | U.S. Senate, Wisconsin

Chairman Johnson's full remarks at HSGAC hearing on education and student achievement

Published September 30, 2015 | Video Starts at 09:37

That's in grants and student loans. If you take 65% of that, that's about $1.37 trillion. Now, is it, is it mere coincidence that The outstanding student loan debt is about $1.3 trillion. I'm asking again. I'm an accountant. I'm taking a look at these things. It seems like possibly the federal government poured $2.1 trillion into federal education or into higher education. (09:37–09:42)

CLAIM

Asserts that the current outstanding student loan debt is approximately $1.3 trillion.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Ron Johnson

“Since 1980, when the [Department of Education] was established, it spent about $1.5 trillion of taxpayer money.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 01:41-01:48
“The cost of colleges increase is somewhere between 2.5 and 2.8 times the rate of inflation.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 05:28-05:34
“Student debt has exploded in this country... now about 1.3 trillion in total, about 7% of our national debt.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 05:52-06:06
“For every dollar that the federal government has poured into higher education, tuition has increased 65 cents.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 08:32-08:41
“Northeastern University study a couple years ago...said that of recent college graduates, close to 50% are either unemployed or…”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 14:10-14:19
“Fiscal year 2015, the appropriate amount of money was about $87 billion.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 01:52-01:57
“The supply has gone up about 14% and the demand has gone up 111% [in higher education].”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 07:53-07:59
“Since 1970, the federal government has poured into higher education, and it totals about $2.1 trillion in total.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 09:18-09:28
“Since the Department of Education began, the percentage of lower income individuals actually going into college or getting degrees has…”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 10:24-10:36
“Prior to the Department of Education, according to Dr. Vetter's testimony, things certainly weren't worse, if anything, potentially a little…”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 12:44-12:53
“The Federal Reserve bank of New York just came out with a similar study saying about 44% [of recent college graduates are unemployed or…”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 14:22-14:26
“There's not one manufacturing plant I visit in Wisconsin that can hire enough people, not one.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 18:38-18:43
“On average, by the way, is this correct figure, about $29,000 on average is what students are leaving college with [in debt].”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 18:52-19:00
“40 to 50% of recent college graduates that are either unemployed or employed in positions that require no college education whatsoever.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 19:07-19:15
“Studies show that 40 to 50% of recent college graduates are either unemployed or really employed a position that really required no college…”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 19:07-19:21
“Cost of one year college has increased somewhere two and a half to 2.8 times rate of inflation from the 60s, the 70s till present day.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 24:54-25:02
“Demand for colleges increased 111% but the supply has only increased about 14%.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 26:14-26:20
“Accreditation agencies really are a barrier to entry for additional entrants [in higher education].”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 27:36-27:44
“Student loan debt at about $95 billion about 20 years ago, growing to about 1.3 [trillion].”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 29:23-29:31
“About 20 years ago, the outstanding level of student loan debt was about $100 billion. Now it's around 1.3 trillion.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 29:24-29:33
“The Federal Reserve bank of New York states that for every dollar that goes in, about 65 cents is increased tuition.”
Chairman Johnson's full remarks at HSGAC hearing on education and student achievement | Uploaded September 30, 2015 | 29:47-29:54