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Over the past few weeks, America's colleges have sent another class of graduates off into the world. These graduates possess something of inestimable value. Nearly every sensible middle-age person would give away all their money to be able to go back to age 22 and begin adulthood anew.

But, especially this year, one is conscious of the many ways in which this year's graduating class has been ill served by their elders. They enter a bad job market, the hangover from decades of excessive borrowing. They inherit a ruinous federal debt.