Literature Review #1

Draut, Tamara. Strapped: Why America's 20- and 30- Somethings Can't Get Ahead. Doubleday. 2006.

In Strapped: Why America's 20- and 30- Something Can't Get Ahead, Tamara Draut explains how Americans in their 20's and 30's struggle to achieve financial independence because of their student loan debt. Draut describes the economic changes that have occurred over the last few decades by connecting them to the social and cultural aspects of one's life. Throughout her book, she provides different examples of adulthood milestones that are either put on hold or achieved with difficulties.

Tamara Draut

Tamara Draut is the Vice President of Policy and Research at Demos, a think tank in New York City, that focuses on analyzing policies and practices that maintain inequality within communities and larger systems. She is a part of a group of individuals that value diversity and hope for a better future, in regard to politics, the economy and educational opportunities. Draut's role in this organization, as well as her focus on wealth inequality, makes her knowledgeable on the topic of student loan debt and its effect on college graduates.




Key Terms: 

• "Strapped:" short of money, or tied down by debt and bills. 
• "Generation Debt:" the generation of young individuals carrying student loan debt.
• "Dreams Deferred:" postponing a dream.

Quotations:

• "First job. First house. First child. These 'firsts' when strung together, traditionally signal the arrival of adulthood. Today, we can add dodging debt collection calls and filing bankruptcy to the list. Between college debt and the spillover effects of paycheck paralysis, piling up debt has become a new rite of passage into adulthood" (Draut 91).
• "After paying back loans for three years, some young adults are less likely to agree that the benefits of a college degree make the debt worthwhile. Borrowing for college is a lot like buying a new car. By the time that great 'new car smell' wears off, so does the joy of owning the car" (Draut 96). 
• "Today's young adults are hitting the marker of home ownership later in life and paying more in real terms than their parents did. It now takes two full-time earners to pay the mortgage for a modest house in a good school district-which increasingly is located farther from jobs and families than in the past" (Draut 147). 

Value: 
This book can help me explore my research question because it provides me with information on the debt crisis and examples of obstacles young adults face as they transition from college into "adulthood." This book was written a while back; therefore, the data presented has most likely changed. However, I think that it would be useful in comparing the change in tuition fees and different generations of students.