that graph shows the amount each generation owes as growing as they age. ppl aren’t continuing school thru their 60s to accumulate more debt. instead, whatever $500/mo we’re paying never eats at the principle--which according to that graph (and my own experience) keeps growing.
if and when those debts get paid off it’s usually b/c a parent stepped in to pay them, OR parents die and the “wealth” they accumulated (usually in the form of a house) is transferred to the neoliberal machine + bankers.
it’s a direct wealth transfer program. absolutely sinister.
For me there are two distinct components to the student debt crisis: The debt already incurred and the debt yet to be assessed to future students.
I agree that forgiving current debt does not foreclose the dreadful debt loads yet to be levied, but not forgiving the current debt is holding the debtors and the rest of us hostage to the predation of the super wealthy. We need current debt holders to be able to have some future with hope, not one shackled by whopping monthly payments.
For the future, public education needs to be free. Future students need an option for a debt free start on their future.
To forgive debt will require changes to the tax code and a tuition free future will require a wholesale replacement of our congressional and state legislators.
Too, how do you account for the booming economy of the Post WWII period with free state university education in New York and California for two examples.
The mantra you need to learn: Federal taxes do not fund federal spending.
Not true. I went to Suny Albany from 1973-1977. Tuition was not free. It was free and open enrollment at CUNY. Colleges and Universities of New York (city). And where does my tax dollars go - only to pay for debt?I thought federal spending includes debt. I know the govt prints $$. I am not that stupid.
Yep, free public university tuition in general went away in the 1960's. I stand by my comment about tuition-free public university in the Post WWII period which ran through the 1950's.
You are fixated on debt without any regard to what that debt provides for society in general. On an individual level, a home has always represented a sound investment. By your metric only private equity (PE) firms should purchase homes because they are cash purchases. (Never mind how PE gets their cash ...)
When you attended SUNY Albany a good summer job could cover the next years tuition and fees. Those days are long gone.
I prefer a government that invests in its citizens with free education, free healthcare and high quality infrastructure. These goals should be met without any private participation. The idea that our government should borrow the money it creates as a revenue stream for a wealthy few is unjust and unwise.
Taxes should exist to create demand for a nation's currency and to encourage nondestructive behavior.
In closing, every billionaire is a mistake in resource allocation. Their excess influence on our social mores needs to end -- now.
“It’s time to ask why [the United States] is the only country in the world where we permit our children to be saddled with tens — sometimes hundreds — of thousands of dollars of debt before they begin to earn a penny.”
Well, thank David Stockman for convincing the GOP to defund college education and then Bill Clinton came in with a Fix for then increasing costs that when combined made them skyrocket.
a couple of things. Under Obama the feds took over the loans. Easy to forgive--trust me the Brooklyn Savings Bank where I got my law school loan in 1979 would not be that kind.
unlike the mortgage loan collapse the banks at least had a house to resell. What is the collateral? A friggin gender studies degree. Also this unfettered loans have allowed tuition to rise without any thought from the universities except but free money. With all the endowments especially Harvard let the schools repay the loans.
this is right on.
that graph shows the amount each generation owes as growing as they age. ppl aren’t continuing school thru their 60s to accumulate more debt. instead, whatever $500/mo we’re paying never eats at the principle--which according to that graph (and my own experience) keeps growing.
if and when those debts get paid off it’s usually b/c a parent stepped in to pay them, OR parents die and the “wealth” they accumulated (usually in the form of a house) is transferred to the neoliberal machine + bankers.
it’s a direct wealth transfer program. absolutely sinister.
For me there are two distinct components to the student debt crisis: The debt already incurred and the debt yet to be assessed to future students.
I agree that forgiving current debt does not foreclose the dreadful debt loads yet to be levied, but not forgiving the current debt is holding the debtors and the rest of us hostage to the predation of the super wealthy. We need current debt holders to be able to have some future with hope, not one shackled by whopping monthly payments.
For the future, public education needs to be free. Future students need an option for a debt free start on their future.
To forgive debt will require changes to the tax code and a tuition free future will require a wholesale replacement of our congressional and state legislators.
there is nothing free. the government has no $$ only the taxpayer. and I pay for enough transfer payments.
That is a nice try albeit uninformed.
Where do dollars come from?
Answer, the Government creates Dollars.
Too, how do you account for the booming economy of the Post WWII period with free state university education in New York and California for two examples.
The mantra you need to learn: Federal taxes do not fund federal spending.
Not true. I went to Suny Albany from 1973-1977. Tuition was not free. It was free and open enrollment at CUNY. Colleges and Universities of New York (city). And where does my tax dollars go - only to pay for debt?I thought federal spending includes debt. I know the govt prints $$. I am not that stupid.
Yep, free public university tuition in general went away in the 1960's. I stand by my comment about tuition-free public university in the Post WWII period which ran through the 1950's.
You are fixated on debt without any regard to what that debt provides for society in general. On an individual level, a home has always represented a sound investment. By your metric only private equity (PE) firms should purchase homes because they are cash purchases. (Never mind how PE gets their cash ...)
When you attended SUNY Albany a good summer job could cover the next years tuition and fees. Those days are long gone.
I prefer a government that invests in its citizens with free education, free healthcare and high quality infrastructure. These goals should be met without any private participation. The idea that our government should borrow the money it creates as a revenue stream for a wealthy few is unjust and unwise.
Taxes should exist to create demand for a nation's currency and to encourage nondestructive behavior.
In closing, every billionaire is a mistake in resource allocation. Their excess influence on our social mores needs to end -- now.
I love this line:
> every billionaire is a mistake in resource allocation
Mind if I steal it?
Thomas
Please use it!
“It’s time to ask why [the United States] is the only country in the world where we permit our children to be saddled with tens — sometimes hundreds — of thousands of dollars of debt before they begin to earn a penny.”
― F.H. Buckley
Well, thank David Stockman for convincing the GOP to defund college education and then Bill Clinton came in with a Fix for then increasing costs that when combined made them skyrocket.
Fun.
a couple of things. Under Obama the feds took over the loans. Easy to forgive--trust me the Brooklyn Savings Bank where I got my law school loan in 1979 would not be that kind.
unlike the mortgage loan collapse the banks at least had a house to resell. What is the collateral? A friggin gender studies degree. Also this unfettered loans have allowed tuition to rise without any thought from the universities except but free money. With all the endowments especially Harvard let the schools repay the loans.
"The student loan program is a transfer of wealth to rich institutions from the working class. How surprising is that in these neoliberal times?"
Lest anyone not part of the ruling class still think that Team D is their friend.