Posted on 02/19/2020 3:52:23 PM PST by Libloather
Billionaire Michael Bloomberg launched his campaign for president by spending hundreds of millions of dollars on advertisements to boost his poll numbers. Yesterday, he released a policy proposal to address the cost of higher education.
Unsurprisingly, Bloomberg would not cancel student debt or make all public colleges free (as Bernie Sanders proposes). Instead, he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers’ paychecks.
This plan is a neoliberal technocrat’s wet dream. It would treat student debtors as isolated individuals who must make payments tailored to their specific situations and according to means-tested formulas.
Bloomberg’s education payment plan would also eliminate the possibility of student debt strikes. This is an outcome that I am particularly concerned about.
In 2015 I helped organize the first student debt strike in U.S. history as part of the Debt Collective, an organization for debtors that I co-founded. That strike helped win more than $1 billion in debt relief for people who had attended predatory for-profit colleges.
(Excerpt) Read more at inthesetimes.com ...
Just another reason Fed.gov needs to abolish the Dept. of Education
They are the means by which government is making debt-slaves out of an entire generation - then using it for political advantage.
Right, but I don’t want to settle for the awful, just because the super-awful has also been proposed!
“Bloomberg would not cancel student debt or make all public colleges free (as Bernie Sanders proposes). Instead, he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers’ paychecks.”
That’s actually a great idea!!! Make the leftist deadbeats PAY for their useless leftist degrees!!!
I hope Trump does this after the election and then gives Bloomberg credit for the idea!!!
Not quite. Note the “income driven” part. This means the idiot students who ran up $200,000 in debt for degrees in ancient transgender poetry studies — will pay back zero since they’re unemployable. Your kids who took engineering science business nursing medicine etc will be forced to pay for their stupidity. It’s just another big ripoff of your money and the earnings of the working people to pay for the free loaders.
I think it’s a great idea! Maybe the spoiled little snowflakes will get a clue about consequences for their actions.
Bloomberg’s proposal has income based needs testing in it, so it wouldn’t accomplish anything.
It’s like he masterfully crafted the most incoherent, obnoxious policy proposal that fails to accomplish anything significant.
If we did that there would be a lot less debt... and bankruptcies. And also tuitions would be a lot lower and there would be a lot fewer idiots enrolled in ethnic studies, feminist studies, gender studies, black studies.. who will never repay their loans.
Student loans are now guaranteed by the fed (that’s you and me), which means that any bank is more than happy to give any idiot with an iq of 80 a student loan. The bank is guaranteed to get repaid by you and me. This is worse than when the fed forced banks to give home loans to people that couldn’t possibly repay the loan, which caused the whole financial meltdown of 2008.
By the way most student loans can’t be alleviated through bankruptcy.
The fact that a Democrat makes a suggestion Tha makes sense, shouldn’t be tossed aside just because he’s a Democrat.
I’m also in favor of Bloomberg’s stop and frisk policy, of course, now that he’s a Rat he’s had to apologize for it.
By the way, I’m no fan of Bloomberg, but you know what they say about broken clocks...
Going after the youth vote I see.
Yes. They ask you for all your financial information if you’re seeking aid, and then they tell you how much you have to BORROW. They make it seem obligatory.
What if you just decide to get a better-paying job? Or ask relatives to help? Or send the kid to a cheaper school? Or do a GoFundMe?
They purposely did this, and then took it away from the banks so that we would all be paying higher taxes.
Exactly. The snowflakes aren’t going to be held accountable, it’s people who made better decisions that are going to get looted for every last cent.
Did not know that. Thanks.
Even a blind hog finds an acorn every now and then.
Here’s an idea: Those who take out loans and promise to pay back with the legally binding contract of a loan actually............pay it back!
Not really a good idea-”income based” means that if the borrower is unemployed, they pay nothing and everyone who works pays for it instead-think Obamacare-workers pay more, the unemployed pay little or nothing...
I’ll NEVER vote for Mini-Mike Blofeld (my new nickname for Farmer Bloomberg), but I think thatn is a GREAT idea!
Gotta teach these snowflakes how to be adults somehow, and paying back s student loan is a great start!
Bloomberg’s attitude is that private businesses can be forced to provide services to the government for free. Why would I have to collect and process student loan payments if my employees were foolish enough to run up student debt? Small employers will tend to eliminate the trouble-makers and hire others who don’t cause extra work.
They won’t pay anything. The proposal is income based and means tested, so if you’re an unemployed snowflake with no job prospects than you’re not being affected.
This is simply bleeding Millennials who made wiser decisions dry to keep snowflakes freeloading.
The point is “accountability!”
If a snowflake borrows $200k to get a college degree, said snowflake should pay us poor suffering taxpayers back!
That is part and parcel of becoming an adult!
Yeah...Bloomberg’s not doing that.
He’s just going to screw over the struggling Middle Class with this proposal.
The people you’re mad at aren’t going to be held accountable with this plan, which is why it’s terrible.
I’m mad at dumbasses who propose stupid ideas like “FRee College, FRee housing, FRee food, FRee healthcare” and other FRee stuff!
We poor suffering taxpayers are the ones who have to pay for all the FRee shit these LIEberal dumbasses lay on us!
If a snowflake wants to go to college, said snowflake can pay for it like I did - GET A FREAKING JOB AND WORK FOR IT!
And, if said snowflake needs to borrow some money to seal the deal, said snowflake MUST pay it back!
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