Marshall Steinbaum is Research Director and a Fellow at the Roosevelt Institute, where he researches market power and inequality. He works on tax policy, antitrust and competition policy, and the labor market.
Marshall Steinbaum is Research Director and a Fellow at the Roosevelt Institute, where he researches market power and inequality. He works on tax policy, antitrust and competition policy, and the labor market.
Being stupid enough to bury yourself in student loan debt to fund mindless SJW college "perfessers" is not "inequality," it is merely, to be redundant, stupid.
Erasing student debt would deprive those students and former students of an important life lesson - the need to judge cost v. benefits.
Uh, yeah. And when student debt gets back to $1 trillion and up, faster than ever since people will bet on another bailout?
No.
Will those who paid their own way get a refund then?
I was a poor college student once. I chose a school that was less expensive (and less prestigious) than others. I took out student loans to pay for a lot of it, but I also worked part-time during school. I took a semester off because money was low. I earned enough to start classes again.
I was a commuter student, so there were no frat parties. I never took a spring break vacation. After I graduated, it took 3 years until I found a job in my chosen field. In the meantime, I worked in construction and retail. Eventually I paid back every cent (with interest) on my loans.
Do I get a refund?
Ok, now forgiven debt is now income that they can’t pay tax on.
Then we will need the govt to solve THAT problem.
Mike student loans dischargeable in bankruptcy. Prepare the popcorn. Watch some heads explode.
Upper class college kids get the debt wiped away, But lower working class blue collar workers get nothing get Zero.
I use to watch the Bernie Sanders campaign rallies in amazement, they never mentioned Blue collar workers, everything was about college kids.
Pure bull Obama.
And boy, does it smelllllllllll.
I really wish that journalism schools had standards.
Any standards.
Except double ones.
Hey, did these exorbitant COLLEGE LOANS (I hate the phrase “student loans” because it makes it sound like young, ignorant CHILDREN made these loans...it was usually grown-ass people who added more and more on top of their initial loan), anyway, did these college loan officers FORCE these people to take out loans that they could never afford, you know, like those EEEVVVIIILLL home mortgage bankers who FORCED people to take out loans on their house(s)!! /s
They took on the debt, then they should pay back THEIR DEBT!
I would like to add one caveat...I think student loans should be included in bankruptcy filings, and that the US Government should NOT be involved in the loan process - AT ALL!! BUT, the only way that I would agree to add the college debt to bankruptcies is if they have a specific college degree, like Bio Engineering or Structural Engineering or Human Resources or Business Management, and they can show PROOF that they have tried, but cannot get work in their degree field for over four years! AND, the college from which they got the degree would LOSE that much in future college funding (because obviously their degree SUCKS)! This would put pressure on the colleges to ensure their program is good and up-to-date on the standards and they would help to get their graduating students hired! Also, the college would be less likely to just graduate someone to get more money from them, if the college KNOWS that this person will never be able to perform in that field after college!
LASTLY, NO OPEN-ENDED LIBERAL ARTS DEGREES will be written off - PERIOD! In other words, you can’t just take out loan, after loan, after loan to get an EIGHT-YEAR Associates degree in Under-Water Basket Weaving or Skydive Knitting, and expect to be able to write off that WORTHLESS degree!!
I’m starting a movement to wipe out mortgage debt, we are all entitled to a house.
Why not forgive house mortgages (purchasing a house is as integral to fulfilling the American dream as going to college, no?)?
Medical debt? After all, it's not like anyone wants to get sick!
And what about car loans (since that would stimulate the market, and the U.S. auto industry needs all the help it can get)?
In short: What debt shouldn't be forgiven - and why?
Regards,
I’m all for it as long the schools don’t have to pay their teachers either.
Liberals just can’t stand the thought of losing control of all of that money.
The ONLY WAY I could see doing this is that once their loans are forgiven they could NEVER EVER in any form ever get a loan again for their lifetime.
No more student loans, no house loans, no car loans, no credit of any kind. They would have to work for everything and save for purchases, like the rest of us.
ONLY that way.
“Because 44 million Americans wouldn’t need to repay their loans each month, those households would have greater discretionary spending. That would unlock their ability to buy homes or start a family, given that some economists theorize that millennials are more likely to hold off on both because of their student loan burdens.”
How about the students who got the education go ahead and pay their debts, and put that one point five trillion where it makes doing business worthwhile in this country, thus creating higher paying jobs for people who will then be spending more money.
Always have these progs finding ways to make stuff free for someone. Probably makes them feel good, I suppose.
If I worked to put myself through college (which I did), I would be grossly offended that deadbeats who borrowed and then whined about paying it back were forgiven for their loans. If I had chosen a non-college career (which my brother did) to avoid the cost of tuition, I would be offended that these deadbeats were getting their college loans repaid by those of us (like my brother and me) who work for a living and pay our own debts and our own taxes. "Forgiving" student loans should be a non-starter with all decent people . . . which means only democrats should be supporters.