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It's a long article, but it starts off talking about student debt and then increasingly moves towards the concept of cancelling many other kinds of debt. "In Ju

It's a long article, but it starts off talking about student debt and then increasingly moves towards the concept of cancelling many other kinds of debt. "In June, the Movement for Black Lives called for the absolution of student loans, medical debt, mortgage payments and rent". The article is still worth reading if you want to learn about the "Debt Jubilee" concept they are advocating. I've read many articles lately encouraging Joe Biden to unilaterally cancel student debt. This one says "any American President, should they desire, can make every penny of federal student debt disappear without consulting Congress". And it's clear most of these articles utilize a "Just Do It" kind of attitude that completely ignores the real and legitimate concerns many citizens like I have about the fairness and practicality of just forgiving (by making the government pay it instead) billions of dollars of voluntarily taken loans.

fortran77 6y ago
I was surprised that Astra Taylor didn't propose any solutions to the issue of preventing debt from simply piling up again. While I'm opposed to "canceling student debt," at least if we're going to do it, the Government needs to get out of the business of underwriting student loans. (And I certainly wouldn't mind more free and low-cost public Colleges.)
- BitwiseFool 6y ago
  Agreed. Any discussion of student loan debt cancellation is a non-starter if there isn't some proposed reform to address tuition costs. And, here's some food for thought, why not fund the forgiveness by taxing the universities and colleges who got the students into this mess? If you do a deep dive into university finances, their endowments are run like hedge funds and they're given extensive tax advantages.
  - eesmith 6y ago
    Why not get rid of the law that says tuition cannot be discharged during normal bankruptcy? The law that Biden helped pass - https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020 https://www.theguardian.com/us-news/2019/dec/02/joe-biden-st... . https://en.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_and_Consumer_Protection_Act https://en.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_an... - "BAPCPA amended § 523(a)(8) to broaden the types of educational ("student") loans that cannot be discharged in bankruptcy absent proof of "undue hardship." The nature of the lender is no longer relevant. Thus, even loans from "for-profit" or "non-governmental" entities are not dischargeable." Get rid of that law, then everyone deeply in debt can declare bankruptcy just like they would any other debt. Instead, lenders get to shift nearly all of the risk onto inexperienced teenagers and young adults.

fortran77 6y ago

I was surprised that Astra Taylor didn't propose any solutions to the issue of preventing debt from simply piling up again. While I'm opposed to "canceling student debt," at least if we're going to do it, the Government needs to get out of the business of underwriting student loans. (And I certainly wouldn't mind more free and low-cost public Colleges.)

BitwiseFool 6y ago
Agreed. Any discussion of student loan debt cancellation is a non-starter if there isn't some proposed reform to address tuition costs. And, here's some food for thought, why not fund the forgiveness by taxing the universities and colleges who got the students into this mess? If you do a deep dive into university finances, their endowments are run like hedge funds and they're given extensive tax advantages.
- eesmith 6y ago
  Why not get rid of the law that says tuition cannot be discharged during normal bankruptcy? The law that Biden helped pass - https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020 https://www.theguardian.com/us-news/2019/dec/02/joe-biden-st... . https://en.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_and_Consumer_Protection_Act https://en.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_an... - "BAPCPA amended § 523(a)(8) to broaden the types of educational ("student") loans that cannot be discharged in bankruptcy absent proof of "undue hardship." The nature of the lender is no longer relevant. Thus, even loans from "for-profit" or "non-governmental" entities are not dischargeable." Get rid of that law, then everyone deeply in debt can declare bankruptcy just like they would any other debt. Instead, lenders get to shift nearly all of the risk onto inexperienced teenagers and young adults.