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> Nobody seemed to have an issue with giving loan forgiveness to businesses. Well that's obviously false. I had a problem with it. And if you dared to say it d
by adventured 3y ago
> Nobody seemed to have an issue with giving loan forgiveness to businesses.
Well that's obviously false. I had a problem with it. And if you dared to say it during the pandemic, you were likely to get stoned by the wildly emotional pandemic mob.
The solution to the cost of education is the US, is to realize the cost somewhere, ie make someone actually responsible for the fact that very young adults with next to zero credit / income / responsibility are borrowing rather insane sums of money they can't actually afford to borrow. Society can debate who gets to be responsible (banks, universities, taxpayers, borrowers), someone has to be, otherwise the upward spiral (of debt) will just continue until it becomes an outsized economic threat (it's getting there). For decades the can has been kicked down the road intentionally, nobody wants to take responsibility. Biden and the Democrat approach is just more debt via loan forgiveness, which will result in an even bigger loan forgiveness after that.
It's identical to the healthcare cost problem in the US. The Democrats want to solve healthcare via universal healthcare, and they want to pretend it can be done without fixing the cost problem. They never talk about dramatically reducing the cost of healthcare, and how many millions of jobs need to be vaporized to do it, and how many medical professionals need to take a big pay cut to do it. The gravy train has to end, and that means millions of nurses, doctors, hospital workers get slashed pay; millions of related industry jobs vanish (in insurance, medtech, pharma, et al.), and the middle class and higher incomes that go with them.
Big education - the government borrowing pact with universities and their freewheeling ability to spend - is a gravy train for admin and universities generally, and has been for decades. It has to end just the same as big healthcare's gravy train has to end. Salaries have to be smashed, jobs have to be destroyed en masse, everything has to be squeezed, cut, slashed. Which is exactly how most of Europe manages their healthcare systems - tight rationing, tight controls.
- lom888 3y agoRemoving the bankruptcy exemption from student loans as was the status quo prior to the 1980s solves this. The lenders then have a vested interest in ensuring that their lendees generate enough income to pay off the loans.
- deleted 3y ago[deleted]