This disturbing subject keeps popping up in my social media stream. Therefore, I felt it is time I addressed it head on. Let me open with this dangling carrot legislation is doomed to failure even if it passes no matter how unlikely that may be. It is a political landmine waiting to explode in the face of the very individuals is it purports to help.
The problems with this bill are many but most importantly it is being proposed at such a time of economic turmoil as a stimulus package. Unfortunately, any stimulated gains will be minor in comparison to the costs associated with this individual bailout. How many struggling families are going to stand behind a bill that helps a finite group of individuals. This is irresponsible legislation at it’s best and only strengthens the ‘I’m entitled’ stereotype of this generation.
It is sad because this legislation is doomed to fail even it it is passed and any politician standing behind this bill is really just pandering to the next wave of voters. They are posturing themselves for higher office down the road with this calculated measure. Worse they believe you are too stupid to see through their ruse.
As I said this is truly sad because there are somethings that the government could do in lieu of a bailout. A government sponsored deferment act would be easier to publicly accept as it would not bailout the student loans only delay the repayment until the students were established in their careers. In fact the government could even go so far as to require a portion of any tax refund be automatically sent each year towards repayment. A long term deferment solution would have greater access and help far more people in the long run. It’s sensible and better for the country.
Related articles
- Support The Student Loan Forgiveness Act of 2012 (dukooth.wordpress.com)
- The Student Loan Forgiveness Act of 2012 (H.R. 4170) – Bill Text (forgivestudentloandebt.com)
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This is so interesting! I don’t think you’ve taken into account what happens day to day, but still a good post.
The problems with this bill are many but most importantly it is being proposed at such a time of economic turmoil as a stimulus package. Unfortunately, any stimulated gains will be minor in comparison to the costs associated with this individual bailout. How many struggling families are going to stand behind a bill that helps a finite group of individuals. This is irresponsible legislation at it’s best and only strengthens the ‘I’m entitled’ stereotype of this generation.
You state “It seems utterly outrageous that anyone would expect these lesser educated individuals to share in the burden of funding their bosses education. Think about it for a moment from the aspect of the factory worker who did/could not go to college.” I read this and almost spit my coffee out and I wasn’t even drinking any. We, meaning college graduates, buried in student loan debt pay taxes just like anyone else. We have helped bail out the rich with the stimulus package (Wall Street and Big Banks) and bail out the poor every single day by paying for them to sit at home and act like they can’t find a job. We don’t even need a bailout or forgiveness of the loans, I am more than happy to pay them back, just pass a bill that caps the interest rate so these Private Banks can’t ruin our lives. I also find it hilarious when politicians say they will help the student loan debt burden by dealing with the federal student loan debt and forget about the private student loan debt. I grew up in a middle class family and went to a public high school. I then went to a community college for 2 years and transferred to a private college for 2 more years. I have now taken a step back and noticed how true it is that the middle class get the short end of the stick. I can’t even consider myself middle class right now because I pay over 50% of my income ($45,000) to student loan debt and struggle to get by. I know students that I graduated with whose parents were less fortunate than mine financially and they walk away with minimal debt. I am paying the loans back, not my parents. Why do they get more financial aid than me. My parents did not pay one penny for me. Why do I get penalized. I graduated with another female who got pregnant out of high school, now has three children and she gets to go to a private college for free 8 years after high school. Good Idea, lets pay for someone who made bad decisions and screw the ones who took the right path. Absurd, I know, but that isn’t even the worst. It is when I drive through my local neighborhood where I grew up and see even more of the people that I graduated high school with and they don’t even attempt to better their lives. They live off of the rest of us and spend their money on nicer clothes than myself, cars, entertainment, and whatever else they want. I worry that I have enough gas to get to work and back. So I ask you, and everyone else, why is it ok to help the poor and the rich, but to help people who actually applied themselves is unheard of and frowned upon. Let’s help people out that will spark the economy, build business, spend their hard earned money on things other than food, gas, and student loan debt. I would say housing but I am forced to live at home. I am 27. Its America and I am not proud to say that I wish I never went to college. Now I will drive home, wave to Pete, who lives on unemployment and goes to more Yankee games than anyone I know. I will wave to Victor who works for a contractor (under the table) and collects unemployment, I will drive past the bar where there are a bunch of the “factory workers who did/could not go to college”, but are doing just fine. I can’t believe you said they couldn’t go to college. Help out people who are on the right path. For goodness sake, we need help, and everyone should not be so against it.
You stated that “any stimulated gains will be minor in comparison to the costs associated with this individual bailout.” The fact is that there are 80% of Americans held credit cards as of 2008, compared with 15% of consumers who now hold student debt. That illustrates just how small of a pool of Americans holds this huge pile of debt. There is a huge amount of debt burden that is caused by unfair means. That is the loans keep piling on interest and fees and capitalized interest which balloons the debt to malproportion sizes. This is an unreal amount for a student who only wanted to better their own lives and benefit society (ie. doctors, lawyers, engineers) to have to pay back. If part or all of their loans were forgiven many would buy houses. Even if what you say is really true…the fact that the banks and schools and government is making money off of the people’s back, in this case students, is outrageous. I don’t believe you are completely informed. Please go to forgivestudentdebt.com and studentloanjustice.org to educate yourself.
Cindy,
First let me say thank you for taking the time to leave a comment. I understand that this is an extremely passionate topic and am glad for the discussion.
I am very well educated on the subject and am offering an alternative perspective. The perspective of the lesser educate middle and lower class who constitute the majority of Americans. It seems utterly outrageous that anyone would expect these lesser educated individuals to share in the burden of funding their bosses education. Think about it for a moment from the aspect of the factory worker who (did/could) not go to college.
As you yourself said we are talking about 15% of the population thus the other 75% is not likely to support lowering their own income. The likelihood of any forgiveness bill passing is extremely remote and that any politician promoting it is only doing so out of self interest.
However, a government sponsored deferment program would offer all of the same benefits as the forgiveness without incurring trillions of more debt. So the same people would be able to buy things like houses helping stimulate the economy. The only down side is they have to still pay for their education themselves so no free hand out.
Given the choice which do you think the majority of Americans would be more likely to support?