Wednesday, 7 February 2018

The Macroeconomic Effects of Student Debt Cancellation

quote [ More than 44 million Americans are caught in a student debt trap. Collectively, they owe nearly $1.4 trillion on outstanding student loan debt. ]




Student loan forgiveness would allow people with bachelor degrees to be Uber Drivers or Shipt Shoppers instead of both. Since according to Intuit, The Gig Economy accounts for 34% of the US workforce.

Still, it would be a start.
[SFW] [politics] [+3 Informative]
[by raphael_the_turtle@8:37pmGMT]

Comments

norok said @ 9:11pm GMT on 7th Feb [Score:-3 Boring]
I'd be willing to entertain forgiving student loan debt... if part of the package deal would be defunding college programs that churn out worthless degrees that never had a hope of earning enough to pay down the debt they incur.
satanspenis666 said @ 12:44am GMT on 8th Feb [Score:-1 Underrated]
I agree! Let's kill all the useless MBAs and replace them with the Arts.
lilmookieesquire said @ 5:52am GMT on 8th Feb [Score:-2]
How about pricing education via ROI?
norok said @ 1:46pm GMT on 8th Feb [Score:-2]
To the extend of time spent it sort of is... lawyers, engineers, and doctors spend many more years in their education than say a BBA in 17th Century Russian Lesbian Poetry. Interesting though that you don't see the doctors, engineers, and (mostly) lawyers out there protesting for their financial mistakes to be waved off... they are too busy working making 6 figures.
evil_eleet said @ 10:09pm GMT on 7th Feb [Score:1 Underrated]
I'll be curious to see how those gig numbers look after 2017's retail shutdowns.
satanspenis666 said @ 12:50am GMT on 8th Feb
I had a similar discussion with some people last year. Both republicans and democrats want to see infrastructure investment, which could require a trillion of debt to fund it. My argument was that $1 trillion of student loan forgiveness would increase disposable income and spending, which would lead to the need for further infrastructure investment.
raphael_the_turtle said @ 4:54pm GMT on 8th Feb
America needs so much infrastructure investment that I'm not even sure where we would have to begin. I know it was from a fire, but last year on the news I saw freeway overpasses collapsing in Atlanta and was completely unsurprised.
4321 said[1] @ 1:48am GMT on 8th Feb [Score:-2]

It's self-evident that the low-income portion of the population, largely spared the onerous costs of university, share some of the burden when their better-educated sisters and brothers aren't properly remunerated for their hard-won degrees in Gender Studies.

captainstubing said @ 11:30am GMT on 8th Feb
If only the better-off Trumpettes could see that the pitchforks are pointed at them.

Here's Stubing's 10 year forecast for the U.S.. Most of the student debt is never paid back. Single payer health care is embraced. Robots do not take everyone's jobs. The gig economy is over.

Millennials will be running this show in ten years and for all their faults - and they have a few - they wont wear this shit. And I say bring it on. Even Republicans will get behind most of this - political imperatives are what they are.

The pace of this will shock many, but my pantaloons will not be filled with poo.
raphael_the_turtle said @ 4:49pm GMT on 8th Feb
I'm afraid I don't share Stubing's optimism. Unless this is satire I'm not getting?
steele said @ 1:50pm GMT on 8th Feb
DirtyBirdy said @ 12:45am GMT on 12th Feb
Oh nice! I just ranted about this!


Firstly -- people used to ask "can I afford to go to college?" and the answer was occasionally "no. no you can't." and then people joined the army, worked their way through school, went to trade school, or just got a job. Night school? Sure -- they did loads of things. Now the answer is "no, I can't afford college, I guess I should get a Master's in Poetry." Followed by the shock that they're in debt.

Secondly -- why would we give college graduates 1.4 trillion dollars instead of giving 1.4 trillion dollars to people who couldn't afford to go to college.

Thirdly -- (and this applies to https://www.forbes.com/sites/zackfriedman/2016/12/19/student-loan-repayment-benefit/#1668870e1d6f this sort of thing, too...) there IS an employee benefit to loan payback -- it's called a salary. Why did I responsibly pay off my student loan and then not take on more debt while I studied if people are just going to be falling over themselves to reward bad decisions?? Is there a "we'll pay $2000 towards your student debt OR $3000 towards your 401k because you're a responsible person who didn't take on $100,000 of debt" program?

Fourth -- I'm not against affordable education and government support for education -- I'm not even against government programs helping people who have made bad decisions -- but there are certainly people who need help more than... college graduates, who are actually in a pretty good position, what with having graduated from college and all. But yes, spend a LOT making public schools cheap and keeping quality private schools a little helped-out. Big ol' Pells for everybody.

We should definitely make college more affordable, make alternatives to college reasonable, and make college good and worthwhile. It'll be expensive.
raphael_the_turtle said @ 3:07pm GMT on 12th Feb
I have a simple rebuttal for you and it's all thanks to a lesson I took away from Doctor Strange.

IT'S NOT ABOUT YOU.

That must mean it's about me, so why should other people get affordable education when I didn't? I'm paying my full loans why shouldn't current students have to pay just as much?

We can take this to even further extremes, I couldn't afford regular healthcare growing up, so why should current poor kids get a hand out? I went hungry pretty often as a child so we can obviously get rid of free school lunches as well.

Imagine how much better this nation will be when everybody thinks this way, "Because I didn't get mine, you shouldn't either."

/s

Post a comment
[note: if you are replying to a specific comment, then click the reply link on that comment instead]

You must be logged in to comment on posts.



Posts of Import
SE v2 Closed BETA
First Post
Subscriptions and Things
Mentions - Beta
AskSE: What do you look like?

Karma Rankings
arrowhen
ScoobySnacks
HoZay
XregnaR
lilmookieesquire