pull down to refresh
79 sats \ 1 reply \ @Dez 26 Aug 2022 \ on: Actually, Canceling Student Debt Will Cut Inflation bitcoin
I don't buy the argument of its only old people who could possibly work their way through college due to the price of college.
I graduated in 2014 from a state University woth zero debt. I worked two jobs(one being a graveyard shift security guard) and didnt go out every weekend like my friends who took out loans.
It was difficult but it taught me the value of sacrificing for a greater cause and I feel it made me a better person. I feel bad for the people crushed by debt but how did they get into this situation?
College is a buisness and isnt going to lower its costs out of the goodness of its heart.
We dont bail out people who buy 10 year old used cars at 10% interest because they didnt plan ahead.
I believe the system needs a fix but this aint it!
Number one fix in my mind.
Allow student loans to be eliminated by bankruptcy.
If loan agencies realize that giving out student loans to people who end up with worthless degrees and no job prospects who can't pay back the loan, and will eventually just declare bankruptcy to wipe the slate clean, it should naturally create a more generative incentive structure and make loaners more careful about who they loan to.
The inability to bankrupt your way out of student loans has perverted the entire system.
Alternatively, make college free (like many other countries) but increase the bar to actually get in and send the remainder to trade school.
reply