The Decline Of America: Student Loan Forgiveness Act Of 2012 Introduced (Israel, ethical)
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So who are you blaming here....government or the financial industry?
I'm not assigning blame, so much as I'm proposing a solution. If the goal was to assign blame, both of these entities would be included, as well as voters, legislators, regulators, lobbyists, lawyers, prospective students, students, parents... and probably some other cohorts.
I think the private sector banks should not be involved with paying for college education. The Federal government should set up a loan system for students and have the loans paid back by a permanent surcharge on the students’ income tax.
For instance:
a BS degree would cost you 5% of your gross income from all sources
a MS 10%
a PhD 15%
Thus those that make the most money from their education would pay the most for it. That sounds fair to me.
I think the private sector banks should not be involved with paying for college education. The Federal government should set up a loan system for students and have the loans paid back by a permanent surcharge on the students’ income tax.
For instance:
a BS degree would cost you 5% of your gross income from all sources
a MS 10%
a PhD 15%
Thus those that make the most money from their education would pay the most for it. That sounds fair to me.
I believe I could support some variation of this plan Greg.
Problem with that is in a lot of cases those with a Masters actualy make more money in a lot of cases then those with a phd. As phd,s tend to get more into education and research. Aside from that, great plan.
Considering the financial industry, through a system of legal bribery, owns the government, I would blame the financial industry. They just bought their way into a system of guaranteed profits. The educational industry jumped on this gravy train and sucked it dry.
Considering the financial industry, through a system of legal bribery, owns the government, I would blame the financial industry. They just bought their way into a system of guaranteed profits. The educational industry jumped on this gravy train and sucked it dry.
Show me a gvmt program , Ill show you a way to exploit it.
Renowned economist Stephen Roach, currently non-executive chairman of Morgan Stanley Asia, has gone a step further, calling for Wall Street to get behind what others have called a "Debt Jubilee" to forgive excess mortgage and credit card debt for some borrowers.
Quote:
"We've put this off for too long," said L. Randall Wray, a professor of economics at the University of Missouri-Kansas City. "We need debt relief and jobs and until we get these two things, I think recovery is impossible."
David Rosenberg, Steve Keen, and Gary Shilling have all suggested something like this , as well.
David Rosenberg, Steve Keen, and Gary Shilling have all suggested something like this , as well.
There's no denying that the influx of discretionary spending will spill right into the economy. That's not the argument. The argument is that wholesale absolution of debt is not good fiscal policy. Deleveraging of household debt should be a personal solution, not government policy.
There's no denying that the influx of discretionary spending will spill right into the economy. That's not the argument. The argument is that wholesale absolution of debt is not good fiscal policy.
Well that's your argument --
a. how do you define "wholesale absolution of debt" ? Key word here being wholesale.
b. Why is it not good fiscal policy? You don't provide any rationale for that statement.
Quote:
Deleveraging of household debt should be a personal solution, not government policy.
That's just another way of saying that households should be forced to pay off all debts.
Meanwhile, corporate and financial debts are modified every day.
Would you support laws making executives legally responsible for their corporation's debt, and making all debt non-dischargable?
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