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As the cumulative total of student loan borrowing approaches$1 trillion dollars, calls to forgive some or all of that debt are mounting. Federally guaranteed student loans make up more than half that total and Barack Obama is pushing to cap the amount any borrower must pay back in a given year and forgive outstanding balances after 20 years.
Demanding student loan forgiveness speaks volumes of the character of the OWS protesters. Being college educated they should recognize their own hypocrisy and know a little about economics. They are demanding the same thing that they rail against the banksters for " privatizing gains and socializing the losses". They gained a education or skill and now want to socialize their loss {loan} onto the tax payer.
What a bunch of hypocrites that are no better then the banksters.
Another question that eludes these so called educated thieves is where is this 1 trillion going to come from? Are they even aware that we have a 15T debt? 3rd grade economics tells OWS that "we are broke".
Demanding student loan forgiveness speaks volumes of the character of the OWS protesters. Being college educated they should recognize their own hypocrisy and know a little about economics. They are demanding the same thing that they rail against the banksters for " privatizing gains and socializing the losses". They gained a education or skill and now want to socialize their loss {loan} onto the tax payer.
What a bunch of hypocrites that are no better then the banksters.
Another question that eludes these so called educated thieves is where is this 1 trillion going to come from? Are they even aware that we have a 15T debt? 3rd grade economics tells OWS that "we are broke".
We aren't broke; you just make it a $16 trillion debt. If the debt were really a problem, you could claw back the bank bailouts, and let the banks fail. Strange how banks are "too big to fail" but households are not.
I don't have any student loan debt, so I'm not affected by what they do. However just from an economic perspective, bigger than just myself, this is a serious problem.
When one gets a higher education they will make more money. There is nothing wrong with them taking some of that more money and using it to pay for the education that allows them to make it.
We aren't broke; you just make it a $16 trillion debt. If the debt were really a problem, you could claw back the bank bailouts, and let the banks fail. Strange how banks are "too big to fail" but households are not.
I don't have any student loan debt, so I'm not affected by what they do. However just from an economic perspective, bigger than just myself, this is a serious problem.
The debt is not a problem? huh, thats funny the U S was just down graded. I doubt we could turn back the bank bail outs since they already payed us back mostly with our own money { buying treasuries}.
If we really had a free market instead of central planned fascism there would be no "to big to fail. This is what happens when the gvt gets involved, you get one group who is jealous of another groups bail out, subsidy, or tax break.
The debt is not a problem? huh, thats funny the U S was just down graded.
and the consequences of that downgrade were what, exactly?
Quote:
I doubt we could turn back the bank bail outs since they already payed us back mostly with our own money { buying treasuries}.
yes, the money is gone -- but we can at least put them out of their misery. let them fail so they don't keep getting money.
to me the point is clear. if the terms of debt arrangements between government and high finance are so flexible, then why is it so rigid elsewhere? if 'the big boys' get one set of rules, why do average people get another?
Location: Kowaniec, Nowy Targ, Podhale. 666 m n.p.m.
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Quote:
Originally Posted by Swingblade
Demanding student loan forgiveness speaks volumes of the character of the OWS protesters. Being college educated they should recognize their own hypocrisy and know a little about economics. They are demanding the same thing that they rail against the banksters for " privatizing gains and socializing the losses". They gained a education or skill and now want to socialize their loss {loan} onto the tax payer.
What a bunch of hypocrites that are no better then the banksters.
Another question that eludes these so called educated thieves is where is this 1 trillion going to come from? Are they even aware that we have a 15T debt? 3rd grade economics tells OWS that "we are broke".
In most civilised countries, students don't need to borrow obscene amounts of money just to finish a degree. Investing in the education of your young generation isn't socialism, it's perfectly rational if one wants a capitalist economy to succeed on a global market: A higher educated work force is generally more competitive, will make more money, pay as a result more taxes (this is also the case in a nearly flat tax system like here in Poland - paying 18% income tax on a PLN 80K salary or paying 18% income tax on a PLN 40K salary makes a difference)
One thing the USA needs to ask itself, how can the "richest" country in the world pull if off to have worse public services than a country which is generally regarded as one of the poorer among the developed West like Poland? What do they do with all the money? We have basic health care for everyone, we have free higher education for everyone, we have a functioning public transportation system (at least in the cities) and MUCH less debts per capita. Our average standard of living might be slightly lower than that in the USA, but still pretty much every family enjoys a warm apartment or house, enough food on the table, a car, one or two televisions, a personal computer, and often one or two longer vacations every year, which the working class usually spends in Mazury or on the Baltic coast, and the middle class usually somewhere in the Mediterranean or in the Alps. Sure, road quality isn't that great, trains are slow, bureaucracy can be a b**ch sometimes, but hey, people pay an 18% flat tax here, except for the richest 5%, they pay 29%. In the meanwhile I've seen more severe poverty in the USA than anywhere in Poland.
So, go ahead, ask you congressmen how they manage to pull it off... The American GDP per capita is 2-3 times higher than ours, the Americans pay on average more and higher taxes, and still, they aren't capable of sending their children to university, even the most basic level of healthcare is not for everyone, or proper public services for that matters... How do they do it, considering that the US government receives probably 3 times as much, if not more, from the American taxpayer as the Polish government does from the Polish taxpayer... After living in five different countries, it sure startles me...
As the cumulative total of student loan borrowing approaches$1 trillion dollars, calls to forgive some or all of that debt are mounting. Federally guaranteed student loans make up more than half that total and Barack Obama is pushing to cap the amount any borrower must pay back in a given year and forgive outstanding balances after 20 years.
I am not in favor of forgiving such debts. I guess it would be enough to show utmost flexibility in the installment amounts and time frame those loans need to be paid back in so as to take into consideration times of economic or personal crises etc.
and the consequences of that downgrade were what, exactly?
yes, the money is gone -- but we can at least put them out of their misery. let them fail so they don't keep getting money.
to me the point is clear. if the terms of debt arrangements between government and high finance are so flexible, then why is it so rigid elsewhere? if 'the big boys' get one set of rules, why do average people get another?
So far the down grades{luckily} mean nothing but if we keep going down the same path we could wind up like Italy. Where they are paying up wards of 7% to borrow. Considering we are already paying 400 billion in interest any type of increase it would be felt big time.
We are I think? in agreement that in a true free market economy the rules should apply evenly to all players. You rise and fall on your own accord. See the banksters have greased palms for many years, they have paid their fascist dues to peddle their influence. OWS has the audacity to make demands with out greasing palms, how dare they
Did anyone forgive my mortgage? Or my last auto loan? If I didn't pay, these items would have been repossessed. But the Entitled Generation figures that if they don't pay the student loans they so willingly signed for, they don't lose because their education can't be given back.
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