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What caused them to write the article was a long-economic report on cancelling student debt from an extremely expensive liberal arts university in New York.
Supposedly, if the federal government just canceled the $1.4 trillion in outstanding debt that cause GDP to rise, unemployment to go down hundreds of thousands of new jobs yearly.
I think it is odd how many these students spent nearly a decade running up bills going to a four-year and university and graduate school, while enjoying luxury dorms and chef-prepared expensive meals plus took out lots of loans for living expenses for many years and now they want it canceled because they can't the home of their dreams or they can't afford every new top of the line phone or electric car that comes out.
I wouldn't be surprised if the Democrats jump on that bandwagon for votes, especially because it might increase voter participation rates for one of their choice demographics that tends to vote for them by wide margins.
Cancelling student debt would probably be a bigger boost for the economy than any tax bill. I'd be totally for it, but government no longer guarantees student loans after and bankruptcy applies to student loans same as all other loans after. Solve the debt bubble and cost for education goes down at the same time!
Debt for a degree has replaced debt for a house, which is far better debt for both the individual and the economy. Houses always need work.
That's a great way to create a depression. Both the crash of 1929 and of 2008 were basically driven by the collapse of credit markets. The US itself was threatened in the early days by credit crashes, but was saved from being stillborn by the efforts of Alexander Hamilton, who was the first Treasury Secretary.
You want to get more millenials working? Then make it easier for boomers to retire. Jack up their social security payments and make Medicare part B free. Will it be expensive, hell yes. But it will open the hiring floodgates for millenials.
Ok but I will expect a refund of the 80 K I worked to pay off and an opportunity to apply to Harvard which I didn't apply to because I didn't want the expense.
It's possible something drastic like this may come up at some point if the economy really started to hit the skids and cause unrest. A "debt jubilee" is what they call it. This would literally require an act of Congress though, and I wouldn't look for it to happen with Republicans in control. I wouldn't look for it with Democrats either though since they are just as bought and paid for by the banks who own the student loan market as the Republicans. (Bail outs for Wall Street, fooey for you unimportant peons!)
Ok but I will expect a refund of the 80 K I worked to pay off and an opportunity to apply to Harvard which I didn't apply to because I didn't want the expense.
Nope! They already swindled you. You ain't getting all the money back you paid into Social Security but will probably never get either.
If a kid wants a decent education from a state university he should have the option to do 2 years of military service in exchange for 4 years of tuition and room and board.
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