Closing Thought–27May21

Do you have student debt?

This is a hindrance to people as they try to pay off thousands of dollars in debt for their excellent education…..this crippling debt keeps college grads from living the ‘good life’…..

There has been ideas to help people get on with their lives by lessening or cancelling student debt.

Some progressives are calling for the canceling of all student debt….the new president is calling for the cancellation of $10,000 of debt…..that figure is not nearly enough.

Forty-five million Americans now owe a total of $1.7 trillion in federal and private student loans.

For many people, that debt is the biggest drag on their adult lives. It prevents them from buying a home or starting a family or investing in their future. They are stuck in a perpetual loop.

This crisis has led to calls to cancel all that debt and liberate an entire generation of Americans — something I instinctively support. But when you start to think about all the obstacles and trade-offs, you quickly realize how politically fraught such a proposal would be. Is there any way to do it fairly? What about the millions of people who spent decades paying down their loans? And what about the people who didn’t go to college because they didn’t want the debt — how would this land for them?

So I reached out to Astra Taylor, documentary filmmaker and author of the 2019 book Democracy May Not Exist, But We’ll Miss It When It’s Gone. Taylor has become a leading advocate for debt forgiveness, and she treats it as not just an economic problem but as a small-d democratic problem. We talk about why that is and how it shapes her argument.

https://www.vox.com/policy-and-politics/22383450/student-debt-forgiveness-biden-astra-taylor

A total cancellation of student debt could be fuel for the economy….it would put $1.7 trillion dollars into the economy…..and that would be a huge boost across the board.

Turn The Page!

I Read, I Write, You Know

“lego ergo scribo”

3 thoughts on “Closing Thought–27May21

  1. My stepson has £20,000 in student debt from his time at university. He did a degree in film-making, and ended up working on building sites as a carpenter or plasterer. He wouldn’t listen to me when I told him the film industry was in a slump here. As long as he earns less than £25,000 a year, he doesn’t have to start paying back the debt. I think he will be 60 before it is ever paid off, if at all. (He is 34 now)
    Best wishes, Pet.

    1. That is sad…my granddaughter is a bit lucky for I have an account to help her pay for her’s…but as prices go up it will not be enough…..I have crossed fingers that Biden will do something….like free community college for 2 years…..chuq

  2. If we cancel too much student debt … debt which was originally incurred with every knowledge on the part of the borrower that it would have to be repaid …the end result will be that lenders will run away from granting student loans or they will become so expensive and hard to repay they will not be worth considering anyway except for the filthy rich.

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