I used to be vehemently against it, but I'm coming close to doing a 180 on that.
Let me preface this by saying I'm 40 years old, and I have both my undergraduate degree and my MBA paid off. I say that to acknowledge I wouldn't benefit from student loan forgiveness.
That being said, here is why I switched my stance...
College is a scam that has now been pushed on the last several generations as the only way to succeed in life. Couple that with the fact that many to most college degrees are effectively worthless in the workforce when it comes to landing you the type of employment you need to actually pay off those loans by the time you're in middle age.
Also, there is something fundamentally wrong to me about allowing 17-18 year old kids with no life experience or concept of money to take out tens, if not hundreds, of thousands of dollars. The interest rates, not being able to declare bankruptcy on student debt, the list goes on. To top it off, nobody is telling these kids that college is a bad investment for the vast majority of students.
It's exploitation, plain and simple. It's taking young, naive CHILDREN and coercing them to take on a life a debt slavery that they cannot get out of.
For practically every other instance in life, whether that be taking out a mortgage, a business loan, whatever it may be, you have to be able to prove that you'll be able to pay it back or else a bank won't lend you the money. Not with student loans, though. "Hey kid, you want to be a communications or university studies major? Sure, no problem, here's $100k dollars!"
Anyway, a country's economy thrives by people having purchasing power. The college ponzi scheme is destroying the purchasing power for many in the 20-40 age group.
The system is broken when college graduates can't afford their own place due to overpriced college and runaway inflation that the GOVERNMENT CAUSED. Gee, I wonder why the birth rates are dropping. It's because nobody can afford children with crippling student loans coupled with runaway inflation.
TLDR version: The government built an unbeatable ponzi scheme to take advantage of naive children that have no clue what they are getting themselves into. Furthermore, the crippling debt many cannot pay back is limiting MILLIONS from contributing to the economy and having even half the purchasing power their parents had. The system is broken.
Let me preface this by saying I'm 40 years old, and I have both my undergraduate degree and my MBA paid off. I say that to acknowledge I wouldn't benefit from student loan forgiveness.
That being said, here is why I switched my stance...
College is a scam that has now been pushed on the last several generations as the only way to succeed in life. Couple that with the fact that many to most college degrees are effectively worthless in the workforce when it comes to landing you the type of employment you need to actually pay off those loans by the time you're in middle age.
Also, there is something fundamentally wrong to me about allowing 17-18 year old kids with no life experience or concept of money to take out tens, if not hundreds, of thousands of dollars. The interest rates, not being able to declare bankruptcy on student debt, the list goes on. To top it off, nobody is telling these kids that college is a bad investment for the vast majority of students.
It's exploitation, plain and simple. It's taking young, naive CHILDREN and coercing them to take on a life a debt slavery that they cannot get out of.
For practically every other instance in life, whether that be taking out a mortgage, a business loan, whatever it may be, you have to be able to prove that you'll be able to pay it back or else a bank won't lend you the money. Not with student loans, though. "Hey kid, you want to be a communications or university studies major? Sure, no problem, here's $100k dollars!"
Anyway, a country's economy thrives by people having purchasing power. The college ponzi scheme is destroying the purchasing power for many in the 20-40 age group.
The system is broken when college graduates can't afford their own place due to overpriced college and runaway inflation that the GOVERNMENT CAUSED. Gee, I wonder why the birth rates are dropping. It's because nobody can afford children with crippling student loans coupled with runaway inflation.
TLDR version: The government built an unbeatable ponzi scheme to take advantage of naive children that have no clue what they are getting themselves into. Furthermore, the crippling debt many cannot pay back is limiting MILLIONS from contributing to the economy and having even half the purchasing power their parents had. The system is broken.
