Worse Future Possibly Bill in America? The Student Loan Forgiveness Act of 2012

[Brian4Liberty]

As irresponsible as such a bill would be, It's really just another TARP, except not just for rich people

Sure, it would relieve a burden from people with student debt, but:

What????!!!??? Who do you think holds the college debt and would be getting "paid back" by such a buy out? Probably the people with the money right?

Yep. Who are the debt dealers? Same people the government paid the TARP money to.

 

[KingNothing]

The real problem is that we have a significant portion of kids that "normally" would have been to stupid for school that went anyway thinking that having a worthless piece of paper would make them rich. We also have engrained this thought that just because you have that worthless piece of paper it entitles you to a high wage job. Well guess what? It doesn't. It isn't fair. But that’s life, get over it.

I think you're generally correct, but an important distinction should be made --- it's not that the kids are "too stupid" for college and went anyway, it's that they were encouraged to go in order to get degrees that aren't necessarily required to be productive in a given line of work. They went after degrees that didn't lead to careers because they were told by EVERYONE that college was a necessity, that trades were for the loser kids, and that they'd get a well-paying job if they had a degree, regardless of their major.

This entire ridiculous scheme was made possible by one thing: government. Government backing all student loans eliminated an amazingly important pricing mechanism. Without government backing, banks would have been forced to comprehensively study labor markets to set loan-rates appropriately. This would have encouraged students to enter fields that would soon become prosperous and discouraged them from taking on debt that could never be paid down.

Until that pricing mechanism is allowed to return, we'll have BILLIONS of dollars of malinvestment and children and young adults living as debt-slaves.

 

[jbauer]

I don't know, I'm 10 years removed from college and there were A LOT of stupid kids there then. Since then, we've dumbed down high school even more. How could they not be coming out stupider?

As for the politics and government in this, I concur.

 

[Uncle Emanuel Watkins]

I don't know, I'm 10 years removed from college and there were A LOT of stupid kids there then. Since then, we've dumbed down high school even more. How could they not be coming out stupider?

As for the politics and government in this, I concur.

Bar the door and grab my shotgun, Martha! The stupiders are calling the dumb asses idiots!