I find the argument about this benefiting rich people to be silly. First off, the rich largely aren’t in debt, cause they are rich. Secondly, we should cover the costs of of public higher education just as we do primary schooling and secondary schooling. Thirdly, the rich don’t have student loan debt. In fact, the banks they own create money out of thin air and charge interest on the money they have created. The state owns most of the debt, but it is still a big business in the US. This would actually represent a transfer to working people in need of debt relief. Finally, Stephanie Kelton co-authored a study on this, and it would have massive benefits as far as increasing effective demand and would improve the fiscal situation for state and local governments. That could indirectly benefit the businesses the upper-middle class and the rich own, as money would be freed to buy stuff they produce and sell.
My guess is that Biden may write off some debt, it will be relatively small, and he will take a victory lap. He should be pushed to eliminate this debt, and to eliminate as much of it as possible.
A lot of this debt allowed public universities to raise their tuitions. In order to compete among themselves for students and the dog-damn US News & World Report rankings, they built lavish student unions and other facilities, in a process that I call the mallification of campuses. It was wasteful spending that need not have occurred. This debt should be forgiven as it was fraudulently forged from the get-go. Students got ensnared in a game just trying to secure a better life for themselves and hence for society. Cancel the damn debt. Day one.
The author clearly does not understand that any majority percentage is not what matters to
Credit Card Joe.
What matters to him are the minorities on Wall Street who consistently call out to him to
protect their food chain from socialists.
Unfortunately, many of that 60% voted for Republicans. They’re not going to get anything they want if they keep doing that. Republicans only exist to serve billionaires. They block anything that benefits the average citizen or would be in the interest of the nation as a whole.
It’s not just Joe, no one in Congress gives a dam what the people want, Prof. Gilens and Page proved this a few years ago.
That’s right I suspect. We might see pay-go and things like that since we have spent more than we generate.
Economic oppression is a political tactic. One that cost Obama the Congress.
As far as “pay-go”, check out the information by Stephanie Kelton, referenced by @JoanRobinson above. None of that is necessary with a country that has a large economy and controls it’s own currency. The “pay-go” is an excuse for the government to not spend money on the people, but never applies to projects the neoliberals want, like defense spending.
A good read. I guess then we really can’t run out of money.
Not as long as our economy is healthy.
How about a few options to consider:
- American native Indians get education, housing, groceries, windows and doors.
- pick a few zip codes and pay off all the left over medical bills for all the peope living within that area.
- Junior college, trade school, state colleges and universities only. Up to a $20,000 write off. Lawyers, med school, MBA, MA in art history get zip.
- All adult people who did not go to college get up to $20,000 over four years.
- Private colleges using fraud in the southeast states can have their previous students who borrowed $50,00 or more get a write off. The officers and boards of these sleaze get jail.
- Families who rent get $15,000 to use as down payment on a house - or use FHA with zero down. No real estate or brokerage fees allowed. Careful inspections and assesments required.