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The Class of 2020, Another Lost Generation

Originally published at http://www.commondreams.org/views/2020/10/30/class-2020-another-lost-generation

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Because the US economy and culture needs a New Deal scale overhaul if the GOP loses its grip, rather than instant loan debt forgiveness, a better solution is to offer employment (to unemployed graduates) in the programs that will be created in the spirit of the New Deal. In addition to a salary the new program employees would have a percentage of their debt discharged for each month they are employed in the respective program.

Well. Sanders and Warren had debt cancellation in their programs. Then Obama got scared, and hurried to get everyone to get fast in line behind Biden (very democratically), so that students can get just a 10k cancellation (if).

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One of the programs my organization runs is a loan repayment assistance for young doctors who want to serve in community clinics in low-income neighborhoods. These are the lowest paying jobs in the medical profession. Some of these doctors are graduating from college and medical school with over $800,000 in educational debt. Programs like mine are few and can only help relatively few people. This is an insane country in which young people have to go hundreds of thousands of dollars into debt in order to provide the public service of giving medical care to the most disadvantaged communities. When I talk to people from other countries about this, they can’t believe it. And we have Joe Biden to thank. In the 1990s he sponsored legislation that removed bankruptcy protection from student borrowers. Colleges and graduate schools realized that the sky was the limit for tuition because the banks would loan students any amount of money, knowing that they could never get the debt discharged in bankruptcy. Every year since that legislation passed, tuition and fees for college and post graduate education have gone up, and there is no end in sight, at least not with Biden being the most “progressive” candidate we are stuck with.

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The student loan fiasco, like Obamacare, is a prototypical example of liberal policy. Operating with zero grasp of basic economics or finance, throw money at a problem. Preen. Ignore what actually happens - and run around screaming when self-induced disaster explodes.

So, colleges with $$$ signs in their eyes jacked tuition - and did so for decades, while lying that increasing costs are the reason. They ignored a blatant conflict of interest and pushed huge loans on naive students. A corrupt Congress ripped students of consumer financial protections that exist everywhere else - in fact, they rigged the rules so the amount of debt increases over time, making students into lifelong debt slaves.

Result: Huge amounts of money to pass around to colleges and the Dept of Education (shhh - student suckers are trapped, and at age 22 the system designed by liberals has ruined their lives…Trillions in easy money crushes that nasty truth, along with the fact that the academic left is now living well off of dirty money). School income was separated from outcome, educational achievement, which foundered. Degrees became worthless, symbols of loony ideology and earning power was trashed.
Way To Go, liberals.

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Excellent summary, SG, thanks! My gosh: You’re awfully good at breaking stuff down. I hope your skills are put to worthwhile uses, or that you’ll drop by around here more frequently.

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This is a useful piece of advocacy journalism, from 3 perspectives not much in demand over the agenda-setting corporate-captured mass media where every clock-punched hour is chronicled from the investor’s point of view on PLANET MONEY, where every week is THIS WEEK ON WALL STREET, where every transaction is weighed for next quarter’s monetary return by professionally immune corporate officers once held criminally liable for fraud and malfeasance and now overlooked on MARKETPLACE, lionized on BUSINESS INSIDER and ranked on FORBES. FREAKANOMICS lends pseudo-academic analysis while imparting chummy idiomatic geek nerdy cachet to the entrepreneurial indoctri-Nation.

BLOOMBERG BILLIONAIRE BID-NET NEWS along with MSNBC (just think about what those initials represent in our U.S. market-place of ideas and feudal patronage) frame the parameters of venture capital for a nation with 99.99% of a population with little to no aggregate demand to venture and less of a prospective horizon for advancement than a Chinese Wage Slave, Finnish re-trained at government cost and risk tech sector laborer or EU social safety-net protected and public university educated vested citizen.

With all due respect and in consideration of one of this article’s authors whose bio-note mentions “Parker Breza graduated from Tufts University in 2019 and is currently a Communications Fellow for the Congressional Progressive Caucus Center where he focuses on re-imagining a more just economy for working people.”

Wouldn’t more valuable experience for legislative progressive communications work come from working a union-negotiated minimum wage job in our current President and CEO’s Ivy League alma mater state of Pennsylvania? Where today in 2020 the Keystone and Extractive Industry state’s minimum wage is set at $7.25, the same as coal mining Neo-Liberal E-CONomic sacrifice zone and hill-top removal environmental devastation laboratory West Virginia.

How about Parker Breza or Ms Al-Subaey or Ms Singh check their elite university Golden Passports at the door and fill the need for part-timed de-professionalized yet union contract workers at Kroger’s booming Pandemic stores to see what it is like from the WAGE SLAVE’s perspective to be allowed the libertarian freedom to make our own individual way in this FREE MARKET.

After Harvard President and former Neo-Liberal E-CON-omics wunderkind and Chief Financial Adviser to Status Quo Joe Biden along with the Reagan-Bush transformative team and the House of Clinton Treasury Secretary Lawrence Summers floated the idea in his white papers of pooling the costs and risks of various profit-maximizing industries deemed worth backing in the NEW GLOBAL ORDER and have since been bailed out by such WAGE SLAVE tax-payers and Planet of the Clock Puncher laborers with no Labor Party. Such emblems of SUITE CRIME and the Professional Immunity from criminal prosecution and repossesson granted banksters and trader\traitors as the first House of Reagan-Bush Savings & Loan collapse where President Bush’s son Neil and his Colorado Silverado Bank were among the first to be “made whole” by the public funds of the Resolution Trust Corporation.

Or once the Larry Summers and Robert Rubin guided financialization and pooling of risks and corporate costs was put into effect by the Privatizing and Deregulating dynamos of the House of Clinton we got to bail out the even larger and more consolidated anti-competitive and anti-trust beneficiaries of a moratorium on Suite Crime criminal prosecution .
~https://www.theatlantic.com/business/archive/2013/09/the-comprehensive-case-against-larry-summers/279651/

Meanwhile turning Street Crime and petty criminals into the new Chain Gang Work For Free private entrepreneur Labor Force via the Privatized Incarceration Nation captives.
~https://theintercept.com/2019/12/24/mike-bloomberg-2020-prison-labor/

No public bail-outs for the borrowers or consumer patrons of those trans national Supermarkets of Financial Services who spent de-regulated decades of newly unfettered capital electronically creating money for themselves and their Free Market investor-speculators while draining it from the once robust working class’ Aggregate Demand.

Bush-Cheney-Paulson’s TARP (Troubled Asset Relief Program, don’t forget in bankster lingo all bad loan paper that created that electronic money is considered a private wealth “Asset” and not a national “liability”) followed by the generous bail-out of the multi-national American International Group (AIG) that owned the insurers of these profit-maximizing banks the public bailed out
~https://en.wikipedia.org/wiki/American_International_Group
followed like clock-work by the DNC’s Obama-Biden-Geithner-Holder approval of the Federal Reserve’s Quantitative Easing in 2 parts to wipe the remaining bad paper “Assets” off those bank and lender books, while leaving the credit records of the borrowers of these often fraudulent bid-net models with the Scarlet “E” (for eviction) or federal loan not cleared even beyond the grave by individuals seeking bankruptcy protection.

Whereas the beneficiaries of corporate bankruptcy protection could often continue to do bid-net and reconstitute their corporate-chartered human privileged selves. Why even the serial Corporate Bankruptcy Protection Seekers could one day run for President of the U.S. and convince enough Slave Era Electoral College Voters who represent our elected representatives to turn the keys to the White House and federal agencies along with the U.S. Treasury and nuclear arsenal all over to them and into their personal GREED IS GOOD clammy little hands…

So, go forth gifted young’uns and sign up to work for Kroger at one of the coast to coast regional grocery and big box markets they bought up in the decades-long binge with no Justice Department enforcement of anti-trust\anti-competitive laws on the books. Here’s how it works and you can communicate this to the legislators that wrote the laws and waived the criminal prosecution of Suite Crime along with corporate officer liabilities:
ttps://www.toledoblade.com/business/retail/2013/07/22/Taxpayers-subsidizing-low-paid-employees/stories/20130722045

ttps://popular.info/p/update-krogers-21-million-man

Mitch Ritter\Paradigm Sifters, Code Shifters and Song Chasers
Lay-Low Studios, Ore-Wa (Refuge of Atonement Seekers)
Media Discussion List and Looksee

Correctomundo, GW. Thank ya fer bein’ an Amurrikan and spelling this fiasco out.

We do also need to recall that during the 8 years of Obama-Biden the bully pulpit of the White House was used by this Columbia U. undergraduate and Professor of Constitutional Law and post-graduate of Harvard Law School, Barack Obama to talk up the value of a STEM degree from a trade school, like those owned in the coast to coast venture capital profit-maximizing franchises of Corinthian Colleges and ITT Technical Institutes.

All the while in national office the U.S. Senator turned President Obama implicitly down-graded and often explicitly mocked a liberal arts education as useless and not pragmatic in today’s job markets and the investment markets of our financialized future.
ttps://www.insidehighered.com/news/2015/08/20/profit-education-sector-faces-financial-woes-and-greater-regulatory-scrutiny-banks

The Hidden Force in For-Profit Closures

As proprietary colleges struggle, banks gain increasing influence over their fates and their dealings with the government.
By Michael Stratford
August 20, 2015

~https://www.marketwatch.com/story/itt-is-second-major-for-profit-college-to-declare-bankruptcy-since-last-year-2016-09-16

ttps://en.wikipedia.org/wiki/ITT_Technical_Institute
ttps://www.thelayoff.com/t/JgkTqHD

More of the policy outcomes lacking in marathon Presidential campaign year U.S. News Media coverage. Even before the Pandemic Age of Plague of 2020 we simply do not have the air-time, press news-hole or an informed electorate’s publicly expressed curiosity and hunger accompanied by organized Media Consumer DEMAND to do the Post Mortems necessary on our bi-partisan duopoly’s prevailing privatized policies and Political Economy.

Yup, there is in fact an ideology and it is named Neo-Liberal E-CON-omics. Both Conservatives and Liberals have adopted its doctrines and dogma since the 1970’s overthrow within the Right Wing Establishment of the Paleo-Cons (Goldwater, Nixon, Kevin Phillips, Pat Buchanan, Jeannie & Evron Kirkpatrick, William Safire even Ronald Reagan) by the Neo-Cons (the Bush family, Alan Greenspan, George Schultz, Robert Gates, William Kristol, Milton Friedman, Colin Powell, William Rummy Rumsfeld, Condi Rice).

Paleo-Cons and Neo-Cons had their share of consensus over pooled Private Interests we can generally refer to as General turned President Eisenhower labeled them, the Military Industrial Complex. Or, as I prefer to call the openly Socialized sector of our Corporate Caliphate Nanny State, DADDY WARBUCKS.

This stuff involves our kids’ and our national future, yet we defer to Sports Fans who get hourly, daily and weekly wrap-ups of Score Boards of games that do not effect our lives or affect our quality of life compared with issues like subsidizing higher education or nationalizing health and housing for low income and homeless populations. Without getting those Score Boards of the Winners\Losers and which economic sectors are booming alongside the rest of U.S. gone bust we’ve nothing to do comparison studies and make corrections. Together. In the Public Interest, Public Health and National Security’s interest rather than the Private Interest(s).

Comparing our own policies and procedure outcomes with those of our global trading rivals and our better behaving less selfish and\or polluting neighbors on the continent, or Global Block.

Mitch Ritter\Paradigm Sifters, Code Shifters and Song Chasers
Lay-Low Studios, Ore-Wa (Refuge of Atonement Seekers)
Media Discussion List and Looksee