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'Time for a Jubilee!': US Student Loan Debt Hits Record $1.46 Trillion. Funny, That's More Than GOP's Corporate-Friendly Tax Giveaway


'Time for a Jubilee!': US Student Loan Debt Hits Record $1.46 Trillion. Funny, That's More Than GOP's Corporate-Friendly Tax Giveaway

Jon Queally, staff writer

It's been almost a year since the Republican Party and President Donald Trump delivered their behemoth giveaway to the nation's corporations and wealthiest individuals by passing a $1.5 trillion controversial tax bill that will ultimately blow a $5 trillion hole—or larger—in the nation's budget.


Again ,everything about the money. Healthcare is not about proving health to those in need, it about generating profits.housing not about providing shelter it about generating profits. Education is not about having an educated and knowledgeable Citizenry, it about generating profits.

The Corporate State and the Banking system has its fingers in every facet of Society and are generating profits for the select few from just about anything one can name. There no room for “The Greater Good” in a world that built on funneling wealth to the 1 percent.


Stephanie Kelton, Sanders’ former chief economic adviser, co-published a paper on the mechanisms of student loan cancellation, as well as the macroeconomic impact. The impact would be overwhelmingly positive, and would improve the fiscal positions of local governments, as well as individuals, who would have tons more in disposable income.

Check it out: http://www.levyinstitute.org/pubs/rpr_2_6.pdf


The current high-debt system of financing education was created to hold graduates in thrall to large corporate entities, to force people to sell their time to the highest bidders rather than to make judgements about what might constitute good and useful work.

Should their be any doubt, a key document is Samuel P. Huntington’s mid-70s report to The Trilateral Commission, “Crisis of Democracy” (https://archive.org/stream/TheCrisisOfDemocracy-TrilateralCommission-1975/crisis_of_democracy_djvu.txt).


I can’t help reflecting back to my college days, in what some may consider the stone ages . . . when a semester’s tuition, taking 18 credit hours, was $118.

In fact, I would not have been able to attend college/university under the current, excessively expensive system, coming as I did from a traditional working-class family situation.

One more reason to feel an aching empathy for the younger members of our society, who face struggles at every turn, it seems.


Recall that me and many other students during the $118 per semester tuition days did not even have telephones and the closest thing to a computer was fewer than 10% of students owning calculators (which were pricey). I spent more on books each semester than on tuition. Some majors were allowed to sign up for time on the college mainframe, which for undergrads meant once a week for 2 hours at 3 AM.

Many students lived in tool sheds, tents and vehicles (this was Northern California) and travel meant getting a ride from the ride board or hitchhiking, so it was possible to get a college degree on the cheap.


Note that the doubling of the debt took off under a Dim prez and Kongress and that the rate of increase is about the same under the Rethugs. The shaking down of students in the U.S. Higher Education Ink system is not a matter of personality, but of neoliberal duopoly practice on behalf of their Oligarch, Plutocrat and Corporate.

Even “progressive” Dims have been relatively silent on 100% debt forgiveness during this period of the rapid impoverishment of the 99%.



Education in the late Great U. S. of A. will soon go full circle, e.g. the younger members of society will learn from the older members of society (the Elders) just as it was on the continent for tens of thousands of years with the Native American tribes. Because of greed among the members of the business class formal education will be far too expensive for the 99.99% to afford. Of course we’re almost to that point already so I guess I’m just blowing smoke. The moral of the story? Greedy, selfish, rich people never fail to fuck a good thing up for everybody, including themselves in the long run.


Michael Hudson on the history of debt jubilee:




I am lucky if my textbook costs less than $118! It is obvious that companies such as Navient will deceive students on the phone so they can collect more interest. We need to change our education system because the uneducated are making this society and the world difficult to live in.


What does that mean?
Do you mean that absolutely any degree that anyone wants from any university is a “right”?
If someone want’s a PhD in Dance from Harvard, they should be able to get it for “free”?
Any time limit? Any minimum GPA?

Seriously, what do you mean?


Since formal education is an obligation in industrial/post-industrial societies, everyone has a right to pursue as much formal education as the society requires. Your example is not serious. If you can’t figure out what this means maybe you better go back to the school of hards knocks, or sit by quietly as your kids are prevented from getting an education for financial reasons.


1/4 of students in community/technical colleges in the U.S. are food insecure. If they had a fully-paid two years they may have enough to eat and would be better able to contribute to society and find work they are attuned to.

By eliminating Bernie Sanders’ beloved F-35 program, the “college debt” could be eliminated in one fell swoop. By having an actual progressive taxation system, supplemented by wealth taxes and transaction taxes, all human needs could be provided for in the U.S. and we could begin to repay the rest of the world for the damage the imperial military has done and does around the globe.

Oh yeh, it cost trillions annually and create nothing but waste, violence and destruction and isn’t really needed for much of anything…oh never mind.


Those Were The Days My Friend…


Why pick on Bernie Sanders in this regard when he did introduce S806 supporting free tuition at public schools?

It seems to me that education is a right in the same sense that health care is a right - and I favor a tax supported single payer system for both (with for-profit providers being ineligible for public support).


Because this points out Sanders central contradiction and that of most U.S. “progressives.” You can’t be an imperialist, militarist and also a progressive. You can’t belong to a party that is capitalist and claim to be a socialist. Since Sanders draws so much PR as the leader of “Our Revolution,” what he claims matters a lot and influences alot of people. I will continue to push back against him and anyone who uses a position of privilege to undermine popular movements and parties liberation struggles.


You want the term “progressive” to be applied to foreign policy as well on a peace-to-war scale that has never really applied to “progressives” in this country (in fact the progressives of the last century were decidedly imperialist in their outlook). I understand that position but I don’t see that applying the term to Sanders is misappropriating the word any more than you are by declaring that it must apply to all aspects of politics.


If people can’t see the moral and financial relationships between the largest imperial project in human history and domestic austerity caused by neoliberalism then they are politicaly blind, heartless and/or ignorant (willfully looking away). Call me old fashioned (or not progressive I guess) but I claim that all human lives have equal value and we have no right to slaughter and impoverish people around the globe for our comfort and feelings of superiority. To me that takes you out of humanity and into the world of monsters.


Agreed. And I wish we had some real peace oriented people in government.

My objection to your original post was simply the way you called out Senator Sanders on this issue of Student debt when the only relationship the article had to Sanders was in presenting an interview his wife did with someone showing how we can do something about the problem. That was not “pushing back” - it was simply “pushing” - reducing solidarity rather than building it.

Sanders advocates more progressive domestic policies than any of the 100 Senators and all but about 20 of the 435 Representatives. So kudos to him on much of that. His position on the F-35 sucks. So bad on him for that.

Bottom line - I do typically enjoy your posts and in your presenting a pretty consistent leftist viewpoint - but I cringe when I see attacks that throw shade and no light.


I was quite serious. “Education is a right” is a simplistic “I deserve to get stuff paid for by someone else” slogan that means nothing without definition.

What does that slogan mean, specifically?

Does it cover a dance degree or not?
Is there ever a limit on degrees?
Who determines who gets what for “free”?
Serious questions. not joking around here.
Can you share your plan on how “free” education should work?

As to debt forgiveness, should all debts be null and void?
Should all agreements to borrow money be considered null and void or only certain debts?
Who decides when borrowed money doesn’t need to be paid back?

I’m quite serious with these questions. I genuinely want to hear your thoughts of how these things would actually work.

Perhaps, but that doesn’t address the fundamental principle of should people be held accountable for freely entered into agreements, e.g., “Loan me some money and I’ll pay you back”.


Since when, in a capitalist political economy based on low wages for the vast majority of people, are usurious loan agreements “freely” entered into? People borrow because they must to survive. If you can’t see that…well, you can’t/won’t see that…nevermind. Enjoy your fantasy world while your nation and most people in the biosphere go down the tubes to keep the rich slopping at the trough. I’m sure your semi-slave kids and grandkids will thank you profusely.