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'We Are Crushing the Next Generation': Young Millenials Saddled With $1,005,000,000,000 in Student Debt

'We Are Crushing the Next Generation': Young Millenials Saddled With $1,005,000,000,000 in Student Debt

Andrea Germanos, staff writer

Underscoring the need for progressive proposals like tuition-free college and debt relief, new data shows young Americans are being crushed by debt.

In the last quarter of 2018, outstanding student loan debt went up $15 billion to $1.46 trillion. Credit card balances shot up as well, raising $26 billion to $870 billion, according to (pdf) the most recent quarterly housefold debt report from the Federal Reserve Bank of New York's Center for Microeconomic Data.

All that money stashed in tax havens needs to be confiscated and used to wipe out this student debt.

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$1,005,000,000,000 is a drop in the bucket, with far more stolen from young millennials and most others, crushing millions and many generations via student loan debt slavery/usury by the new robber barons , and other frauds. The fraud goes far beyond that example to the Military Industrial Congressional Complex and endless war, predatory health “care”, education, exploitation of the people’s natural resources by entities that steal them and pollute air, water and earth in doing so, and many other exploitation’s/thefts that make slaves - modern serfs - of the 99%.

The fraud is empowered by vast political corruption and politicians via campaign-contribution bribery to pass favorable legislation and bury/derail un-favorable - all to benefit that capitalist predator class who live lives of obscene opulence and ease, while the vast majority struggle just to survive!

That is only a part of the Grand Con stealing the future from the overwhelming majority of people on this planet, via for-profit everything, most of which that should be seen as part of The Commons, and/or a Human Right, protected and nurtured by what government was instituted to achieve! There have always been “rich and poor”, ambitious and not so much, but the disparities and greed has gone far beyond “normal” differences, enabled and directed by revolving-door corrupted government, OF, By, and FOR exploitation, wealth, and privilege above all else! Gross violations of Oaths of Office by those who make a mockery of “representative government”!

" Government is instituted for the common good ; for the protection, safety, prosperity, and happiness of the people; and not for profit, honor, or private interest of any one man, family, or class of men" - John Adams

A fraud so large cannot be comprehended: the idea is rejected"

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Whatever happened to NDEA student loans? They were easy to obtain, had low interest rates, and no worries about shady loan companies. A NDEA loan enabled me to finish college, and I was able to pay it off a few years later.

Oh, no, no, no. Big joke on everyone there!
A real “Ha, ha, gotcha”
Donald Trump, corporations, Eddy Lampert, vultures all can bankrupt away, and can even make themselves the debtors to the bankruptcy so the firms they own will now pay them off even in bankruptcy (Lampert).
But students??? Oh, nooooooo.
The leeches they are. The worthless bums they are. The freeloaders they are. Backruptcy strictly ruled out by law.
Big joke.
/s/s/s

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Wow, have those things changed. 20 years ago and even maybe 10 years ago this would have been a simple enough, doable enough thing.
However, the rules change like crazy every semester (actually not so new on that), the conditions change, the cracks people fall through get ever harder to avoid and supposed short-term “helpers” turn into vulture funds eating you alive.
And, because they all sell paper to other parties, and then down the line further sales on top of sales, you tend to get surprise notices of being in arrears on accounts and companies you never heard of.
This whole damn mess is beyond rotten. And, as with the numerous corporations who see the school systems as a ready source of public money, the loaners of all sorts of stripes, both in the open and hidden, see every student as a life-long bond servant.
Give the economy a chance? Not a chance. Not as long as the loan companies can strangle the source of the economy and claim they are in the right, by law. Law, a three-letter dirty word.
The only real solution is a total “jubilee” in which all debt is wiped out and we start over. That is a boost for the real economy, not the wall street / big-bank boost of Obama’s 2009 bailout.
Time to bailout the people. The actual, real, human, breathing people.

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Oh yeah. That law was passed a few years ago. Blatant as all get out. Can’t remember now whether it was at the end of Bush or the start of Obama. But Pres. O was not our fiscal friend. He was owned by the banks (Pritzkers, in particular, of Chicago) from before he was even an Illinois legislator. In 2008 I didn’t know all that but I do now and as I learned it a lot of pieces dropped into place in the puzzle.
But, to get back to your straight forward question, student loan bankruptcy is specifically outlawed in the very same breath that other bankruptcies and bailouts were pushed and approved.
Gotta Add: Every time I get cynical enough to deal with what I’ve learned, there is another level of cynical to descend to, and there I go again.

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Let me add that you might get somebody saying something like where have you been that you didn’t see this. To that, well, it isn’t hard to miss if you have your nose to the grindstone, are new to the issue and haven’t had to examine student loans or consider getting one or if the college pushed it at you as a recommended means of financing (those advisers often don’t know that much themselves) and especially if you have any kind of sense of decency and fairness in your nature which would lead you to expect decency and fairness. What else should anyone expect?
And then come the vultures.

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That is correct. Joe Biden was instrumental in supporting bills that made it much harder to discharge student debt through bankruptcy. He was senator from Delaware, a corporate tax haven.

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Sixteen Tons
(I Owe My Soul to the Company Store)

Tennessee Ernie Ford

“An educated citizenry is a vital requisite for our survival as a free people.”
Thomas Jefferson

“You keep them stupid; I’ll keep them poor” said the Banker to the Priest.

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Great tune WiseOwl. Here’s another…

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We need to heavily tax the rich to begin paying off our national debt. If we don’t and the economy or banking business falters we have no back-up credit. There would be a fire sale of cash on hand, and guess who would be left out? Yup,the sad sack in the mirror.

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Student loans should not permit capitalized interest. Because of the great recession my wife and I will be in repayment until we die. It’s impossible to have a life and pay ~$700 a month each in loans that have had its interest capitalized. And that roughly $700 is almost entirely interest.
Student loans effect everyone, not just millenials.

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The Obama ‘recovery’ can be defined by the charts that shows public debt and wealth of the oligarchs/bankers rising side by side. The middle class became the middle poor. The poor became the poor poor. Now the Trump/Neoliberal Democrat/Republican depression is well advanced. It will not be pretty. Plus, the boomers that thought they had it made and would leave it to the kids to straighten out … good luck.

Like all the other seemingly insurmountable problems we face, the crushing load of student debt cannot be alleviated by “centrist” Democrats even if they held every seat in congress, senate, the White House and the Supreme Court. The financial markets could not survive any serious reforms of this monstrosity.

This is why only global socialist leadership can take the logical step of simply liquidating the entire debt, along with the markets of which it is such a huge component. To the “centrists” the very idea of a world without financial markets is inconceivable, but it is simply one - and not the only or the best - way of organizing human activity and relationships.

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HI dreamdancer-----maybe all students who are dying under student debt should declare themselves to be a corporation! Corporations seem to be able to screw over so many people, maybe it’s s time for People ( the real ones) to screw over the corporations. I can’t imagine it’s that difficult to do----- as look how long that Madoff man did it. He really did live up to his name , as for a very long time , he MADEOFF with all that money. : )

HI WiseOwl: Thank you that was wonderful, and so true that I’m sure that people in ancient Greece working in the silver mines would love this song -----or even today----the pickers at Amazon trying to stay ahead of the Simon Legree type of wrist movement counters would identify too. I’m not sure exactly what a "straw boss, " is but I’m pretty sure I’ve met a lot of them, even though I’ve never been in a coal mine.

This all started back in 1974 or 1975 (I’d have to look at my records), when the federal government stopped granting federally insured student loans at 3 percent interest. I was in my 3rd or 4th year at the University of Vermont and needed about $5000 to make it through the year. The University told me the only place I could get the money was a certain downtown bank. I went to that bank; and, they provided the loan, with one big catch. I had to pay a $500 “origination fee” up front. – Yes, the greedy pigs were charging me 10 percent interest, up front; and, then, 9 percent interest per annum on top of that on the $5000. And, Congress and the University were fine with this. - Guess who will never, ever, send a dime to the University of Vermont; and, who has a deep distaste for Congress? - I often wonder if the University administration was getting a kickback from the bank.

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HI aussidawg: LOL, that was great. : ) : ) : )