This [student loan] debt will never be repaid, and it is just another symptom of a very sick economy. Perhaps if we hadn’t destroyed the middle class by tax cuts for the wealthy and corporations, as well as deregulation, we would never have had to divest in higher education in the first place.
No, instead, this funding was cut as the result of the lost revenue of Reagan’s tax cuts (and in all fairness, neither Democrats nor Republicans since have done anything substantial about it.) While higher education is an investment in oneself, it is even a greater investment in the future of the country, so why did the state governments ever have to slash funding? Gee, could it be because Ronald Reagan scammed the public into believing that tax cuts for the corporations and the wealthy, deregulation of the financial sector, and free trade would trickle down to all of us? I mean, the wealthy and the corporations are the job creators, right? Give me a break. The wealthy and the corporate elite hoard the money in our country, and we wonder why we cannot afford to invest educating our youth?
This debt will be bailed out eventually. And to some degree, that is already happening (with debt forgiveness programs). Our student loan debt is an absolute EMBARRASSMENT and it really shows where our priorities are, and where they are not.
Look at the big picture, everyone. This is yet another one of the many symptoms of the concentration of wealth at the top. This debt should be forgiven, and the bill should be handed right to the corporate elite, super-wealthy, and banksters who have fleeced America over the last thirty-some years.
And of course, there is a lot to be said about the problem of colleges raising tuition consistently because they know that federal funding is always available, and that the shameful debt needed to get a college education in not able to be discharged in most cases. This is something that needs addressed as well.
And finally, please stop with the “you took the loan out, you pay it back” crap. Ideally, that would always be the case. But it is just not realistic at this point. Look at the big picture of how this debt is hampering our economy. Demand is the driver of the economy, and with students not being able to participate in spending on things such as cars, houses, tourism, and so forth. We are ALL suffering.
Like I said, this situation is an absolute embarrassment for our country and is a shame. What other advanced country has their priorities as out-of-whack as we do?
We all know the answer to that.”