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I can't find this mentioned, is this only federal loans held by the government or would this involve forgiving privately held debts. The first seems reasonable. The second seems terrifying.
This is welfare for upper middle class people. https://www.nytimes.com/2018/11/18/opinion/student-debt-forg... > “Education debt,” as Sandy Baum and Victoria Lee of the Urban Institute have written, “is disproportionately concentrated among the well-off.” The highest-earning quarter of the population holds more than a third of all student debt, while the lowest-earning quarter holds only 12 percent, according to Baum…
On that basis I would expect this to benefit the lower middle class, they accrued the debt without accruing the earning potential.
Why not fix the root of the problem? This solution will only serve to enrich the universities and not get them to change their behavior.
This is welfare for upper middle class people. https://www.nytimes.com/2018/11/18/opinion/student-debt-forg... > “Education debt,” as Sandy Baum and Victoria Lee of the Urban Institute have written, “is disproportionately concentrated among the well-off.” The highest-earning quarter of the population holds more than a third of all student debt, while the lowest-earning quarter holds only 12 percent, according to Baum…
>This is welfare for upper middle class people. Maybe more lower class people would go into this if they could afford it?
Earlier quoted context omitted.
We could just rollback the recent tax cuts and have a much more progressive tax policy than a student loan forgiveness program for all. That said one of the arguments for universal forgiveness is that it’s the only way to get major reform in the space. That seems like a crazy expensive premium to pay to me but maybe I’m naive about the appetite for improving others lives.
The recent tax cuts are a side show. The main effect was to bring U.S. corporate tax rates in line with Randian hell-holes like... Sweden: https://tradingeconomics.com/sweden/corporate-tax-rate ; https://www.oecd.org/tax/revenue-statistics-sweden.pdf (Sweden - 6% of revenue from corporate taxes); https://www.oecd.org/tax/revenue-statistics-united-states.pd... (US - 8% of revenue from corporate taxes). If we want to h…
This is welfare for upper middle class people. https://www.nytimes.com/2018/11/18/opinion/student-debt-forg... > “Education debt,” as Sandy Baum and Victoria Lee of the Urban Institute have written, “is disproportionately concentrated among the well-off.” The highest-earning quarter of the population holds more than a third of all student debt, while the lowest-earning quarter holds only 12 percent, according to Baum…
Or towards clean energy generation, storage, and use. How fast would oil and coal be completely replaced? And again, money pumped into the economy to do so.
Or scientific research, space projects, could make large leaps, and again, that money flows back into the economy and multiplies.
Instead we want to make it so the people who hustled through college, picked a cheaper school, worked on the side, paid down their debt if they got any as soon as possible, that those people get the same outcome as someone who got a huge loan and played video games and got drunk every weekend, and spent $200,000 on a degree that only gets you a $50,000/year job?
Just imagine if that amount of money was spent on updated infrastructure. Effective country wide mass transit, better ports and airports. And the money spent would flow right into the economy and circulate over and over, would push construction companies and techniques forward. Or towards clean energy generation, storage, and use. How fast would oil and coal be completely replaced? And again, money pumped into the ec…
This doesn't seem to solve anything for prospective students, except to suggest they too may get their debt cleared, so load em up?
Surely you should be looking at future rules, then retroactively applying them if appropriate, rather than bailing out a cohort.