Sunday, December 26, 2021

Student debt


Let us accept the Progressive's foundational premise for their call to have all student debt forgiven:

The majority of American's under the age of 26 are not mature enough to understand contracts and are not mature enough to use debt.

I am sure you could quibble about the age but the greatest degree of angst is over debt taken at the Graduate School level so the cut-off age will be well north of 22-years-old.

If we accept the Progressive's call to cancel all student debt, then it is morally reprehensible to extend any credit to any Americans below the age of 26. Obviously no more student loans should be extended, even to those students in mid-program. Extending more loans, if we accept the Progressive's premise, is to be an accessory to a crime.

That means, to protect the not-quite-adults, it should become illegal to issue  credit cards to them. 

It should be illegal to issue them vehicle loans.

No more loans to buy houses or start businesses.

And since they are not capable of understanding simple contracts (THAT IS: This is what you get. These are your responsibilities in return) it should be illegal to allow them to rent apartments without an over-26-adult co-signer.

And as long as we are admitting that not-quite-adults must be protected from every mistake and are totally incapable of handling money, they should be ineligible for welfare or other assistance.

Of course we know that Progressive's call for the cancellation of student debt has nothing to do with "Justice" and everything to do with putting money into their own pockets.

The students with bogus degrees with no salability would benefit. You know, the people with political science and psychology and economics degrees who are bartending or working in Congress.

The Universities, hot-houses for Progressive values, would benefit even more. Can you imagine the budget trimming that would occur if Universities had to sustain themselves on tuitions that working-stiffs could afford? No, I cannot imagine it either.

But even with the infusion of student loan money, the growth of those Universities are hitting constraints. The biological imperative is that they keep growing. Consequently, the constraints imposed by student loans and the feedback that is slowly creeping back to campus (Hey, they expect us to pay these back!!!) are slowing down that growth. The simple way to fix that "problem" is to eliminate the quaint concept that loans must be paid back.

Reality is about to collapse the Progressive incubator.


  1. And if they cannot be expected to understand debt, then they OBVIOUSLY cannot be intelligent enough to vote either....

  2. Then they also aren't mature enough to choose a college to go to, or get a driver's license.

  3. "The majority of American's under the age of 26 are not mature enough to understand contracts and are not mature enough to use debt."
    And yet the government is perfectly fine with loaning them $100K-$300K
    The world needs ditch diggers too

  4. Military service goes out the window also.

  5. The better argument is to highlight the contradiction in thought.
    If A minor child is old enough to make life altering decisions about their own physical mortal coil (aka gender issues, abortion, birth control, etc.), surely they can understand simple contracts.
    If on the other hand they are incapable of truly understanding what they are getting themselves into, surely hacking your tolliger off and taking suppressive hormone blockers is beyond their understanding as well!
    Can't have it both ways folks. You're either incapable idiots or young adults.
    Incidentally this is the flaw in much liberal logic - selective application of principle.

  6. Some of these less than useful degrees are tools for securing employment. In my family there are 4 B.A. Psychology degrees. My ex wife and I used them to secure Jobs in the State Child Welfare system. My sons degree made him more promotable in his chosen field( 2 years of college helped get him hired into the fire department). My sister used hers to get going in her Human Resources career. With all that said, my Ex and I had some use for our degrees as protective service and foster care workers but for my son and sister--they were just checkmarks. There is an unhealthy preoccupation with owning the magic "degree" Somehow mere possession of a degree will transport you socially and economically to the middle classes.

  7. Oddly enough, every time I have the conversation (beyond the "What justifies that kind of debt?") of "why are universities charging so much?", I get blank stares. Other than a vague "they charge too much", there is absolutely no consideration of value for amount paid.

    The lecture I have given Na Clann for years is "What are you going to do with the degree when you get out of school with that degree?" To date, they have come out with expertise that they can get a job with.

    1. Democrats are not serious people and do not want to discuss WHY college is so expensive.
      20-30 years ago, a 4 year degree actually meant something. Today, colleges are just credential machines. A lot of college students today literally don't learn anything of value. "But everyone needs to go to college!!!!" Nope, getting an education for the sake of getting an education is great if it's paid for without debt.

  8. For me, I would treat anyone accepting ANY amount of forgiveness like someone who has declarer bankruptcy. No credit for 11 years.
    And then hold them to it!

  9. I came out of college with no debt, but my last semester only cost $356.00 for 18 credit hours. That was in 1975.

  10. I graduated university in 89 with $10k debt. Payed back every dime of it. They can, too.

    As for the Progressive hothouses failing, as a former higher ed employee I can tell you they've been failing for decades. In the 20-teens 4 year schools were closing at a rate of 10-15 per year. I fully expect that number has increased and will continue to do so at a rapid rate as things get less and less friendly to unproductive (or poorly returning) uses of capital.

  11. I thought the whole aim of your article was going to conclude they shouldn't be voting either.

    Now I don't have any kids in that age range so I am in full agreement with your sentiments. There's going to be a whole bunch of slacker, mouth-breathing basement dwellers though, if this goes through....

    Last point: Dickensian England had the debtor's prisons and workhouses. Hmm.. Those are unhealthy and counter-productive, but I do believe there is a viable option: Service in the military under conscription until the debts are paid, preferably in international Theaters of Duty.

    And to be completely fair, the interest on all of those loans, interest that started to accrue from the inception (instead of at graduation) ought to at least be halved and eaten by the private lenders for having taken unscrupulous advantage. Yes I know it's mostly the Federal Government that made the loans....probably with a future 'debt-forgivance-for-votes' cynically in mind at the time....


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