Since the Reagan Revolution, student debt has crippled three generations of young Americans, totaling a $1.8 trillion drag on our economy that benefits nobody except GOP-supporting banksters
The idea of privatizing the common good for profit such as education at all levels and healthcare to name just two is not something other countries generally do. Profit, in and of itself, is not inherently bad. The pursuit of profit becomes abusive of the common good. Not investing in the health and education of our people, especially our young people is cruel and shortsighted. Intellectual curiosity is what has powered great exploration and development of all manner of things to improve lives. Imagine if all the various explorers of all cultures had not set forth to see what’s out there? What if scientists were not trying to find out out various forms of life from mammals to Protozoa, operate? Reagan was the poster boy for “You can’t fix stupid.”
The number of facts regarding Republican hypocrisy and complicity in denying liberal students funding for education leaves out the fact that our political system, both parties and the executive, legislative and judicial branches, need to be aligned with a capitalistic system to raise money to get elected or appointed to office or terms. To “prove” that it’s the fault of one side conveniently leaves out facts that shows the complicity of the other side. Joe Biden’s entire career as a Senator from Delaware, the banking and credit card capital of the country, funded his campaigns. He did their bidding while in the Senate. Other Democrats received money from the financial industry and did their bidding. To omit or conveniently not address these facts does not tell the whole truth. Thom has admitted he is a centrist democrat. In his articles he wants to get back to another time when we had certain freedoms. Did we? Really? Keep his perspective in mind when reading his articles. We need to inform ourselves of a more just economic, political, humane system than the one we have and work to replace the present one.
Mr. Ferner. Your last sentence challenged me to ask a question. I think I agree with you but I'm unsure how we derive a more just and humane system. The masses of people around the world remind me that we/they bring all kinds of conflicting definitions to the ideas of justice and how what it means to be more humane. We may presume our definitions are true and moral but the uncivil war of words we experience everyday prove that presumptions carry far weight than do the ideas of true justice and civil discourse. We just never get around to asking others to consider what justice means. We simply presume everyone knows and if they follow or deviate from our presumptions they are either good or they are bad people. Am I being too simplistic on this one?
No you aren’t being too simplistic on this. For me it starts at the personal level. Our individual communication skills shaped by the positive experiences and the amount of dysfunction we learned in childhood is part of us as we leave childhood behind, go out in the world and try to work out our world view. Sometimes we are lucky and get it right the first time. Other times it takes several attempts. Some of us never get it. When you ramp it up to the world level it’s even harder.
During the Reagan build up of nuclear weapons a group of us locally and nationwide withheld that portion of our taxes that went to the Defense Department. We put the money in an escrow account, notified our Representatives and Senators and requested they sponsor a bill to create a World Peace Tax fund. This fund would be used to obtain degrees in conflict resolution and peace studies at universities. It never got off the ground. That would have been one way to divert a portion of the money that funds war to study how to obtain peaceful resolutions to conflicts.
Agree with everything except that the banksters support Democrats as much or more than they do Republicans, as evidenced by Biden's electioneering, means-tested "Student Debt Relief" policy which will leave his donors with $1.3 trillion in student debt remaining to make their interest on. Also we should recall that Biden pushed hard to change bankruptcy laws so that student loans would not be eligible for bankruptcy claims. What a guy.
It's so valuable to have a trustworthy source of information. This is a confusing issue and I didn't come close to understanding all the ramifications until I read what you wrote. Thanks so much. Once again, short term thinking rules the day. We are idiotic. And that goes in spades for Biden, who instead of being the real hero so equitable Americans would vote for him, he comes in as a halfway do gooder, where the best we can say is that he's not as bad as Republicans. Even not near as bad. But not good enough.
"Deputy Director of the National Economic Council Bharat Ramamurti: "Our view is, why is there a double-standard here? Why is it, from the perspective of Republicans, great to forgive a loan of up to $10 million to a business owner, but if we want to provide $10 thousand or $20 thousand in loan relief to a teacher or a bus driver or a nurse, all of a sudden it's socialism? That's what doesn't compute from our view. We don't think that that's consistent."
If I had known that the government was going to "forgive" debt I would have taken some to pay for my son's education. I am a 76 yo "older dad" who sacrificed my retirement security to put my son through undergraduate and graduate school. He did get a Pell grant, but that only covered 4% of the tuition. I chose to withdraw the equity in my home because the interest rate was much lower than with the student loan programs. I will be repaying that 30-year loan until I die because no one is going to "forgive" it. My complaint with Biden's debt forgiveness program is that it has too narrow a definition of what constitutes student debt.
Republicans are always confused about who is getting screwed and who is doing the screwing, they just know they want to participate.
AND, they made bankruptcy very difficult on the predatory loans. So I hope as people expose the GOP whiners with PPP forgiveness they mention all the ones that have used bankruptcy law to escape their debts.
This is from the American Bar Association:
For cases filed on and after October 17, 2005, and under current law, both federal and private student loans are not dischargeable in bankruptcy unless you can show that your loan payment imposes an "undue hardship" on you, your family, and your dependents.
Historically, it has been very difficult to meet the requirements of "undue hardship." Courts have generally disfavored discharge of student loans, but some courts will discharge part of a student loan if repaying it all would be an undue hardship.
In order to have a student loan discharged on undue hardship grounds, you must file a separate motion with the bankruptcy court and then appear before the judge to explain your hardship.
Generally, you must show that:
-you cannot maintain a minimal standard of living for yourself and your dependents if forced to repay the loans
-circumstances exist showing that the conditions that make repayment a hardship are unlikely to improve substantially during the repayment period; and
-you made good faith effort to repay the loans through making past payments or arranging for forbearances.
The Republican's lord and savior is the expert they can consult about debt forgiveness. Trump has forgiven himself over and over when it comes to what he owes. He figured out how to screw a whole nation.
This is a good thing for some relief so people can actually live their lives and do other things with their money. Biden made it happen. The other good thing about today on Thom’s program was Thom himself really good to see his face. Take it easy though Thom you are well worth the wait.
Hey Thom. Interesting take on the President's decision, but “Forgiving” student debt clearly comes with many forms of moral pretense. As an author, you're free to feel that the President is actually righting a moral wrong. And you’re free to pretext history as much as you feel necessary. But it’s clear that both you and the President are imposing your own moral value onto the American people. As well, you seem to presume that readers should simply assent to the obvious “morality” of these decisions. And if we don’t agree, according to your title, you seem to imply we are selfish and participating in evil?
This presumption is in fact the real slap to tens of millions of people. Masses of voters simply did not vote to subsidize the debts of millions of student that willingly applied for their exorbitant loans. Voters know that colleges and universities impose these extreme costs onto students for many reasons, namely because they students will pay the costs and because the college will suffer very little loss if and when students do not pay their debts. The government will now always pay up.
The challenge to all of us is: Wouldn’t it be much more just and fair if colleges and universities cut costs by 10K per person? Certainly the President would never ask colleges to do such a thing. And this proves he is not forgiving anyone’s debt. More accurately he's imposing legislation that demands we meet billions of dollars in loan requirements. The economics of this decision will prove to increase college tuitions and provide no just recourse to those that have already met their college debt responsibilities. This may be a start, but not the kind of start you feel will happen. The imposition will further our tax burdens and force us to satisfy billions of dollars of others’ financial responsibilities. For many good reason, such moral and financial impositions infuriate tens of millions of people. If and when people are not responsible for their choices and actions, without exception, forces people to take responsibility for other people’s burdensome choices. Justice prevails if and only when we are free to choose to take on that responsibility. To impose responsibility onto other will always frustrate the common good and undermine the trust we might still have in our fellow citizens or our government. I’ll never understand why progressive cannot understand this fact of nature. Maybe they do and that’s why they force their values onto others. And please don’t be fooled, all legislation, regulation and restrictions are replete with some level of moral/value impositions.
There are many other views on the student loan subject. You may feel your views are superior but I'd suggest that we read other perspectives. Of course there are many that provide much more responsible alternatives. For example, Thomas Sowell has given many intelligent and alternative views on these subjects. This link takes people to a 30 year old essay written about this very subject. It’s instructional but sadly reminds us that we just haven’t learned many lesson on the subject. https://www.commentary.org/articles/thomas-sowell-2/the-scandal-of-college-tuition/
As long as the government spends massive amounts of money that doesn't exist, a soaring future is not on our horizon.
I'm not sure what you're saying about Dr. Sowell? If you're discounting his intelligence in these matter and both his historical and economic analysis just because of his associations, this would be the ultimate use of the ad hominem argument. This can't be your argument, correct? It can't be because it's not an argument. It's an appeal to your feelings or prejudices rather than an intellectual response.
The amounts of money given during COVID were extremely problematic. In fact that massive amount and the massive amounts subsequently created by the Fed have level untold costs onto all of us. These have directly contributed to horrific inflation and gross hikes in taxes. When people pay double in gas expenses alone, this in fact taxes their incomes in grossly burdensome ways. Again, are you saying that the ever burgeoning deficit has NOT issued in some of the most appalling consequences in recent history?
Thank you...really great background and perspective!
The idea of privatizing the common good for profit such as education at all levels and healthcare to name just two is not something other countries generally do. Profit, in and of itself, is not inherently bad. The pursuit of profit becomes abusive of the common good. Not investing in the health and education of our people, especially our young people is cruel and shortsighted. Intellectual curiosity is what has powered great exploration and development of all manner of things to improve lives. Imagine if all the various explorers of all cultures had not set forth to see what’s out there? What if scientists were not trying to find out out various forms of life from mammals to Protozoa, operate? Reagan was the poster boy for “You can’t fix stupid.”
Thom, I'm going to be simple here. Never mind right and wrong or politics or ethics.
Investment in education earns me $10 per dollar spent.
I don't want my tax dollars invested ANYWHERE that doesn't make or save me some money.
Investing in education makes far more sense than investing in wars.
The number of facts regarding Republican hypocrisy and complicity in denying liberal students funding for education leaves out the fact that our political system, both parties and the executive, legislative and judicial branches, need to be aligned with a capitalistic system to raise money to get elected or appointed to office or terms. To “prove” that it’s the fault of one side conveniently leaves out facts that shows the complicity of the other side. Joe Biden’s entire career as a Senator from Delaware, the banking and credit card capital of the country, funded his campaigns. He did their bidding while in the Senate. Other Democrats received money from the financial industry and did their bidding. To omit or conveniently not address these facts does not tell the whole truth. Thom has admitted he is a centrist democrat. In his articles he wants to get back to another time when we had certain freedoms. Did we? Really? Keep his perspective in mind when reading his articles. We need to inform ourselves of a more just economic, political, humane system than the one we have and work to replace the present one.
Mr. Ferner. Your last sentence challenged me to ask a question. I think I agree with you but I'm unsure how we derive a more just and humane system. The masses of people around the world remind me that we/they bring all kinds of conflicting definitions to the ideas of justice and how what it means to be more humane. We may presume our definitions are true and moral but the uncivil war of words we experience everyday prove that presumptions carry far weight than do the ideas of true justice and civil discourse. We just never get around to asking others to consider what justice means. We simply presume everyone knows and if they follow or deviate from our presumptions they are either good or they are bad people. Am I being too simplistic on this one?
No you aren’t being too simplistic on this. For me it starts at the personal level. Our individual communication skills shaped by the positive experiences and the amount of dysfunction we learned in childhood is part of us as we leave childhood behind, go out in the world and try to work out our world view. Sometimes we are lucky and get it right the first time. Other times it takes several attempts. Some of us never get it. When you ramp it up to the world level it’s even harder.
During the Reagan build up of nuclear weapons a group of us locally and nationwide withheld that portion of our taxes that went to the Defense Department. We put the money in an escrow account, notified our Representatives and Senators and requested they sponsor a bill to create a World Peace Tax fund. This fund would be used to obtain degrees in conflict resolution and peace studies at universities. It never got off the ground. That would have been one way to divert a portion of the money that funds war to study how to obtain peaceful resolutions to conflicts.
That is just one example of what needs to be done to create a more functional society. Transition towns, https://transitionnetwork.org/ is another. Democracy Collaborative, https://democracycollaborative.org/learn is another. There are many more.
Agree with everything except that the banksters support Democrats as much or more than they do Republicans, as evidenced by Biden's electioneering, means-tested "Student Debt Relief" policy which will leave his donors with $1.3 trillion in student debt remaining to make their interest on. Also we should recall that Biden pushed hard to change bankruptcy laws so that student loans would not be eligible for bankruptcy claims. What a guy.
It's so valuable to have a trustworthy source of information. This is a confusing issue and I didn't come close to understanding all the ramifications until I read what you wrote. Thanks so much. Once again, short term thinking rules the day. We are idiotic. And that goes in spades for Biden, who instead of being the real hero so equitable Americans would vote for him, he comes in as a halfway do gooder, where the best we can say is that he's not as bad as Republicans. Even not near as bad. But not good enough.
SLAP DOWN!
Comparing Student Loan & PPP Loan Forgiveness Plans:
https://www.c-span.org/video/?c5028909/comparing-student-loan-ppp-loan-forgiveness-plans
"Deputy Director of the National Economic Council Bharat Ramamurti: "Our view is, why is there a double-standard here? Why is it, from the perspective of Republicans, great to forgive a loan of up to $10 million to a business owner, but if we want to provide $10 thousand or $20 thousand in loan relief to a teacher or a bus driver or a nurse, all of a sudden it's socialism? That's what doesn't compute from our view. We don't think that that's consistent."
If I had known that the government was going to "forgive" debt I would have taken some to pay for my son's education. I am a 76 yo "older dad" who sacrificed my retirement security to put my son through undergraduate and graduate school. He did get a Pell grant, but that only covered 4% of the tuition. I chose to withdraw the equity in my home because the interest rate was much lower than with the student loan programs. I will be repaying that 30-year loan until I die because no one is going to "forgive" it. My complaint with Biden's debt forgiveness program is that it has too narrow a definition of what constitutes student debt.
2 U.S. Code § 4536 - Student loan repayment program for House employees:
https://www.law.cornell.edu/uscode/text/2/4536
Republicans are always confused about who is getting screwed and who is doing the screwing, they just know they want to participate.
AND, they made bankruptcy very difficult on the predatory loans. So I hope as people expose the GOP whiners with PPP forgiveness they mention all the ones that have used bankruptcy law to escape their debts.
This is from the American Bar Association:
For cases filed on and after October 17, 2005, and under current law, both federal and private student loans are not dischargeable in bankruptcy unless you can show that your loan payment imposes an "undue hardship" on you, your family, and your dependents.
Historically, it has been very difficult to meet the requirements of "undue hardship." Courts have generally disfavored discharge of student loans, but some courts will discharge part of a student loan if repaying it all would be an undue hardship.
In order to have a student loan discharged on undue hardship grounds, you must file a separate motion with the bankruptcy court and then appear before the judge to explain your hardship.
Generally, you must show that:
-you cannot maintain a minimal standard of living for yourself and your dependents if forced to repay the loans
-circumstances exist showing that the conditions that make repayment a hardship are unlikely to improve substantially during the repayment period; and
-you made good faith effort to repay the loans through making past payments or arranging for forbearances.
The Republican's lord and savior is the expert they can consult about debt forgiveness. Trump has forgiven himself over and over when it comes to what he owes. He figured out how to screw a whole nation.
This is a good thing for some relief so people can actually live their lives and do other things with their money. Biden made it happen. The other good thing about today on Thom’s program was Thom himself really good to see his face. Take it easy though Thom you are well worth the wait.
Hey Thom. Interesting take on the President's decision, but “Forgiving” student debt clearly comes with many forms of moral pretense. As an author, you're free to feel that the President is actually righting a moral wrong. And you’re free to pretext history as much as you feel necessary. But it’s clear that both you and the President are imposing your own moral value onto the American people. As well, you seem to presume that readers should simply assent to the obvious “morality” of these decisions. And if we don’t agree, according to your title, you seem to imply we are selfish and participating in evil?
This presumption is in fact the real slap to tens of millions of people. Masses of voters simply did not vote to subsidize the debts of millions of student that willingly applied for their exorbitant loans. Voters know that colleges and universities impose these extreme costs onto students for many reasons, namely because they students will pay the costs and because the college will suffer very little loss if and when students do not pay their debts. The government will now always pay up.
The challenge to all of us is: Wouldn’t it be much more just and fair if colleges and universities cut costs by 10K per person? Certainly the President would never ask colleges to do such a thing. And this proves he is not forgiving anyone’s debt. More accurately he's imposing legislation that demands we meet billions of dollars in loan requirements. The economics of this decision will prove to increase college tuitions and provide no just recourse to those that have already met their college debt responsibilities. This may be a start, but not the kind of start you feel will happen. The imposition will further our tax burdens and force us to satisfy billions of dollars of others’ financial responsibilities. For many good reason, such moral and financial impositions infuriate tens of millions of people. If and when people are not responsible for their choices and actions, without exception, forces people to take responsibility for other people’s burdensome choices. Justice prevails if and only when we are free to choose to take on that responsibility. To impose responsibility onto other will always frustrate the common good and undermine the trust we might still have in our fellow citizens or our government. I’ll never understand why progressive cannot understand this fact of nature. Maybe they do and that’s why they force their values onto others. And please don’t be fooled, all legislation, regulation and restrictions are replete with some level of moral/value impositions.
There are many other views on the student loan subject. You may feel your views are superior but I'd suggest that we read other perspectives. Of course there are many that provide much more responsible alternatives. For example, Thomas Sowell has given many intelligent and alternative views on these subjects. This link takes people to a 30 year old essay written about this very subject. It’s instructional but sadly reminds us that we just haven’t learned many lesson on the subject. https://www.commentary.org/articles/thomas-sowell-2/the-scandal-of-college-tuition/
As long as the government spends massive amounts of money that doesn't exist, a soaring future is not on our horizon.
Mr Sowell is a conservative with Libertarian leanings and a student of Milton Friedman who was involved with Pinochet in Chile.
"Massive amounts of money" were given to the 1% during the Covid bailouts. Sort of proved there isn't a problem with deficits?
I'm not sure what you're saying about Dr. Sowell? If you're discounting his intelligence in these matter and both his historical and economic analysis just because of his associations, this would be the ultimate use of the ad hominem argument. This can't be your argument, correct? It can't be because it's not an argument. It's an appeal to your feelings or prejudices rather than an intellectual response.
The amounts of money given during COVID were extremely problematic. In fact that massive amount and the massive amounts subsequently created by the Fed have level untold costs onto all of us. These have directly contributed to horrific inflation and gross hikes in taxes. When people pay double in gas expenses alone, this in fact taxes their incomes in grossly burdensome ways. Again, are you saying that the ever burgeoning deficit has NOT issued in some of the most appalling consequences in recent history?