
So, I got in a fight on X and … Look, I realize the idea of forgiving student loans irks a lot of people. I even understand why.
I just think you need to think of it by turning it around another way. Because there was so much duress all along.
Were there some assholes borrowing half a mil to study fly fishing on Mars? Undoubtedly. There are always assholes. But that was neither the majority, nor the reason we should consider forgiveness, relief of staggered forgiveness or something — though for practical reasons I’m going to back forgiveness, and THEN SHUTTING DOWN THE WHOLE SYSTEM. Throw it to the free market. Things are changing anyway, and the duress is passing. But there is a whole 20 years of people with their butts caught in a vise.
“So, their problem,” you’ll say. And sure, it is their problem, but problems that affect that many people and are that big, affect all of us. And they are.
Not only should we look again at the question for fairness and justice but we should look at it from the POV of “clean the wound and let us heal” in a timely manner, that allows for a next generation.
Look, I know I have zero influence on this. ZERO. And I know this administration is committed to making people pay the loans as a matter of optics, etc. I also think the discourse around student loans has been hard-poisoned with false ideas, so that it seems like a no brainer to insist “Pay it, deadbeat.”
The fact that it’s me telling you to take a second look, should warrant a second look, though. Because I wouldn’t be doing this if I didn’t think it was needed.
I’m going to start from the practical side, first.
You have a lot of people between the ages of 45 and 25 not even looking at getting married, much less having kids.
Yes, I know it’s really hard to wrap your head around because everyone says we’re over populated, but we’re not. And we might — it’s hard to know because no one is telling the truth or keeping the right numbers — be on the verge of serious demographic trouble. The US almost certainly is, not sure about the world, because counting there is even harder.
There is a contingent of this generation, maybe 1/3 who are under crushing student loans and have no hope of paying them off.
Yes, there are other economic barriers to getting to where they can marry, own a home, have kids. There are many sources. BUT the loans are putting a crushing pressure on a system already tilted against the young.
Saying “Shut up and suffer, you’re young” is not a lot of fun, unless said in jest while you make kids carry heavy stuff for you (and feed them and pay them for it.) But it’s even less fun when it’s going to destroy civilization.
This is one barrier we can lift.
Then there is fairness.
“They signed. They should pay.”
Cool beans. Yes, I do understand that’s how civilization works. “My word is my bond.”
But I also understand that civilizations, nations, and heck villages (even if there it’s the law of “I give you such a kicking”) have laws, regulations and other ways to stop people who signed unfair contracts from having to be further victimized.
Were most student loans unfair.
Depends. I’m going step by step, okay?
1- They signed the contract.
They ABSOLUTELY DID. The vast majority of them were between 16 and 19. Most of them probably could read the contract they signed. (Though not all.)
Let’s assume they were all legal adults, though. Legal adults on paper. But note that the overwhelming chances — due to our anti-child labor laws and insane regulations — are these people have not worked a single day in their lives. NOT ONE DAY. They’ve never signed another contract. Not for more than “I won’t eat candy before dinner” with mom and dad. They probably have a bank account but likely it’s mostly for gifts and such. If they’ve worked at all, it was unpaid intern stuff during summer to buff their resume.
Both the concept of money and paying back money, let alone a full understanding of the bind they’d be in are at best academic concepts.
They are in fact the ideal population to be loan shark victims.
So, yeah, they signed the contract but there were extenuating circumstances.
But wait, there’s MORE!
2- Most of them signed under duress.
What duress? Well, you might not know this if you don’t have kids or have never actually had to get a pinch job without quite the right credentials, or don’t have friends who don’t have degrees, but by the 2010s it was almost impossible to get a job even in retail, even as a barista at Starbucks without at least an associate’s degree. And if you expected to go beyond entry level, you needed at least a BA.* (The * are because this is going to have footnotes.)
Yes, there were people who got somewhere without those, but it took being very special and also luck. You can’t count on luck.
So if you’re a kid who wants to get a job; don’t think that you can make a living from your tunes, or your game design that you never do, etc. you need to go to college.
Duress.
3- In addition, if you’re smarter than the average bear EVERYONE tells you to go to college. Parents (guilty), teachers, authorities, government. “Go to college. Make something of yourself.”
4- There are no scholarships. Or rather they are, but they have absolutely NOTHING to do with ability or hard work. They go to earmarked “protected classes.” You stand somewhat of a chance if you are a female of any color, with a good tear-jerking story. BUT mostly you need to be female, can tan, etc. Even male from “minority” ethnicity doesn’t really count. Because male.
There are little scholarships, hard to chase, and you can amass a number of them. Younger kid managed one. Substantial. Takes a lot of time and is hard if you’re in advanced classes. (He was.)
So that’s it for “they freely signed.” They signed because they had to**, and most of them didn’t have enough practice in financial stuff to sign anything in an informed way. The circumstances under which these contracts were signed would be ILLEGAL if it weren’t the feds doing it.
“But they have to pay or the economy crashes.” And “It’s not fair to make the little people pay for doctors and lawyers.***”
1- Bull. That money has been spent. It’s not waiting to be paid back. Obama made the government the only lender for student loans.
They then printed the money and handed it to the universities. It’s been spent.
It’s imaginary money. Like most of the money from the government. By being spent, its value was already inflated away. You already paid. I already paid. All of us already paid.
2- the way interest accumulates on these things and the fact they are non-dischargeable in bankruptcy AGAIN makes them on par with loan shark stuff.
3- People have a lot more of them than you expect, and they’re some of our more ambitious, hard driving people.
Like, for instance, if you want to enter medical school (there you have “doctors and laywers”) they prefer if someone has a masters or a doctorate. but you usually have to have at LEAST 2 BS degrees. With perfect grades. (No, it didn’t use to be like that.) But there are thousands of applicants for each medschool position.
I happen to know it’s the same with every highly desirable degree, particularly post-graduate. you have to make yourself look good. It’s a bet. Most bets don’t pay off. It costs a lot of money to bet at this table, though, and most people making that bet have been star students ALL ALONG. And most of them end up with debt they can never pay for. EVER.
We’re pulling these people straight out of the gene pool. Unless of course, they come from wealth.****
4 – A lot of the more accessible (money wise) colleges are playing games that force people to take longer to graduate, or simply make it impossible to graduate in any reasonable time. Look up the graduation rates at your local State college. Particularly for STEM. It’s easy to say “the kids are stupid now” but I’m going to beg you to believe they’re not. Most of them are not. And the ones who are, most of them aren’t aiming for STEM.
There are now scam “colleges” that work. You pay a lot of money and they get you graduated in a year. I know more than one kid whose parents had to do this. Neither the parents nor the kids are stupid, and they all work hard as heck. (No, neither are family.)
How to fix it:
FORGIVE the loans. Not like Biden did, which left so much room for fraud and also left the system up.
The only way to do it is to shut down the system of loans (it is my belief that the colleges are headed down anyway, particularly if the EO on disparate impact sticks.) If people need loans for college, let private lenders fund them. (I bet you that the price of college comes down from the stratosphere pretty fast too.
Set people free. Among other things, heck of a political statement. And who knows, might get some people to rethink their stands.
It won’t be noticed. It’s already been inflated away. And it opens the door to productivity and adulthood.
Now is that the only way to do it? No.
But what we’re doing is eating our seed corn. And when that’s done, we won’t have any more corn.
And no future corn either.
Yes I know “But they signed contract.” Consider, in the bowels of Christ that you might be mistaken.
Notes:
*This was done because they couldn’t administer literacy tests, and our schools are so floridly and obviously horrible, that you can’t tell if someone can read and write with A HIGH SCHOOL DIPLOMA.
Now, the thing making tests impossible was “disparate impact” and it might be gone. Eh. Depending on judges. Or it might not. If it is, that is the right way to negate the need for “credentials” which is what all this idiocy is built on. Also what feeds the need for H1Bs: they are being tested abroad where it’s legal. Not the whole need, but a lot of it.
Which is why disparate impact has to go.
**Let’s dispose of “might have joined the services.” Not everyone can. A lot of kids have issues that preclude it. That’s one. Another is… well, let’s look at the last four years. or the ones from 2008 to 2016.
The other point is: the services don’t want to take every kid, do they? What would they do with them? And do you want people to only go in to get college paid for? I don’t.
***Not all doctors and lawyers make the money the envious imagine. Second they sacrifice a lot of earning time and most of them graduate under crushing loans. And they too are being undermined by “imported” workers. (A startling number of them from China.) Also they are a tiny percentage of those who owe money. Why are you concentrating on them? Leave envy to the leftists. They do it better.
**** if you want for it to be so that IN AMERICA people have to be massively wealthy to be doctors, or yes, lawyers, or higher level scientists, explain to me way.
And yes, we should be able to make medical degrees more available, etc. But that’s the institutions, etc. NOT people’s decisions.












































































































































