Student debt and a lesson about fear

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  • #120389

    sonofspy777
    Donor
    • Total Posts: 4,328
    @sonofspy777

    Last year, I rallied in City Hall with colleagues on policies, including legislation I wrote and led the charge on, to buy and cancel student debt for all New Yorkers. Soon after, countless people reached out to me to share stories of living in a constant state of fear, depression and anxiety. It was clear to me that this is a crisis in the making, and one that I worried we may never address.

    Imagine my surprise when Bernie Sanders called for the unconditional cancellation of all student debt during the 2020 presidential debate, and introduced legislation to do exactly that. No matter the circumstances, whether you went to grad school, your family struggled to take out loans, or you went back to school to advance your career, your debt would be cancelled—every last penny.

    <snip>

    It’s about fear.

    It’s about the 1% making a conscious choice to use debt-centric fear to control the rest of us. The social contract of our country has been gradually eroded and replaced by a ruthless, cutthroat economic environment, where everything has become “us versus them”. The rise of debt and economic anxiety has increased our distrust in each other, stopped us from forging bonds, and most importantly, kept us from rising up together to challenge the power of the status quo.

    https://www.nydailynews.com/opinion/ny-oped-student-debt-and-a-lesson-about-fear-20190820-ga3akkihljgb3jm56d5exwgcf4-story.html

    The human race has few (if any) problems that couldn’t be solved by massive wealth.  And we’re literally surrounded by it, like a fly in amber.  Now if we only had brains… —Ben Bova

  • #120393

    Cold Mountain Trail
    Member
    • Total Posts: 5,674
    @coldmountaintrail

    +++++

    “It’s about the 1% making a conscious choice to use debt-centric fear to control the rest of us. The social contract of our country has been gradually eroded and replaced by a ruthless, cutthroat economic environment, where everything has become “us versus them”. The rise of debt and economic anxiety has increased our distrust in each other, stopped us from forging bonds, and most importantly, kept us from rising up together to challenge the power of the status quo.”

  • #120409

    soryang
    Member
    • Total Posts: 233
    @soryang

    College debt and health insurance, both a form of bonded servitude adversely affecting major life choices, such as whether to get married, have children, buy a home, change jobs, etc.   It’s having a medieval affect on commerce and quality of life to enrich the rentier class of financial parasites that do nothing to earn their keep.

    • #120417

      So Far From Heaven
      Administrator
      • Total Posts: 3,579
      @sffh

      One has to remember something here. NOTHING COMES FREE.

      These issues will still have to be paid for, through taxes. HOWEVER, that should mean that everyone has to pay their fair share of the taxes. That should, in principle, spread the cost to everyone and the wealthy paying a greater fraction of the costs of them.

      Which is only fair, since they make all their money off the people under them on the income ladder. The more those people can make, the more the wealthy can earn off of them.

      Voila’!! Good for everyone. Including the rich. Too bad they can’t see the forest for the trees.

      I’m more interested in minimum yearly income guarantees. That makes the economy blast off because it is a well known fact that poor people HAVE to spend all of their money to even exist at this point, so all that income that goes to them in a guaranteed minimum basic income distribution goes directly into the market. And the rich keep getting richer, and the poor and destitute get a livable income. THAT is worth fighting for.

      • #120479

        Ohio Barbarian
        Moderator
        • Total Posts: 9,001
        @ohiobarbarian

        @sffh In absolute terms, you are right; nothing is free. In individual and group terms, however, there’s plenty that can be obtained for free. The profit a capitalist makes by paying his employees less than the total value of their product or service is free to him. When the 1% received that monstrous Trump tax cut that was free money for them. When the taxpayers bailed out Wall Street, it was Wall Street that received oodles of free money. Same for quantitative easing.

        Bernie wants to make education a right, provide free college, and waive student loan debt. That’s not absolutely free–he wants to impose a Wall Street transaction tax to make Wall Street pay for it. But for the students themselves, potentially including my stepchildren, it’s free for them. And me, come to think of it. It’s a relative thing.

        IOW, who pays for what is often determined by who has political power. That’s why I’m a progressive; I want to take political power away from the ruling oligarchy and give it to those elected by the voters, which really just makes me a republican.

        We know now that Government by organized money is just as dangerous as Government by organized mob.--Franklin Delano Roosevelt

        With Bernie Sanders, we have the receipts. --Nina Turner

        • #120480

          Cold Mountain Trail
          Member
          • Total Posts: 5,674
          @coldmountaintrail

          +++++

          @ohiobarbarian

           

        • #120582

          So Far From Heaven
          Administrator
          • Total Posts: 3,579
          @sffh

          The tax cuts will cost the hated rich plenty. While the rich may get theirs today, it is going to cost them in the long run.

          Think about it.

          Sooner or later someone has to foot the bill for the money. Assume they pass it on to the lower classes. Doesn’t matter. They lose the money the lower classes would normally spend to make them richer. So they lose the money they THOUGHT they had gained. Perhaps even vastly more in the end.

          Money is like water. It moves. The movement is what’s important here, NOT THE MONEY. That’s why our late republican member kept harping on the velocity of the money, how fast money moves through the economy. The faster it moves, the stronger it becomes.

          In terms of your nemesis, the rich, they may get more money now, but they lose the ability to get even more if they reverse the movement downward.

          Sort of like a strange Keynesian economics. Bernie wants a very structured Keynesian economy, where money is shoved downward, and promptly gushes up to the rich.

          Think about it. Everything Bernie wants makes the rich richer in the end. EVERYTHING he wants produces a vast movement of money, first downward, then back up. Why? Those ‘below the salt’ have to spend it to survive. That then sends it back up to the rich.

          NOTHING is free. Not even for the rich. One has to look down the road to see the truth. Both sides of this argument are VERY short sighted.

          • #120588

            Ohio Barbarian
            Moderator
            • Total Posts: 9,001
            @ohiobarbarian

            For me, it’s not so much about the money in the long run, it’s about the power. They are not necessarily the same thing. I have no problem with rich people being around so long as my own class has a standard of living that we consider to be fair and just. And when rich people have all the power, bad things happen to people like me, and ultimately to the rich themselves. History is pretty clear on that.

            We know now that Government by organized money is just as dangerous as Government by organized mob.--Franklin Delano Roosevelt

            With Bernie Sanders, we have the receipts. --Nina Turner

          • #120640

            Cold Mountain Trail
            Member
            • Total Posts: 5,674
            @coldmountaintrail

            US corps make more money overseas than here.  And finance capital doesn’t need US consumers.  It’s about power & control.

    • #120468

      Cold Mountain Trail
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      • Total Posts: 5,674
      @coldmountaintrail

      +++++ @soryang

  • #121499

    davidpdx
    Member
    • Total Posts: 286
    @davidpdx

    As someone with $138,000 (and counting) in student debt I’d love to see them forgive it all.

    American living abroad in South Korea and a proud progressive.

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