Will Biden Cancel Student Debt?

[Shaul]

"We can guarantee higher education as a right for all and cancel all student debt for an estimated $2.2 trillion. To pay for this, we will impose a tax of a fraction of a percent on Wall Street speculators who nearly destroyed the economy a decade ago. This Wall Street speculation tax will raise $2.4 trillion over the next ten years. It works by placing a 0.5 percent tax on stock trades – 50 cents on every $100 of stock – a 0.1 percent fee on bond trades, and a 0.005 percent fee on derivative trades." -- Senator Bernie Sanders

Free College, Cancel Debt | Bernie Sanders Official Website

The fact that a sitting Senator could put forth such an imbecilic plan is sobering. Anyone with even a basic understanding of economics can see through it and see how it could never work. However, realizing that many gullible people fall for this nonsense, and worse also vote, is the opposite of sobering, it makes me want to go get a good strong drink.

 

[Debater Slayer]

Anyone with even a basic understanding of economics can see through it see how it could never work.

Then how does it work in multiple countries with a high degree of success? As I said earlier:

I voted for canceling all student debt. In my opinion, education is a cornerstone of any society that wishes to advance culturally, scientifically, and intellectually. It is one of the best investments any society could make, so if taxpayer money goes to funding military spending, roads, health infrastructure, and power plants, I don't see any reason some of it shouldn't also go to funding free college education.

On a related note, this is a list of countries with free college education for their citizens (and, in the case of some EU countries, for EU students as well):

Countries With Free College 2022

I see Austria, France, Germany, Finland, Norway, Iceland, and Sweden on the list. They all have some of the highest standards of living in the world. It seems to me free college education hasn't harmed them or made them into hotspots for people looking for "freebies."

 

[Shaul]

Please let us consider the benefits of a better educated society like less crime and increased work productivity.

Top 10 Unexpected Benefits of Education - The Borgen Project (borgenmagazine.com)

Tell it to the colleges. They should be more convinced to spend their money and less interested in spending other people’s money.

 

[Stevicus]

protesting against the latest micro Aggie jure,

??

It looks like I've been out of college too long. I don't even understand the lingo anymore.

 

[Debater Slayer]

But you still have to pay attention to what each student can learn. There is absolutely no point in teaching music theory to a person who is tone deaf, for example. It will be meaningless and irritating to them, and a huge waste of time and money to the institution trying to teach it. Not everyone can learn in the STEM stream, nor can some of us learn to work competently enough with our hands to make beautiful clothes, or statues comparable to Michelangelo's. And very, very few of us can muster the words to create plays nearing Shakespeare's or Chekov's perfection.

The same line of reasoning can be applied to almost any tax-funded endeavor, in my opinion. Should taxpayer money be used to pay the salary of an incompetent cop? What about unsustainable power plants or unnecessary military operations?

If you accept that humans will manage state finances, you also implicitly accept--or at least logically should do so--that the implementation of policies won't be perfect. A good government just tries to get as close to an ideal system as possible.

 

[Shaul]

Then how does it work in multiple countries with a high degree of success? As I said earlier:

Because their financial markets use different models. The American Model is better. If you, and the spendthrift students, think so highly of such countries, feel free to finance their educations in those countries.

 

[Shaul]

??

It looks like I've been out of college too long. I don't even understand the lingo anymore.

Damn auto correct. “micro aggression”.

 

[Debater Slayer]

Because their financial markets use different models. The American Model is better. If you, and the spendthrift students, think so highly of such countries, feel free to finance their educations in those countries.

By what metric is the American model better? That sounds like a personal preference rather than one based in real-world data.

I'm not a student anymore, nor was I "spendthrift" when I was one. My family paid for my college education (since free education can sometimes, depending on field of study, be hard to qualify for where I live), and we could barely afford it at the time. No room for overspending.

Shaping your views around so many stereotypes probably isn't the most solid foundation for them.

 

[Shadow Wolf]

The American Model is better.

Then why isn't America ahead?

 

[Audie]

And yet it's been done.

Who gets stuck with paying the bill

 

[Shadow Wolf]

Who gets stuck with paying the bill

We all benefit from an educated populace and we should all chip in.

 

[Dan From Smithville]

" Forgive" now means, make somrone else pay it.

I cant vote in USA but I would never ever vote myself
a special deal. Vote for " free" money taken by force
from others.
I think its unconscienable and totally irresponsible.

That is called divorce in this country.

 

[Subduction Zone]

Damn auto correct. “micro aggression”.

When it does that it is called "auto-wrong".

 

[Revoltingest]

I'd like billionaires and multi-millionaires pay their fair share of income taxes to help fund higher education programs like tuition free colleges as well as debt write offs on student loans, I would not want too much debt financing, because I fear too much money printing could be hyper-inflationary.

If students who borrow all get their loans forgiven,
then they're not really loans. And why should
anyone take out loans with intent to repay, eh?
College is often just not so useful that it's worth
paying more taxes so people get free degrees
in medieval art history, victimization studies,
sports communication, & women's studies.

 

[F1fan]

I think cancelling a percentage is more fair rather than set amounts. That way everyone still has to pay something and it will mean more to those who have huge loans to repay.

And at the very least cancel the interest. Even at 5% or so it adds up for those who can't find jobs adequate to pay down the debt quickly. Some folks can end up paying for decades because their monthly payment barely covers the interest.

Let's note that one reason college so much more expensive after 2000 was because GW Bush passed a tax cut for the wealthy in 2001, and then there was 9-11 later that year, and the USA had to pay for two wars. That meant cuts to basic services, and one of the things massively cut was education funding. Colleges suddenly were short money, and at a time when campuses were expanding. So where did the burden fall? New students and easy money that was just minutes away by filling out forms. And just hope there was Pell Grant money left for you. And campus jobs. And just hope you got a professor that would use an old textbook instead of the latest high dollar version.

A sucker is born every minute.

I mean student, a student is born every minute.

 

[Debater Slayer]

If students who borrow all get their loans forgiven,
then they're not really loans. And why should
anyone take out loans with intent to repay, eh?
College is often just not so useful that it's worth
paying more taxes so people get free degrees
in medieval art history, victimization studies,
sports communication, & women's studies.

I don't share your negative view of studying the arts and humanities, but setting that aside, colleges also produce significant contributions to medical research, semiconductor manufacturing (an especially desirable area right now), software development, and mechanical engineering (I know, that one is unfamiliar to you), among others.

Self-teaching isn't impossible, but you and I know that college is the best place to obtain organized, structured knowledge of most STEM fields, even if basic knowledge to enable further learning on one's own. The average Joe could lose some hair to pulling in frustration if they try to learn something like quantum physics on their own from scratch.

 

[Revoltingest]

I don't share your negative view of studying the arts and humanities....

I'm only saying that it's not worth taxpayer funding.
It can be positive for the student, but let them pay
for it.

.....but setting that aside, colleges also produce significant contributions to medical research, semiconductor manufacturing (an especially desirable area right now), software development, and mechanical engineering (I know, that one is unfamiliar to you), among others.

Those are useful endeavors, but this doesn't justify
making college free for all students in all fields.

Self-teaching isn't impossible, but you and I know that college is the best place to obtain organized, structured knowledge of most STEM fields, even if basic knowledge to enable further learning on one's own. The average Joe could lose some hair to pulling in frustration if they try to learn something like quantum physics on their own from scratch.

FYI, I'm not arguing against the usefulness of college.

 

[Ella S.]

Anyone that was foolish enough to borrow money to pay for college owes that money, and no one else. If a college education is truly something so valuable, and guarantees future earnings, then colleges should self-finance their tuition to students without asking banks or any government to guarantee the loans. If the colleges don’t really believe in their product then why should any other lenders?

Furthermore, much of the existing student loan money simply financed years of indolent living or partying. Whiny freeloaders who had it so tough by going to class (the horror!), “finding themselves”, protesting against the latest micro aggression de jure, and drinking lattes deserve whatever wake up call their student loans are giving them. It’s past time they grow up and become adults. For certain everyone else should bear the expense of their debts. No. Hell, no.

How old are you, like 40+? Generations Y and Z have no time for partying in college. Most of their time is spent studying and working jobs.

College parties haven't really been a thing since the 90's outside of Ivy League schools that are basically glorified babysitters for spoiled rich kids.

 

[Subduction Zone]

How old are you, like 40+? Generations Y and Z have no time for partying in college. Most of their time is spent studying and working jobs.

College parties haven't really been a thing since the 90's outside of Ivy League schools that are basically glorified babysitters for spoiled rich kids.

Well there go my plans for going Back to School. Great movie by the way.,

 

[esmith]

Why don't you whine about bailouts for corporations or banks?

Great Wataboutism;
Don't have a real answer do you.
That's alright, I understand.