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Saturday, July 17, 2021

The student debt jubilee

A student-debt jubilee is absolutely necessary, it's just, and it's fair:

Almost nobody is repaying their student loans

In the 2020 CARES Act, Congress gave student-loan borrowers a temporary break from repaying their loans. President Trump extended that twice and President Biden once, with loan payments now set to resume Oct. 1, 2021.

Borrowers could have kept paying if they wanted to, but almost nobody did. As Tom Lee of the American Action Forum recently explained, the portion of borrowers repaying their student loans dropped from 46% at the beginning of 2020 to 1% today. The portion of borrowers in forbearance rose from 10% to 57%. The rest include borrowers who are still in school, who have gotten deferments or who have defaulted.

Now, I understand there are a lot of college graduates who will whine and complain about how THEY had grit and how THEY worked their way through school and how THEY pulled themselves up by their own bootstraps.

Of course, these retards are all ignoring the rather pertinent fact that average annual college costs have increased 3,819% from 1964 to 2019.

The Cost of College in 1964-65

  • Average cost of public school: $261
  • Average cost of private school: $1,160 
The Cost of College in 2018-2019

  • Average cost of a four-year public school: $10,230
  • Average cost of a four-year private school: $35,830
Even if we adjust for inflation, the average annual cost of college in 1965 was $2,116.21 for public and $9,405.40 in 2019 dollars.
So, what I propose, in the interest of taking into account the narcissistic feelings of those who are more concerned about fairness about the past than what is good for everyone who is a participant in today's economy, is to eliminate all student debts in excess of $4,000 for those who attended public schools and $20,000 for those who attended private schools.
This would make the remaining debts reasonably affordable going forward, would free those whose lives are already ruined by crippling debt servitude, and would mean various younger generations would have paid a similar amount for higher education as the Boomers. It would also end the charade of extending usurious loans to young people who cannot be reasonably expected to pay them off.

UPDATE: I'm going to type this very slowly in the hopes that the morons can understand this: contracts do not determine reality. It does not matter if you have signed a contract agreeing that you will fly to the Moon by flapping your arms, there is no way you can deliver on that contract. Moreover, fraud vitiates all contracts, and students who took out student loans were lied to, deceived, and defrauded. The fact that someone agreed to something does not mean that they are bound to the agreement in any and all circumstances.

UPDATE: The endowments of the 20 richest universities alone would cover one-fifth of the cost of entirely writing off all student loans.

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172 Comments:

Blogger Azure Amaranthine July 17, 2021 6:10 AM  

Been to college. Never had a cent in debt....

"A student-debt jubilee is absolutely necessary, it's just, and it's fair:"

...and I couldn't agree more.

Blogger The Observer July 17, 2021 6:18 AM  

Excellent. Far fewer people should be going to university anyway, which in this day and age is nothing but a scam by the promethean priesthood to funnel more tithes from the actual productive members of society to them. Ending student loans is necessary towards cutting off the money spigot.

Blogger Br1cht July 17, 2021 6:21 AM  

Before Trump went all "Brrrr" with the Fed I´d instinctual go "Pacta sunt servanda", but taking everything since that into consideration I´d say that our SDL make sense, and what more, it´s fair.

Blogger xavier July 17, 2021 6:23 AM  

Once the jubilee goes into effect, the banks and universities need to be compelled to pay off the remaining debt for fraud and usury

Blogger Pierre July 17, 2021 6:28 AM  

Universities should also take the loss if they produce unemployable graduates.

Blogger A stranger in a strange land July 17, 2021 6:40 AM  

We paid off our student loans early, partially thanks to the early 2000 housing bubble. We cannot afford college for our oldest. They are going to community college/cheap schools and paying them off as they go.

Not that it matters in the whole scheme of things, but I am for any sort of student debt jubilee including wiping them out entirely. It does not matter if it's "fair" to us personally. The job of the old generation is to setup the young, not tax their earnings for 20 years for a dubious education they did not need. Student loans are drop in the bucket compared to social security.

Unfortunately, I don't expect the "bootstrap" generation to care. And if social security becomes unstable/drops to partial payments in their lifetimes, it's going to be full on social apocalypse. SOMETHING will have to be done, including probably taxing the next generations even more.

Blogger seven x seven July 17, 2021 6:40 AM  

Debt cancellations, an interesting proposition.

Give it 7-8 years and they will offer to cancel all your debts, in return for giving up ownership to the state of eveything. Oh, and you'll need to sig up for their digital money, with a cute little tattoo, which may have a disguised 666 within it.

Blogger Unknown July 17, 2021 6:48 AM  

Navient is the main method used by gods chosen investment class to make money off student loan debtors stuck in permanent debt service.

Every few months a state attorney general starts an investigation, and then instantly gods chosen investors go to court, or the state governor. "Shalom." And the case ends.

John "Jack" Remondi was only allowed to become CEO of Navient when he was found by a council of Rabbis to have enough jewish blood and he married a jew and converted.

Blogger Derangement Syndrome July 17, 2021 6:59 AM  

The government guaranteed "FAFSA" (now Sallie-Mae) Loans are ritualisticly abused by the Universities year in and year out. The "good Socialist" professors *need* that absurd Mid to High 6 figure salary inflated by Big Government "loans". Modern University professors are even more disgusting than Boomers with their selfish actions.

Blogger Gettimothy July 17, 2021 7:06 AM  

The Student Usury Project is a master class in destruction.

I was told that student costs rose to match the available fed funds for a year; if ths schools did not use it,then they lost it. A simple way to not use it was to skyrocket fees.

Ya gotta love the use of middlemen here.

My favorite suprises were the attempt to move textbooks to a subscription service for recurring revenue/lock in and the feeble brained , immoral attempts by Jeb! Bush to profit massively off of the destruction of our unique cultures via common core.




Blogger Salt July 17, 2021 7:07 AM  

Student debt jubilee won't change things all that much as those still worthless degree holders will continue to be flipping burgers at McDonalds. To bad the jubilee couldn't make those degrees any more valuable.

Blogger The Lab Manager July 17, 2021 7:15 AM  

"Derangement Syndrome wrote:The government guaranteed "FAFSA" (now Sallie-Mae) Loans are ritualisticly abused by the Universities year in and year out. The "good Socialist" professors *need* that absurd Mid to High 6 figure salary inflated by Big Government "loans". Modern University professors are even more disgusting than Boomers with their selfish actions."

I used to work at 'pubic' institution of higher learning. Most of the money goes to bloated administrator salaries with faculty and staff as an afterthought. I and another co-worker used to joke about the number of assistant VPs to the assistant VP. Only in the public sector could these losers make that kind of money. The administrators with a STEM degree don't have much better sense either.

Many community colleges and faculty are going with contract labor and privatizing the maintenance and custodial staff. But you never hear of a double digit pay cut for the administrators.

That's the bad thing with this system though. No congresscum will write up legislation to abandon the student loan program and make the system return to financial sanity to where the states and the private sector could figure out what the educational needs are from an economic outlook.

Besides, every dimwit corporation in the pursuit of profit to an extreme level where it threatens the US's ability to do anything are more than happy to outsource to India or elsewhere. I can't even recommend a STEM degree. Pharmacy is waste as well since there are too many of them.

Blogger Unknown July 17, 2021 7:16 AM  

I wish colleges were forced to offer a "vocational" degree option in many majors. For instance an accounting major should be able to opt for a "vocational" accounting track by which he only took courses directly pertinent to his major (math, finance, marketing, accounting). This would eliminate much of his costs and brainwashing recieved in all his liberal arts classes. His prospective employer would know he wasn't a snowflake, probably doesn't "uptalk", and isn't obsessed with victim olympics competitions. He just wants to be a good, honest accountant. It would lead to less employment for marxist professors also.

Blogger Mr.MantraMan July 17, 2021 7:16 AM  

I know of a BoomerLib couple who put their lesbian daughter thru an Ivy League "education" plus the med school there, every thing they own was in hock probably being they made good money and with recourse loans they are still on the hook. With that said even me Mantra the Merciless could accept a jubilee at this stage of the game.

Plus the daughter a true SJW had to do her residency in the south side of Chicago, so much so the whole family wanted last I knew move to Wisconsin and practice their liberalism in nice safe white liberal safe space.

Blogger rumpole5 July 17, 2021 7:24 AM  

The argument I usually hear is that a tuition jubalee is a gift to people who are already well off. True, but what that misses, is that a substantive college education for a qualified person increases his future earnings over what he otherwise would have earned. Because of the graduated income tax, he will pay a great deal more in taxes than he otherwise would have done. I'll leave it to others, more adept at math than myself, to calculate the details, but I believe that over time, those increased tax receipts would more than defray the cost of a tuition jubilee. The true reason people oppose a tuition jubilee is envy of persons blessed with greater intelligence. It's not fair! That's right, it's not. One of the keys to happiness is realizing that life is not fair, and also realizing that we are all better off if we and our fellows are enabled to make the most of whatever attributes we have.

Blogger The Gaelic Lands July 17, 2021 7:28 AM  

Am all for debt forgiveness on student loans. With a few caveats:
1. Universities eat 1/2 of the forgiveness.
2. No loans for education going forward, forcing universities to face reality.
3. Delousing of universities of all Marxists.

Blogger Does it matter July 17, 2021 7:29 AM  

Do all that you have agreed to do. Pay your bills. Agree moving FORWARD. Would not hurt to reduce the available loans for marginal people to attend todays college campuses which are arguably destroying our society. Seriously our colleges of today (exept STEM and trade schools) are worse than worthless and actually harmfull to our youth and society as a whole.

Blogger VD July 17, 2021 7:33 AM  

Do all that you have agreed to do.

The point is that it's not possible, moron. You're going to be banned for excess stupidity if you don't knock it off.

Blogger Black Bird July 17, 2021 7:33 AM  

I worked my ass off to pay for five college educations.
I think they should drop the interest rate to zeroing on the loans and tell the colleges only future loans are for credit hours period.
All college endowments must take 7percent of principal every year and must be used for loan paybacks.

Blogger Pathfinderlight July 17, 2021 7:34 AM  

The issue with outrageous college tuition is that schools view students as disposable piggy banks. They are blowing money like it's going out of style to justify bigger budgets, which in turn must be paid by debt ridden students.

In America, we have many public universities, but they are not free or essentially free. This prevents them from being flooded with useless non-hackers.

American business is partly to blame for turning our universities into inferior business training centers by asking for college degrees for jobs that don't require college level education.

Blogger megabar July 17, 2021 7:35 AM  

I agree that the costs of higher education placed on modern young adults are unfair, considering the universal pressure to go to college. So, forgiveness is good, and capping the debt burden seems as reasonable as anything.

What we have to avoid is a transformation to simply hide the costs in the future, rather than reduce them. If debt forgiveness reduces private lending, there will be pressure on the government to provide more loan funding. The government can easily handle debt forgiveness by raising taxes, and essentially the universities will receive a wealth transfer via taxes that most people won't notice or care about. Thus, they will be incentivized to enroll more students at ever-increasing costs, and no one person or entity pays the price for the waste.

A fair fraction of the burden of over-education should be borne by the colleges themselves.

Blogger Paulito July 17, 2021 7:37 AM  

Why limit it to student debt? We're supposed to have full Jubilees every 50 years. I'd say we're a mite overdue.

Blogger Jack July 17, 2021 7:43 AM  

You think STEM is useful? Lol, it's doing more to establish globohomo than the humanities at this point.

Blogger tuberman July 17, 2021 7:46 AM  

>> A student-debt jubilee is absolutely necessary, it's just, and it's fair:

Completely agree, and I believe many of us figured this true some time ago.

Blogger Countrylawyer July 17, 2021 7:47 AM  

Not just a jubilee, but after that a complete abolition of student loans. Student loans are the purest example of a government driven inflationary bubble out there.

Blogger The Lab Manager July 17, 2021 7:49 AM  

Unknown wrote:I wish colleges were forced to offer a "vocational" degree option in many majors. For instance an accounting major should be able to opt for a "vocational" accounting track by which he only took courses directly pertinent to his major (math, finance, marketing, accounting). This would eliminate much of his costs and brainwashing recieved in all his liberal arts classes. His prospective employer would know he wasn't a snowflake, probably doesn't "uptalk", and isn't obsessed with victim olympics competitions. He just wants to be a good, honest accountant. It would lead to less employment for marxist professors also.

I like this idea, but it can't happen because it would make the dumb-versities look bad. The reason we are stuck with 'every job needs a degree when it really does not' is because employer's are limited in the aptitude test they can administer without being sued for 'da rasis.' So now we have this expensive system where a four year degree is a marker to weed out those with no ambition, though there is no proof either that this the case anymore.

How many jobs really require college?

https://devinhelton.com/how-many-jobs-require-college

Blogger ar10308 July 17, 2021 7:51 AM  

I paid off my $30k of student loans a few years ago. I am all for a debt jubilee, even though I won't directly benefit. Additionally, universities should take a massive hit for this. I grew up in the town of a Big10 University and can tell you that what they are doing and charging to students isn't just obscene, but criminal. Burn it down.

Blogger Cinco July 17, 2021 7:52 AM  

I paid my way through with jobs and National Guard service. It can be done.

I agree with a jubilee in theory. My problem is how this just doesn’t create a larger section of the public that think they are entitled to free stuff.

Blogger Doktor Jeep July 17, 2021 7:59 AM  

A student debt jubilee will increase the white birth rate.

Blogger daddynichol July 17, 2021 8:03 AM  

I would also suggest that the student debt be relived by tapping the obscene university endowments. The universities were part and parcel to this fraud and they should feel the pain first and foremost.

Blogger VD July 17, 2021 8:03 AM  

My problem is how this just doesn’t create a larger section of the public that think they are entitled to free stuff.

Who cares? The priority is to put out the fire. You have two choices now: jubilee or financial catastrophe.

People like you would stand inside a burning house and worry that leaving it and not getting burned to death might set a bad example.

Blogger The Last Roman July 17, 2021 8:05 AM  

"I'm going to type this very slowly in the hopes that the morons can understand this."

I enjoyed that.

Blogger Lonnie July 17, 2021 8:15 AM  

I am for a student loan jubilee if 1) schools, especially private schools, bear some of the cost; 2) no school with an endowment above a certain size (say, $2 billion) is in the future entitled to student loan $$, 3) regulations are put in place that eliminate future student loans for programs that create unemployable graduates, and 4) the jubilee only applies to associate's and undergraduate programs. No debt amnesty for lawyers, psychologists, and "scientists".

Blogger Andrew F July 17, 2021 8:19 AM  

This! I just moved out of a Big10 town (Madison) and would love to see debts mostly cancelled and see university endowments zeroed out to pay for it. There needs to be massive reforms to the whole university systems that get public funding and student loans. I'd also like to see scholarships end for athletes at public universities in sports that are not self-funding.

Blogger Dent July 17, 2021 8:25 AM  

Look, I had cancer 20 years ago and received painful chemotherapy, which made me sterile and gave me a hairlip.

My position is, if you contract cancer, you should have to go through what I went through, including the hairlip - new and improved treatments to the contrary notwithstanding.

I may be the only person left in America who isn't a pragmatist, but I will uphold the moral principle of Misery Loves Company to my dying day.

Blogger Newscaper312 July 17, 2021 8:25 AM  

I've slowly warmed up to this, and some form of Vixs proposal, which does have the students keep some skin in the game, is the right thing to do. Key is whatever the fix going forward for the next crop of students, which has to somehow reduce the number of kids going for useless degrees, or the number of poorly prepared/simply not smart enough encouraged to go for a 4 year degree and fall short w nothing but debt to show for it. That and put the schools partly or even mostly on the hook for defaults, to kill the endless enrollment growth mindset.

Re not paying but could, my son graduated a year ago w a good job for this area, and is going on his 2nd year living at home since then. Saved a crap ton of money and could make a massive dent in his loans now (about $26k), even pay off, but rational thing to do is let the click run out on the COVID deferment. Even just a $10k or $15k forgiveness would make a huge difference to a lot of people who went public, or community college, or a 2 year vocational technical program. Private school was a choice.

Blogger SonyAD July 17, 2021 8:32 AM  

In my opinion, that is inflation. It's just that it's concentrated inflation. The price increased so much due to being closer to money creation by the banks, so due to the Cantillon effect. As soon as banks start "lending" for the purchase of something and people start systematically using bank "loans" to purchase or pay for said service, the price starts snowballing upward due to the artificially inflated demand. Those offering to purchase or pay with bank credit can outcompete people offering to pay from their savings or wage. So, pretty soon, the only people who can compete for the good or service are people who will be paying with bank credit.

For decades now, tuition costs have been close to the money faucet in the US so they rise in cost faster than other prices in the economy, which are paid for with money from further away, further downstream from the money faucet. Realestate has also been near the money faucet for a long time. Longer than intuition costs even, I think.

Boomers be like: "But but but only socialist hellholes have inflation! It's not inflation if we call it price appreciation! Durr hurr hurr hurr! Perpetually creating money out of nothing at geometric rates simply to continually enrich the richest in society more and faster is perfectly fine because money is wealth and so creating money is wealth creation and it will eventually trickle down to everyone! Hurr durr durr hurr hurr durr!"

Nevermind that if your incomes and savings don't increase *faster* than the M3 money supply then you're actually being impoverished by inflation, not benefitting from it in any way.

What's unfortunate is that many of younger generations are picking up some of the opinions and dogma of the boomers, such as the idea that money is wealth (or that it needs to be wealth) and has intrinsic value independent of a functioning society.

The biggest defining characteristic of boomers is their obsessive compulsive concern with someone else getting a freebie or a hand-up or a hand-out or something. It's like there's no bigger sin or problem in the world than someone else getting a leg up. Nevermind that every bank "loan" is financed at the expense of society, through generation of inflation, and, so, especially at the expense of those whose incomes and savings increase slower than the M3 money supply. It's okay for boomers to get handouts in the form of cheap, easy, plentiful credit in a low inflation society. It's not ok for others' to get anything or have any "debts" cancelled. Nevermind that the banks never had the money they "lent" out in the first place, so the loan contract lacks consideration from the banks and should be de jure illegitimate and unenforceable.

Banks are a pre-boomer abomination but boomers made banking all of the cancerous parasite it could possibly be.

Blogger RobertDWood July 17, 2021 8:38 AM  

If you're unfamiliar with the Jubilee and also claim to know your bible (and I'm looking at you, churchians), this is a very concise and compelling review of Jubilee as a moving factor in God's plans for mankind. There's a pattern in his covenant that is dramatic once it is pointed out. Likewise there is a strong action by the enemies of the light to stamp out such moments of jubilee.

https://www.academia.edu/33732269/A_Brief_Theology_of_the_Jubilee
James Bejon's dissertation, 17 pages.

Blogger Unknown July 17, 2021 8:40 AM  

Lol vd going full anarchist.

Blogger Steve Samson July 17, 2021 8:44 AM  

+1

Blogger Brian Dean July 17, 2021 8:55 AM  

What is especially evil about the student loan racket is that they target 16 to 20 year old KIDS (they may be legal adults, but they are still kids) that are unaware of what exactly they are getting into. That even if you get a "practical" degree, you still aren't guaranteed a job (it's merely a bit more likely) and that your chances of getting a job are more likely if you can prove that you have the relevant skills (even though converged corporations are working against that)

Blogger Brian Dean July 17, 2021 9:02 AM  

@36 "my son graduated a year ago w a good job for this area, and is going on his 2nd year living at home since then"

If it doesn't bother you, the smart thing for him to do would be to stay living with you (sorry) until he has enough money to have a good downpayment on a house. Then once he gets a house, pay it off so that when he gets to be retirement age, the house would be paid off and he would be WAY ahead of his peers who are probably still paying rent.

That is, unless Blackrock gets to all of the houses first.

Blogger Army of the Unborn July 17, 2021 9:02 AM  

A student debt jubilee would change the arc of my life in ways I haven’t dared to dream about

Blogger dienw July 17, 2021 9:04 AM  

I agree with the debt jubilee; going forward there needs to be a restructuring of the university system itself:
discontinue the college within a university concept: for example don't create a school of business and replicate a minor liberal arts program around it: if all the student needs is a grade 'C' in English for a business degree, then don't demand an 'A' and create an inferior English department just for your business school students.

Blogger Tiny Bunch July 17, 2021 9:07 AM  

I'm 90% convinced. I know that things were different when I went to college and it hurts me to see all these young people in debt. It is such a drag on every aspect of moving on with their lives.

My only reservation is how we make it so we don't have to do this every ten years? One debt jubilee and every SJW will be going for their PhD in lesbian dance theory. If you have a burst pipe you turn off the water before starting to mop up.

Blogger tdcommenter July 17, 2021 9:07 AM  

"UPDATE: The endowments of the 20 richest universities alone would cover one-fifth of the cost of entirely writing off all student loans."

That is where I want my pound of flesh from. Even with the jubilee, the guaranteed loans need to end to stop the massive influx of money into the converged universities. While this is a separate idea from freeing Americans from the ball & chain of student debt, political opportunities to stop slop from falling into the Promethean trough are far & few between.

"So, what I propose, in the interest of taking into account the narcissistic feelings of those who are more concerned about fairness about the past than what is good for everyone who is a participant in today's economy, is to eliminate all student debts in excess of $4,000 for those who attended public schools and $20,000 for those who attended private schools."

A residual cost would also discourage students from returning to the indoctrination camps and wasting more of their lives.

Blogger Dent July 17, 2021 9:07 AM  

A Student Debt Jubilee isn't anarchy, but the opposite. Ending the crime of student loan usury (by freeing the victims) is a blow to gangsterism and for moral, social, and legal order.

Blogger Cinco July 17, 2021 9:08 AM  

Let’s be honest, they won’t need to disguise it… they will beg for it when the time comes.

Blogger Damelon Brinn July 17, 2021 9:08 AM  

My problem is how this just doesn’t create a larger section of the public that think they are entitled to free stuff.

That ship has sailed, and it went over the horizon with the Covid handouts. My parents struggled through some pretty lean times when we were growing up, and I thought they'd be the last people ever to take a handout. But when the bank told my dad that as a sole proprietor could get a PPP check for the trouble of signing a piece of paper, he didn't hesitate. You can't afford to be the only person not taking a cut when you know all your costs will be going up because everyone else is.

Blogger tdcommenter July 17, 2021 9:12 AM  

@7 1. The indebted are already slaves to the debtholders, which is the Federal gov't. This cuts one shackle.

2. The indebted own little of value. They are ready & willing to feed everyone else to the Prometheans for a chance at freedom from the debt.

Blogger Nihil Dicit July 17, 2021 9:13 AM  

contracts do not determine reality

Given the number of EULAs and TOSs we have all clicked through, this better be true.

A simple and quick fix for the cost of college is to get rid of all government guarantees for student loans, which create a very high price floor that all schools depend on. But the truth is this would be a bandaid on a bullet wound; like every American "institution", the college system needs a burning down and out then a complete rebuilding.

Blogger Cinco July 17, 2021 9:14 AM  

No, I would begrudgingly agree to the jubilee because it’s the right thing to do.

If I had debt I would join the Army for the student loan repayment. Because the argument that debt repayment is not possible is simply not 100% accurate. For some it’s accurate, for others it’s not.

As far as your fire analogy… it all boils down to whether the fire can be put out with fire extinguisher I keep under my sink.

Blogger tdcommenter July 17, 2021 9:16 AM  

@10 Common core used to simply be a rigorous curriculum, then the Education school graduates & Federal bureaucrats collaborators thoroughly corrupted it for their own gain.

Blogger Cinco July 17, 2021 9:17 AM  

I’ll add that any jubilee must come with a policy decision that compels colleges to invest in their students (provide the loans directly to the students). This would solve 99% of the problems and decrease the amount of available colleges.

Blogger maniacprovost July 17, 2021 9:20 AM  

As others have said, fixing the system going forward is necessary. Otherwise a jubilee is exactly the same as illegal immigrant amnesty. It worsens the problem that it purports to solve.

The goal here is to help people who are upside down, get the economic drag off, and stop colleges from overcharging so much and babysitting idiots for profit.

Making the colleges take most of the hit, and "banks" take some of the hit is fine. Even though most of the banks in this case are US Taxpayers, not private banks.

The simplest first step is to allow student loan bankruptcy. Millennials will absolutely declare bankruptcy to erase the debt. They have no reason not to. That is not going to totally accomplish what Vox wants though.

There must be guidelines so it is not totally on an individual bankruptcy basis. Otherwise conservatards will continue paying off their full student loans because duty, and the Cathedral will encourage them.

The benefit to doing it as a bankruptcy process is it reduces the benefit to wealthy scions. I'm sure they can find some way to game the system, and children of mega millionaires don't care about their $250K tuition anyway. On the other hand, you have doctors who make quite a bit of money but have massively huge loans. They can pay the loans but it is an economic drag and so if they don't have huge assets, they would be better off with bankruptcy.

I don't see how a good solution can be passed by Congress. I don't believe it ever will be. Maybe a huge taxpayer giveaway to universities is better than nothing.

Blogger Unknown July 17, 2021 9:23 AM  

Debt jubilee sounds great at first, but Bernie Sanders' plan was to simply shift the debt burden to our backs (the taxpayers).

I'd love a plan that tells the banks they have to eat the debt instead, but since the big banks own our "leaders," that doesn't seem likely.

Blogger Casher O'Neill July 17, 2021 9:28 AM  

The endowments of the 20 richest universities alone would cover one-fifth of the cost of entirely writing off all student loans

And that's key. The debt will not be repaid because it cannot be repaid. We have to make sure the universities swallow it though. Colleges and universities should be required to issue and hold, or at least guarantee all student loans until they are paid off or discharged in bankruptcy.

Blogger Glaivester July 17, 2021 9:29 AM  

My only concern with a debt jubilee is that it be done in a way that doesn't just turn the student loan system into "free money for colleges."

Any jubilee needs to be paired with abolishment of student loans, and a confiscation of college endowments. In fact, the latter is more important than the former, because I have no confidence that any abolition of student loans is going to last (it's like amnesty for enforcement, we get the former good and hard, and the latter gets forgotten or immediately undone). Unless the colleges feel pain, a debt jubilee essentially gives colleges a blank check on what they charge for tuition.

Of course, none of this would be an issue if college loans were not guaranteed by the federal government, and in most cases directly given by the federal government. The problem with our current system is that the people approving the loans have no real skin in the game. A debt jubilee a few decades ago would make the banks cautious about giving loans. A debt jubilee now would not make the government think twice, even for a moment, about whether or not the loan would be paid back.

Blogger Jack July 17, 2021 9:29 AM  

Student debt should be written off by big companies like Google, Facebook, Twitter, and the rest of them. These scum sucking companies that profit off the people's time and information should be forced to reinvest back into the public. Fuck em.

Blogger Gr8Again July 17, 2021 9:30 AM  

A debt jubilee would also address the biggest long-term crisis in our society - the declining birth rate. Free of debt, millions of young, high-IQ people will start families sooner.

If we would also stop immigration and send the illegals back, we would drive down the cost of housing and lower the cost of family formation that much more.

Blogger Avalanche July 17, 2021 9:36 AM  

VD: "to eliminate all student debts in excess of $4,000 for those who attended public schools and $20,000 for those who attended private schools."

Thank you! This idea removes my resistance to 'letting them off the hook.' Granted, that resistance is totally "feelings-based": I cannot imagine anyone being stupid enough to go $100k in debt for a useless college degree.

I still wish there were a way to leave the gender- and race-studies with underwater basketweaving graduates on the hook for their sheer stupidity... but that's just vitriol... And the inability to get their desired jobs at colleges making sh|te up to punish Whites might just be payback enough?

I'd HOPE the plan would also remove the taxpayers from being on the hook, and move the responsibility over to making the colleges and banks who DID this cough up their ill-gotten gains!

Blogger MarkyMark July 17, 2021 9:40 AM  

While a jubilee sounds nice and all, what about those of us who PAID the debts we willingly took on? How is forgiving debts fair to those of us who honored our commitments and paid off the debt as we said we would?

Blogger Unknown July 17, 2021 9:41 AM  

One of the main reasons that college tuition has gone up so much is the Federal student loan program.

Jubilee the debt but also make two changes to student loans.
1. No longer have the government guarantee them.
2. Make them bankruptable

Game over college scam

Blogger Unknown July 17, 2021 9:42 AM  

Very true

Blogger SonyAD July 17, 2021 9:42 AM  

Brian Dean wrote:What is especially evil about the student loan racket is that they target 16 to 20 year old KIDS (they may be legal adults, but they are still kids) that are unaware of what exactly they are getting into. That even if you get a "practical" degree, you still aren't guaranteed a job (it's merely a bit more likely) and that your chances of getting a job are more likely if you can prove that you have the relevant skills (even though converged corporations are working against that)

I doubt there's anything a "cis straight white male" can do to get hired in a corporation big enough to have a HR department. All HR departments are filled with self loathing, blue, pink or purple haired land whales who detest themselves and "cis straight white males". I doubt you can get your foot in the door as a young man, especially if you are self taught. All the landwhales, if they don't just use this as a handy pretext to reject "cis straight white males", are very credentialist and formalist and are completely technically illiterate clueless. All that matters to them is what formal credentials and prior employment you have. They don't give a rat's behind what you know or what you can do.

The only places where I've gotten hired is where there is only all male staff and no HR department or managers who are also part of the technical staff and handle HR duties as well.

You ain't getting past any woman staffed HR department as a "cis straight white male" unless you have an overwhelming amount of credentials already have an excellent career. Even then your odds are questionable.

My advice to young men trying to start their careers is to apply to small and medium businesses with no HR department (that you can discern) or which have male HR staff. By all means, try your chances with the big fish too, just don't expect any bites and expect to be treated and paid like dirt.

Blogger Gracie July 17, 2021 9:47 AM  

I totally agree. My husband graduated from the Culinary Institute of America (CIA) in the 80s. No debt. CIA gets kids pay through the nose for what is basically a vocational education! They've expand the campus off of debt servitude and corp whoring. They should be added to the list of endowments. I hate those arrogant boomer a****.

Blogger Avalanche July 17, 2021 9:47 AM  

@20 "American business is partly to blame for turning our universities into inferior business training centers by asking for college degrees for jobs that don't require college level education."

American business asks for college degrees because it shows that the putative employee AT LEAST (probably) knows how to read and maybe do some basic math; and is willing and able to finish something (even if it's just a keg); and maybe understands that you do have to get up early enough to make your "oh-hell, required course only offered at EIGHT a.m.?"

Businesses are no longer allowed to test to see if the putative employee might be worth hiring; and of course the HR dept needs to ensure they've been brainwashed sufficiently.

And, the once-upon-a-time common shared cultural diligence is long gone; so what hoops can you make young folks jump through to see if they even know how to BE an employee?

Blogger JaimeInTexas July 17, 2021 9:49 AM  

I do not like it. But, some times we have tobdo things we do not like.
I meet you at 80% for undergraduate degrees, including vocationals like weliding and plumbing. 100% for loans made in pursuance of a hard science degree, even if post graduate. Student loans must become dischargeable through bankruptcy.
Others have suggested good ideas.

Blogger warriorforeucharist July 17, 2021 10:02 AM  

Exactly! My husband has 2 degrees and didn't learn a thing to help with his job. It is simply a scam. Why else would you have to take 2 more years of high school crap before you get to the supposed degree stuff? And the price tag was over $100,000....thank God we paid it off. He's a petroleum engineer.BUT these poor young people! No college! Enough is enough. Teach yourself to homestead and feed yourself. Sell your overages. Be self sufficient. No college until they lower the price and actually teach valuable info.

Blogger van helsing July 17, 2021 10:04 AM  

the bankster class is dead set against it. but it is needed across the spectrum, not just college. repudiation is a cross vs the banksters.

Blogger Brett baker July 17, 2021 10:05 AM  

How much of the rest of the world does it. A GP Doctor or Dentist has a year and a half less college than their American counterparts.

Blogger jwoop66 July 17, 2021 10:08 AM  

" I'm going to type this very slowly in the hopes that the morons can understand this:" Ha! stealing.

Blogger goobernpea July 17, 2021 10:09 AM  

I may be talking out my tail; but if colleges and universities are requiring students to take the jab, they should waive the tuition. Then we are going to see how woke these places of higher learning are.

Blogger van helsing July 17, 2021 10:12 AM  

id also say that non-STEM degree programs that didnt exist in 1941 should be scrubbed along with all current positions associated with them. then, if the degree holders arent prosecutable, they can go back to just being baristas and carpet shampooers.

Blogger SciVo July 17, 2021 10:13 AM  

As long as we're throwing stimulus money around, cancelling student loan debt would have a salutary effect for a low opportunity cost.

And I say that as someone grinding his teeth over the unfairness to those of us who already paid our loans back. But the brother of the prodigal son felt the same way, and was wrong to.

Blogger Attila is my bro July 17, 2021 10:17 AM  

The Gaelic Lands wrote:Am all for debt forgiveness on student loans. With a few caveats:

1. Universities eat 1/2 of the forgiveness.
2. No loans for education going forward, forcing universities to face reality.
3. Delousing of universities of all Marxists.


Really all you need moving forward is to end gubbemint involvement. There can still be student loans, but with no superdaddy to guarantee them, there will be a hell of a lot fewer of them. The rest will sort itself out naturally. Most of the marxists will "oy vey! budget cuts!" themselves into early retirement.

Blogger VD July 17, 2021 10:18 AM  

How is forgiving debts fair to those of us who honored our commitments and paid off the debt as we said we would?

First, it's not about you, Boomer. It's about the victims of the scam. Second, it's fair because the value of your house and investments won't be destroyed because they'll be able to get mortgages.

You'd have to be a pretty stupid dog in the manger to lose a lot of money in order to prevent them from being freed from debt slavery.

Blogger JovianStorm July 17, 2021 10:21 AM  

Student loan forgiveness and let the rest of us discharge up to 30000 in credit card debt with no tax penalties.

Jubilee time is the only reset that will work to restore Western civ if we can get Sink the Boats day made a national holiday.

Blogger Freeholder July 17, 2021 10:26 AM  

Well, apparently I am either a complete idiot or incredibly wise because I am in the 1 percent who has continued to pay. My thinking is that while it hurts a little, I can afford it and I suspect there will be some really bad things snuck into the forgiveness because the Elite aren't going to let go of that leverage without something in return. Student Loan Debt should be forgiven but there is no reason to believe that anyone in American Government will do the right thing.

Blogger Shane Bradman July 17, 2021 10:29 AM  

I don't care if the world becomes poor if that's what it takes to get rid of debt so that young families can form again. I have no debt, and I would not feel a single modicum of frustration or jealousy towards those that have had 6+ figures of debt erased. It would a good thing for those debts to be erased, so why not be excited about that prospect? This effeminate Boomer mindset of "well I did x so they should also do x" is gayer than Milo used to be.

Blogger Wheels July 17, 2021 10:30 AM  

On point!

Much of the reason Colleges and Universities can obtain overpriced tuition is due to an abudance of student loans that they present as a "financial aid package".

A clawback provision for the fraud that is taking place?

Blogger Pytor July 17, 2021 10:30 AM  

genX here: I went to a state school to save money, and graduated with a STEM degree and $13k of debt. I paid it off as fast as I could by not owning a car and using bike to get to work. All my boomer co-workers made fun of my poverty.

Some years later, I got accepted an Ivy League school for my Master's degree (also STEM) but went to a state school instead to save money. I used my pension to pay for it, thus graduating debt-free. It felt good to spend the money on something the bankers could never take away from me before the great pension raid of 20_ _.

I'm not going lie, yeah it hurts a lot to hear some people get their debts cancelled. But I still support cancelling student debt. We can't have a functional society with this student loan racket running. Part of MAGA is ending debt usury.

It would be nice though if just once genX got a few gibs tossed our way.

Blogger Avalanche July 17, 2021 10:35 AM  

@37 "It's okay for boomers to get handouts in the form of cheap, easy, plentiful credit in a low inflation society. It's not ok for others' to get anything or have any "debts" cancelled."

I acknowledge and accept Vox's explanation about wiping out college debt. Not happy about it, but he's right. However, 'cheap easy plentiful credit' should NOT be a problem if people are held to paying it. It's about the PEOPLE, not the credit!

My complaint with allowing bankruptcy is: the people who are getting SHAFTED are the ones who sold goods or services, and then the courts say: "too bad, so sad, you lose!" Obviously this is not true for colleges and unis who are gleefully playing in that sewage: govt makes them whole. Oh hey, THEY must be boomers too, eh?

But small businesses? I don't accept credit card purchases in my business, despite the 'distributor discount' I give my distributors. It's WORTH the 25-30% depending on order total profit loss to me to have my distributors burdened with the time spent on mgmt, the ever-increasing fees, and the ever-higher 'charge-backs' from scammers!

For those who don't know: a charge-back is where you send the goods, and then the "receiver" claims he didn't get it, or it didn't work or whatever; and the credit card COMPANIES decide, rather often, that the 'injured purchaser' is right -- so he gets the money back AND still has the (perfectly fine!) gauge. The CC co doesn't give a damn whether he returns it, so I'm out the expensive gauge, shipping, and the CC fee!

Always a double-edged sword.

Blogger Azimus July 17, 2021 10:38 AM  

I'm all for debt jubilee as long as the evil banking system has to take the hit, or even better the whoreson universities that robbed the children in the first place, who knowingly gave them ether in exchange for some of the best years of their lives in addition to connin them out of a small fortune.

If its some kind of public bailout through the public assumption of payments or debt settlement, I have a harder time saying yeah and amen. Because in the end that means we're bailing out the banks - again. Are not those banks and their foreign peers the bastards who have erected this wicked globalist edifice? Are they not the ones who ultimately moved our neighbor's jobs offshore and put millions of people into poverty? Created a parasitic economy where we all sell each other things or prepare food and drinks, utterly robbed of dignity and pride? And the American people are left holding the bill - which will no doubt be defaulted in 10-15yrs, but still, I don't want to fill the war chests of those who hate me.

Blogger Wazdakka July 17, 2021 10:38 AM  

Kind of hoping that the foretold /promised software genocide will wipe out all debts

Blogger Crew July 17, 2021 10:41 AM  

I think we also have to discourage the young from going to college as well.

That may happen naturally because it seems the young are reluctant to get not-Vaxxed and many colleges are demanding it.

Blogger Avalanche July 17, 2021 10:44 AM  

@52 "If I had debt I would join the Army for the student loan repayment."

And risk death or permanent maiming for the purposes, cross to 'ours,' of that shitty little country and all for a partly-or-more worthless piece of paper?

Finish your marxist indoctrination at uni, then go get MORE indoctrination plus a forced not-vax shot?!

Oh heyull no!

Blogger Newscaper312 July 17, 2021 10:58 AM  

@42 Brian Dean

Re soon at home, only minor issue w him staying sometimes I have to put my foot in my wife's ass because she goes for typical female shit stirring once in a while. In early stages of menopause I think.

Another smart move, he's happy to drive the nice 2007 used car I bought for him 4 years ago until it dies.

A couple of friends of his with serious girlfriends/fiancees already jumped on a house several months back. Sickening how much prices climbing since then. At this point wonders if he might be out of luck until another bubble pops.

Got my modest house paid off 4 years ago. Now only issue is how long the area holds up.

Blogger Ariadne Umbrella July 17, 2021 11:02 AM  

Henry what'shisnumber (Not British, not my problem) clawed back the monasteries' money. Britain is still standing. The people flourished and the economy and population grew under his stewardship. Monasteries ran higher education then, so it's a very similar analogy.

Lithuania/Latvia (not my country, not my problem) allowed the usual suspects to administer the taxes and various public goods for the local rulers. They never had a debt jubilee, and the rulers never advocated for their own people. Those places suffered at the hands of their administrators all the way up until now.

A debt jubilee, preferably by clawing back endowments, will help our country now and on into the future.

It also gives us the mindset to advocate for our own nation, rather than malignant elites and their henchmen.

Blogger Skarp Hedin July 17, 2021 11:13 AM  

That's a great plan. I'd personally be in favor of going further and issuing refund checks to those who had managed to pay off their loans.

Blogger Jack Amok July 17, 2021 11:14 AM  

Debt jubilee sounds great at first, but Bernie Sanders' plan was to simply shift the debt burden to our backs (the taxpayers).

I'd love a plan that tells the banks they have to eat the debt instead, but since the big banks own our "leaders," that doesn't seem likely.


I'm 100% in favor of cancelling student loans.

I'm certain our current illegitimate government will screw it up in some major way.

Oh well, do it anyway. If nothing else, it highlights the scam.

Blogger greg July 17, 2021 11:18 AM  

I can remember what it cost to go to University of Southern Colorado starting 1978. 365$ per semester 21 credit hours. Fourth year it went up to 450$. Bachelors cost less than 4 grand. Minimum wage was less than 3 bucks hr. Books were always less than 100$ per semester for 6 classes. Ten times that price for same school today (CSU now).

Blogger SonyAD July 17, 2021 11:27 AM  

Paulito wrote:Why limit it to student debt? We're supposed to have full Jubilees every 50 years. I'd say we're a mite overdue.

Why limit ourselves to periodic jubilees (and weren't these every 7 years rather than every 50 in the bible)? Why not abolish and outlaw banking altogether, in addition to cancelling all debts to banks, and make lending and financing a public service? Why not also ban charging of interest while we're at it as well? Why not abolish profit and private enterprise altogether and focus on competing at the level of ideas, concepts, designs and prototypes, not at the level of actual production, manufacturing and rendering of services?

Meh, those ideas are too advanced for boomers and the boomer-minded among younger generations. A few more decades need to pass and the midwits and the propagandised within an inch of their life to die of old age before such ideas will be seriously entertained. If society does not collapse by then.

The future will either be socialist and centrally co-ordinated at the national level (or at least the phenotype level), but not centrally designed and planned as well, or it will be genocidal.

And the owner class (mostly consisting of boomers) seem to have elected the genocidal route. Can't share the gift of life, which the boomers were freely given, with younger generations. There's no room on the earth for them too. They'll inconvenience the boomer.

Boomers are by requirement Malthusians and support Malthusian policies. It's always nationalism and socialism versus Malthusianism and internationalism.

Blogger xavier July 17, 2021 11:30 AM  

Yup.and it comes out of their endowments. Better yet compel them and the banks cosign the loans

Blogger Chiva July 17, 2021 11:49 AM  

I do not have an issue with canceling student debt. In a way we would be freeing hundreds of thousands from a form of economic slavery.

Blogger Mamabear37 July 17, 2021 11:49 AM  

Beautiful. The debt was what deterred me from pursuing a Kinesiology degree for PT. I realized I could have kids and raise a family, or I could work until I died and never pay off my debt. I chose the kids and family. Many of my friends chose the debt and career and are subsequently unable to pursue the family. A) who wants to marry into thousands of dollars of debt? B) they can't stay home with their kids and still pay their bills so daycare raises them. C) they dove into college and career hit 30, realized they're infertile, and can't get pregnant despite desperately trying.
Debt jubilee would be best case scenario for a lot of people.

Blogger sammibandit July 17, 2021 11:52 AM  

Boomers are too short for "we live in a society". Newsflash. If Millennials have their debts wiped out they can buy in good areas, have kids and increase the school achievement levels in their neighborhoods, thereby increasing property values.

Yeah some of us will be older first parents, but I suspect the risks of being an older parent (circa 30ish) are largely inflated to scare people. My dad was born when his mom was 40. My German relatives there had children till about their age with their children growing into surgeons and doctors.

Blogger Darren July 17, 2021 11:58 AM  

@itz2hot
"they will offer to cancel all your debts, *in return for giving up ownership to the state of eveything*.
Oh, and you'll need to sig up for their digital money, with a cute little tattoo, which may have a disguised 666 within it."

^ That is *literally* the plan -- as leaked by an "insider" from Canada, October of 2020:
https://thecanadianreport.ca/is-this-leaked-memo-really-trudeaus-covid-plan-for-2021-you-decide/

Blogger Darren July 17, 2021 12:07 PM  

@Unknown
"Lol vd going full anarchist."
WOW, you are definitely new here.
Enjoy the tongue-lashing about to come your way from VD.

Next time, before revealing your ignorance you might want to search this blog for words like JUBILEE or LOAN or DEBT.

https://voxday.blogspot.com/search?q=jubilee

Blogger Nick July 17, 2021 12:10 PM  

The one reason I still respect and read your blog? Your stand against crony capitalism and the big bank criminals.

Blogger foxmarks July 17, 2021 12:17 PM  

Why expect those who have debt forgiven will follow the path of home ownership and child-raising? Sure some will. More than without this jubilee. But won't most just find their way into alternate debt in pursuit of an SJW fantasy life, converging everything they touch?

It's not like the college degree granted them wisdom or character.

What matters with the jubilee is not who wins, but who loses. Give a break to the graduate feminist with the mental illness haircut as long as the banksters and administrators are set back.

Blogger Darren July 17, 2021 12:19 PM  

@Pytor
Sometimes it feels like life is an MMO, and at this moment in history we GenX are just called to be the Tanker ... while the Boomers are Leeeroooy Jeeenkiiins.

Take one for the team, as long as the mission is actually accomplished, and total collapse is averted, and a permanent end to the usury-based (including consumer debt) way of life in society as a whole, so our children and grandchildren have a chance to thrive.

Blogger Arizona July 17, 2021 12:26 PM  

Here, let me help you out, here's a little cheese with that Whine.

Blogger Taignobias July 17, 2021 12:33 PM  

Pulled a great scholarship to get a free engineering degree. Younger sibling did likewise, but the scholarship didn't go nearly as far since, over the 5 years between us, the tuition nearly doubled.

Given how we only just managed to get a house, I can only imagine that my wife and I would still be living over the garage if we had student loan debt.

The fact that my undegreed friends are doing better financially and mentally than my degreed friends says a lot.

Blogger Tau July 17, 2021 12:36 PM  

Any such plan would have to include means of ensuring we're not right back where we are now in another decade or two. A jubilee is right and just only if we also disallow the issuance of that debt going forward.

Blogger Mister Bill July 17, 2021 12:46 PM  

How often do you doomscroll through the fear porn?

Blogger wahr01 July 17, 2021 12:49 PM  

I'm going to keep this short:

The people who are demanding these debts be forgiven have spent 2018 to 2021 looting, rioting, burning down cities, and silencing the rest of America.

They should not only have to pay these debts, they should have their debts doubled to pay for their own lawlessness and we should reinstate debtor's prisons.

Blogger Badpainter July 17, 2021 12:52 PM  

Is the actual total of US student debt a true valuation/price or is it a happy dream of the amount that can only be collected if a series of miracles occur?

I know bad debt is sold and passed around for actual prices much lower than the face value. Maybe a jubilee needs be nothing more than reducing an individuals debt to the last purchase price the current collecter/creditor paid plus 10%.

Blogger John Rockwell July 17, 2021 12:55 PM  

The Banks must eat the losses without Government Bailouts. Or else the Jubilee isn't really a Jubilee.

Blogger Kevin Smith July 17, 2021 1:08 PM  

It's a problem that even infects the trade schools. I recently attended a basic introductory electrician's course, and was shocked at how young, bright and capable all my fellow students were. And yet their time was being wasted in an obvious and egregious manner -- a four-hour class and all we learned from this senile Boomer was the use of 3 different types of screw. I know for fact that the knowledge attained in this time my fellow students would have fully grasped in five minutes; I'm a bit older so I may have take ten. I was subsidised, so I didn't care, but some of these poor fuckers are paying thousands for a course that promises nothing and delivers even less.

Blogger Erock Sandstorm July 17, 2021 1:12 PM  

An overall debt jubilee every 7 years, and the complete criminalisation of usery should be on the table.

Blogger Nihil Dicit July 17, 2021 1:15 PM  

A jubilee is right and just only if we also disallow the issuance of that debt going forward.

Good luck with that. Have you never cracked a history book?


Give it 7-8 years and they will offer to cancel all your debts, in return for giving up ownership to the state of everything.

The state can already take everything you own for all sorts of specious reasons, and all the lawyers and courts in the world won't do a damn thing about it. This would only make you powerlessness overt and open.

Blogger KingKrawFish July 17, 2021 1:20 PM  

Vox changed my mind on student loan defaults as well as on the nature of money and why interest/usury should be outlawed.

If 40 year old adults can discharge debts via bankruptcy, younger people who were given terrible advice (usually by a Boomer) at age 17-18 about going into steep debt for a college degree of questionable value absolutely deserve the same protection.

The student loan scam is atrocious.

Blogger Azure Amaranthine July 17, 2021 1:35 PM  

"Given the number of EULAs and TOSs we have all clicked through, this better be true."

It is, most of those are legally unenforceable jokes. Many of them are themselves illegal.

As for the reasons for student loan debt jubilee, and debt jubilee period, it comes down to a fundamental principle:

Any abuses that you permit your fellow man to suffer, will eventually result in your abuse. This is as strictly enforced by nature and man as action/reaction.

In this case, Modern usury by ledger-entry-created money is paid for by the entire society that permits it, because it is direct inflation, devaluing your money even if you don't borrow. It also results in the debt-sharks eating people who have many other virtues, but one failing, and that costs us all, all the way down to the genetic level.

Another example: If you stand by and watch raiders pillage and burn the next town over, they'll be back for yours too eventually, because they have learned that the region is weak and uncoordinated.

It's rabbit mentality, scamper away and let the other rabbits be eaten. Well guess what, the predator is now going to survive longer, will eventually reproduce, and will be coming back for you eventually. Meanwhile wolves fight common enemies as a cohesive pack, and lions as a pride.

Blogger Azure Amaranthine July 17, 2021 1:38 PM  

"Any such plan would have to include means of ensuring we're not right back where we are now in another decade or two."

Simple. Ban usury. Execute usurers as they are caught, the borrower keeps any money they've been loaned by a usurer. Rail them up one side and down the other.

EZ? Not at this point. Such is the price of societal addiction.

Blogger Akulkis July 17, 2021 1:47 PM  

>> I agree that the costs of higher education placed on modern young adults are unfair, considering the universal pressure to go to college.

Practically every entry level position, even those formerly filled by high school students, is listed as having a bachelor's degree as a requirement.

Blogger SonyAD July 17, 2021 1:52 PM  

Avalanche wrote:@37I acknowledge and accept Vox's explanation about wiping out college debt. Not happy about it, but he's right. However, 'cheap easy plentiful credit' should NOT be a problem if people are held to paying it. It's about the PEOPLE, not the credit!

Why do you care about people paying "debts" back to banks? Don't you know bank "loans" aren't actually "loans" but money creation? They aren't actually "lending" but just creating new money ex nihilo and demanding it be paid "back" (hehehe) to them, with interest on top?

You don't have to try and understand whether it's true or not. It is true, just accept it's true if you can't understand the explanation of how or why it is true.

And once you've accepted that, what's so hard do understand about banks not deserving anything to be paid back to them because they provide no consideration in loan contracts? Because they don't actually have the money they "loan" as it doesn't actually exist before the loan. They create it by "lending" it.

So who actually pays for bank loans? Society. Especially people whose incomes and savings grow slower than the M3 money supply. And so the debts that "borrowers" of bank "credit" have are to society (specifically the poor and working class), not banks. Because banks don't ever have the money they "lend".

The cost of bank lending is socialised, it is externalised to society as/through inflation. The cost is borne by the the population in society whose incomes and savings grow slower, year to year, than the M3 money supply. So basically everyone further away from the money faucet pays for the cost of banks "lending" new money into existence and circulation in the economy through the hands of people who will spend it immediately upon receiving it.

Say we have a counterfeiter who, instead of spending the money he counterfeits on himself directly, "lends" it to willing borrowers at interest. And only spends on himself the laundered money he gets back from his borrowers. That's what banking is, except the counterfeiter's bogus money is 90~95% of the "money" supply.

In this story, you insist that people should pay their "debts" back to the counterfeiter, with interest. The counterfeiter has a way to tell his bogus money from actual money and when he's paid loan principle using his own bogus money he quietly retracts it from circulation rather than spending it on himself. He always pockets genuine money which isn't his own counterfeit bogus money. And his own bogus counterfeit money he only pockets and spends it if it's used to pay back interest. But for each counterfeit note he received, he can choose whether he'll consider it as payment of principal or payment of interest. So he can choose to consider his own bogus "money" as payment for principal always, and real money as payment for interest, always.

You were already adversely affected by this scam when the borrowers who "borrowed" "money" from the counterfeiter spent their "money" in the economy, creating an inflationary spike. Yet you insist that the counterfeiter receives "his" "money" "back", with interest. So he can profit off of having externalised/socialised (including to you) the cost of his lending. And can also hurt the economy by causing deflation by withdrawing his earlier "lent" out "money".

Why do you hold this opinion? You don't know or refuse to accept that this is what banking is and does?

Banks don't "lend" money. They create new money for you and charge you for first access to it, while demanding that you pay it back with a fee for having received it.

Blogger Ransom Smith July 17, 2021 1:55 PM  

I suspect the risks of being an older parent (circa 30ish) are largely inflated to scare people.
It's absolute crap that ignores the real factor.
Women having first time children in their thirties after a decade or more on birth control.
There's only just now starting to be rumblings that birth control is hell on a woman's body.

Blogger SonyAD July 17, 2021 2:00 PM  

Avalanche wrote:@37My complaint with allowing bankruptcy is: the people who are getting SHAFTED are the ones who sold goods or services, and then the courts say: "too bad, so sad, you lose!" Obviously this is not true for colleges and unis who are gleefully playing in that sewage: govt makes them whole. Oh hey, THEY must be boomers too, eh?

They already got shafted bro, the moment that money was spent on their goods and services. But here's the thing. The closer to the money faucet you are, the less shafted you are by the inflation caused by that specific money creation which was used to "pay" for something which was bought from you.

Avalanche wrote:@37But small businesses? I don't accept credit card purchases in my business, despite the 'distributor discount' I give my distributors. It's WORTH the 25-30% depending on order total profit loss to me to have my distributors burdened with the time spent on mgmt, the ever-increasing fees, and the ever-higher 'charge-backs' from scammers!

For those who don't know: a charge-back is where you send the goods, and then the "receiver" claims he didn't get it, or it didn't work or whatever; and the credit card COMPANIES decide, rather often, that the 'injured purchaser' is right -- so he gets the money back AND still has the (perfectly fine!) gauge. The CC co doesn't give a damn whether he returns it, so I'm out the expensive gauge, shipping, and the CC fee!

Always a double-edged sword.


So rather than being angry with the money counterfeiters (banks, credit card issuers), who are the ones actually taking your money, you're upset with people who don't pay their "debts" back to these same money counterfeiters?

Why though? You're angry with the people who shaft the money counterfeiters, who aren't necessarily the same people who file chargebacks against you - or not always the same?

Why do you care about people refusing to counterfeiters/scammers (which is what banks are)? You realise this mindset is peak boomer right?

Blogger SonyAD July 17, 2021 2:05 PM  

@83 And another thing. Every payment by any borrower to a bank is deflationary. Which means it takes money out of circulation in the economy. Which means it makes circulating money scarcer in the economy. Which means it makes it more difficult for your business to find customers able to pay.

Why do you boomers have such wrong takes on macroeconomics. Is it because you've been brainwashed since childhood about what banks are and what they do and you had no easy access to the banking redpill/blackpill back in your youth?

Blogger KingKrawFish July 17, 2021 2:06 PM  

I recently had a discussion about student loan debt with a young Boomer, born 1961, she was adamant that these kids pay off their loans. I reminded her that she and her husband declared bankruptcy twice in their 30s And asked why kids who signed these contracts at age 17 or 18 should be able to do the same. She sputtered something about Socialism and then changed the subject, lol.

Blogger Hammerli 280 July 17, 2021 2:06 PM  

I see both sides of this issue. On the one hand, the young people are carrying unpayable debts. On the other hand, they freely chose to take on that debt...and study a field that did not have any potential for repaying its costs.

Seizing the college funds is certainly justified.

Strict limits on the availability of Government funds is essential - if you want a loan, you had better be studying medicine, hard sciences, math, or engineering. All others pay cash.

And the colleges go under the microscope to cut overhead.

But the fools also have to pay a penance. Forfeiture of the privilege of voting in return for debt forgiveness comes to mind. If you were stupid enough to major in underwater basketweaving, you're too stupid to vote. Maybe throw in a generous beating with a rattan cane...wielded by Payers.

Blogger JaimeInTexas July 17, 2021 2:11 PM  

Related / not related apart of merit of VDs proposel

We are not Israel and not required to follow The Law [Of Moses].

How does a Jubilee, or Jubilees, fit a system of governance where, for example, the land is not to be transferred outside the tribe and reverts to original owner. Should loans be limited to no more than 7 year term?

Blogger Billy July 17, 2021 2:39 PM  

As a retard who completed the coursework for multiple Criminal Justice degrees and then decided I didn’t want to work with Government in any capacity I decided to Self-Jubilee when I quit before taking my last class…

‘Race, Ethnicity and Justice’ was a class that I was pretty sure wouldn’t have any valuable content for a poor white guy so… since I’m not going to be using what you attempted to sell me I’ll just return it, right!?

At one point I paid to sit in one of many empty chairs and watch a black lesbian play amateur YouTube videos that were still photos of women crying with sad music playing and psudeo factoids scrolling across the screen.

I decided I didn’t want to complete that transaction when the quality of the product degraded to something of negative value.

Blogger Feather Blade July 17, 2021 2:48 PM  

the portion of borrowers repaying their student loans dropped from 46% at the beginning of 2020 to 1% today. The portion of borrowers in forbearance rose from 10% to 57%.

The fact the the borrowers - or rather the loans - are in forebearance is a big nothing-burger. "Forebearance" is the loan status that says "no payments due". The only unusual thing about this forebearance is that the interest rates have also been set to 0%.

So, if you kept your job, it was really easy to just keep paying and to pay down the principal, or even pay off the loan (assuming you hadn't consolidated each individual semester's loan into a lump sum).

Uncle Sam will always get his, of course. The interest you pay on your loans is tax deductible. No interest accrued, means no interest paid, means no tax deduction. So you end up paying the same amount either way, just to different agencies.

What I don't understand is the people who, over the years, have made payments at least equalling the initial loan amount and who could have paid off their loans over the last year, but didn't because they believe the government when it says that your student loans will be forgiven if you work in the public sector for x number of years, and they're still trying to make that happen.

Blogger eclecticmn July 17, 2021 2:50 PM  

In 1972 it took x hours of min wage work to pay for 1 semester hour credit at a US state university. Now it takes 6x hours of min wage work. So boomers working their way through college are not relevant now. According to VDH, most of the increased cost in California is from added admin positions.

If there is a jubilee what happens next for new student loans? IMO the loans for degrees that cannot pay for themselves should be ended. I read that in Europe public universities are free or reasonable BUT only a small number of students attend. Shut down 3/4 of US 4 year universities?

Blogger Billy July 17, 2021 3:01 PM  

Self Jubilee and be like me!

If you got sold a worthless, overpriced Criminal Justice degree requiring some sort of class called ‘Race, Justice and Ethnicity’ it’s free.

Blogger SciVo July 17, 2021 3:37 PM  

@foxmarks:
Why expect those who have debt forgiven will follow the path of home ownership and child-raising?

What men want is a debt-free virgin without tattoos. But many are willing to settle for one out of three, so for those that could go for a debt-free inked-up skank, a lot of women would suddenly become marriageable that hadn't been.

Blogger MarkyMark July 17, 2021 3:54 PM  

The Gaelic Lands wrote:Am all for debt forgiveness on student loans. With a few caveats:

1. Universities eat 1/2 of the forgiveness.

2. No loans for education going forward, forcing universities to face reality.

3. Delousing of universities of all Marxists.


I could go for that.

Vox, I had a knee jerk reaction to your post initially; when I saw juibilee, I assumed total forgiveness. When I read a second time, I could go for paying back a limited amount.

That said, I didn't attend college out of HS; I did a hitch in the Navy first, then worked. I ended up paying $45K or so for my STEM degree. I paid back every dollar of it. That's why I'm opposed to total debt forgiveness; it's not fair to those of us who did the right thing and kept our word.

Blogger Zed, Lord of the Brutals July 17, 2021 3:58 PM  

All you people worried about SJW's still getting stupid degrees in underwater fishmongering or whatever...are you so stupid to think that the shylocks will give those assholes money without the police state to guarantee their slavery?

College degree credentialism is the imperfect method by which businesses are legally allowed to exclude the subhumans since Griggs vs Duke Power, etc.

Blogger Honkler the Emotional Wreck July 17, 2021 4:15 PM  

In addition to your proposal, interest rates should then be set at zero. I like that not all the debt is removed, because a lot of those people are fairly irresponsible as well as being gullible enough to get a useless degree at such an expense to begin with. Good chance they will just turn around and get in deeper more debt in the windfall.

Blogger MarkyMark July 17, 2021 4:26 PM  

The reason why businesses demand college degrees is it's one of the few criteria they can use to reduce the pool of candidates for a position. They can't filter by race. They can't filter by sex. They can't filter by IQ. They can't filter by very many criteria at all, but they can demand a degree. It's all about getting the candidate pool down to a manageable size. That's what HR does.

Blogger Frozen Territory July 17, 2021 4:28 PM  

The point is that if your degree doesn't get you out of burger flipping, you shouldn't be paying loans like you just bought the entire franchise. This proposal isn't about elevation, it's about not starting in a hole that (((they))) make sure that you can't stop digging.

Blogger map July 17, 2021 4:33 PM  

The Cost of College in 1964-65

Average cost of public school: $261

Average cost of private school: $1,160

The Cost of College in 2018-2019

Average cost of a four-year public school: $10,230

Average cost of a four-year private school: $35,830

Fascinating set of stats.

In terms of gold, in 1965, when gold was $35/oz, the cost of college was 261/35 = 7.5 gold coins for public college and 1160/35 = 33 gold coins for private college.

In 2019, public college cost 10231/1812 = 5.6 gold coins and private college cost 35380/1812 = 20 gold coins.

Over time, it looks like education follows the gold price, reflecting the amount of inflation added to the economy. The same is true for healthcare.

Unfortunately, wages have not kept up with the gold price. In 1965, the average wage was $6,900, or 197 gold coins. 197*1812 = $356,000 or so. That is the economic loss over the last 50 years or so.

Blogger Badpainter July 17, 2021 4:38 PM  

You what's not fair being told from a very early age that college is the only path to success and a meaningful life. Being told that you just need a degree, any degree to open the door to a good career. Being discouraged from looking at trade schools, and being surrounded by voices that denigrate skilled labor blue color jobs. Being born poor, short, unhealthy, the wrong color, in the wrong place at the wrong time. Attending a high school that didn't have advanced placement classes.

All of that is unfair. Paying your debts when other get forgiveness is also unfair. Fairness is last argument of the maliciously selfish when the topic is justice.

Blogger Frozen Territory July 17, 2021 4:41 PM  

I would argue that the debt flood will be solved by stopping the issuance of debt. Once we have proven that society won't enforce predatory contracts on its children (jubilee), the willingness of lenders to offer these loans will magically dry up.
The true mop up will be the rebuilding of generational wealth that can only occur once we stop enslaving the younger generations.

Blogger Dewave July 17, 2021 5:58 PM  

I agree with a jubilee in theory. My problem is how this just doesn’t create a larger section of the public that think they are entitled to free stuff.

----

Why do boomers always say "We cant fix this problem, it will make people feel entitled to handouts"

Firstly, its wrong.
Secondly, its backwards.

All the students whose lives are crippled by enormous student debts are virulent "burn the system down and redistribute all wealth" socialists.

These depts are causing them to reject capitalism and embrace socialism (along with skyrocketing costs of food, housing, healthcare, etc)

They see their boomer dad with a high school degree and a job repairing soda machines supported a wife and kids and house and two cars.

They are now older than he was. They are saddled with debt, not married, living at home with their parents, and can already tell the dream of home ownership is effectively dead for most of them.

Why the fuck do we bailout banks but not students? Its normally reprehensible and logically fallacious to engage in navel gazing about how bailing out young people with a tiny sum of money might corrupt them when we literally cannot shovel free money at already rich adult bankers fast enough.

Young people notice this stuff.

When you can waste trillions is pointless foreign wars and bank bailouts and God knows what but cant help an indentured servant get rid of a few tens of thousands in debt, THEY NOTICE.

Trump should have legalized marijuana and forgiven student debt early on.

Blogger Damelon Brinn July 17, 2021 6:06 PM  

Why expect those who have debt forgiven will follow the path of home ownership and child-raising? Sure some will. More than without this jubilee.

Then it's worth doing.

But won't most just find their way into alternate debt in pursuit of an SJW fantasy life, converging everything they touch?

Why assume that? We're talking about people who got into this debt because everyone told them a college degree (at least) was the only way to get a good enough job to support a family and avoid living in a van down by the river. They took on that debt because they were trying to be responsible. Why would you assume those same people, given a reprieve, would turn to irresponsible borrowing and spending? Sounds like you're just projecting some character flaws you don't like onto "most" of a couple generations without cause.

Blogger Snidely Whiplash July 17, 2021 6:24 PM  

You lot sound like the ungrateful workers int eh vineyard. "It's not fair to ME that someone else gets a break!"
First of all, yes it is
Second, fair is a purely theoretical concept and does not exist outside your head.
Third, envy is a terrible look, and an even worse basis for policy.

Blogger Glaivester July 17, 2021 6:44 PM  

@93:
"Why limit ourselves to periodic jubilees (and weren't these every 7 years rather than every 50 in the bible)?"
It was forbearance for a year every seven years, and total wipeout of debts every fifty.

Blogger Badpainter July 17, 2021 6:46 PM  

I believe rioters should be punished for their actual crimes. Being a victim of a con artist isn't a crime and might need a different remedy.

Blogger Reziac July 17, 2021 6:48 PM  

Looks like student loans going universally unpaid is bringing the jubilee all by itself (can't very well send 'em all to debtors prison), but if it's done officially, apply it the other way around, so the pain of the fraud is felt where it's most deserved:

Forgive student debt in direct proportion to how much of the cancer is ejected from the university that made the loan (starting with the bloated "Diversity" administrations, the Departments of Useless Studies, and similar jobs programs for unemployable graduates.)

That way those who most need the debt jubilee will be motivated to pressure their alma maters to dump the garbage, and the jubilee is discouraged from accelerating into even larger debts due to a lack of penalty for same.

As a bonus, it would be painful to the proponents of both university cancer and every-student-needs-a-debt, who now must find useful work, say, as trash-sorters and ditch-diggers.

Blogger Snidely Whiplash July 17, 2021 7:22 PM  

They won't send anyone to prison for unpaid student loan debt. They will just keep multiplying the fees and penalties and turn you into a slave. You can't discharge the debt, or the fees and penalties, and they can take it from your bank account without process or notice. And they'll charge a fee for stealing it from you.

Blogger Paul M July 17, 2021 8:51 PM  

> American business is partly to blame for turning our universities into inferior business training centers by asking for college degrees for jobs that don't require college level education.

American businesses are insisting on degrees because there is no other way for them to refuse to hire certain classes of people.

Blogger Paul M July 17, 2021 8:53 PM  

There doesn't need to be a jubilee. Give students recourse to bankruptcy and refuse to bail out lenders that made the bad loans.

Blogger Bryce July 17, 2021 8:57 PM  

Cinco, you're saying the right thing to do is to join the army for the loan repayment? So you get in debt and then go overthrow a sovereign nation to zero your accounts? Maybe you're not the one who should be telling people what "the right thing to do" is.

Blogger liberty July 17, 2021 9:36 PM  

So then what happens? A debt jubilee doesn't teach the universities anything, they already received the money. It doesn't teach banks anything because the Fed (taxpayers) will pay them off. It doesn't teach the students anything because they no longer have to pay for their decision.
It doesn't solve the issue, it makes it worse. There had to be a time when going to college meant understanding interest rates and loan repayment. "The best and brightest."

We need to raise admission standards, remove the feds from the game, and teach our children to make an informed decision about their post-secondary choices. Just paying off the debt solves nothing about the actual issue.

Blogger Moonman's Lunar Language Laughter July 17, 2021 9:38 PM  

@139

Exactly, can I git an AMEN.

The majority of you are useless, working cubicle jobs, just admit it and start again. We're gonna need you to be compatible with steam engines and hand-made generators when these idiots fail us.

Everyone can be replaced, shit even I can be replaced, and I'm a mothefuckin' genius.

Blogger liberty July 17, 2021 9:41 PM  

Another great idea to actually solve the problem.

Blogger liberty July 17, 2021 9:46 PM  

"The true reason people oppose a tuition jubilee is envy of persons blessed with greater intelligence."

Not sure when you last attended college but this statement strays further from reality every year as admission standards (and high school graduation) standards are lowered.
This act alone will continue our spiral toward idiocracy. If you even want to entertain the idea, then we need to stop admitting the "greater intelligence" who don't understand what interest rates mean.

Blogger liberty July 17, 2021 10:01 PM  

Universities need to eat it as well.
In my state, there are two billboards across from each other on the interstate. On one side is the largest university in the state, the billboard is almost always about promoting academics or congratulating graduates. The other is the next largest university, almost always promoting football or basketball. Sadly, I went to the second because of a better engineering college, but that shit is why I won't give them another dine.
You want to be in the business of selling tickets to sports games? Fine, but my charity won't subsidize it.

Blogger liberty July 17, 2021 11:33 PM  

"There's only just now starting to be rumblings that birth control is hell on a woman's body."

I see it. Took my wife 2 years to get pregnant with our first after being on birth control for at least a decade. We've now got 3 under 4.
"The easiest way to get pregnant is to get pregnant."
No, the easiest way is to rid your body of that poison.

Blogger SciVo July 18, 2021 2:03 AM  

@Ransom Smith:
There's only just now starting to be rumblings that birth control is hell on a woman's body.

Good luck getting a baby to grow in a womb with fibroids.

Blogger Sicilian switchblade July 18, 2021 11:05 AM  

I avoid any debt like the plague, didn't got to a university and cannot comprehend how somebody with enough intellect to complete a masters degree didn't sit down and run through a simple compound interest equation or strategy to climate any debt they would build as quickly as possible.

However:

Allowing those with debt to default on these debts through bankruptcy seems like a logical bare minimum first step.
If some idiot 18 year old goes out and buys a car they really can't afford, totals it without insurance they have a way out though bankruptcy on a case by case basis. Not such exit exists for student loan debt.

It's possible there are no "good guys" amongst the lender, borrower, educator and dipsh*t parents who pushed their children into something they shouldn't have. Although I feel the borrowers should suffer the least in this case.

As the Saying goes "If you owe the bank $100 and can't pay that's your problem. If you owe the bank $100 million and can't pay that's the bank's problem."

I think these lenders and educators will eat some of this regardless of laws, contracts etc. Eventually people will just say piss on it and walk away because they have no perceivable way of paying back the money.

Blogger Ominous Cowherd July 18, 2021 11:49 AM  

Ariadne Umbrella wrote:Henry what'shisnumber (Not British, not my problem) clawed back the monasteries' money. Britain is still standing. The people flourished and the economy and population grew under his stewardship.
Cobbett made a pretty good case that was a net negative for the Brits. A History of the Protestant Reformation in England and Ireland.

Blogger Ominous Cowherd July 18, 2021 11:58 AM  

Kevin Smith wrote:I recently attended a basic introductory electrician's course ... a four-hour class and all we learned from this senile Boomer was the use of 3 different types of screw.
In the power world, knowing those details is what separates the electricians from the engineers. Four hours for three types of screw maybe a crazy waste of time, but that's important stuff for a hands-on trade.

Blogger Ominous Cowherd July 18, 2021 12:00 PM  

Nihil Dicit wrote:The state can already take everything you own for all sorts of specious reasons, and all the lawyers and courts in the world won't do a damn thing about it. This would only make you powerlessness overt and open.
That does seem to be a goal.

Blogger Boo Boo the Fool, Esquire July 18, 2021 1:00 PM  

No jubilee. BANKRUPTCY. They have to allow federal student loans to be dissolved. And the stupid kids who took these loans have to be taught a lesson. One way of teaching that lesson is taking away their ability to borrow for a long while. It has to be done. Money must be respected.

Blogger KC July 18, 2021 1:11 PM  

@138 "They took on that debt because they were trying to be responsible. "

Not all of them. I knew at least three people who went to graduate school because they did not want to face adulthood yet. College was fun for them and they wanted to extend their college years. I know another who 100% financed a home economics degree from an expensive private college, whose only intent was to be a wife and mother (30 years later she is still in debt.) There is not a zero percentage of people who will avoid taking on stupid levels of debt after loan forgiveness, and for stupid reasons. This is a definite risk.

The solution:
Raid the endowments of every college and university that participated in this pyramid scheme - not just the wealthy ones.
End financing every non-STEM degree. If people want a liberal arts degree they can pay for it themselves (disclaimer: I have a liberal arts degree paid for by grants and loans that I paid off.)
The banks have to feel pain for this(don't ask me how, I'm not an economist.) The loan I took out at age 17 (cosigned by my Dad due to my age) was at nearly 10% interest. That was absolutely predatory.

Blogger KC July 18, 2021 1:19 PM  

@153 If you know anyone who is having trouble conceiving because of this or any other type of problem, I highly recommend a book titled Fertility Cycles and Nutrition by Marilyn Shannon. It is in about its third or fourth printing now and has immensely useful information. Also, I agree with @153. Contraceptive pills are poison (and according to the book I recommend, completely unnecessary poison.)

Blogger MrVegas July 18, 2021 5:00 PM  

Is there a way to make the universities that pushed these useless degrees on the naive students pay for this fraud?

Blogger SirHamster July 18, 2021 6:07 PM  

liberty wrote:It doesn't teach the students anything because they no longer have to pay for their decision.
You're too retarded to be offering your opinion here.

The point of a Jubilee isn't to "teach" anyone a lesson. It's to make it possible for the nation to live by giving debt enslaved young folk a path forward.

"They should stay debt slaves so they die in their sin and learn a lesson!" is a rather perilous self-righteous judgment to make. What lesson do you think God might have in store for you if He applied your standard to you?

Blogger Unknown July 18, 2021 6:52 PM  

Major dittoes to the second update post! I have harped for a few years about Yales endowment. Many finance gurus track their investments strategies but few have asked why they need a $1.4 billion nest egg (might be higher now). What does this fund? Apparently not scholarships, textbooks, salaries or pensions. Why does this school even qualify for Federal Student Aid if they can easily fund their entering freshman class themselves. They don't even need tuition beyond a nominal "skin in the game" argument much less taxpayer dollars. For those who would decry private institutions, the California CSU and UC systems were both caught hiding huge cash buffers to justify continued tuition hikes. The latter run by Janet Napolitano had ever 100 million in surplus funds as the UC cried about being underfunded. In 2010, the UC system hiked tuition by 33% (yeah, I know illuminati confirmed) in one year. When the surplus funds were found they didnt punish them by disbursing the funds amongst current loanholders even though that would have been honorable. These endowments either need to be banned, heavily taxed, or strictly regulated. Also, the current FinAid system allows students to convert a work study grant into a student loans but not the other way around. At the very least, they could make them reverse possible. All that bitching about grit but if I want to deliver pizzas in college that job doesn't qualify for "work study" nor do most unpaid intern jobs. While I am loathe to expand the leviathan of HE bureaucracy these are some possible stopgaps on the road to just forcing colleges to be fiscally viable or shutter. Of course the current shenanigans with the covidians may have the happy side effect of collapsing all these grifters with insolvency. By now it's clear that no one should take 100k in loans to be a SJW.

Blogger shadohand (akuma sock account# 7373636 ...crazy only responds to crazy) July 18, 2021 6:58 PM  

@Marky Mark

"They can't filter by race."

Sure they can, just don't bring the black guy back for second interview. Nobodies going to catch you if you utilize good OPSEC. Do the same thing with other races you don't like.

"They can't filter by sex."

Same as above.

"They can't filter by IQ."

It's called the ASVAB.

"They can't filter by very many criteria at all, but they can demand a degree. "

Sure they can. They don't need to give you a reason why they didn't a ham sandwich.

Blogger liberty July 19, 2021 12:01 AM  

And nothing changes.
You give 50% of the students who slept their way through classes if they showed up at all and the 45% who became western-hating cucks and harpies a free pass, just what are you solving?
The universities got theirs, the banks will be given theirs, and the "best and brightest" go on hating western civilization while the people building families pay their debt.

"Render unto Caesar..."
If it's usury, then solve that issue. If universities inflated their job placement and starting salaries of graduates, figure out what that's worth and charge them.

Blogger OneWingedShark July 19, 2021 11:26 AM  

VD wrote:Moreover, fraud vitiates all contracts, and students who took out student loans were lied to, deceived, and defrauded. The fact that someone agreed to something does not mean that they are bound to the agreement in any and all circumstances.
Aside from the absolutely predatory pushing of loans on university campuses, there's the generational trust: For Millennials, every person in societal advisor positions (parents/teachers/uncles/advisors) said "get a college degree, or you'll end up flipping burgers [for your whole life]." — Then in infuriatingly obliviousness, when presented with the difficulties of obtaining a job in the modern workplace, the same say "take any job, even if it's flipping burgers!"

The Observer wrote:Ending student loans is necessary towards cutting off the money spigot.xavier wrote:Once the jubilee goes into effect, the banks and universities need to be compelled to pay off the remaining debt for fraud and usury
You think too small.
Utterly destroy them, prosecute the fraud under RICO and leave nothing but corporate corpses of these institutions in your wake is the more appropriate stance.

Pierre wrote:Universities should also take the loss if they produce unemployable graduates.
When inquiring about insulting technical aptitude tests (ie questions like "how do you write an if-statement in Java"), I was told that the reason was because they kept getting graduates who could not do even that; which makes me think that such degrees are fraud, after all the university is certifying a basic level of competency in the field. (Now, I could understand someone not knowing Java, and saying "I don't know the syntax but it's probably something like X.")

Derangement Syndrome wrote:Modern University professors are even more disgusting than Boomers with their selfish actions.
Many (most?) university profs are Boomers.
And even those that are not have to deal with the "corporate culture" that they established.

Salt wrote:Student debt jubilee won't change things all that much as those still worthless degree holders will continue to be flipping burgers at McDonalds. To bad the jubilee couldn't make those degrees any more valuable.
The problem is MUCH deeper than "useless gender studies degree" — H1B and the whole foreign-labor fraud-machine devalue even/especially the valuable degrees. And then there's the Boomers who denigrated whole swathes of degrees (i.e. "Philosophy! That's a useless degree." [really any of the humanities, which is why Art is so despised by Boomers]), to the point that "some retard got a degree in gender studies" is irrelevant.

The Lab Manager wrote:Besides, every dimwit corporation in the pursuit of profit to an extreme level where it threatens the US's ability to do anything are more than happy to outsource to India or elsewhere. I can't even recommend a STEM degree. Pharmacy is waste as well since there are too many of them.
All you had to do was notice (A) the rise in requirements [like 14-years experience for Entry Level jobs] in the wake of the mass unemployment of the 2020 Shutdowns; and (B) how, even in the midst of all the businesses being destroyed, there were pushes for more H1B and other foreign labor visas.

Blogger OneWingedShark July 19, 2021 12:12 PM  

Unknown wrote:Lol vd going full anarchist.
That's quite possibly the most retarded thing I've seen this month.
It's not anarchy to apply the law; the only reason you call it anarchy is because the systematic ignoring of the law is "the norm". (If you're confused, look up the elements of fraud.)

dienw wrote:I agree with the debt jubilee; going forward there needs to be a restructuring of the university system itself:

discontinue the college within a university concept: for example don't create a school of business and replicate a minor liberal arts program around it: if all the student needs is a grade 'C' in English for a business degree, then don't demand an 'A' and create an inferior English department just for your business school students.

I think it would be more productive to have a law like: "No university admitting more than 5% foreign students shall receive any federal funds, either directly or indirectly [via grants]."

maniacprovost wrote:I don't see how a good solution can be passed by Congress. I don't believe it ever will be. Maybe a huge taxpayer giveaway to universities is better than nothing.
As mentioned upthread, the federal government holds the loans; therefore the federal government could absolutely declare them forgiven; no need (insofar as that goes) to pass a law.

MarkyMark wrote:While a jubilee sounds nice and all, what about those of us who PAID the debts we willingly took on? How is forgiving debts fair to those of us who honored our commitments and paid off the debt as we said we would?
What about?
You absolutely fail to consider the fraudulent nature of the loans, and [arguably] the degrees, and the extortionate nature of the advice to go to college.

Unknown wrote:One of the main reasons that college tuition has gone up so much is the Federal student loan program.
Jubilee the debt but also make two changes to student loans.
1. No longer have the government guarantee them.
2. Make them bankruptable
Game over college scam

3. High percentage of degrees not used in their job are to be considered fraudulent and the university must pay.

Blogger OneWingedShark July 19, 2021 12:12 PM  

goobernpea wrote:I may be talking out my tail; but if colleges and universities are requiring students to take the jab, they should waive the tuition. Then we are going to see how woke these places of higher learning are.
No.
Colleges requiring the experimental gene-therapy should be disincorporated and the administration tried for warcrimes.

SciVo wrote:As long as we're throwing stimulus money around, cancelling student loan debt would have a salutary effect for a low opportunity cost.
And I say that as someone grinding his teeth over the unfairness to those of us who already paid our loans back. But the brother of the prodigal son felt the same way, and was wrong to.

Less 'wrong', and more "lacking in compassion." (Note that the father does not condemn the elder's anger: the squandering of the inheritance, along with the initial demand, was offensive; instead, the father intreats him to do Proverbs 19:11 and join in celebrating that the son has returned at all.)
Except that such lack can itself be wrong: as the parable of the unjust servant shows.

JovianStorm wrote:Jubilee time is the only reset that will work to restore Western civ if we can get Sink the Boats day made a national holiday.
The more I consider it the more The Great Reset is the satanic mockery of Jubilee: instead of setting people free, it will only enslave.

Freeholder wrote:Well, apparently I am either a complete idiot or incredibly wise because I am in the 1 percent who has continued to pay. My thinking is that while it hurts a little, I can afford it and I suspect there will be some really bad things snuck into the forgiveness because the Elite aren't going to let go of that leverage without something in return.
I suspect it will be something to the effect of "all your debts are canceled, but you lose your ability to own private property forever".

Shane Bradman wrote:I don't care if the world becomes poor if that's what it takes to get rid of debt so that young families can form again.
This.
We need to embrace, even if painful, policies that promote families rather than status quo.

Blogger OneWingedShark July 19, 2021 12:47 PM  

Wazdakka wrote:Kind of hoping that the foretold /promised software genocide will wipe out all debts
The one thing they will have backed up are your debts; you assets, no, sorry "they were 'lost'".

SciVo wrote:@foxmarks:

Why expect those who have debt forgiven will follow the path of home ownership and child-raising?
What men want is a debt-free virgin without tattoos. But many are willing to settle for one out of three, so for those that could go for a debt-free inked-up skank, a lot of women would suddenly become marriageable that hadn't been.

A good point, and it is worth noting that men are willing to settle, while society/MSM cries on and on about the lack of men willing to marry as if they have super unrealistic standards.

Badpainter wrote:You what's not fair being told from a very early age that college is the only path to success and a meaningful life. Being told that you just need a degree, any degree to open the door to a good career. Being discouraged from looking at trade schools, and being surrounded by voices that denigrate skilled labor blue color jobs. Being born poor, short, unhealthy, the wrong color, in the wrong place at the wrong time. Attending a high school that didn't have advanced placement classes.

All of that is unfair. Paying your debts when other get forgiveness is also unfair. Fairness is last argument of the maliciously selfish when the topic is justice.

And let's not forget the corporate side of this: If you make bad decisions as a megacorporation, you get bailed out.
Or the Boomer side: If the banks make a bunch of sketchy home-loans, then bundle them together to hide the risks, and it all blows up, instead of letting the banks die (and the housing market reset to true valuation) they prop up the banks and allow the property-rates to continue in an inflated state.

Dewave wrote:Why do boomers always say "We cant fix this problem, it will make people feel entitled to handouts"
Firstly, its wrong.
Secondly, its backwards.

All the students whose lives are crippled by enormous student debts are virulent "burn the system down and redistribute all wealth" socialists.
These depts are causing them to reject capitalism and embrace socialism (along with skyrocketing costs of food, housing, healthcare, etc)
[…]
They are now older than he was. They are saddled with debt, not married, living at home with their parents, and can already tell the dream of home ownership is effectively dead for most of them.

Why the fuck do we bailout banks but not students?

Absolutely.
Millennials have been shown their whole lives that they cannot win: as soon as they start pulling themselves up by the bootstraps, "the system" Tonya-Hardings them yet again.

Blogger OneWingedShark July 19, 2021 12:53 PM  

MrVegas wrote:Is there a way to make the universities that pushed these useless degrees on the naive students pay for this fraud?
RICO and/or disincorporation.

Blogger Reziac July 19, 2021 10:16 PM  

#163 sayeth: "I have harped for a few years about Yales endowment. Many finance gurus track their investments strategies but few have asked why they need a $1.4 billion nest egg (might be higher now)."

I don't know about that, but if your family income is less than $65,000, and you are accepted to Yale, you pay NO tuition. (I believe the other Ivy League schools have similar programs, but this is the only one I've looked up.)

As to the $1.5B, turns out that's only about a quarter of their current annual operating expenses:

https://provost.yale.edu/budget/data-glance

"FY20 Expenses. Expenses in this year's operating budget, net of internal revenue, amount to $4.2 billion; expenses excluding internal revenue are $5.247 billion, as depicted here. Salaries and benefits account for 51% of our total operating costs. (See the following chart for a detailed view of benefit expenses.)"

So, assuming about half the salaries and benefits are for junk admin positions and professors of useless studies -- still would only shrink the budget by about a quarter of the total.

Of course, part of the problem is that budgets expand to consume the available funds...

Blogger voicefromthefringe July 22, 2021 12:05 PM  

I would be fine with student debt cancelation, but under one condition. Those who take the option to wipe out their debt get no credit in the future. No house mortgage, no car financing, no credit card. Nothing. Ever. Otherwise why should anyone pay off any loans?

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