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View Diary: A new approach to the student debt crisis (121 comments)

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  •  So, to avoid giving a gift to the 0.01% you (1+ / 0-)
    Recommended by:
    AoT

    advocate the continued screwing of the 99.99%?

    To be fair, I pay over $1k/mo on my student loans. I make a good living, but I'll never make the 1% cut (unless my MegaMillions ticket wins tonight!)

    -7.38, -5.38 (that's a surprise)

    Why must we struggle to protect the accomplishments of Democrats of the past from Democrats of the present? -- cal2010

    by 84thProblem on Tue Jun 04, 2013 at 08:30:15 PM PDT

    [ Parent ]

    •  You misunderstand. (0+ / 0-)

      Forgiving student loans doesn't help the top 1%.

      Forgiving student loans helps the top 70%.

      It's the bottom third that gets screwed in these "loan forgiveness" schemes because poor people are so much less likely to go to college.

      •  I don't think I misunderstood, though perhaps (0+ / 0-)

        there is miscommunication.  Why is it a bad thing to help the vanishing middle class? I say, 'let's give a hand to the middle class, though it might also send a fraction to the upper class'. You say, 'let's not help the middle class because it doesn't do much to help the the lower class'.

        Please forgive my over-generalization wrt 'classes'; the point becomes lost in the rhetoric otherwise.

        -7.38, -5.38 (that's a surprise)

        Why must we struggle to protect the accomplishments of Democrats of the past from Democrats of the present? -- cal2010

        by 84thProblem on Tue Jun 04, 2013 at 09:30:10 PM PDT

        [ Parent ]

        •  I don't like it because... (0+ / 0-)

          ...it looks bad.

          It's a bailout -- and it's a bailout of people who knew what they were getting into.

          Imagine a guy who couldn't afford college, so he took a job as a roofer. He gets home, hot, sweaty, covered in (carcinogenic) roof tar. He turns on CNN and hears, "Obama bails out struggling Poetry majors!"

          That is not how to win elections. It's also unfair.

          •  This isn't a bailout (0+ / 0-)

            I'm not suggesting a bailout at all.  This wouldn't wipe the debt clear, it would just give employers a way to partner with their employees to pay it down faster.  All the principle is being paid back, and the government is still earning money on the interest.  

            The only subsidy/benefit would be the tax reduction by using pre-tax dollars--just like we do with 401k plans now.  But ultimately, that's a bit of a side point--the goal is to influence businesses so that they'll begin helping pay down the debt too.  This isn't a bailout--it's harnessing private capital in the absence of public investment.

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