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Post By
Late Great Donald Blake 
Moderator

Member Since: Sat May 17, 2008
Posts: 7,563
In Reply To
zvelf

Member Since: Sat May 17, 2008
Subj: Re: So how do we feel about Biden's student debt forgiveness?
Posted: Fri Aug 26, 2022 at 08:25:47 am EDT (Viewed 163 times)
Reply Subj: Re: So how do we feel about Biden's student debt forgiveness?
Posted: Thu Aug 25, 2022 at 10:08:39 pm EDT (Viewed 185 times)

Previous Post

It's half-assed, but better than nothing. (IIRC, you thought Biden was going to end up doing nothing on this.) Having read more on this topic, I'm not sure that debt forgiveness is the proper way to go. One time is okay, but it doesn't do anything to control college costs and could make those costs even higher if colleges think the government is going to do this kind of subsidizing every decade or so.

It's half-assed, but better than nothing. (IIRC, you thought Biden was going to end up doing nothing on this.) Having read more on this topic, I'm not sure that debt forgiveness is the proper way to go. One time is okay, but it doesn't do anything to control college costs and could make those costs even higher if colleges think the government is going to do this kind of subsidizing every decade or so.



LGDB: totally agree that this is better than nothing but half assed. As far as whether it's better to forgive the debt or the underlying system creating the debt is a false dilemma. I'd say as a matter of fact the reason we have all these fiscal conservatives and corporate libs bemoaning how we need to fix the underlying system is BECAUSE a marginal amount of the debt is being forgiven. Those types wouldnt generally bring it up otherwise. And I'm sure a sweeping reform of the college education system is going to plummet down the list of their priorities in a few weeks when this has dried up from the news cycle. Not including you in that, but it accounts for this being in the corporate media.

Further it's important to keep in mind advocates of debt forgiveness are almost never for NOT addressing the system of funding public education through indebting people. It's that those solutions are rarely on offer and the system as such is organized against allowing for them. I mean honestly most of these well to do centrist technocrats railing on about how this doesn't change the systemic issues would be the very people who would be so firmly against the political overhauls necessary to do something about the system. The reason the left has been pressuring Biden to do this is because unlike other issues he can blame on Congressional obstructionist, Biden has the unilateral authority to do this. It's not the perfection point to deal with the issue. It's simply the only one that the Dems can't deflect from.

And the idea that this will encourage the schools to raise their prices misunderstands the economic levers in place. The schools are already off the hook in the vast vast vast majority of cases. Whether the fed gov collects all the debt, forgives it, or sits on it, doesn't affect their balance sheet. And what determines their prices isn't generally speaking whether the government will forgive thee debt once the government owns it; it's whether or not the government will continue to guarantee those loans no matter how high prices rise or onerous the interest rates. This was a fantastically crooked and foolish way to finance public education in the first place, and it was essentially designed by and for banks and lenders.



cheers,
---the late great Donald Blake


P.S. yes of the dozens of beneficial things that Biden could do but hasn't, this and Afghanistan are the two that I didn't predict correctly. I'm okay with that average lol To be fair though, I also said IF he did this it would be a half loaf, and low and behold.


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