Government relief of US college debt...

Have we reached the point predicted two hundred years ago where Congress has figured out how to bribe the American people with the people's own money??

We raise taxes (the people's money) and use it to subsidize everything from cheap oil and computer chips to bankrupt banks and auto makers. We use it to provide economic stimulus payments in down times and now to pay off student debts.

I know I've posted in the past about my support for access to abortion services and my support of marriage equality and transgender acceptance so many of you might consider me to be quite liberal across the board. And it's true that I support many liberal/progressive issues. But when it comes to economics and individual responsibility I tend to the fairly extreme right side of politics.

I don't support government subsidies. Period.

I think oil companies should pay fair market value for the land they drill on.
I think coal companies should pay the full life cycle cost of their ore.
I think solar electric should also should pay its full life cycle costs.
Same with wind.

If your car company can't make a profit, then maybe the guy who buys your factory from the bankruptcy court can.

If your bank is too big to fail, then take better care of it. Don't come to me with your hands out when you screw up.

And, if you borrow money to buy a home or get an education, then have a plan to pay it back.

It's called capitalism and, until it is replaced by something else, it is the system we have in place.

Let me tell you a story about one of my cousins. He's a couple years younger than I am. He's really a second cousin or maybe third, I'm not quite sure how all that works. In any case, he came to me when I was in my second year at university because he wanted to go to college and it wasn't looking possible for him. So we talked about it.

He wanted to go for the traditional four year bachelor's degree. He was really into theater arts and stage lighting and audio production. I asked him a simply question ... In that world would a bachelor's degree impact his income? In other words, how many years would it take for the increased income take to pay off the cost of a four year degree? A simple "return on investment" conversation (and no, I wasn't a business major).

He looked into it. What he found was stunning to us both. In that world, people with a degree and people without a degree made essentially the same money. It was crazy. He decided to take the savings he was able to blow on a first semester and instead bought some equipment. If I remember right, it was a trailer to cart stuff around and a bunch of lights and cables and speakers and some kind of board to control audio ... and he started going around to various venues and bars and clubs and offered to run events for them. He was 18.

My grandfather provided a lot of really good business advice and today he is 26 and has three crews running around Boston doing corporate events during the day and evening events at bars and clubs. No degree, no debt.

My point in bringing him up in this conversation about education debt is because he did assess (at my urging) what the debt of a four year degree would end up costing him and whether the benefit of that degree would support that debt. In his field it would not.

For other's the calculation may be different, but it is a basic calculation that anyone taking on any kind of debt (education, real estate, car, etc) should and could run. This is not advanced calculus.

So when I hear that people are strapped with huge debt and can't make their payments, I do feel bad. But I think it is fair to ask how they got into that situation and whether it is due to matters beyond their control or not.
- Took on loans and then got sick and couldn't finish school? Okay, legit issue and maybe some relief should be offered.
- Took on loans without thinking of payback and now don't make enough to support the debt? We have a process to handle this already in place. It is called bankruptcy. It comes with consequences, but it works and is fair to borrower and lender.

Am I too harsh here? Are we responsible for our decisions?

Edit: I became aware through the comments below and some personal research that student debt cannot be eliminated through bankruptcy. This is crazy. The concept of bankruptcy is critical to the smooth functioning of a capitalist economy. If someone truly took on too much debt through poor planning, then bankruptcy should be available to them and the federal guaranty would kick in and make the lender whole.

MommyLucy · 36-40, F

I fully agree people should be responsible and I work as a receptionist in a small hospital! 🤗🤗🤗 I know you say you are to the right of politics in economics which is fine I am to in some ways however my son who has severe autism (my autism is very mild) is completely non verbal which means he doesn't talk. He has never really spoken and he is 14 years old. He goes to a school that only accepts disabled children and he has the mind of a toddler. When he is upset he has been known to violently punch his own head full force or headbutt the wall until his head is bleeding which is scary for any loving mother! He has zero conceot of danger or road sense and he needs help using the toilet too! 😇😇😇

Why am I telling you about my disabled son? Well, you said you don't support government subsidies at all! I agree if someone was lazy but there are genuine disabled people out there who need help and welfare! 🤗🤗🤗

How can my son when he is older possibly get a job and work when he doesn't talk, tries to eat stuff he shouldn't, hits himself full force when upset, has no road sense, needs help using the toilet and needs round the clock care! He can't! 🙄🙄🙄 So when the right wing are against the government and state helping people they are punishing the most vulnerable like my son bless him! 🤗🤗🤗

The biggest problem with a strong welfare system is lazy people decide to lie and say they are disabled when they are not to get free money and not work! 😤😤😤 That is wrong but my son is as genuine as you can get! Remember he is like a toddler. If the state never helped true disabled people would be in trouble! 😭😭😭 Most disabled people can work and I have mild autism and I work and love my job! 🤗🤗🤗 But my precious son is not going to be able to work when he is older and for the genuine disabled who need help like my son I fully support a strong welfare system! 💖💖💖

sarabee1995 · 26-30, F

@MommyLucy Oh dear...

Okay, so the word "subsidy" can be defined narrowly or broadly. In my use above, I am defining it narrowly for sure. What I oppose is government bailouts of private industry. The higher education system in the US (a prominently private system) is broken. It is grossly overpriced and the last thing the system needs is more federal dollars.

But I don't consider healthcare services to be a subsidy (or military spending as one of my friends here implied). While I don't like the use of the word "rights" related to healthcare, I am a very big proponent of universal access to appropriate healthcare services. In your son's case, that means anything it takes to properly care for him with dignity. That is not a subsidy. It is living in a humane society.

Thank you for being the loving mom that you obviously are. Please give him a hug from me (if he will tolerate that).

KiwiBird · 36-40, F

@sarabee1995 I almost jumped in before you replied knowing full well this wasn't the intent of your no subsidy ambit claim. There are always expectations and special needs health and welfare would fall in this category. @MommyLucy