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1. make student loan payment 100% tax deductible, and retroactively 2. abolish bush’s disastrous bankruptcy abuse prevention and consumer protection (!!!) act, which exempts federal and private students loans from discharge 3. abolish federal student loans
it is essential we stop thinking of public subsidization and protection of private universities and banks as a public good, accurately diagnose the generational debt slavery such policy has caused as an existential threat, and fix it
4. Switch government funding away from demand-side subsidies to supply side (just fund public schools directly)
public schools already are funded directly. cost of attending must public schools is perfectly reasonable / manageable.
Yes, at 1.5 trillion and more than the credit card debt in the US. And you can’t default on it either, it delays major expenditures and exacerbates the political effect of QE
Couldn’t agree more. I heard your Reason podcast the other day, and you’ve got another fan. Keep at it!
thanks, man, glad you enjoyed it!
can you help me understand 3? too much potential for a kid to shoot himself in the foot?
Yes. Also vastly inflates the demand for, and therefore the price, of a college education. People are seriously signing onto decades of debt because "bruh, my teachers in high school told me to".
It’s actually weirdly hard to find data on where and how student loans are causing problems for people. Best all-round figure I’ve found is default collections, which reached ~3billion a quarter in 2018
Almost by definition collections are likely to trend up - as far as I can tell, mandated amounts aren’t enough to make inroads on the principal. Potentially looking at big consumption/real income overhang
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