The debt “relief” numbers are staggering and the fact that this has happened through an executive waiving of the wand (and even with a countermanding SCOTUS opinion) makes Biden’s talk of Trump’s authoritarianism ring hollow. (Trump is a windbag, a blatherskite and a sore loser, but we have seen his act for four years and he presents less of a threat to the rule of law than this gang).
Worst of all, this staggering sum of money is not really being “relieved” or “forgiven” at all—merely turned over to the half of the adults in America who pay federal taxes.
Think the Palestine protests were not on Biden's mind when providing debt relief. The scale of that relief is amazing, but I would bet only a small part of that number is from elite schools. Anecdotally, it's one of the first things I hear from young people - except those in or from elite schools. They almost never mention it. The expectations and job prospects of those in elite schools are on a different plane. It's another instance of a debate being hijacked by the very privileged and apparently endlessly interesting (to the media) students of Ivy League and similar schools. Because I have been exposed to dozens/hundreds of nurses, physician's assistants, physical and occupational therapists, EMT folks and early career MDs over the past few months, I can say Biden is not wrong to try to help. The salaries in these professions are not high, the cost of housing is astronomical (at least in Boston/NYC) and the burden is real.
Thanks for your comment. I agree with most of it--but I still believe that part of the deal is that, depending on the program, loan recipients should be required to give years of national service, especially young doctors, in poor or rural clinics. (ALL professional school graduates should be, as I proposed a few posts ago.
Pointe well taken. I think national service should be a universal requirement for 18 year-olds. Not just people who have indebtedness from school. I'm sure there is moral hazard in what Biden is doing, I just think a transfer of wealth to this group of people is not a terrible result. Would I prefer Congress did it? Yes. Would I prefer some kind of service requirement for professionals and/or people who were not victims of outright fraud? Maybe, but it depends. The people I met - totally anecdotal, I will stipulate - are already mostly effectively doing that. The rural medicine issue is a big deal - wonder if there shouldn't be other financial incentives for people to do that.
This article is absolutely brilliant. I have shared it with colleagues as well. As a university professor, I am especially impressed with Joe's accurate assessment of the most compelling issues that we are facing.
Ala Gov. Noem, living in the country, with agriculture and raising animals, a dog that kills chickens, either must be on a leash the rest of their lives outdoors, for if caught killing chickens it can be summarily killed in most areas.
The debt “relief” numbers are staggering and the fact that this has happened through an executive waiving of the wand (and even with a countermanding SCOTUS opinion) makes Biden’s talk of Trump’s authoritarianism ring hollow. (Trump is a windbag, a blatherskite and a sore loser, but we have seen his act for four years and he presents less of a threat to the rule of law than this gang).
Worst of all, this staggering sum of money is not really being “relieved” or “forgiven” at all—merely turned over to the half of the adults in America who pay federal taxes.
Think the Palestine protests were not on Biden's mind when providing debt relief. The scale of that relief is amazing, but I would bet only a small part of that number is from elite schools. Anecdotally, it's one of the first things I hear from young people - except those in or from elite schools. They almost never mention it. The expectations and job prospects of those in elite schools are on a different plane. It's another instance of a debate being hijacked by the very privileged and apparently endlessly interesting (to the media) students of Ivy League and similar schools. Because I have been exposed to dozens/hundreds of nurses, physician's assistants, physical and occupational therapists, EMT folks and early career MDs over the past few months, I can say Biden is not wrong to try to help. The salaries in these professions are not high, the cost of housing is astronomical (at least in Boston/NYC) and the burden is real.
Thanks for your comment. I agree with most of it--but I still believe that part of the deal is that, depending on the program, loan recipients should be required to give years of national service, especially young doctors, in poor or rural clinics. (ALL professional school graduates should be, as I proposed a few posts ago.
Pointe well taken. I think national service should be a universal requirement for 18 year-olds. Not just people who have indebtedness from school. I'm sure there is moral hazard in what Biden is doing, I just think a transfer of wealth to this group of people is not a terrible result. Would I prefer Congress did it? Yes. Would I prefer some kind of service requirement for professionals and/or people who were not victims of outright fraud? Maybe, but it depends. The people I met - totally anecdotal, I will stipulate - are already mostly effectively doing that. The rural medicine issue is a big deal - wonder if there shouldn't be other financial incentives for people to do that.
"Pointe"? Yikes, sorry.
This article is absolutely brilliant. I have shared it with colleagues as well. As a university professor, I am especially impressed with Joe's accurate assessment of the most compelling issues that we are facing.
Ala Gov. Noem, living in the country, with agriculture and raising animals, a dog that kills chickens, either must be on a leash the rest of their lives outdoors, for if caught killing chickens it can be summarily killed in most areas.
Great piece. The data on student debt “relief” is from crfb.org.