Elizabeth Warren plans to eliminate 640 billion worth of student loan debt

Macduff

Moderator
Apr 2010
97,859
34,516
Pittsburgh, PA
Agree. I do like the idea of lowering costs of colleges however I have been reading that a lot of expense coming from state and public universities is their pension plans. The public college my oldest attended said in a recent publication that over 50% of their costs go to retired professors and admin and that they are contractually obligated. They actually expect it to get worse as some retire earlier and live longer. I do think this is going to be a huge cost at many places.
I could see that in the STEM fields. We need people to study engineering. They then use that degree to contribute to society. But if someone is dumb enough to get a degree in something like gender studies, then that's their problem. All they're going to do with that is teach it which furthers the cycle of uselessness.
 
Mar 2012
59,655
41,134
New Hampshire
This is one of those areas where my selfishness weighs heavily against my notion of what's right for the country. Abstractly, I see that the massive debt overhang for young people is a problem for the nation and that we should be doing something about it. Plus, when I listen to the better angels of my nature, I feel for those young people. But, at the same time, student loan debt forgiveness irks me, because I didn't get any help of the sort. When I graduated school, I had student loan debt that was three times my starting salary, at 8.5% interest. I paid back every single penny without a bit of help from the government. It's frustrating to think that now, when I'm finally past that, I'll be paying to help others pay down their debt (regardless of how this is structured, it's ultimately going to be a transfer of wealth from those without that debt to those with it.) It's not just the government program, either. My employer recently started a program of student debt repayment assistance for employees -- a program they didn't have when I had that debt. That's essentially money that otherwise would have been available for higher salaries or other benefits.

Such programs are fair if they were always in place -- basically, you get help early on, in exchange for doing your part to help those who come after you. But there's an injustice when they're first put in place, in that the last generation without the benefit winds up paying for it for years, without ever having had the advantage of it. This is the type of thing I was worried about for my generation (Gen X). We're a small generation, and so we don't have the political heft to have our problems addressed (crushing student loan debt isn't a new thing -- Gen X had it, too). Yet, we also lack the heft to defend against wealth transfers from our generation to the Millennials. So, sandwiched between the Boomers and the Millennials, we'll get the worst of both worlds. The biggest screw job is probably still coming -- Social Security and Medicare. We've been paying in our whole careers at the higher rates that were phased in ending in 1990. Yet it's highly likely that after the Boomers suck the marrow from the bones of those programs, we'll be left with a desiccated skeleton -- means-testing, older eligibility, lower payouts, etc.
Its funny my kids are millennials and even they say Gen X will get screwed. They see Medicare and SS having deep troubles in about 5-10 years and then by 20 years it could be decimated. They dont think their generation will be able to pay enough in to make a big enough difference since Gen X is immediately after the boomers. Going to be a bit of a nightmare.
 
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Mar 2012
59,655
41,134
New Hampshire
I could see that in the STEM fields. We need people to study engineering. They then use that degree to contribute to society. But if someone is dumb enough to get a degree in something like gender studies, then that's their problem. All they're going to do with that is teach it which furthers the cycle of uselessness.
I think its likely we will be doing something for medical school and health care fields as well. We dont have nearly enough of them for when the bulk of the boomers age.
 
Jan 2019
772
266
Tempe, AZ
E.W. is a true & total doofus! Apparently she does not CARE if our country is BANKRUPT and goes down the crapper!!! :zany: