Here's how he could do it. Buy it. Have the government pay everyone's loans off by adding it to the already ballooning national debt. It would cost us inflation in the long run but the short term economic boost would be orders of magnitude larger than that of Obamas bailout of wall st and car companies.
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You are kidding, I hope? "Forgiving debt" is an enormous perverted incentive to contract more of them and act irresponsibly - just like it did to developing countries in the 1970s.
Instead of artificially encouraging people to go to college and let them have debts they can't repay, Trump should dump EVERY SINGLE federal incentives to higher education. Not only is the federal government NOT supposed to get involved in education, but those funds could be returned to taxpayers.
So much this.
Well no. It is unfair.
why not make every US citizen a millionaire while we are at it?
Good idea. Go pitch to Trump!
Speaking as someone who's still working at paying off a student loan debt, hell no! How about we stop telling kids they need to spend an ass load of money to go to a school that will cause them to be haunted for repayment for more than half of the rest of their lives. Maybe we should start telling more people something akin to "it's okay to be mediocre"! I'm only paying off a loan for a 13 month course. I've been paying it for twelve years already. The worst part about it comes in the realization that it did nothing to get me where I am, yet my income is just shy of the average U.S. household income. I know this doesn't fix the student debt issue we are currently dealing with, but I'd bet a decent amount of money that most of those people use at least two Apple products and stop at Starbucks on average of once per day.
TL;DR The problem is much bigger than existing student debt.
Indeed. The main problem stems from the belief that higher education is vital for success; it isn't. A lot of successful businessmen, including Bill Gates, forwent completing a college degree.
It's not for everyone. While one-legged, one-eyed, blue-hair, Hispanic gender fluid single-parent studies can be fulfilling for some, its job prospects are... limited, to say the least. Why are intellectuals denigrating jobs like welder, plumber or other jobs that only need a technical degree? Not only won't people be indebted but there is a high demand for these jobs since people are artificially encouraged towards higher education
Exactly! A good number of these blue-collar jobs don't even need a degree. I'm still paying my technical school loan, but the degree hasn't done anything to help me get where I am. Also, what has happened to apprenticeships and on-the-job training? Too many people seem to believe these jobs are "beneath" them.
I was thinking about apprenticeship; I'm still getting used to the US education system. In Quebec (Canada), apprenticeship is done through "technical" high school or college and usually gives a job directly - like nursing, police or architect. There is little need for loans since both are either "free" or very low-cost.
You asked for this
You sign up for this as a commercial contract
You now have to pay it back...
You are 5 years old or what??
Yeah, no. It's not media brainwashing that has shown me the issue isn't who gave how much to solve a financial crisis that wouldn't have to exist if the media weren't telling us we have to go to school, get a high paying job and own a big house. A local band said it best, "Get good grades, get good jobs, get good money... isn't that funny." If people stopped listening to the media and marketing and were contented to do what made THEM happy we wouldn't be in this kind of a mess. People already spend way too much time off-loading responsibility, it's time people took it back. I'm all for helping out the little guy, but instead of asking the government to do it, why not get a group of people together and start a fund at commonchange.com and help educate people that the reason they are in debt is because they were told they needed to go that deep in the hole, and they listened. I can't claim to have all the answers, but individual and national debt keeps getting worse and worse. When big companies get bailed out they don't use the money to help anyone but themselves, but digging the national debt deeper is not going to preserve the future for the next generation or any of those after it.
I don't think you're understanding the angle I'm coming from. I don't disagree that the amount of student debt is disgusting, I just don't believe having the government buy up all the student loan debt and forgiving the debtors will fix anything. The mindset of a debt-driven society won't have changed.
But if the mindset isn't changed then this economic fix would last about 6 months at best. Then instead of it being student debt it would be housing/automotive/credit card debt. The society we live in is so enamored with the idea of going to college because it will help us get the "good life", and that would carry on even if existing debt was wiped out, it would just move somewhere else. Without changing the mindset, what happens to the next group of people that decide to take on the debt of going to college?
I'm now anxious to pay off my debts (student, auto and credit card) because my mindset has changed. Instead of wanting to get rid of my debt to have more money to spend, I want to get rid of my debt so I'm not a slave to the system. I don't like having to leave the house in the morning just as my sons are waking up, driving fourty-five minutes, getting home a half hour before my sons go to bed five days a week just so we have enough money to survive and keep collectors at bay.
If we ask the government to pay existing student loan debt, debtors won't be able to just walk away, there will be some kind of chain attached to their ankles whether they see it or not.
The government shouldn't have to pay for ANYTHING to bailout debts. Of course, it DOES bear responsibility because it encourages going into debt rather than saving, but that's a whole other story...
And since you're into number: healthcare services and social security take up to 49% of the federal budget - defense is at 32%