Drawing a line and labeling anyone over it as the enemy is, in theory, a good thing by encouraging a mindset of class warfare. We can debate over whether $200K is a good line.
I dont have an issue with paying off student debt, though I think using that money for free college would be better. A lot of that debt is held by poor people.
The issue is it’s not just students who are in debt. Plenty of non college students are also in debt. Thinking there would not be resentment by paying off all student debt is way off. Where is their debt relief?
I mean yeah we’ve all seen and laughed at the “this couple makes $500k in NYC and their life is so hard” nonsense, but a household income of $200k in NYC is not even upper middle class for someone with student debt and kids.
Boomers will inevitably chime in “don’t live in the expensive place.” Where do they think the jobs are? I hate boomers so much. Just wipe it away for everyone and lower the interest rate to .1% for everyone moving forward, some segment of the population will complain no matter what, err on the side of being too generous and ignore the trolling backlash.
And yes colleges suck and are wildly inefficient and pay infuriating salaries to asshole administrators and absolutely prey on people, all acknowledged!
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Ok I’m for that.
You don’t have some god-given right to live in a 2800 square foot single-family house just because you went to college and have a couple of kids. If you live in San Francisco or New York you live in a little apartment. That’s what you do.
Lots of people live in San Francisco and make $30,000 a year. If you make 200000 you’re still Rich you just live in a smaller house than you would if you made 200000 and lived in Oklahoma. You could make $1000000 a year and still spend it all on housing if you wanted.
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Bankruptcy court is available for inexpensive relief of normal debt already. Student loans are 99.9% non-dischargeable
Thought that was harder and harder for poor people to declare bankruptcy? Don’t you need fancy lawyers for that?
There are plenty of lower middle class and poor people in debt who will be asking where is mine.
The bottom 60-70% can file a chapter 7 bankruptcy. Attorney fees here range from 900-1500. In 90% of cases I do my client’s credit score is immediately better post bankruptcy so not only does it eliminate debt it also makes people more credit worthy in the vast majority of cases.
This is in theory an absolutely atrocious idea. It’s a lock
to mean Dems lose forever.
Let’s say we decide $250k is the cut off between good and bad people. One day our hero is playing some poker and hits a nice tourney score for $255k. It’s off with his head?
Then let everyone do that with debt including college debt.
It’s not even close to a good line.
Dems would do well by linking class warfare and identity politics, offering up white billionaires as an object for the masses to hate.
What % of Americans earn over $200k/year? Genuinely I don’t know. I see the median income is 60k-ish.
Great idea in a nation raised from birth to believe they will all be rich one day!
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I agree but ole Joe Biden made sure student loans were non-dischargeable in the 2005 bankruptcy bill he cosponsored.
We will be seeing before our eyes what happens when Dems win while maintaining the system that has done fuck all for working class, minorities, disabled etc forever. They ‘compromise’ with Republicans by enabling the kleptocracy to be even more effective. Imo class warfare is a great tool for progressive causes all over the world. Its worked incredibly well for right-wingers.
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I know. Change the law.
narrator…
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That’s just the white people who think that. We will replace them.
Just making student loans dischargeable in chapter 7 which is already means tested would be a very palatable and simple solution. So I agree with you.
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Somewhere between 5% and 10%. I think that’s of people with income.