The fact is in the US there has never been a generation more financial worse off at this point in their lives compared to preceding generation, than current younger generation. Something NEEDS to be done given this is the richest country in the world and can afford it. It just has to be done fairly to properly benefit that generation and class. For example u can’t write off all loans per 2019 and fk everything 2020 and later. If you earn less than X, should be automatically entitled to some form of student Loan forgiveness regardless of when u went to college. It will get murkier with private loans and I think that population cannot be neglected. The ultimate goal is to get colleges to adjust these absurd prices while also providing a degree of relief . At a Bare minimum these loans need to be interest free imo.

Colleges need a rework through and through. There are only a handful of specialities that are worth going to college for now. A lot of high school graduates fell into the trap of just going to college because it will work out in the end. I feel you can only blame that demographic so much. A lot of shams when it comes to college. The text book industry is one of the biggest. As if general chemistry or general physicals have changed over the last 2 decades.

the problem is not the consistency within your imaginary scenario, it's your ridiculous CHOICE of framing. refer to my previous post (and just for the record, many of those burger flippers are those college kids - the one's looking down on them are the spoiled brats of the people whose boots you love to lick so much): don't let the amazon box slaves pay for it, let jeff bezos, rex tillerson, and wilbur ross pick up the tab.

Opportunity costs are a thing, you know? We can rail against overspending and waste all we want, in reality, reducing government spending will negatively affect the common people - even worse, making the state more "skinny" will disproportionately hurt the poor and the lower middle class.


I agree with the rest of your post though.

Didn't say good argument. Just the best one

If prices werent so out of line with the rest of the world and previous generations id agree.

IMO we should cap university cost as a minimum.

Perhaps the most straightforward solution is to let the student loan bubble burst while we make sure that it's the colleges instead of the young generation who soak the damage. (I'll admit, however, that I'm unsure if it's possible to make that happen.)

How does it even burst ? U can’t declare bankruptcy on student loans

You can but the standard is really high.

There was a case recently where somebody actually got away with it that made headlines.

Interesting

I still don’t think you can at a systematic or statistically significant level with the way things currently stand

I wouldnt cap the costs directly, I would cap the maximum rate of repayment (as a percentage of income, minus some fixed exemption for cost of life) that colleges or banks are entitled to. So banks would have no prospect of getting back their money from loans for worthless degrees anymore, etc. It would also reduce the burden on those who struggle to find a job coming out of college.

This would indirectly mean that colleges cannot overcharge average folks for low value degrees (which struggle to amortize) anymore. Thus, the market would automatically allocate appropriate prices to the various degrees and colleges, at least going forward. By contrast, if we just cap university costs, we would see a massive mispricing, with top performing degrees being too cheap relative to their value on the labor market; and low value degrees still being overpriced.

This post was edited by Black XistenZ on Nov 29 2020 09:48am