Understanding the student loan debt crisis in 1.7 trillion words or less
-Alan Yeck, Founder of AltRaged
As it, tis the season for political promises; a chicken in every pot, cut your taxes, raise your pay, lower crime…which have pretty much been the same horseshit promises we get ever election, this time it’s what’s missing in the promise that I want you to understand.
Joe and Kam are going to pay off everyone’s education debt and make college free which just sounds awesome, “sounds” being the operative intent. Remember the devil is in the details and our politicians are very well acquainted with the devil. Very well. Because they either do not understand the multiple issues that led to our $1.7 trillion dollar student loan crisis, or they do understand and are tossing out their plan as a smoke screen to keep the political money machine in tact – I don’t know. Either way, the American people would still be fucked…again. To pay for this degree, and that degree without any other changes ensures the broken, corrupt systems in higher education and the student loan debt collection industry continue their graft to future generations. It’s like arresting the kid on the street for selling coke but the bankers laundering the money remain tucked away safety in their beds every night. Writing a blank check to criminal organizations should never be the plan unless you’re part of it and getting kickbacks, uh, I mean “campaign contributions” through PACs and Super PACs. Wait a minute…
Do not confuse accreditation with accountability in higher education. A 400% increase in tuition over one generation, over inflation in other sectors, cannot be explained by natural disaster, never ending wars, alien probings or even a pandemic. When Congress made money from the government readily available to loan to all citizens for college costs, college costs starting their peculiar rise. With the smell of money in the air, private, for-profit colleges began to sprout up everywhere. Congress smelled that money too. Prior to the mid-1970s, student loan debt could be discharged, like any other debt, in bankruptcy. Congress then, quietly, eliminated this fundamental right (which is written into the Constitution) which allowed an entire industry of cock-a-roaches to be born – the wonderful student loan collection industry (the student loan industry is ranked on the putrid, scum, lowlife scale below Nazis but above Stalin). What do you think removing bankruptcy rights did to higher education? It removed the normal market steam valve that prevented a larger explosion and warned of dire, unaddressed issues on campuses and in the system itself. It’s removal is the single greatest cause of the $1.7 trillion crisis. Remove it and enslave people in lifelong debt with interest rates and penalty fees doubling, tripling, quadrupling the original loan amounts. All the while the campaign contributions from those making billions of dollars off of this structure continue to pour into both Democratic and Republican camps. Who would want to stop that gravy train of destruction of the American people? Certainly not our elected officials. Congress caused this, not Jerome or Fiona or JimmyJack. Congress caused this crisis and only Congress can fix it, which is why it’s so important who would put in office. We need people who care about others more than they care about money (I know, I know, crazy talk).
So, JoeJoe, Kam, Donny T and Mikey P, et al others at the D.C. freak show, if you want to change the country for the better, start with restoring full bankruptcy rights. Bankruptcy has consequences for those that use it (not all will) and will be from a hopeless desperation caused by the sleazy fraud compounded on them and is truly their only option – no one is getting off-scott free. This begins to realign the higher ed markets and helps address the highly inflated cost and fiscal mismanagement in higher education. Free education is possible but until we fix the current corrupt system, you’re just stealing from a different pocket on a different day (and still getting your cut of the scam – right?).
#highered #highereducationleadership #higheredleadership #studentloans #studentloandebt #dirtypolitics #elections2020 #corruption #bankruptcylaw #writers #altraged