Class Warfare Blog

November 24, 2017

Students as Slaves (to Debt)

I have been writing a great deal about coerced labor recently. Here is a new manifestation of it. In a “reform” of the bankruptcy laws (ca 2005, I think), it became all but impossible for students to discharge their student loans in a bankruptcy. The argument was that way too may students, especially those with lucrative incomes in their futures (doctors, lawyers, etc.), were discharging their debts through bankruptcy while they were still destitute, before their careers took off.

Well, a the Philadelphia Fed decided that claim was worth a look and so they did. Here is what they found:

Philadelphia Fed Study Debunks Main Argument for Student Debt Slavery

Basically no such pattern of such behavior can be found. So, why should such a bullshit argument be advanced in the first place?

Hello? The entire purpose of this legislation was to enslave students. Remember back in the 1970’s when students were marching in the streets against the War in Vietnam. Students! Showing no respect for their elders. And, besides they were just liberal voters in waiting. By making student loans almost impossible to discharge in bankruptcy, a sizable number of students were taught the lesson to “sit down, shut up, and do as you were told.” The elites know how to run the country better than you do, including lying and cheating to achieve their ends.

You may have also noticed absolutely no hue and cry regarding how colleges have gotten so very much more expensive coming from conservatives. Being a conservative means you do not want the riffraff elevated, disturbing the natural order of things. They need to learn their place in a stable society. The larger the student debt, the longer the period of debt slavery.

Addendum
Must reading on the Naked Capitalism site: Capitalism: Not With a Bang But With a (Prolonged) Whimper

If you want to see what we are in for, read this article. I just ordered the book mentioned.

3 Comments »

  1. Must say, your higher ed system is diabolical. When I started uni, it was free. 100%. There is only 1 ‘private’ university in Oz. During my undergrad the govt. introduced Hecs (Higher Education Contribution Scheme). We fought like bastards against it, but the reasoning was fairly sound, and it was introduced. In short, it was a nominal cost which you could pay upfront per years while studying, or as 1% from your salary after a certain threshhold was reached. Quite fair. Rather harmless. The fear that Hecs would only increase and increase has not borne out. Surprisingly, really. The debts I see US students walk away with is appalling. It’s cruel.

    Like

    Comment by john zande — November 24, 2017 @ 1:47 pm | Reply

  2. Not only are they borrowing tuition, but many are borrowing all their living expenses too. My son got out of law school with $300,000 in debt over 8 years in school. Now he makes about 50k starting out with a family of 5. Brutal! And no one stopped him from himself. Now he’s planning to work 8 years civil service to pay it off. So really a total of 16 years tied to the scam

    Like

    Comment by jiminpanama — November 24, 2017 @ 9:55 pm | Reply

  3. Reblogged this on Citizens, not serfs.

    Like

    Comment by conartistocracy — November 28, 2017 @ 5:52 am | Reply


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