Monday, October 17, 2011

H.R. 365

Tommasio Nicholas Boggia writes about Congressman Hansen Clarke's (D-MI) resolution H.R. 365 that would, in part, forgive all student debt, providing a "trillion dollar stimulus to the demographic most sought after by advertisers and by realtors: college educated young people."
These are the people that have the potential to revitalize the housing market and local economies. Best of all, this wouldn’t just be a short-term money injection; this resolution would result in millions of people being able to keep more than 13% of their paycheck every month for 30+ years (assuming Stafford loan interest rates and using average millennial debt and wage).
Boggia points out that more and more middle class Americans are slipping into poverty with (what I would describe as an even) lower standard of living expected for future generations (usually people say "not higher," as Boggia does too).  He also argues that the entire system needs reform, pointing to this tired counter-argument that future borrowers will be discouraged from paying back their debt.
This [counter] argument points at the real crisis in higher education. The problem isn’t simply that people have too much debt, but that by choosing to enroll in an institution of higher learning to hone their skills and become a more productive member of society, they are essentially forced to. This is a financial burden that used to be largely taken on by the government (and still is in most other modern democracies) because it was recognized that the road to social and economic growth was rooted in an educated citizenry. Thus, while this criticism has some validity, it simply stands to underscore the need to reform our systems of financing public higher education altogether so people no longer have to take on such high debt burdens.
I support such a measure;  however, just as a rational health bill like H.R. 676 could not get through Congress, most of us know that H.R. 365 will not pass muster either.  One of the reasons we are on Wall Street is because we can no longer expect rational, accountable behavior from Congress.  But we can expect the opposite!  We can expect irrational behavior, unaccountable to the nation's well-being.  For most representatives are not in office to serve their constituents, as this Michigonian apparently is, but the interests of a small and increasingly greedy and wealthy minority.

So, once again, I will write to my representative and tell others, but I don't need a crystal ball to know what's going to happen. 

Will our representatives pass H.R. 365?

Yet another reason why we carry signs on Wall Street stating:  "Evict Congress."

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