Monday, January 9, 2012


The concept of student loan repayment forgiveness as a public program fills me with rage. I have talked about this before so there is no need to rehash it in full. It doesn’t bother me that for a year we put a huge amount (something like 1/3rd) of my wages toward paying off my loan. We decided that instead of making normal payments forever we would knock it out and of course I borrowed it so paying it back is only fair. However that some folks should get a pass because they borrowed a lot will have a hard time and (probably in part due to degrees in underwater basket weaving and gay transgender Eskimo studies) paying it back seems insane to me. We could debate the politics and economics of higher education all day long but if you borrow money you should pay it back. A guy who makes $25k a year and was stupid enough to borrow 40k for a big shiny truck shouldn’t get a pass anymore than someone who goes to an expensive private school and gets a degree which tends to pay poorly. Hint; don’t borrow a ton of money to go to a private school and study communications or education or sociology. If you want to go into those fields I recommend a much more reasonably priced public school.

Also the topic of mortgage write downs came up again somewhere. That might fill me with even more rage. The reason why is simple. I haven’t bought a house yet, dun dun dun, because I couldn’t afford it. Sure I could make the mortgage but I didn’t have any savings, let alone a down payment. Idiots and hopeful fools who made bad choices I was smart enough to avoid should not be rewarded. However if it is any conciliation to me I don’t see this one happening. It is clear to me that the trend is to hook up the banks at the expense of the people, not the other way around.

It pisses me off when we bail out individuals or companies who make stupid choices. Here is an n unavoidable truth, people learn from stupid choices by suffering their consequences. A person who makes stupid choices and feels the consequences stands (assuming he doesn’t blame everybody else) a good chance of learning a thing or two and just maybe making better decisions in the future. If we bail these idiots out they will not learn how to make good choices. Also there is significant risk that we are telling a whole other group of up and coming idiots to go ahead and be idiots as the government has got their stupid back.
Both of these things make we want to start a fire bombing campaign to show my displeasure. I don’t even know who I want to firebomb, I am just really angry.

On the bright side I had a really good talk with Wifey today which as always, helped turn down the burner under the boiling pot that is my rage. She pointed out that we can take a good amount of pride in knowing that we are doing the right thing. Also that in years to come (these programs come and go, woe is a person or a business who is only viable because of a government subsidy or tax deduction) we will be fine and able to take care of ourselves because that is the sort of people we are.

Note, this article is about a month old. I am trying to clean out my writing folder a bit.


Anonymous said...

Where many cease to accept the debauchery of our economic and dollar valuation,
there are MORE in the world who welcome it.

Alot of this is because we have allowed the swindle exchange of linen riddled paper with NO real equal value to represent it...other than OUR hard work!

When the US Treasury becomes responsible and accountable to us again, this mass running of the printing presses too will stop!

Vote Ron Paul!
An Honest man for an Honest President!
Stop the double standards!

Anonymous said...

The ramifications are even larger than many think and we are beginng to see signs of it. For example, just look at the strategic foreclosures. People who file a strategic foreclosure can pay the mortgage, but they believe the system has made rules that harm them. So, they do what they can to level the playing field in true survival fashion.
If a guy busts his ass all day long to pay taxes that are sent to royalty in DC to pay for policies that are detrimental to him, sooner or later he'll ask "why"? Why does he have to pay off someone elses student loan because they failed to make sound decisions?
The underground economy will grow and the justification to not pay the tax imposed will begin to become more morally sound.


Anonymous said...

I don't believe that the government should bail out student loans... However:

1. In a free market the risk of someone defaulting on a loan is always there. The reason people make a profit off of interest, is because there is always a chance they may lose their money. Profit is a reward for risk. I can't abide people who want the government to guarantee them a risk free investment, that is almost as bad as the people who don't want to pay back their loans.

2. I have paid so much in taxes, and will continue to pay so much in taxes, that if the government does decide to forgive student loans, I am taking every advantage of it. I would rather pay off my loans myself, and not pay a huge extortion fee to Uncle Sam every year... but so long as the government takes my money with a gun pointed to my head, there is no hypocrisy is taking back all I can get.

Anonymous said...

Not surprised about this at all, a whole lot of angry Injuns are in the war path. The powers that be are just trying to prevent being scalped for the upcoming election. Trying to cool down the 'throw every single mutha effin politician out, Dem or Repub, everyone single one of them.

Once November election occurs - back to strip mining the public's pockets.

They are just buying votes dude - I'm positive of this.

Anonymous said...

@11:31, I don't fault people who want something for nothing. That is an inherantly human trait. I fault a system that picks winners and losers with other peoples money. At this point if you can get a tax credit or perk take it and apply that money somewhere useful.

@11:36, You are probably right> I bet there is an excell spreadsheet of nitche demographics and proposed or alreayd in place efforts to buy their votes.

Brass said...

"I fault a system that picks winners and losers with other peoples money."

Ultimately, that's what government does. Always. Maybe not on parchment, but in practice? Always.

Saying "limited government" is like saying, "hot ice."

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