Debt Forgiveness

I was sorry to see that a recent Rasmussen poll which reported that 2/3’s of Americans oppose full forgiveness for student loans (“66% Oppose Forgiveness of Student Loans“). That contrasts sharply with Obama’s announcement limiting loan repayment to around 10% of income for 20 years before forgiveness (President to Ease Student Loan Burden for Low-Income Graduates“).

Or maybe the contrast only suggests Obama’s tedious sense of caution… Either way, I think we need to do a lot more work in putting student debt into the context of the ongoing destruction of both class mobility in general and the middle class standard of living in particular.  It’s part of the same conservative economic world that brought us the housing crash, the European debt crisis, and the seemingly unending recession.

The Reagan ideology said that the market could do no wrong and wildly privatized and deregulated anything and everything. The result was inevitably the same: a radical concentration of power and resources into the hands of a tiny majority. The ruling class succeed beyond its wildest dreams. The problem, of course, is that they are killing the goose that laid this golden egg. It’s time to start to de-concentrate power and resources.

About Ray Watkins

I was born in Baton Rouge, Louisiana, at Our Lady of the Lake Hospital. I grew up in Houston, as a part of what we only half-jokingly call the Cajun Diaspora. At a certain point during the Regan administration, I had to leave, so I served in the Peace Corps, Philippines, from 1987-89. I didn't want to return to the United States just yet, so I moved to Paris, France, where I lived for three years or so. I then moved back to Austin, Texas, where I had received my Masters Degree, and (eventually) began a Ph.D., which I completed in 1999. I spent a year at Temple University and then accepted a position at Eastern Illinois University where I worked until May of 2006. I now work exclusively on line (although that may change) for Johns Hopkins, the Art Institute Online, and I can be reached most easily via email: raywatkins [that 'at' symbol]

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