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comment by PTR
PTR  ·  99 days ago  ·  link  ·    ·  parent  ·  post: Student Loan Debt is Crushing Millennials

That average new grad? Me. Except higher rent 'cause Boston and lower transportation costs 'cause MBTA (at least for another week - then it's RTD for me!). I did an IBR plan, so I have a cell phone.

I think I'm kinda murky on your overall point here though. I don't think anyone's drawing a distinction between forgiveness and bankruptcy in this dialogue. They're the same thing in my mind at least, and I said that already ("i.e. debt forgiveness or generational bankruptcy"). And if you're predicting a choice between massive, gullible fuck-up (option #2 above) or slow, throttling burn (option #1), then so am I. And to be clear, option #2 won't work.

So maybe I'm missing it, but what I'm trying to point out is that this problem is going to get more and more serious as time passes and the usual schedule of generational maturation is stymied. Plenty of people who didn't take out the loans will be affected. One example are Boomers and the housing market, but there'll be others too.

And the more effect it has, the more people think an easy-peasy jubileezy will work, or will say it would work: Olds, Youngs, Political Husks, Corporate Demon Puppeteers. A whole generation (and probably the one following) of late financial bloomers is going to attract a lot of attention.

"Where are my debt-friendly, Millennial consumers!?!"

"Eating the rich."

Or that's what the memes say at least.

But we won't do that. Instead we'll keep the $50k jobs and pay monthly minimums and never have home equity and pipe-dream the next 20 years away, unless we're lied to about the viability of debt forgiveness by a Husk "who gets it." In which case we'll zeitgeist quick, because that's all anyone my age ever thinks about and fuck the arithmetic. And I don't think that movement will just be sub-30s. And I don't think it'll work.




kleinbl00  ·  99 days ago  ·  link  ·  

If I gave you the impression we're arguing I'm sorry. We're largely in agreement.

My principle concern in this whole miasma of shit is that the public discussion, when there is any, is about UBI and jubilees and we're already spent so far into nonexistence that if that money isn't in your filthy grubby hands right now you're a fool for counting on it.