The Return of Student Loans

[LDAHL]

Looks like the President will be extending the suspending for another few months.

I wonder what Monroe or Madison would have said if told someday the President would have the power to override loan contracts at a whim?

[iris lilies]

Looks like the President will be extending the suspending for another few months.

I wonder what Monroe or Madison would have said if told someday the President would have the power to override loan contracts at a whim?

Also, overriding property rights as in landlording. Cant kick out tenants.

I think we know what Monroe or Madison would’ve said. Something along the lines of “come on people, we didn’t give that power to the Prez. Show some damn backbone and cut that crap out. “

[Alan]

Also, overriding property rights as in landlording. Cant kick out tenants.

I think we know what Monroe or Madison would’ve said. Something along the lines of “come on people, we didn’t give that power to the Prez. Show some damn backbone and cut that crap out. “

Which makes Benjamin Franklin's comment even more salient when he was asked what type of government the Constitutional Convention had formed, he said "A Republic, if you can keep it!" He must have foreseen a modern version of the United States.

[jp1]

Although I doubt Franklin would have foreseen the senate creating rules to require a super majority to pass every piece of legislation or of a senate that would refuse to consider a judicial nomination for consideration because ‘politics’.

[Alan]

Although I doubt Franklin would have foreseen the senate creating rules to require a super majority to pass every piece of legislation or of a senate that would refuse to consider a judicial nomination for consideration because ‘politics’.

He also wouldn't have foreseen the Senate reducing its effectiveness by having its members be directly elected by constituents already represented by the House. Forcing them to pander to individuals for votes destroyed the chamber's unique dynamic and shifted it from its duty to represent the individual states to a slightly more elite counterpart to the House of Representatives. I think he'd be appalled by the 17th Amendment and those who would turn this once proud Republic into a direct Democracy.

[pinkytoe]

It's fair to say though that many students had zero financial literacy when they took out these loans and were sometimes force fed by student financial aid offices. And the world told them they needed a college degree to succeed in life. Mixed bag...

[LDAHL]

Although I doubt Franklin would have foreseen the senate creating rules to require a super majority to pass every piece of legislation or of a senate that would refuse to consider a judicial nomination for consideration because ‘politics’.

Our system has a lot of anti-majoritarian features designed to protect against transitory hysteria or demagoguery. The Senate, the Electoral College, the Bill of Rights, judicial review, etc. are all aimed at slowing down passing fads and the sometimes tyrannical behavior of the majority. I think that is by and large a good thing.

[Yppej]

From The Atlantic:

"Only 13 percent of Americans carry any federal student debt in the first place, and those who carry the most are also among those likely to earn the most in the future.

The issue offers little political benefit to Biden. As Demsas reported, the percentage of Americans who rate student debt as a top concern is too small for pollsters even to measure. But if carried out, student-debt relief could bring large downside risk because it so obviously involves a transfer of wealth from average-income Americans to the most energized, but also more advantaged, parts of the Democratic coalition."

And "It’s a classic case of opting for strong claimants over strong claims."

[ApatheticNoMore]

Yea the assumption is it's for political benefit and maybe it would benefit Biden, but maybe those debts just can't be paid (not by every single individual but it's aggregate debt that matters here). I mean maybe there are economic reasons they keep delaying repayment. Maybe somewhat like all the subprime mortgages at one point. Now one other option would be let people write them off in bankruptcy of course.

It's like certain areas have a rent freeze due to the pandemic. So shouldn't that rent freeze end, and is it really about the pandemic anymore? There is still covid, I'm not going to spew garbage that there is no covid, but ultimately that's not the main reasons rents are frozen probably, it's more probably just that rents at increasing levels can not be paid without causing a large spike in homelessness, and the homelessness crisis is already overwhelming. It's an economic problem the current system does not seem able to deal with, even though everyone knows indefinite rent freezes aren't likely on the table either. But people with student loans may have some more economic leeway than renters on the edge. It's just possible they are trying to solve an economic problem of what to do with unpayable debt than just the political problem of Biden's reelection though of course I'd expect him to care about the latter.

[iris lilies]

Now there’s some sort of DeSantis controversy about something he said. He was speaking of student loans and said that 60% of student loans are held by people who have advanced degrees.

I don’t know the context of his comment but I’m assuming he’s making a point that they should be pulling in a pretty good salary.


But the controversy comes in picking apart his words, and apparently the real facts are that 56% of student loans are held by households that have graduate degrees.


Wow big difference in the two facts. NOT. I’m giving DeSantis the point on this one.