The cynic would say it's part of Cloward-Piven, designed to both overload the system and create "dependency traps" designed to reduce those who fall into it to serfdom.
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The cynic would say it's part of Cloward-Piven, designed to both overload the system and create "dependency traps" designed to reduce those who fall into it to serfdom.
<><><><><><><><><><><><><><><><><><><><><><><><>YOU IDIOTS! I WROTE 1984 AS A WARNING, NOT A HOW-TO MANUAL!--Orwell's ghost
Psalms 109:8, 43:1
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It really does make one wonder. Debt is modern day slavery, IMHO.Originally Posted by Diamondback
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No its not. Debt is a choice. They are voluntarily trading future income for what they see as an education.
Taxation is slavery.
Last edited by Swstock; 10-23-21 at 12:06.
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Good point. Yes Taxation is most certainly slavery. I’d modify my statement to debt is voluntary modern slavery. Maybe indentured servitude is a better word for it.
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It is a choice. However, when I have refinanced my home I had to submit tons of documentation and have stellar credit and resources to REDUCE my payment. But an 18yr old can get $100K++ on their uninformed promise to get a social justice degree?? Seems like legalized predatory lending. People should know better, people should be smarter, but we got here anyways...
Dennis.
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I'm no expert and I didn't go to college but every single person I know that did go to college and is my age (under 50) can retire now (some have) and have their future great grandkids not work a day in their life. Some have bought land and houses overseas, some spend most of their time vacationing even during lockdowns. None of these people are still paying for their college and they all graduated in the early 00s
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Last edited by Arik; 10-23-21 at 16:11.
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Debt is a tremendous vehicle for generating wealth if used properly. I don't see it as slavery or indentured servitude. If you have a plan, borrow the money, and take paying it seriously; you can easily turn that loan into wealth. The planning part is picking a degree that actually has a chance at generating enough income to pay back the loans. The rest is up to your work ethic. Even if education is free, the same sub-set of people that are struggling with student loans would find another way to go broke.
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When I chose my field it was based on projected growth in the field, annual salary, length in school. Based off of the info, I focused on being a pharmacist (starting undergrad in 2002) and knowing I would owe around $140k in student loans vs starting salary of mid $120k in 2009. The math works, I was accepted to pharmacy school and met my wife there. We owed $320k total and lived off my salary while her salary paid off the student loans. A lot of my classmates went out and bought 800k houses and other luxury items. If we have a big purchase (house, cars, etc) we base what we can afford off of 1 salary. We by no means suffer and enjoy a comfortable life with a projected retirement when I'm 50. Pharmacy as a profession is dead now and I ask my interns if they did a ROI and market assessment of pharmacy. I was shocked that it hasn't even occurred to them. Over the years I stopped feeling bad for them as the knowingly go into $150-300k in student loan debt and will be entering a saturated market with decreased wages.
Student loans are indeed a self imposed slavery and paying them off should be your primary goal. I like the fact that if we lost everything, I can work any available job from starbucks to construction and not have a lingering debt.
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“And if you think tough men are dangerous, wait until you see what weak men are capable of.”
― Jordan B. Peterson
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Student loans are the modern version of "Share Cropping".
Can you overcome the debt? Depends on how disciplined you are.
Student loans are a tool, not a free ride.
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If more kids were told this and understood this there would be a lot less people struggling under student loan debt. Unfortunately a lot of kids do in fact equate student loans to a “free” ride.
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