You went to college to find yourself, well now you have to pay up

30

As the college debt bubble balloons to unsustainable proportions, and as more and more college graduates belatedly discover that a seemingly reasonable choice of degree is no longer a ticket to a good job or even a career, there are increasing calls for college debt to be “forgiven”. Of course, debt cannot disappear; someone always has to pay. Usually either the debtor pays or the creditor pays, but when you hear calls for debt to be forgiven, forgotten, and thrown on the scrapheap, what this inevitably means is that the taxpayer will have to pay.

Taxpayers coughing up the money for other people’s mistakes is now a feature not a bug of our modern crony capitalist world. Six months after completion of the Opal Tower apartment block in Sydney, large cracks appeared in the building forcing all residents to temporarily move out. This made headlines in Australia and in short order there were calls for the government to come to the rescue. And by government they mean the taxpayer.

The NSW government may be on the hook for millions of dollars to fix the cracks and defects in Sydney’s damaged Opal Tower because of a law that exposes it to legal action as owner of the land.

While NSW Premier Gladys Berejiklian has “wholeheartedly” encouraged Opal Tower’s residents to take “every legal opportunity they have”, The Australian can reveal that her government’s own Sydney Olympic Park Authority, and not Ecove — the company that developed the land into Opal Tower — could be sued by apartment owners because of changes in building warranty laws designed to close a loophole.

Stupid MPs with no real world experience passing laws that they don’t understand. The standard path for politicians these days is to study law at university and then suck up to their local member until they too get parachuted into a nice fat pre-selection deal. But all that studying at university has a cost. Wouldn’t it be nice if lawyers could apply to have their student loan debt cancelled?

Well in the USA they can.

One-quarter of American workers were expected to be eligible for the program, which allows certain not-for-profit and government employees to have their federal student loans forgiven after 10 years.

How about that? Score yourself a safe and cushy job in the public service and you too can have your student loan cancelled! I wonder what type of professions have been given this luxury?

Matt Tremel

Saxophonist, U.S. Navy

The Education Department forgave Tremel’s $14,000 in student debt earlier this year. “I was ecstatic,” he said.

You have got to be fucking kidding me.

Trevor Milliron

Professor, Lee University

Getting his more than $135,000 in student debt forgiven this year felt as good as getting his Ph.D. two decades ago, Milliron said. “My wife and I cried,” he said.

135 big ones? I’m sure the prick cried. And then he went back to his job of helping to trap thousands of other people in the same situation that he himself was gifted out of. I wonder what he teaches …

Psychology. Let’s check out some of the student ratings on the good prof.

“Dr. Milliron is great! His class is literally the easiest class I think I have ever had, in college and in high school. You watch videos he posts to moodle and then take 5 questions quizzes over them the next lecture. No readings, no essays, and no final! Highly recommended.”

The easiest class that they ever had, even in high school. Who says that higher education is dead? Sounds like a blast to me.

“Literally the easiest class I’ve ever taken. No tests or exams. All we had to do was take a five minute quiz on this app in class over a video(s) we had to watch the night before. He doesn’t respond to emails and seems nice but is kind of rude face to face.”

I wonder how much students at this university are paying for this momentous level of education? It looks like the base cost for the 4 year course is around $72K. But when you add up all of the other costs I reckon that it’s going to be entering eye watering territory. And there are so many jobs going for psych majors these days, right? Particularly when they graduate from a course which is literally the easiest ever. Way to go professor Milliron!

Man who cries when his college debt is forgiven and who studiously avoids doing deadlifts …

There’s another college professor on the list as well as a lawyer. Shocking, isn’t it?

Even more hilarious are the reasons to the positive given on this debate site on the question on whether student debt should be forgiven. After all, it’s only $1.5 trillion. The pro-forgivers all have the same essential argument – it will be good for the economy!

It will help the economy.

We are going through rough economic times. Forgiving student loan debt will help increase economic consumption by young people and spur economic growth. Think of forgiving all student loan debt as a stimulus.

The poor dear has fallen for the Keynesian lie that demand creates supply. You cannot spend your way out of an economic malaise. In other words, aggregate demand does not make an economy grow. The reverse is true; supply creates its own demand. Far from helping the economy, debt forgiveness on this scale will probably scuttle it. An economy grows by investment and production. The final piece of the puzzle is that which is produced must also be sold. Just where does this individual think that these young people with the forgiven debt are going to find the money to increase their economic consumption? Do jobs appear magically, (well, if you ask politicians they do because apparently politicians create jobs).

These young people will find jobs due to investors investing their money in future production and entrepreneurs taking the risks necessary to grow their businesses. But the financial crisis that will result if $1.5 trillion is thrown out the window doesn’t bare thinking about. The associated increase in taxes will shrink the available money for private investors to grow the economy.

And the people being taxed will be those who didn’t go to college to find themselves when they were 18 but instead went out and found a job. Bit by bit they improved themselves and they earned more money. Perhaps they took risks and started a small business which meant that they probably worked for free for the first few years. They saved their money and worked hard. They certainly didn’t take classes from some nitwit professor whose courses sound so easy that a geriatric wombat would probably pass. Young people who go to college and who agree to these outlandish sums are privileged. And yet they are demanding that the average taxpayer who never had their advantages should cough up the dosh.

If a small business owner’s taxes go up to pay for your college experience then that small business owner will have less money to invest in his business. So he doesn’t begin that new expansion that he planned and which would have created a few dozen new jobs. The future jobs that you college graduates were planning on having so that you could “stimulate the economy”.

There’s no such thing as a free lunch.

This article was originally published at https://pushingrubberdownhill.com/, where Adam Piggott publishes regularly and brilliantly. You can purchase Adam’s books here.

SHARE
Previous articleChristian Zionism: Satan’s End Times deception of the Church
Next articleThe Truth about Australian Mainstream Media BIAS
Adam Piggott writes about all things red pill and nationalist right. He examines what it means to be a man in the modern world and gives men advice beyond the typical 'how to pull chicks', (although he does that too.) He plays the guitar, smokes cigars, drinks wine and rum, rides motorbikes, is bad at cricket, and distrusts any man who has no redeeming petty vices. He lives with his wife in Melbourne where he does his best to be a reality check to any Millennials or progressives so unfortunate as to cross his path.
  • fimbulwinter

    While we were mesmerized by the Barnaby Joyce affair, Goldman Sachs jew banker Malcolm Turdball rushes in bank bail in laws so the state (taxpayer’s savings accounts) can rescue too big to fail banks. But don’t worry the government is totally honest now because they did muh banking royal commission

    • Stiffbastard

      Unless the banks are forced to follow reverse onus legislation where shit rolls uphill; nothing will have changed.

      • fimbulwinter

        Nothing what so ever. Its all measly suggestions and pure theatrics.

  • Ron Mortimer

    While I agree that on the surface at least, forgiving the debts of smug pricks goes against the grain, there is more to this matter of debt forgiveness. The reason that debt grows so large in the first place is that there is no chance that it will be randomly cancelled.It just doesn’t happen. Michael Hudson has researched debt cancellation in the ancient world and found that it maintained economic and social stability. From the Babylonian and Assyrian cancellation of all debts on the death of the king, to the Hebrew’s Jubilee, it performed the same function, clearing out the old to allow the new,providing a disincentive to over lending and freeing of economic slaves. Worth a read https://michael-hudson.com/2018/08/and-forgive-them-their-debts/ In the end, unpayable debt remains unpaid, the only question is how much damage does it inflict.

    • thegentlemantroll

      There was also an interesting book from a few years ago (I forget the title) about the history of unpaid debts. It focused on nation states, and it was interesting to read that, essentially, neither pre-revolutionary France nor Russia ever paid back what they owed to foreign creditors. In fact Lenin repudiated all debts quite soon after the October Revolution. And really, what was anyone gonna do about it.

      It’ll likely be the same with the student-debts. It just won’t ever be paid back. Theres an old saying: if you owe the bank 10,000 dollars then you have a problem, if you owe the bank 10 million dollars then the bank has a problem.

      • Ron Mortimer

        There are essentially two ways that unpayable national debts get sorted, the more honest way is a straight out ‘tough titties’ approach, the other is the more dishonest ‘inflate them away’ approach. There has to be a way, though, of rationally wiping the slate clean every so often or else the debts grow faster than the ability to repay them and thereby drain economy.

        • Stiffbastard

          Tough titties sounds like the best solution. Harden the snowflakes up a bit.

        • Doc79

          Surprise, surprise, Jews won’t lend amongst themselves to the detriment of the debtor- that is for the goyim. And not beyond 7 year repayment terms.

  • Stiffbastard

    Not only will the geriatric wombats have debt forgiven, they will be deplatformed from their lecturns within 20 years. Can’t have their cake and eat it too. It’s the natural order of things. Those who fund the speakers will get to say what is said… and those doing the bailing out will be the funders.

    https://uploads.disquscdn.com/images/260cfea60d5444fbae3e487c002e4724b2e120d43882e82ec7b456f3b7f7571f.jpg

  • A deplorable NNYer

    If they do this then all graduates will be getting their debt forgiven, since about the only jobs left are in “Public Service!”

  • entropy

    But most university graduates are women now and men aren’t marrying them any more.

    If we don’t forgive their debts and implement socialism, who will pay for their shopping?

    • Stiffbastard

      By the time they graduate in their mid twenties, their desire to feather the nest and beautify themselves for a mate has peaked. It’s all downhill with wrinkles after graduation. The best years of a females life for child bearing are currently being wasted for the majority on useless bits of “feel good” degrees. The way to turn the tide is to expose this truth and direct female hatred towards the oppressors who have forced them into their substandard unhappy lifestyle of “wrinkly cat ladies”.

    • Unless they did a thoroughly useless LLB (even the worst of our “tertiary” institutions are now offering law degrees) their debt will be manageable over the long term given the way student debt works downunder.

      In recruitment, white men are actively discriminated against in most ‘soft’ roles i.e. roles where a failure of ability will not lead to immediate lawsuits or criminal negligence charges. So most public sector and public service jobs now go to niggers, indians, Asians, and white women. In that order.

      The larger the private corporation, the more it will reflect this reality as well. Try finding a white male manager in a bank, for example. You won’t. It’ll be a woman (probably Asian) or an Indian.

      This is after all, why my grandparents fought against Hitler.

      • Bucky Redux

        Spot on with your comments, AB.
        Especially the one about Managers of Banks.
        The last ANZ bank I went to (closing all accounts) all the tellers were female asians and the bank Manager was……an Indian lady.
        You will almost always find that the HR staff in any biggish company are entirely female.

        • Jai_Normosone

          HR people being women….
          True! The majority are because they’ve discovered that they can bully and intimidate people in a business and nobody will say “boo” because it is them making the rules. Of the few blokes in the field, they’re often failed lawyers too stupid even for politics and has synced his menstrual cycle with those of the women.

      • Jai_Normosone

        I was going to correct you about niggers being the top of the list but I forgot about the imports. I would have said that it was Indians first and then the criminal element of Africa.
        I’ve had to correct a mate a number of times that Abos aren’t niggers.

  • Doc79

    Consider in Australia the threshold for repayments to begin has just dropped from $55 874 to $42 000. This is to counter those who consciously remain below by taking part-time employment or receiving non bankable incentives.

    The debt that will never be repaid is significant and the taxpayers ultimately pick up the tab while the threshold provides a disincentive to work therefore is a drag on the economy itself.

    Seriously, who in their right mind would pay an Arts graduate $42k? And there many other degrees that are offered up to everybody regardless of their ability to gain a diploma let alone find a use for them in the real world.

    • thegentlemantroll

      I don’t think you can really say it’s an incentive not to work when the cost of living is so high. The bad rate of repayment is more due to stagnant wages, the forces of globalisation and a higher-education system that’s a total mismatch for the job-market, and the job market itself has become over-specialised, tied up in red tape and addicted to niche credentials that you can’t expect many people to have. We can all laugh at the gender studies major but there’s also plenty of STEM and law grads who aren’t finding any work relevant to their field of study. What has occurred is a massive act of fraud.

    • fimbulwinter

      If they’re lucky, they might get snapped up by the public service, telstras HR department, the ABC, the greens or some local council and they’ll get 150k for it. Provided they’re female

      • Stiffbastard
      • And they’re fucking someone on the selection panel.

        Or gay and presumably doing the same. As I found out over a Melbourne cup luncheon where a pathetic faggot with no real experience in anything told me he got a job that I had applied for in the public service. Nothing in his background matched any of the required experience, but he explained to me that he “knew someone on the selection panel”.

        If you deal with them in your job you will know, they are either faggots, feminist khunts, or foreigners.

    • Jai_Normosone

      People who seek to obtain an Arts Degree (and by that, I mean what passes for ‘art’ or some other similar shit…) are being ripped off. All they need to do is go into the nearest cubicle and tear their degree from the roll. The hardest part is deciding if they want it on twin or triple-ply paper.

      Classical instruments & music as a Arts Degree is very different and worthwhile in my opinion as talent and skill is required.

  • thegentlemantroll

    The people who are responsible for this should pay, and it may surprise people to know that it is NOT the students. After all, they’re dumb school kids at the end of the day, and it wasn’t too long ago that we didn’t even trust people of that age to vote, much less make an informed decision about career choice.

    No, it’s ultimately the fault of the universities. The politicians were stupid, but they could not have foresaw the absurd levels of inflation in the education sector. Basically the unis and colleges realised they could charge as much as they liked, because they still got their money at the end of the day, and it would be the banks or the government who would have to be chasing down the dollars. The unis hiked the cost of their courses way above market value, lowered the intellectual barriers of entry, and lobbied for a big fat international student intake, all with deceitful arguments about high-IQ jobs of the future and skills shortages. Like the church, they have abused their inheritance of centuries of credibility and like the church, they are practically a law unto themselves with no external accountability (tenure, PhDs, the prestige of being a research institution or being called something famous like Oxford). I suggest we strip them of any taxpayer funding they get and let the market do the rest, because now people are widening up and the good times are coming to an end.

    • Ron Mortimer

      Very true. When universities embraced the business model of student debt fuelled expansion they signed their ultimate demise. This will not end well for them, at least in terms of the academic values they once embodied.

    • Jai_Normosone

      I cannot argue with a single point of that. Well done 🙂

  • Downunder (where I wish XYZ would focus its energies) universities, like schools and hospitals, are overflowing with money. And women doing half jobs and creating ever expanding bureaucracies, for that matter.

    What this means is great amounts of public debt. And more and more bureaucracy. And as we should all well know, no guarantee of a job at the end of it particularly if you are white or even worse a white male, as you will be actively discriminated against for training positions both in the government and corporate sectors.

    I don’t want us to have a US system where every brightish child is conned into getting into ridiculous amounts of debt before the age of 21. I gave Tony Abbott at least a full week of my time to help him get elected and he rewarded me and every other sucker who was terrified of Labor by proposing a US style university system in his first budget. (Really, fuck you Tony. How frigging dare you.)

    I want what we used to have which is that the best and brightest get in through scholarship and the rich but dumber can pay. Even in the 70s wimmen with BAs were working as waitresses, showing that Gough’s experiment was a failure. No more easy entry for Abos or people based on life experience. A smaller more relevant tertiary education section.

    We could pouring this wasted money into Australian families and Australian children, to boost our natural population and make a paradise for us. But instead we are stuck in this insane jewish mouse-on-a-treadmill-machine that constantly distracts us and runs us personally and nationally into further debt.

    • Ron Mortimer

      All industries want more money and power .In the current environment the best way to do that is to get government to create a monopoly for you. We see it in the law, medicine and education. They then get to reinforce each other as they bleed the rest of us dry.

    • Maryanne

      Well said. Whitlam’s ‘free’ tertiary education was a disaster as was John Dawkins merging of CAEs and universities.

      My father was a grader driver and my mother a housewife and four of their five children all won Commonwealth and Teachers’ College scholarships to attend university. There was no barrier to tertiary education for intelligent young people. Most poor kids chose the Teachers’ College scholarship because it paid a living allowance whereas the CS didn’t. Students were bonded to teach after graduation. And that, boys and girls is why Australia had such excellent teachers back in the 50s and 60s. They were intelligent and had real degrees with a one year Dip.Ed, not a mickey mouse B.Ed. loaded with PC propaganda.

  • PaulMurrayCbr

    The simple fix for so much of this is to restore the principle that people who make stupid loans lose the money when the borrower defaults and goes bankrupt. That is: a person who lends money is in the business of determining what loans are sensible. They take and bear a risk.

    The bankruptcy laws are there for a reason: to discourage idiotic behaviour by lenders. The whole student loan burden only exists because student loans are protected from bankruptcy.

    That’s the key, the pivot, the crux, the single thing that has enabled this whole landslide of bad. Make student loans subject to bankruptcy, and lenders will cease giving out free (to them) money for media studies degrees.