So this is my plan to forgive student debt (kind of). Some of you complain you cannot pay your crushing student debt because you cannot find good paying jobs or any paying job at all, while your debts simultaneously gets bigger by the month. There should be a program where the government will take 10% of your salary in perpetuity. That way graduates will never have to worry about paying their bills. If they are unemployed, they pay nothing. If they make a measly earning, the government will only take 10% of that measly earning. My plan hopefully will pay for itself so that the tax payer will pay nothing because, hopefully, there will be enough people who, because they are no longer burdened by debt, will start businesses and become millionaires and billionaires. Of course, if you become the next Bill Gates or Warren Buffet, you will still have to pay 10% of your earnings in perpetuity. Basically you will subsidies your fellow student debtors who are less lucky.
I don't think that student debt should be 'forgiven' because someone ie the taxpayer will inevitably have to pay for it. For those who say that banks and car companies got bailouts, well, the bailouts were in the form of loans or stakes in the companies. They weren't free money, and most of the loans to banks have been paid back, none of it was forgiven. Some companies like Chrysler had loans with 19.5%, they already paid it back in full by the way. Other companies like GM, the government took stock, which means that they get profits form the companies in perpetuity until GM goes bankrupt again or the government sell the stock if they so choose.
For those who said they were pursuing their dreams, that is a poor excuse for taking on debt you could not reasonably afford. My dream is to travel all over the world, have a house with expensive paintings and furnishings and fast expensive cars, throwing extravagant parties every weekend. I don't because I can't afford it, nor can I reasonably expect to pay for it if I take on debt. In the end, don't you bare responsibility for not asking yourself how you will pay for it? I know not all of you, but definitely some who took out debt used the money to go on Spring Break, buy alcohol at clubs, expensive dinners and clothes. Now those same people want their debt forgiven?
With that said, it does seem that student loan companies are shady to say the least, and that people with student loan debt need some relief, but being forgiven would be unfair to those who did not take on debt they could not pay for. Reform is needed, not not forgiveness.
