Student loan forgiveness is being taken seriously right now by the bourgeoisie.

The Federal interest rate going near 0% has led to a massive boom in housing construction. Student loan deferment has led to many people saving up for a down payment on a house. The housing market is carrying the US economy right now.

If student loan deferment ends, this space that Capital found for expansion will disappear. There will be an immediate crisis.

Also, the effort to privatize student loans has been a failure. Betsy DeVos has been the Secretary of Education most dedicated to privatization. She killed the Perkins Loan, which has led many new students to private loans.

Although, after her reign, 92% of public student loan debt are still held by the Department of Education. It is unlikely that the Biden SoE will be more successful at speeding up the process. Capital is in crisis now.

Forgiving public debts is a method of privatization in America, where a culture of indebtedness exists. They want everyone with public student loans to take out private mortgages, owned by JPMorgan, Citigroup, etc.

I'm not saying student loan forgiveness is good or bad. It is good for me. But it serves a purpose that we should understand.

  • PhaseFour [he/him]
    ·
    4 years ago

    It is a real idea that the World Economoc Forum has been pushing. The WEF has also been predicting that China will be absorbed into western capitalist hegemony for two decades lol, they do not control the world.

    They are just bourgeois utopians, and the Great Reset is their idea for the world. The bourgeoisie are the ruling class, so the Great Reset will be influential, but there are other factors involved.

    The reality is that selling houses is profitable. It is one of the few places to profit right now, so house ownership rate will probably rise.