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.

  • RalphGrenader [comrade/them]
    ·
    4 years ago

    Y'all at giving capital too much credit. All of that is true and they will still cut off their nose to spite their face.

    • Electrickoolaide32 [he/him]
      1·
      4 years ago

      Like letting people pay rent with Credit Cards. That is going crater the whole fucking thing

        • Electrickoolaide32 [he/him]
          ·
          4 years ago

          https://www.npr.org/2020/11/30/938867270/more-americans-pay-rent-on-credit-cards-as-lawmakers-fail-to-pass-relief-bill

          Real and bout to be a massive problem.

          • GnastyGnuts [he/him]
            ·
            4 years ago

            Our system is just so masterfully crafted to be a fucking mess.

        • InnuendOwO [she/her]
          ·
          4 years ago

          yeah lmao

          my apartment complex is offering a """special""" deal during the pandemic where they dont charge you the extra 3% fee they usually charge you if you do it. wow thanks not leeching even more money off me than you already do if i end up in a situation where i have to do something as risky as putting rent onto a credit card, what a generous deal