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.

    • Bread_In_Baltimore [he/him]
      ·
      4 years ago

      I'm not trying to diminish BLM's wins I'm just saying they didnt do broad systemic reform to the institution of policing. They've given concessions, and that is absolutely great. Direct action works.

    • MyAltUserNameIsCool [he/him]
      ·
      4 years ago

      Louisville had a huge uprising and one officer got fired and no knock warrants were banned. I know that it is technically something but I really would have liked a victory that didn't feel like a spit in the face.