Ronald Reagan pretty much ruined everything for millennials.

fuckin’ ronnie

I try and bring up how he ruined free in state tuition in the name of hippie bashing when he was California’s governor often, but don’t exactly have the biggest platform.

“Worst of all, these students’ sense of the future is constrained by planning for and then paying down their student loans, often for decades. Economists are waking up to the fact that when young Americans enter the workforce burdened with over a trillion dollars in cumulative debt, they become risk averse, unwilling to move, less able to make major purchases, and slower to become homeowners. Not coincidentally, they don’t feel safe enough to register any major protests against the society that’s done this to them.”


i am reblogging again because….. fuck ronald reagan forever and ever and ever and ever.

Economists should be adept in their fields, how are they only now realizing that paying off our student debt is a fucking priority over anything else other than food?

Weird, it’s almost like there’s something missing from the study of economics.

Who would have possibly thought that a young generation owing trillions of dollars could have a negative effect on the economy?

Weird, it’s almost like there’s something missing from the study of economics.

Basically every single economist I know or read thinks the American student loan situation is ridiculous. You can’t blame a field of study for the idiocy politicians get up to.

(I mean you can but it’s not a good look)

Subsidized student loans are not good, but they’re a hell of a lot better than free tuition.

Making the debt undischargable in bankruptcy is an astoundingly bad way to subsidize the loans though.

The main subsidy is the interest rate and guaranteed issue (for most types of loans).

Making them undischargeable just makes sense and is what people would voluntarily contract privately if they were allowed to. Otherwise you have a large loan funding an asset that has real productive value but can’t be repossessed. “Protecting” people from making that contract prevents them from making a mutually beneficial deal.

They also can’t make their money back if the student dies, or never gets a job that pays enough to make back the loan. A car loan can only be repossessed if the car isn’t totalled, a home if it isn’t burned.

“Protecting” people from making an undischargable loan forces the bank to evaluate whether it is a mutually beneficial deal that is likely to see an acceptable ROI.

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