$1 Trillion Student Loan Tab, Americans Ask “Where’s MY Bailout”?

26 comments

Posted on 30th November 2012 by Darwin in Social Issues

Over the past few years, Americans have seen so many people, companies and entire industries bailed out, that naturally, they start wondering when they get “their bailout”, as if the multiple handouts the administration has doled out aren’t enough (a record 47 Million Americans on Food Stamps, unprecedented 99 weeks of unemployment, years of a payroll tax break, Obama phones and too many other government assistance programs to list).  So, with a headline grabbing $1 Trillion in US Student Debt, you can be sure that this will be the new bailout topic.

Reasons People Expect a Student Loan Bailout

  • Student Loan Debt Hurts the Economy – With recent college grads unable to find the jobs they anticipated and using what little money they earn to pay down student debt, this suppresses everything from new home formation to consumer spending, which in turn suppresses overall economic growth in the country.
  • Corporations Were Bailed Out…..

…Continue Reading What a Student Loan Bailout Looks Like.

26 Comments
  1. ThePessimisticChemist says:

    Ask not what your country can do for you, but what your country can take from others and give to you!

    30th November 2012 at 11:07 am

  2. TeresaE says:

    As I mentioned on your site Darwin, I really think this is a moot issue.

    That which is unsustainable won’t be sustained.

    A trillion dollars worth of debt on a 50% under/unemployed base is not sustainable.

    No matter how we all wish it were.

    The loans will be “forgiven” as our cash becomes worth-less, or worthless.

    Right now we are just whistling past the graveyard, believing with all our might in the past and refusing to accept the inevitable.

    30th November 2012 at 11:12 am

  3. MuckAbout says:

    I suppose we should coin a new phrase…. “Bailout Nation” or something like that. It fits. We can wear it with pride..

    MA

    30th November 2012 at 11:21 am

  4. ThePessimisticChemist says:

    I’m increasingly convinced that the only way we can get middle America steamed up enough to actually change our course is if we have Toby Keith write a song about it.

    Or put it on a Nascar.

    30th November 2012 at 11:30 am

  5. Chicago999444 says:

    MUCK: There’s a book by the name of Bailout Nation- I highly recommend it:

    http://www.amazon.com/Bailout-Nation-New-Post-Crisis-Update/dp/0470596325/ref=sr_1_1?s=books&ie=UTF8&qid=1354293922&sr=1-1&keywords=bailout+nation

    30th November 2012 at 11:47 am

  6. TeresaE says:

    @TPC, and Muck too.

    How funny, I’ve been turning this over and over and over in my brain for the past few days.

    I was raised in a rural town. I wasn’t the “smartest” kid in class (because I chose not to study harder), but I was near the top. Never realized how bizarre my mind was – in comparison – to my friends until years later.

    I spent the first twenty years of my life, mainly “dumbing down” my speech and keeping my philosophical and historical learnings to myself. Because I didn’t come from one of the “important” families in town (rich, or long-generational), my friends were the “druggies” who really were just a bunch of broke kids with no hopes of money for college and nothing to do on a Friday night (we were all broke and from broke, working, parents). Being smarter than most was pretty frowned upon if you wanted any sort of a social life. I was even know to under-lie about my grades – Hey T, whatcha get on the test? Oh a B, it was a toughie! – to both fit in AND avoid the cheaters that wanted to leech off my work.

    I worked my ass off to get away from there. The past couple years finds me wondering why I bothered.

    People in suburbia are no brighter, nor motivated, than the hicks I grew up with. They just have access to more connections and more opportunities and the beauty of the reality of supply & demand and population density.

    Here I’ve tried to erase those hick roots. Seek out enlightenment, beauty, intelligence. Revel in the feeling of kindred spirits while conveying ideas through more than two syllable words.

    What I’ve learned is that just because you put lipstick – or open Roget’s – on a pig, he is still a pig.

    We need to dumb down our messages into one sentence bullet points if we have any hope of reaching the masses and shaking them awake.

    In essence, isn’t this just what Ben Franklin did? Instead of pontificating elegantly like Jefferson, he came up with snazzy little tidbits that stuck with the masses.

    A stitch in time..
    A penny saved…

    Simply classic, and classic because the message is so, very, simple.

    I know that our problems are complex, the layers of corruption deep, our brains distracted and out-and-out chemically reduced, but dammit, if the masses can remember the words to some POS rap song, they sure as hell could learn the truth through short sentences and simple words.

    We need to convey big pictures, in little words – or easily understandable pictures.

    We need to shake the false reality with concrete truth concisely or humorously presented.

    We need to identify the pain & angst the masses are feeling, then give them the truth of why and HOW it is happening.

    What we really need is another Franklin, man of the people, the link that exposes the ruling elite to the masses – in words they can easily comprehend.

    30th November 2012 at 11:49 am

  7. Darwin says:

    I was utterly shocked that Obamacare was rammed through the way it was – and just how horrific it is. Nothing surprises me anymore; I have to admit, if some sort of loan bailout were passed, it would not surprise me. The funny thing is, college expenses continue to increase at 2-3x inflation because of all the money the government throws into the system – and then they claim they want to give students relief.

    30th November 2012 at 11:57 am

  8. ragman says:

    T: we had our “man of the People”. His name is Ron Paul.

    30th November 2012 at 12:24 pm

  9. Micro-Be says:

    TeresaE –

    It is my opinion that the many suburbs of America are living graveyards, housing nearly brain dead people so they can continue being productive for the “state”. I’ll refrain from ranting on this subject, but suburbs as they currently are disgust me (convenience over quality of life!).

    30th November 2012 at 12:28 pm

  10. Dorkus Maximus says:

    I posted on this site several weeks ago that is is absolutely going to be a “debt jubiliee.” This is because debtors massively outnumber savers (for more support see: election results, Nov. 6, 2012) and the Constitution is now dead; its long death finished off with a couple of bullets to the head by Chief Justice John Roberts. We are now a pure democracy, which is just tyranny of the majority. And the majority has debt.

    We should all plan accordingly. It will probably not be one big program, but a litany of smaller programs like student loan forgiveness, followed by mortgage forgiveness followed by whatever the hell else the gov’t can get its fascist hands on. Ex-patratriation looks better by the minute. Gold, silver, moonshine (watch and learn from Tim and Tickle) and valuable skills will matter. Maybe forays into black markets for the more adventurous amongst us.

    30th November 2012 at 12:31 pm

  11. JIMSKI says:

    When I owe you 10,000 bucks i’m fucked. When WE owe YOU a TRILLION bucks YOU are fucked.

    30th November 2012 at 12:40 pm

  12. TeresaE says:

    God I love this place.

    Yep, the savers and those that live within their means will be screwed – again.

    Just like those of us honoring our commitments and continuing to pay a mortgage when so many could pay, but chose to walk away.

    @Micro, right on. Problem is that disconnecting others from the Suburban matrix is damn near impossible.

    Yet another problem that might me moot if the illusion and ponzi crashes around us.

    30th November 2012 at 12:47 pm

  13. TeresaE says:

    @rag, I know, I wrote him in.

    I’m done supporting evil and the bullshit “choice” between Evil Rich #1, or Evil Rich #2.

    30th November 2012 at 12:49 pm

  14. Micro-Be says:

    TeresaE –

    It is impossible to separate people from their suburban matrix (love this term, wtg!). It’s that damn idiot box that people cannot seem to turn off (addictive like opiates) and the easy access to stores that sell endless truckloads of useless shit from China. Oh, and of course easy access to every shit fast food chain (I love Wendy’s, full disclosure of my hypocrisy) so they can shovel more calories into their mouths while they watch the latest reality tv series “My Son is a Fucking Idiot”.

    What you say is what I fear, that the illusion will be removed instantly, like a projector shuttered while “shining” out a movie. That seems to make suburbs powder kegs waiting for the spark. Makes me shudder.

    30th November 2012 at 12:55 pm

  15. Administrator says:

    Powerball%20570MM.jpg

    30th November 2012 at 1:12 pm

  16. Eddie says:

    Our economy was once good enough that a student could make enough to live from a part time job (or two), and public college was pretty affordable because the government subsidized universities instead of colluding with the banks to create student debts the way it’s done now.

    Poor kids who wanted to go to college could get through without long term debt. I know, I did it, as recently as the 1970′s.

    How far we’ve come from there to where we are now. Unbelievable. It hasn’t been that long ago.

    30th November 2012 at 1:15 pm

  17. AWD says:

    Great picture. Everyone went crazy for the powerball lottery, if you won, it would fund the government for 1 1/2 hours. Goes to show the disconnect between boobus obesus Americanus and reality.

    We’re so screwed. Wiping out student loan debt would do more to stimulate the economy than any other single action, with the provision that no more be accumulated. Bernake is creating and giving away trillions to his banker butt-buddies, and millions of kids can’t even begin living. So much for the American dream.

    The American dream has been transferred to welfare recipients, instead of people who work, get educated, and produce. Welfare recipients are getting $1 trillion per year (enough to pay off ALL student loan debt), and this will rise to $1.2 trillion per year by the time Obama leaves office.

    There aren’t any jobs anyway, except in financial aid offices of on-line joke universities, the ones ripping off billions from clueless “students”. Worthless diplomas cost as much as real diplomas.

    Oh, and 11% of those student loans are 90+ delinquent (in default).

    And the president’s response: Did you contribute to my re-election? No, then…..
    17605

    30th November 2012 at 1:23 pm

  18. Pirate Jo says:

    “Yep, the savers and those that live within their means will be screwed – again.”

    I’ve thought about this, too. It makes me think of Darwin’s assertion that the species that thrive aren’t necessarily the smartest, strongest, or fastest, but those that adapt to change.

    I’ve always thought of self-sufficiency as the moral way to be. Don’t ride in the wagon – help push it, or at least carry your own weight. I think most people in the past felt that way, and it’s easy to see how that kind of idea would become engrained as a moral – because if everyone does that, things work. That’s how morals are formed, really – over time certain systems prove themselves and others don’t work. So rather than having to make the same mistakes over and over, we take what we’ve already learned and say “this is a better way to live” so we can move on to the next thing.

    You don’t have to watch anyone die of starvation if most people take care of themselves and only have to spare a little for a small number of dependents. Everyone has what they need and people live fairly comfortably – so self-sufficiency evolved to become a moral value for most people.

    In the current state of affairs, that has changed. You’ll be better off as a single mom making $29K a year, as opposed to working your ass off for a college degree so you can make $70K someday. If being a self-sufficient wagon puller means you are just going to get screwed, well then it hardly seems to be worth doing. Personally, as someone who has always viewed self-reliance as a superior value (perhaps the highest of them all), I struggle with watching it be punished. But maybe I just need to adapt.

    30th November 2012 at 1:43 pm

  19. Chicago999444 says:

    I would favor a “jubilee” for all student loan debt on ONE CONDITION ONLY, and that is that all government and government-backed private student loan programs are sunset permanently.. and funding for college go directly to the state universities instead… and that students are admitted on the basis of academic merit and intellectual ability only.

    30th November 2012 at 1:57 pm

  20. GovtRunAmuck says:

    a few Bullet points for TeresaE’s list

    - Government is a SCAM
    - Everything that involves large sums of money eventually becomes a SCAM (human nature)
    - We have a single political party which gives the illusion of choice
    - Govt of/by/for the people is evolving into Govt control of the people
    - The middle class is the frog in the pot slowly being brought to a boil (but the frog gets to watch
    American Idol/Dancing with the Stars/NASCAR so all’s well)
    - Eventually, we will all ask “How did it come to this?”
    - WAKE UP

    30th November 2012 at 3:38 pm

  21. JJ3 says:

    Teresa, not sure if this fits the bill, but I’m trying to do exactly what you said. I’m trying to put the concepts and ideas that we discuss on this page and others like it and turn it into music. Hey maybe I’m no Ben Franklin and maybe what I’m saying isn’t easy for the masses to understand, but I’m trying. I would really love to hear what you guys think about it. If anyone wants to post as a separate thread I would appreciate it.

    http://www.youtube.com/jenklefritz – link to my main channel

    Here’s the lyrics to a song I wrote last week. Monopolies and Manipulated Stats.

    http://www.youtube.com/watch?v=OzpRojm80_Y&list=PLtbMRpF6YSS8FO6bcc8yGnYvkqvRnz-uW&index=1&feature=plpp_video – link to this particular song.

    I’m calling the whole project Lyrics for Liberty.

    All Original Lyrics for Liberty by JJ3

    Welcome to the narcissistic nanny state
    It’s a bureaucratic feudalistic magistrate.
    It’s got an ego powered artificial mad mandate,
    If you’re full of self importance than you think it’s great
    If your super superficial than you can relate
    But the only thing a government can ever create
    is a central banking system a destructive tax rate,
    and a craving for power they can never satiate.
    CHORUS:
    Governments and bureaucrats,
    Monopolies and manipulated stats
    Bureaucracies and men in black,
    Come work for us we’ll all get fat.

    We’ll offer you destruction and democracy,
    We’ll give you money if you follow policy,
    We’ll never let you know it’s all a fallacy
    We’ll even let you pretend that you’re truly free
    As long as we don’t ever go and disagree
    Then we won’t shock and awe you very viciously.

    We’re populated by fickle fabulous fools,
    We love to dominate you with our government rules.
    We’re in it for the power and perhaps the glory,
    Manipulate the media to sell our story
    The military industrial complex,
    Enforces all our orders regardless if they wreck,
    The lives of ordinary people by mistake,
    Our job is not to give our job is just to take.

    30th November 2012 at 4:03 pm

  22. TeresaE says:

    @PJ, “adapt” yeah, I know. Sadly, I see “adapting” as relinquishing my moral, ethical and lifelong, compass. I’ve known since I was a kid that I was not going to be like my family. My dad was one of the hardest-workers I’ve ever met, but he was still poor – poor through reproduction and fear of change. My solution to all my problems has always been learning, changing, working harder, and not having a passel of kids I couldn’t afford. Hell, I waited 22 years between my two (still missed the timing, but wouldn’t trade!)

    All of a sudden it occurs to me, had my mom & dad been born 40 years later, they would have had it made as all us kids would have meant lots of free government stuff that the costs previously impoverished my dad. So, should I throw away these “old-fashioned” thoughts of hard work + real skills + living within your means = better life? Looks like it, doesn’t it? I’m right there with ya’ PJ, it sucks big ones.

    @GovRunAmok, nicely done sir! (or ma’am!)

    @JJ3, I love the chorus!

    “Governments and bureaucrats,
    Monopolies and manipulated stats
    Bureaucracies and men in black,
    Come work for us we’ll all get fat.”

    My mind doesn’t find poetry rhythm easily, but I like what I read/hear. Do you have any instrument playing friends to try and find your beat? The gov still hasn’t figured out how to shut down ORIGINAL musical productions, but for goodness sake’s DON’T sample any copyrighted material, even if for a few chords. Bastards will yank you into court to show you who really owns “freedom of speech.”

    1st December 2012 at 10:48 am

  23. MuckAbout says:

    Damn we got us some smart ladies here. Between PJ, TE and SAH, I’m just going to start scanning the comment lists for wisdom and skip the posted articles!

    MA

    1st December 2012 at 11:02 am

  24. MuckAbout says:

    Oops… Mary Malone – I left you out but not on purpose! You right there too!

    MA

    1st December 2012 at 11:03 am

  25. TeresaE says:

    @Muck, awww shucks.

    We do have some great broads that hang out here. I mean that with the utmost respect as I consider myself a “broad.” (personal philosophy, co-opt the terms used to denigrate you, then they lose their power)

    Of course, it takes a certain type of (deranged? tough? thick-skinned? secure in her own womanhood?) to hang out here with all the boobies, swear words and shit throwing.

    Personally, I think its because we are genetic mutants, but what do I know?

    1st December 2012 at 12:05 pm

  26. Jere says:

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    14th May 2013 at 8:18 pm

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