Makes sense to me, not sure why tax payers should help people pay off their bad investment.
Remember that a good investment is when you spend money, take out a loan, invest years of your life and what you learn / can do is of enough value to an organization, people or society that you can afford to pay back your investment and hopefully make enough to live a better life.
Now if you chose to take out loans to learn something that is not valued enough and pays so poorly that you do not earn enough to pay them back. It sounds like you made a VERY POOR INVESTMENT.
I think the DEMs had better make the changes they want quickly, because my guess is that they are going to be crushed in November at the polls. I mean not even moderates will support bailing out liberal arts majors and making it easier for foreigners to cross the border. :-O
4 comments:
Makes sense to me, not sure why tax payers should help people pay off their bad investment.
One of my favorite things is bankruptcy. What bankruptcy does is offer people who have gotten in too deep, who have made mistakes, or very often have gotten into severe financial distress, a second chance. One of the ironies of bankruptcy, which makes it capable of abuse, is that it benefits the rich and the middle class, and not the poor. Poor people don't need bankruptcy because they can just walk away from their debts.
Bankruptcy can be seen in economic terms, as a subsidy to the bankrupt. Having one's debts discharged is something of value the bankrupt receives. In effect, the bankrupt's debts have been paid off.
So that prompts the question, is bankruptcy a good thing? A bad thing? Let's think for a moment about corporate bankruptcies. When say, Lehmann Brothers went broke, did that benefit or hurt our economy? Lehmann shareholders walked away from Lehmann's debts. All they lost was their investment. Was that good? Or bad? And however we decide those questions, does similar reasoning apply to student loan debt? Is repaying loan debt good for the economy, for all of us? Or is it bad?
--Hiram
Bankruptcy usually is not paid for with tax payer dollars.
Not sure your comparison is valid.
And apparently bankruptcy is an option for student loans
Bankruptcy usually is not paid for with tax payer dollars.
But it's paid for by the dollars of people who are taxpayers.
--Hiram
They took the risk... They bear the consequences.
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