Monday, December 10, 2012

More Student Loan Bondage

Wisconsin Republican Congressman Tom Petri has introduced legislation that would allow the federal government (via the Department of Education and the IRS) to automatically deduct student loan payments from borrower's paychecks (capped at 15% of one's income).  This is being touted as a good thing because it would then obviate the need for third party collection agencies, who previously had been subcontracted by the government to help collect the $1 trillion in outstanding student loans. 

Because, you see, borrowers would much rather have actual money deducted directly from their paychecks by some all-powerful federal agency than to have to simply ignore repeated phone calls from relentless collection agencies who have no legal power to make you pay anything at all. 

Again, we see the full force of government come down hard on the poor and vulnerable.  There is no K Street lobbying firm that advocates for the rights of 24 year olds with newly minted Political Science or Law degrees, saddled with hundreds of thousands of dollars in student loan debt.  There is no voice for the single mother of four who borrowed 35 grand to get a useless degree from the DeVry Institute in Marketing.  No, those who struggle, the downtrodden who tried to improve their lot in life through higher education will face the sheer immutability of American Justice.  These people will pay.  Actually, it will be done for them.  Automatically.  If they're lucky enough to get some lousy entry level job. 

In America the formula for Justice is as follows:
  •  Conceive of and execute an illegal worldwide indefinite detention and torture program:  no legal entanglements.  Lucrative book deals and eminent post-government positions in academia and the private sector await you.
  • Defraud the nation of trillions of dollars of wealth via poorly regulated, gerry-rigged complex financial derivatives: no one goes to jail, await fresh infusion of cash from federal bail out, lobby to dilute resultant financial reform bill, start process all over again, enjoy record breaking profits within 6 months of Wall St collapse.
  • Go to a liberal arts school in Ohio and borrow $115,000.  You graduate with a degree in History.  You are living in a studio apartment, working 30 hours a week at Starbucks while you await word on the MacArthur Fellowship.   You fall three months behind on your student loan payment:  next week's Starbucks paycheck is barely enough to cover this month's rent.  You cancel prospective date at the theater with attractive Barista who works Tuesdays and Thursdays. 
Justice served. 

3 comments:

Frank Drackman said...

Umm yeah, like your office just lets people get stuff for free...
Enough Politics, lets talk about the sorry state of Big 10(11?12?) "Football"...

Frank

Frank Drackman said...

Who pays $115,000 for a History Degree? Heck Fire, I didn't pay a 10th of that for my Medical Degree(HT Uncle Sam)
You can get a studio apartment working 30hrs/week at Starbucks? Jeezus, I thought the South had shitty property values...

Frank "If I punch a Clemson player can I get a Statue at Ohio State too?"Drackman

Anonymous said...

Well, you know how it goes with us licensed professionals. In my state, default your loans you cannot renew your license. Hilarity for all those nurses (renew every 2 yrs) who cannot find a job, and have outstanding loans.

-SCRN