And you wonder why the wealth gap is increasing❓This may be part of the problem; young people accumulating massive debt for non- productive degrees and then having that debt forgiven in a more favorable way if they work in jobs that are less productive or less prone to contribute toward economic growth. Don’t we have this backwards⁉️
If we are going to forgive loans, why not give the advantage to productive STEM degrees and to people who are in key jobs or who are entrepreneurs who create jobs⁉️ How is it beneficial for society, especially the much talked about middle-class, to spend tax dollars forgiving loans for an actor working for a public radio station (or a government employee) ten years sooner than a college graduate who starts a small business and employs ten people or who works in a job developing new technology⁉️ No doubt the logic is that the former has a harder time repaying the loan than the latter, but is that the correct standard for using tax dollars and supporting the middle-class⁉️ Rather, it appears more a reflection of a misguided naive progressive mentality.
What we should be doing is putting our tax money where society gets the best ROI. Am I missing something?
Amira Nader graduated from Columbia University in 2010 with a master’s degree in acting and nearly $190,000 in debt. She now works for a public radio station in New York City and waits tables on the side.
Ms. Nader, 31 years old, who moved to New York nine years ago from Florida, dreams of owning a home in New Orleans. But like tens of thousands of other young Americans, she is finding it hard to move away…
In New York, Ms. Nader is juggling her dreams and debt, which “looms over my head every day, especially when I think about a home, or children, or sending those imaginary children to college.”
To save for a move, Ms. Nader has been working 60 hours a week, including 35 hours answering phones at WNYC. She pays about $1,025 a month rent for a Brooklyn apartment she shares with two roommates. On Sundays, she hosts a classic-country radio show at Columbia where she plays songs by Hank Williams and Dolly Parton.
If she works at a nonprofit like WNYC for eight or nine more years, most of her student debt will be forgiven by the government under an Education Department program that promises to forgive debt after a set period—10 years for those in nonprofit and government jobs, and 20 years for those in the private sector.
Excerpt from “More Young Adults Stay Put in Biggest Cities” WSJ 1-20-15