S.F. Jude Terror wrote:
The economic tide in America has been falling for 8 years now. A few people are still getting richer, though. Hmmm....
So you propose wiping out all debt.
What do you think would happen to lending that point? Who in their right mind would lend again if they felt that they had no chance of redeeming their investment?
And ignoring banks, what about people who bought brand new cars or boats. They deserve to have those for free? They don't have to pay their agreed upon price for them? Or all the people with their credit card debt, they can just have all this stuff for free?
I get it you're upset because a college sold your wife a useless degree and she'll spend an obscene amount of time paying it back. I think the college system is screwed up, I think the colleges exist to sell you a degree regardless of usability and it is irresponsible for the government to provide loans to anyone who wants it, rather than actually providing loans only to people entering viable markets. But the answer isn't to "clean slate" debt, the effects of such a thing would be terrible.
And the fact is, no one was tricked into their credit card debt, no one was forced to buy a house they couldn't afford or buy a house at all, no one was forced to buy a new car, no one was forced to live a lifestyle outside of their means. Just because a lot of people are greedy and want what they can't afford, doesn't mean that the right answer is to erase all of their poor life decisions to screw over the banks you hate so much. Also no one was every forced into taking out huge debts for colleges, you may feel that people are tricked into thinking college is more important than it is, or the prices are too high, but when you sign up for loans, are adults are allowed to do at 18 all the information is present to you. I personally think the government shouldn't be involved in the loan process at all, just give out grants/scholarships and leave the loans to people who know they are taking a risk investing in this persons education and will only take that risk if that person is likely to be able to pay them back.
As for some people getting richer the past few years while others struggle
It happened in the 30's too. I'm not going to be jealous of the what other people have.