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And I want to point out a coincidence that is more IMO than happenstance. Bless the young for their fervency for justice, but we can all be blinded by self-interest disguised as concern for others.
1/
1/
The majority of student debt is held by people who went to private, not public colleges.
1. People who chose to take on more rather than less debt precisely because they predicted higher income later and
2. Would not be addressed in the future by making public college free. 2/
1. People who chose to take on more rather than less debt precisely because they predicted higher income later and
2. Would not be addressed in the future by making public college free. 2/
And, your charts that show you that POC have more student debt are based on looking *only* at people who *have* student debt. So *among* people who went to college, POC have more debt. This is true.
But POC are also *less likely to go to college and accumulate student debt* 3/
But POC are also *less likely to go to college and accumulate student debt* 3/
So “cancel student debt” leaves out the *most in need of financial relief and systemic change*.
4/
4/
Here’s the self-interest part: among people younger than 35 averaged out, college is the biggest source of debt. But across the *entire population*, housing is the biggest source of debt. And, among low income particularly people who never went to college, 5/
Housing-driven debt often outweighs their assets (yes taking loans to cover rent is housing-driven debt). Housing costs are a major driver of entrenched poverty. College debt is not. 6/
so, people for whom their primary debt is student debt support people who want to cancel all student debt even though it does not address the major sources of poverty or wealth disparity? Surprise!
Of course. 7/
Of course. 7/
Make public school tuition free. Cool.
Cancel student debt for people of a certain age who are still mired under it. Cool.
Cut the student debt of people who were hit hard by interest post-2008 because of unemployment during recession cool 8/
Cancel student debt for people of a certain age who are still mired under it. Cool.
Cut the student debt of people who were hit hard by interest post-2008 because of unemployment during recession cool 8/
Control interest for all student debt. Or even eliminate it. Cool.
Forgive debt for public service work. Yay.
All kinds of things we can do to justly address student debt. 9/
Forgive debt for public service work. Yay.
All kinds of things we can do to justly address student debt. 9/
But using massive public funds to cancel ALL student debt is simply regressive policy (and does NOTHING to address people accumulating student debt right now). It sounds so good, particularly when politicians tell you it’s anti-racist. 10/
But it’s not anti-racist. It’s self-interest sold as anti-racist or economic justice.
Before responding, keep in mind that student debt and tuition are not the same.
Canceling debt is cancelling already incurred debt. It does not address tuition costs going forward. That is a separate topic.
Canceling debt is cancelling already incurred debt. It does not address tuition costs going forward. That is a separate topic.
Lol I spelled cancelling two different ways in one tweet. Dork.
And a young white lawyer unfollowed me because of this thread.
