Why Canceling Student Loans Is Bad for Everyone

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100 thoughts on “Why Canceling Student Loans Is Bad for Everyone

  1. this entire channel

    host burst through wall like cool aid man on skateboard and does and olly
    hey fellow kids- you know whats cool?- supply side economic bro
    isn't it really hip to fidget spinners dismantle environmental regulations
    hey bro- shouldn't we juuls private water in south America

    haha pinochet did nothing wrong my dude, facts

  2. Lmao just a quick glance into this channels background. Partners with Charles Koch institute. FEE is a libertarian think tank.

  3. Or, and hear me out, you just forgive the student loans and don't pay the colleges any money.

    Because it's really the colleges fault for jacking up the price.

    So no tax payer money spent and student loans are forgiven. And those schools can go fuck themselves and become more realistic with their pricing structure.

  4. College education is not a mistake. It's a necessity. How about making colleges tuition free and regulating the cost of education. If we can bail wall street for their "mistakes" that nearly crashed the economy, we can bail out students. Somehow giving the richest among us is smarter than lifting the middle class. Idk… feels like that money never does trickle down.

  5. Why should private sector workers feel obligated to repay their loans when public sector workers are openly discouraged from doing so. I'm glad 99% of them haven't actually had their loans forgiven and are remaining on the Income Based Plan another 10 years. Hopefully they end up getting taxed on the remaining amount like everyone else. I think only public workers who work very dangerous jobs should receive this benefit.

  6. You never mention the fact that corporations and the rich pay practically nothing in taxes. We subsidize ALL major corporations. So your solution is Wall St. should get welfare but screw everyone who tried to better themselves?

  7. We can bail out the banks and major corporations but screw everyone who was given a predacious and exploitative loan. It's your fault that you tried to better yourself. You should have just worked for minimum wage and sucked up your economically forced servitude to the corporate oligarch.

  8. "It's not the government's fault for being corrupt and letting banks get away with giving predatory loans, it's your fault for taking them out."

  9. I'd disagree with a lot of these comments. Sure the government shouldn't forgive the loans. But the fact they exist are vital to society. I'd rather have a good job with debt than be stuck working at Walmart my whole life cuz my family couldn't put me through college on their own.

  10. There wouldn't be a crisis if the government didn't interfere in student lending in the first place, let the free market handle it. Remove government interference from the 1990s. Treat students the same in bankruptcy as gamblers, lenders, homeowners, business owners, and investors. The argument that students can't give back an education in bankruptcy is meaningless, there is no requirement to have any assets to declare,. Why would it be good for everyone? You're house my be valued at $500,000, but it's worth a sack of potatoes if that's all the kids have to buy it from you. The whole personal responsibility thing is nonsense too. If we want to go that route, all forms of bankruptcy and bailouts should be eliminated tomorrow, no questions nor argument, for bankers, businesses, corporations, everyone, because they all knew what they were doing when they incurred their debt as much as and more than any 18 year old kid going off to college.

  11. Well it’s even more than that, society has pushed kids from a very young age to thinking college is necessary if you want to be anything in the modern world, and reinforcing that over a decade and a half of their lives. So society in and of itself isn’t blameless in this crisis either.

  12. Another think tank channel… Save corporate America andfuck the American citizens. Americans are too stupid to realize they are being played and used.

  13. In many states State Employee's immediate family members "kids" get to go to College for free as long as it's in their state. Most people don't know this and get angry when I inform them. Why should taxpayers pay for their kids to go to college?

  14. I went to a bit of college I couldn't afford to keep going so I had to drop out, then i got a job and got injured now my life is screwed but whatever. I don't see it being fair my taxes should go up even more to pay for other people to get degree's when I couldn't afford to get one.

  15. This is absolutely stupid and condescending. Most Federally subsidized loans are held by the Dept. of Education, the money was already paid to the college, the lender already got their interest for doing the brave thing of lending to the student with a Government guarantee of reimbursement. Now it's just a number held by the Dept. of Education.
    Yes, this should be completely forgiven, and college should be fully funded going forward–rather than the Dept. of Education paying collection agencies, and private lenders.
    Tax the financial sector AS MUCH AS salaried workers (at least), and stop funding the bombing of (Afghanistan/Syria/Libya/next.)

  16. i firmly believe we need to tackle the student loan thing it is my opinion this is a part of why my generation is so messed up if we dont tackle this its going to get even more people crying for socialism to get rid of there debit we need i think we need to do a several part fix 1. freeze interest for all student loans (there might have to be a rule applied where if the person isnt making an effort to play it this forgiveness without reason to not be paying it it might get removed I worry that if there is not interest some people might just try to kick the can down the road for ever only allowing uncle Sam to get the tax returns)2. stop giving federal loans for a period of time 3. start giving loans freely treat it like a bank where they look at what your going for the job market cost of schooling vs salary of the job ECT ECT 4.apply these new standards the restart federal loans and re add interest to all new applicants at a low fixed rate. by doing this the people who got swindled(there word) get a way to get out of the debit if they try and fix it so all new people dont get "swindled to" anymore the only issue i see with this is it wont allow federal aid to the odd majors like gender study's there isn't really a job for gender study's majors out there now you could major in STEM and minor in Gender study's and that would be fine the government would allow the student to minor as they please the point would be rwo fold get rid of the crappy degrees by making them expensive for the student by removing the "free government money" and unattractive to the college and secondly allow the government to help boost industry that the country needs like give more money to those that want to go into in demand career like a doctor and less to a interpretive basket weaving which isn't

  17. Isn't funny how the only type of Loan you are not allowed to default on and declare bankruptcy is a student loan? Meaning the interest rates on it go on FOREVER.

  18. We kind of have to do something about it like allow students to declare bankruptcy or freeze interest rates then for the love of god outlaw further student loans so demand can no longer be artificially increased while I agree it's morally wrong not to pay off your debts at this point America is in dangerous shape because people can't afford things

  19. This is misleading, the student loan forgiveness program by Bernie forces WALLSTREET trading to pay for it with an added tax to all stocks traded…so no, underprivileged kids who never went to school and much less don't own any stocks will not pay for the loan forgiveness. Do I agree with loan forgiveness? NO. But that doesn't change the fact this video is misleading.

  20. We'll never get out of this crisis. Democrats and the media will just used fear mongering and say Republicans are just evil greedy Capitalists who hate kids and everything nice if we ever try to end federal subsidized student loans and the majority of Americans will agree with them

    It's just the sad truth

  21. We bailed out the banks,the car companies, and the oil industry why not cancel student loans? Or at least cancel the interest rates on them?

  22. Here's a novel idea: just delete the debt. No tax payer needs to pay for it, just delete it. Can someone please explain to me why we can't do this? Who exactly would be harmed by this? If the pentagon can just "lose" 21 trillion dollars, they federal government can just lose this debt.
    PS – the mocking tone is childish.

  23. I HIGHLY DISAGREE, the government APPROVED this, this means this is EVERYONE'S mistake. The government was pushing everyone to go to school because they wanted to be the leaders in being the most educated country,pull people out of poverty, and make some money, it did the opposite. This was approved by the people. Seeing that a large portion of the us pop have student loans, they are already paying taxes. The best thing to do is to make a clean slate, have the baby boomers own up to their mistake, take away federal grants, take away federal subsidized loans, FORGIVE THESE STUDENT LOANS, and then NEVER DO THIS AGAIN. I mean seriously, are you really going to say "sorry chuck, you should have been responsible getting that balloon loan of 35k that you were marketed to for 4 years in high school and was never taught financial independence but how a cell functions, and then signed the dotted lined at 18 years old!?" Are you crazy???? And then the government lies to you and say "oh well if you become a public servant you can go into the debt forgiveness program. So you do that for 10 years making less than what you could have because the gov is brainwashing you making you a slave to the lender, but guess what, 99% of all applications get denied. This is complete ignorance! Student loans belong solely to banks! We need this forgiven, this is 100% the responsibility of the govt.


  24. The housing and financial crisis created massive unemployment. People took out loans to bridge the gap, retrain for a new career and what ever it took to become employable again. Of course the tax-payer has to pick up the bill. The students alone are not guilty. The banks are guilty, the realtors are guilty, those who approved home loans to those who were not credit-worthy are guilty, the law makers are guilty, Fannie Mae and Freddie Mac are guilty, consumers who bought homes but never had any intention of making a single payment are guilty, house flippers are guilty, investors are guilty, anyone who was involved with mortgage securities, credit default swaps or any other financial product involved in housing is guilty, and the list of guilty people goes on and on. The students are the victims. Saddled with debt they were forced to take out and can't escape due to the dismal employment prospects from the panic of 2008.

  25. “Free school” (i.e., community college) was passed in my home state of WV by the R majority prior to the most recent midterm elections. So, in reading the law, there is no indication these learning facilities are allowing “free” access. In fact, it’s very clear the facilities expect payment from the productive element of WV with the state acting as broker. That’s not f***ing “free”.
    I contacted my reps and local media asking any misrepresentation as to “free” be corrected to “subsidized”
    I like tilting at windmills

  26. Let's just make everyone dumber by Increasing college tuition and not focusing on utility or warranty for the value of an education.

    Gender studies degree at Harvard = 20000 a year in the real world.

    Garbage man = 25000 a year in the real world.

  27. Student loan debt really does suck, and even if you have a good degree, I had managerial economics, u still may come up empty. I mean hell, I'm going the military route just to get this shit paid in a reasonable timeline

  28. I'm all for supporting it, until they stop trying to justify paying 240$ for a piece of reprinted laminated paper containing a access code for my math course…when all of it is available for free at Kahn Academy.

  29. Maybe I missed something, but here is my Question:
    Is it really that much of a burden for the tax payer to pay for the student loans? The video acts like every Tax payer would have to pay enormous amounts of money, which I believe would not be the case

    Also: If the student loan would be payed by the tax payers, this would mean, that the " underprivileged kids" would be able to go to college too.

  30. We should just abolish federally subsidised student loans. Sure it would mean less people could go to college, but that also means that there is less demand for college, less demand for employees to have a degree, and less people saddled with debt they may never pay off. Private student loans could still exist, but they would only loan to students that might earn a degree worth something.

  31. Higher education is high school 2.0. Fund it like it. That includes trades. Loans create a barrier from being able to afford middle class staples like homes and cars that are the backbone of security. I say bring employers to the table to request career training needed in their industry and pay govt. trainers rather than professors to teach. Employers get trained professionals and employees get no nonsense effective training for in demand careers.

  32. Like how Banks did the same thing in the recession and they were bailed out. I’m not saying bailing us out 100% but at least an amount that won’t keep us in debt for over 15 years maybe just 10?

  33. Considering universities and colleges are consistently leftist and have been price gauging it would not be unjust to just pass the cost to them and tell the students that they dont have to pay their schools if they agree to pass restrictions on government involvement in education

  34. Absolute bullshit propaganda. The student loan crisis is so bad because of greed. They don’t base their loans based on whether you can pay them back, they base it on how much they can realistically force from you. Ditto for the colleges-they work together. So nobody has to pay to get rid of student loans, especially not the poorest people who you pretend are gonna be the ones footing a tax.

  35. ladies and gentlemen this is what we call a strawman yes the system is flawed but so is your video and why is this video flawed because the people who makes the video are well to be frank a propaganda site that has the religion of "the free market will solve everything" then why do i come here easy i come here to laugh at the video just not in the way it is intended

  36. I get the argument and I understand that if we just poofed away the numbers they’d go somewhere else. However, I understand that Bernie’s plan is to cover the debt with a wallstreet tax that would bring in many billions of dollars and cover the debt, not immediately but over the course of a decade. Of course that’s the plan of one candidate, but anybody could pick it up. I am genuinely curious to here the arguments against this. I would like to have just an informative exchange of ideas. No name calling or anything, just want discussion to get through.

  37. He's conflating the issue. Colleges and Universities decided they needed more and more things to compete and get more students than other schools and increased tution as a result. Government is not at fault in this scenario for giving out loans but for not telling the schools off for raising tution.

  38. A law that stopped college’s ability to charge you your life on a paper would stop the hole being dug in the first place.

  39. I mean I see pretty massive holes in this argument. The idea of a social safety net in any way could hypothetically be challenged by this logic. I don't know if the author is aware they are making a strawman or that they are aware the government projects your income before giving loans.

  40. I have student loans but I'm about to pay them off because I am responsible for myself unlike the lazy students who had force people like to pay for them

  41. There's also the fact that public schools will push students towards college regardless of whether they're ready or not or even if they need it. Meanwhile, alternatives such as trade schools or entry-level jobs that make roughly 50k a year are hardly talked about.

  42. Wouldn't it be better if Universities stopped milking students and charged reasonable amounts. They just feel greedy to me. Not that I'm an expert.

  43. I would much rather have my tax dollars going towards canceling student debt than going towards endless illegal wars and corporate subsidies. This video is such gross propaganda.

  44. It depends on where the tax revenue is coming from that would forgive student loan debt however. This video simplifies the issue into saying that automatically it would be the lower and middle class that would foot the bill. However, candidates such as Warren and Sanders are proposing such tax proposals as either taxing speculation via each equity trade or a 2% wealth tax on total wealth valued at $50mil or up, in which case these are disproportionately being covered by the top 5% wealthiest people in our country, not the lower or middle class.

  45. Well this video was half right….part of the student loan crisis was the government pushing loans and making them unable to be dismissed in bankruptcy…

    Pushed by 2 PRIVATE BUSINESSES….Freddy Mac and sallie mae one of which now known as navient.

    So if your gonna point blame why not point it at the people who literally told the government to do this through campaign contributions and lobbying.

  46. Typical nearsighted fiscal conservative argument. Now, let me ask you. What would be the percentage tax rate hike that would effect the middle class, with forgiveness? What about the economic stimulus of buying houses and having kids, for young people free from debts; or the subsequent GDP growth in 20+ years do to an increase in population? Sounds like to me that your argument is only a hole deep and a hole shallow.

  47. Also the amount u have forgiven counts as incoke on your return which also jacks up your taxable income.meanin higher tax.so now u owe the irs instead of the loan provider. Damn sham it all is

  48. This video doesn't address a wealth tax to pay for the problem as opposed to having the "common man" be taxed. I'm not saying that's he solution but it should atleast be discussed

  49. Yeah because having an entire generation or two paying a mortgage without having a home to show for it won't hurt a single market. You know what's better than having social security dry up? Not being able to save for your own retirement or build equity for the first 10-20 years after college ie: age 33-43.

  50. Listen to these high ass interest rate business beg us to vote for them in this next election.

    They know we can’t pay them back

    They know the jobs can’t support the payment programs they offer

    They know we will vote to have this debt taken off our backs

    And they will then be both bankrupt and no one will ever fall for their bullshit again.

    That’s what this is. Anyone thinking it’s anything but is seriously missing the point.

    They need us to keep them in business to then keep us paying them….

    Why- when their education isn’t paying us enough to just pay rent…

  51. This video doesn't address the fact that those proposing this policy also propose an additional tax upon the wealthy. For example, Bernie Sanders proposing a tax on all stocks and bonds sold in the US. So hell yes I want the tax payer to pay for my student loans because (according to these campaign promises) the tax payer will not be me, as is depicted in the video.

    This video could have done better to address the wisdom of using a government solution to fix a government-created problem. Tuition went up after student loans were introduced, so why not instead stop issuing government student loans, and let schools decide to either lower the cost of tuition to something affordable, or to start offer an education that is actually worth the prices they are asking for

  52. GREAT VIDEO… It’s okay to attend the “big name” universities if you can afford it. It’s best to explore scholarships, be mindful that colleges, states, and the federal government gives out grants, which don’t need to be repaid as well.  Education is not measured by what university that you got your diploma from, but that you know the knowledge.

  53. Look, times have changed simply that. Now students have to pay twice as much for degrees and it's not right, pay is not that different than it was 10 years ago. So, I do believe that students should have some sort of forgiveness. For example, a 4 year degree in nutrition 10 years ago was 65-75 $, and I'm graduating with a 4 year degree in nutrition and it's over 100,000$ in loans do you see a problem there!

  54. aw God man I would be so rich if I didn’t have to pay student loan probably still rich even with one but yea

  55. I have relations that got their college degrees through student loans. But they only borrowed what they needed and took part-time jobs to pay off as much as they could in the interim. Upon leaving college, they got gainful employment as the degrees that they obtained had worth. They paid off their student loans within a decade of leaving college. For them, a degree was the path that they needed to get what they wanted out of the working world. For myself, I took a job and went to college part-time. It took me a decade to get my degree but it was paid for without student loans.

    That's the difference between now and then. 18 year-olds who never worked summer jobs being given a blank check is just dooming them to a lifetime of interest. That and the increasing amount of worthless college degrees they hand out these days that cost over 4 times as much as they used to due to college "fees".

  56. Yeah but you should be able to bankrupt out of it like literally every other loan that would make banks more hesitant and actually pay attention to whether or not you will realistically be able to pay it back. It would also encourage people to go for more scholarships which get under utilized and for some frequently go with people who aren’t actually qualified for it but better someone gets it than no one

  57. Other countrys, in the third world, has colleges supported by the goberment and taxes money, paying as much as 50 cents a year for that, and thats their mosth prestigius school, so why does the mosth wealthy country on the world cant do it?
    If the excuse is that the quality of education would decress, then how come quality of highly respected colleges on the USA is still so much lower than of other countrys who support this system?

  58. It's the BOOMERS!
    They set up a world that requires a degree to stack office boxes on top one another. Then on top of everything they want to pay you just above minimum wage to do it.
    They did this to us

  59. So basically, the huge push to make college more accessible had led to the rapid inflation of college costs and students are now demanding the same thing that caused the problem be used as a means to solve it?

  60. Give to some blame to the high schools,  they brainwash their students into thinking the only way to succeed in life is with a degree from a 4 year school.

  61. I think I just got a great idea. How about instead of student loan forgiveness, the government simply stops taxing the income of every person who has taken out a government subsidized student loan? The duration of this would last until the loans are paid off. This not only would give the students with this debt more money to work with, making it significantly easier to pay off their loans and get their lives back on track, but would also force the government to be more responsible with the taxes they're still able to obtain. I don't know if there are holes in this idea. But I see this as an absolute win for both sides. The taxpayer finds a way to pay off the loans they took out and the government gets more tax revenue in the long run due to a now faster growing population of productive members of society.

  62. Very short sighted video. Debters are a big cost investment to the state because of social programs like wellfare, healthcare etc. Having people suffer under debt increases their likelyhood of making iffy financial and life decissions, it can have a huge toll on people psychological and fysical well being and having people in your country that actually have the money to pay for stuff increases the tax influx aswell.
    So yes it would have to come out of the pocket of the taxpayer but the overall benefits may be totally worth it.

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