Should Wall Street pay off student debt

[*Nately120*]

(06-28-2019, 01:38 PM)TheLeonardLeap Wrote: Plus once you get that degree, you don't need to buy Starbucks coffee every day, and get a new iPhone every 6-12 months. It's amazing how many people cry about their student debts, but still went somewhere expensive for Spring Break, managed to get a brand new Macbook Pro for $2k, or somehow found the money to go out drinking at bars every weekend.

I agree with this in theory, but our culture is very consumer-oriented and for all people think people with student loan debt shouldn't spend money there is a lot of complaining that millennials are "killing" industries with their refusal to spend like their parents did.  I'm just saying if only people who are completely free of debt are the ones spending money, one may assume our economy would suffer.

As I've said before, I lived on the lean after grad school and no one applauded living off of oatmeal and peanut butter and living in a single room.  Everyone was on my arse about getting a house, getting married, having kids I can't afford, having a wedding I didn't want, and getting a diamond engagement ring and a new car and blah blah blah.  Lordy, it's like I wasn't even a real person.

This is America, land of spend spend spend and money money money.  Our president is Donald Trump, for pete's sake!  I mean, part of me groans when I see someone who is clearly white trash buying a bunch of scratch off tickets, but the rational part of me knows that the hope of winning "a bunch of money" is worth more to that person than the tangible benefits the money wasted could provide.  Bet your bottom dollar, and all that.

(06-28-2019, 02:53 PM)TheLeonardLeap Wrote: Sorry, I forgot to address the bit about not sure how to go about fixing it at the very end. Obviously I am not an expert and I don't know it would work for certain, but I have to imagine that if we stopped using mandatory education as a funneling system to colleges pockets, and instead were more realistic with children's abilities and goals, we could start giving better alternatives like more apprenticeship programs, more internships, and more trade schools as an alternative to college.

If there isn't a huge glut of unnecessary college degree holders out there, then businesses wouldn't have the option of making entry level middle-skill jobs require them. Meanwhile then less people would be in college debt.

My best guess, at least.

In a perfect world the free-market would fix itself without our interference.  If college is a giant waste of money and trade school is faster and leads to instant 6-figure employment the tide will turn on its own...well, until the new diploma mill is the trade certification.