Letter to the editor: Canceling student debt doesn’t solve the real problem
The problem is not that taxpayers’ money pays off student loans. If federal taxpayers’ money can bail out big business, it can also help children’s futures. It is about fixing the economic opportunities blocked by a system the government has broken by depriving educational institutions of direct grants – thereby shifting the absurd systemic cost onto participating students and overfunding institutional demands without regulatory caps.
People in deep debt can’t buy – well – much. Does the university guarantee a job that could repay this debt? No.
The education system (including the financiers), taking advantage of unbridled and fluid government-guaranteed loans, has burdened students with monumental economic anchors. It is right to correct retrospective errors by reasonably restoring economic opportunity to those who are crippled by the cost of a system which the government neglects to abandon to the privateers – and employing the government to restore some indemnity as a reward. Yet repaying minimal debt is simply putting a tourniquet on gangrenous limbs to prevent further spread. It soothes and helps. It doesn’t heal.
The next step is to overhaul higher education funding to avoid the institutional vampirism endemic to the current system. It is the root of that poisonous tree, and while I applaud the mild antidote given to those who are impoverished by the government itself, it is the least we can do.