Posted on Mar 11, 2021
Why is College debt bad, but government debt good?
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Question for the Millennial Generation. I don't know how to "properly" ask this without coming across as judgmental or accusational. Please understand that I am asking this question in earnestness and a true desire to understand thought processes and rationale.
I have seen a whole lot from millennials about how my generation (Gen X) has set them up for failure with skyrocketing tuition costs, overwhelming college debt, and stagnant job growth making repaying those college loans difficult. Many of these same folks believe that the federal government should bail them and/or their peers out.
I understand the argument. I don't necessarily agree with it, but I can understand it, and understand how there IS a certain logic behind the movement.
But here is what I don't understand.... Many of these SAME people, who are complaining about my generation saddling them with an impossible debt scenario, are more than happy for the latest 1.9 trillion unfunded spending bill. They are also happy to saddle the federal government with THEIR debt from college. This is effectively saddling THEIR kids with debt from their generation. And yes - I completely understand this is a "pot calling kettle black" situation. Gen X was NOT good about our demands on the government and our willingness to fund it. We saddled Millennials with more government debt than we had a right to. It was not right, and I, personally, was not happy about it as we did it. But... If millennials really do understand, personally and viscerally, the harmful impact of overwhelming debt, as they appear to do from their college debt, why are they apparently OK with crippling their future (and sometimes CURRENT) kids with generational government debt?
Again, I am not trying to be judgmental, I am legitimately trying to understand the rationale.
I have seen a whole lot from millennials about how my generation (Gen X) has set them up for failure with skyrocketing tuition costs, overwhelming college debt, and stagnant job growth making repaying those college loans difficult. Many of these same folks believe that the federal government should bail them and/or their peers out.
I understand the argument. I don't necessarily agree with it, but I can understand it, and understand how there IS a certain logic behind the movement.
But here is what I don't understand.... Many of these SAME people, who are complaining about my generation saddling them with an impossible debt scenario, are more than happy for the latest 1.9 trillion unfunded spending bill. They are also happy to saddle the federal government with THEIR debt from college. This is effectively saddling THEIR kids with debt from their generation. And yes - I completely understand this is a "pot calling kettle black" situation. Gen X was NOT good about our demands on the government and our willingness to fund it. We saddled Millennials with more government debt than we had a right to. It was not right, and I, personally, was not happy about it as we did it. But... If millennials really do understand, personally and viscerally, the harmful impact of overwhelming debt, as they appear to do from their college debt, why are they apparently OK with crippling their future (and sometimes CURRENT) kids with generational government debt?
Again, I am not trying to be judgmental, I am legitimately trying to understand the rationale.
College
Finance
Posted 4 y ago
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I have no sympathy with the millennials with college debt even if tuition went up a lot. They chose to accept debt. Gen X did not cause economic slowdown or unemployment, it happened due to market conditions. If they accepted debt then the honorable thing to do is pay it off. I as a tax payer do not want to pay off college debts for others.
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SFC Casey O'Mally
Sir,
My viewpoint is largely in line with yours. But that doesn't answer the question at hand. Why are people who view personal debt as bad, perfectly OK with government debt? After all, government debt is, in reality, just a whole lot of COLLECTIVE personal debt. We are ALL on the hook for it, one way or another.
My viewpoint is largely in line with yours. But that doesn't answer the question at hand. Why are people who view personal debt as bad, perfectly OK with government debt? After all, government debt is, in reality, just a whole lot of COLLECTIVE personal debt. We are ALL on the hook for it, one way or another.
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College debt is "bad" because it's just too damn easy to get it, and an absurd amount at that and they are told they'll get a sweet job making 7 figures at Google just for having a BA in Philosophy so don't worry about repaying- it's in the bag." Hey gov! I need $138,000 because I want to go to an out-of-state public school (not including room and board)". "Sure kind citizen, have at it and good luck!"
Boom, kid comes out that much in debt and finds a job making $42k a year. House, car, utilities, insurance, phone, internet, food all need to be paid....and then Nelnet or whomever comes knocking. Person can't afford to live AND pay for the degree they got. (and it's not the government's fault, it's the unchecked universities fault because they just ran up the cost knowing people could get loans). So now they put in for an Income Based Repayment....and the loan continues to not be paid off really.
As for government debt - it's not their problem. They will blame whatever their liberal arts prof told them is the problem - the spendy spendy DoD. Meanwhile we have an EPA who could fund everything if they'd just crack down on violations with fines that actually affect corporations . Like a % of their profits rather than a flat fine.
Boom, kid comes out that much in debt and finds a job making $42k a year. House, car, utilities, insurance, phone, internet, food all need to be paid....and then Nelnet or whomever comes knocking. Person can't afford to live AND pay for the degree they got. (and it's not the government's fault, it's the unchecked universities fault because they just ran up the cost knowing people could get loans). So now they put in for an Income Based Repayment....and the loan continues to not be paid off really.
As for government debt - it's not their problem. They will blame whatever their liberal arts prof told them is the problem - the spendy spendy DoD. Meanwhile we have an EPA who could fund everything if they'd just crack down on violations with fines that actually affect corporations . Like a % of their profits rather than a flat fine.
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