Thread by @Timcast

Lets talk about student loans and why I think we should work out a forgiveness plan. I'll add a disclaimer that the solution will likely be complicated and not as simple as "just cancel it" but that we need to figure it out. /1

All my life I was told that school was an obligation. If I did NOT go to college I would be a failure or flipping burgers, as if you can't take pride in flipping burgers.

Well I didnt go but all my friends did, they were told my their elders and they believed it. /2

The problem was that our elders were wrong and many people felt that they had no choice but to take on debt

I definitely know people who were irresponsible with their loan money but these are young adults, practically kids, being told to take on masive debt "or else" /3

It sounded to me like a doomsday scenario but I never thought anyone had the answers anyway. Most young people though did as they were told by our society and it was a huge mistake. /4

Where did that lead us?

The great recession left young people with little choices. There were no jobs, entry level positions being taken by older people with more experience, and now they had debt to pay off but no way to make money. /5

My friends were depressed and frustrated. Many decided to take on MORE debt which was insane but they didn't know any better.

Typically I'd point to "personal responsibility" at that age but I still recognize the societal pressures to get a degree. /6

Now with young people and millennials strapped with massive debt they can't even start to pay off (interest keeps their principal almost static) they are turning to government for answers.

This is where it gets counter intuitive /7

Being broke many are straight up advocating full blown socialism. Socialism hasn't ever worked. Many are just advocating for more government programs and higher taxes because they can't afford rent or healthcare.

at 30, people are too indebted to buy homes or have families. /8

Now I see a finger trap problem. We need to relieve the pressure on young people who were saddled by massive debt because our society told them too.

We need education reform and to teach entrepreneurial behaviors along with it. /9

We want to try and pull out fingers out but that makes the trap tighter.

We need to drastically relieve pressure on young people so that they can focus on buying homes, having families, and generally being happier.

If we don't they will keep pulling until the fingers break. /10

The problem is INSANELY complicated and the issue of the economy is tied to so much more than just debt.

But this to me looks like a looming disaster. When the college debt bubble bursts and people just stop paying it could be worse than the 2007 market crash. /11

Lets figure out how to fix this now, relieve stress and pressure, and give people a reason to believe in themselves and focus on servicing and creating for their communities instead of wading in indentured servitude forever. /12

A lot of solutions can be counter intuitive
Many people might get mad and say why should I pay off their debt?

Inequality can lead to jealously which can lead to riots and economic collapse

I think we need to figure this out before we see more people demand overt communism /fin