Tuesday, July 2, 2013

Student Debt Slavery No Bankers Left Behind

The federal Loan Rate for approximately 7 million Students doubled on Monday. Federal law has set the rate for new subsidized Stafford loans at 6.8 percent, up from 3.4 percent.

We are living in an Ultra-Reactionary Time when the Ruling Class doesn't just want to reassert the Dominance of Neo-Feudal Capitalism but crush the hopes of the Working Class and Middle Class.

So of course Congress didn't do anything about the Student Loan Rate. With a few exceptions Senators Elizabeth Warren and Bernie Sanders being the two loudest proponents, the Ultra- Reactionary Republican Party and the Pro-Business Democratic Party are enforcing the Neo-Liberal Economic Strategy in an attempt to grind the Middle Class out of existence and return the 99% to the Status of Wage Slavery; Cogs in the Gears of Industry and Massive Debt for a career in the Petty Bourgeoisie.

Of course, it shows the utter hyporcisy of the Free Marketers. The Stafford Loan rate isn't determined by "The Market" but by fiat from the Congress. So, it's just another way in which Capitalism is a rigged game, for the Banking Institutions get their federal loan rate set by the Federal Reserve. It's currently set at 0.75% for Big Predatory Banks.


Jerry Critter said...

Student loans should have a zero percent rate.

Sarge said...

You are right. But, don't hold your breath - Ask Rick Sanatarim -
Educated people don't vote for Repiblicans.


Kulkuri said...

Twenty years ago the interest rate on Stafford loans was 8%. There are still people paying that rate, but nobody gives a shit about them.

If The Old Lady hadn't been saddled with that rate we'd be driving something better than a Focus!!!!!!

ChickenHammer said...

BFD. Existing rates remain the same; only new loan rates are rising. If anyone doesn't like the new rate they don't have to take out the loan. The rate is still ridiculously low for a group of people who in general don't have a credit history.

Nan said...

They're focusing on the wrong thing. The real question is why college costs have risen so dramatically compared to everything else.

Grung_e_Gene said...

The Implicit False Narrative foisted upon us is that through hardwork, ability and intelect one will necessarily advance.

This is Lie of the Meritocracy. Look at the SCOTUS, eight of the judges are from Harvard or Yale Law School.

What the Wall Street Thieves and Criminal Capitalists have created is a recreation of Indentured Servitude.

Americans are rountinuely sold into debt so that their prime working years are funnelled into Corporate Bondage.

On top of this the Capitalist Wage Slave Masters work on redirecting peoples anger towards the Poor via the King Crab Legs eating food stamp receipent and the Massive Lies that Poor People forced Banks to sell them homes (to use the latest idioms of Blame the Poor Rhetoric).

Jerry Critter said...

It use to be the "company store". Now,it is the "bank". Indentured bondage is still indentured bondage no matter what the source.

Healthcare is another source of corporate bondage.

J.O.B. said...

Gene, I am happy to see that we are having the same disdain for the Democratic party as the Republican party. Third party anyone?

More to the point. My opinion lies more with Nan. I agree with Jerry, but feel that we should do more. My Brother-in-Law accepted a position at McGill University in Quebec last year. I was told this university was the Yale of Canada. Tuition is $2700 a year.

Personally, I think college sgould be free.

Jerry Critter said...

I agree, J.O.B. College should be free at least to those that meet some minimum standards.

ChickenHammer said...

To J.O.B. & Jerry Critter

If you really feel college should be free why not step up and volunteer to pay for someone's tuition and books or create a scholarship fund?

Jerry Critter said...

Hey Chicken, I've already done that for my children. I would rather we all share the burden since we all share the benefit.

J.O.B. said...

Hammer, why should a pay for one child's education? I already am in the process of making sure my Daughter's is taken of. Why should I alone be responsible for another child's post high school education?

Our tax dollars are used to subsidize meals for employees of the world's largest retailer, why not an education to get people back to the middle class.

I have a question for you Chicken Hammer. And it seems to be perfect on this Fourth of July. Are you a fan of the founding fathers?

ChickenHammer said...

J.O.B. & Jerry Critter you're making my point for me. Rule #1 in economics is there is no such thing as a free lunch. That "free college education" has to be paid for by someone.

J.O.B. said...

Hammer, please don't preach to me about free lunches. I understand how the system works. And compared to the abortion that is the AHA, I think free college education is something that America needs, and would only improve our country. I believe High School drop out rates would plummet. Children of all walks of life would have a light at the end of the tunnel. Who knows, maybe the amount of kids wanting to join a gang would drop. Would it cost the tax payer? Of course it would. It would cost you, Jerry, Gene, and myself. But that would be an investment I would be willing to make. Remember one thing, it's an investment in this country's future. That's one thing Thomas Jefferson understood.

Grung_e_Gene said...

Of course, the Free Lunches right now are going to Corporations and Plutocrats who complain about Tax Rates while paying less than the average fry cook or janitor or get Tax Subsidies back from the Government.

But, that's the Goal of Capitalism. The Rich are supported by the Poor.

And the GI Bill was terrible communism because it gave Free Education to a bunch of lay-abouts in the late 40's and early 50s.

Jerry Critter said...

Without looking at the actual numbers, I suspect that there would be plenty of money for college educations if we stopped subsidizing corporations and plutocrats. It would also be much better for the country.