A Quote by Hillary Clinton
[Young people] can't do much with [student debt] other than try to figure out how to pay it down. They can't take jobs they want. They can't get the credit they would like to start a business. So we're going to refinance it, we're going move people into income-contingent repayment plans, we're going to have a date certain when their obligations end, and I'm not going to let the government harass kids.
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Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.
If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.
There are two definitions of deflation. Most people think of it simply as prices going down. But debt deflation is what happens when people have to spend more and more of their income to carry the debts that they've run up - to pay their mortgage debt, to pay the credit card debt, to pay student loans.
When I talk about how we're going to pay for education, how we're going to invest in infrastructure, how we're going to get the cost of prescription drugs down, and a lot of the other issues that people talk to me about all the time, I've made it very clear we are going where the money is. We are going to ask the wealthy and corporations to pay their fair share.
There are other people, other economies, governments, cultures, religions, and destinies going on at the same time as yours. You have to widen the scope of your lens and start seeing more. Because Americans, it's easy to make us freak out. When the going gets rough, you have to get conservative. That's what's happened to America in the last eight years. I just try to point out that there's more going on than most people pay attention to.
But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.
When I look for what I'm going to listen to I go backwards. I'm always going the other way you see. Most people are trying to figure out 'how do I get in the fast lane going that way?'. I'm going in the other direction. I wanna find the oldest thing to do.
When I talk to people, their concern is, how are you going to create jobs? How are you going to help turn this economy around? How are we going to make sure that when my kids get out of high school or college there will be some job there? Those are the concerns that are on their minds.
There are a lot of things going on that's causing a lot of these young kids to head in the wrong direction. I know a lot of kids that are cutting school. I try to give out a positive message, trying to get kids focused. If they don't then they're going to end up like every other hoodlum in the street.
The idea that you have a vision of what you're supposed to be, or going to be, or where your kids are going to be - and that that doesn't work out - is always going to be something that's going to affect people and move people.
If you do something that's going to get somebody a job, then they'll be able to pay for their kid's school, and then their kid is going to be a doctor, and then that doctor is going to probably help who knows how many other people, so it's very motivating. Much more fun than going to the beach.
Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?
We need a wealth tax that on a one-time basis is going to take back at least some small fraction of the great windfall that the upper 1 percent, or 5 percent and pay down the government debt, pay back the federal debt because we can't put this on the next generation or they're going to be buried paying taxes.
Virtually all student debt in the US is now held by the federal government. It would therefore be a relatively simple matter to forgive some, if not all of it. This would enable young people to transition much more easily into creating their own households and families. At the same time, if the government is going to enact a major program of student debt forgiveness, it should be at least equally committed to relieving the heavy mortgage debt burdens still carried by tens of millions of non-affluent households in the aftermath of the 2007-09 financial crash and Great Recession.
You can pay certain people more money and stuff but that's just going to be a transfer from one group to another. The only way people's wages are going to rise overall, or average median income is going to rise, is if you increase productivity.
We've turned the post-war economy that made America prosperous and rich inside out. Somehow most people believed they could get rich by going into debt to borrow assets that were going to rise in price. But you can't get rich, ultimately, by going into debt. In the end the creditors always win.
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