It’s becoming a dog bites man story.
Allahpundit has a post about massive student loan forgiveness as a stimulus idea. He says:
My sense of personal responsibility says no but my debt-crushed monthly budget cries proceed:
I can’t tell for sure if he’s being tongue in cheek or not, but this proposal is definitely in line with the “To Hell With Everything” attitude of the Obama administration. Allah conceded a personal stake in his analysis so I’ll concede mine: I’m one of those yutzes who actually paid mine off early.
My Dad, who would have been 84 last week, always advised me to pay off all my student loans. Everyone around me said: “The interest rates are low!” and “You should invest it and make more!” but I took Dad’s advice.
When I started out work, I worked at a civil law firm where the hours were typical big New York firm hours; basically, if things weren’t busy, you had a few hours to yourself on Saturday and that was it. I got up, went to work, drove home and went straight to bed, and repeated. 9:15 a.m. to 11:30 p.m was a typical day if we weren’t busy; going home at 1:30 a.m. was typical if we were. Half day on Saturdays most easy weeks, and 8-9 hours on Sunday.
I’m not complaining; the money was good and I chose it.
One of my former partners still reads the site, and I want her to know that I mean no offense when I say my biggest joys in life were: a) seeing if I could get from the garage to a particular spot on the 90 Freeway in less than 15 minutes, and b) watching my checking account balance grow. Most of the people around me got fancy cars and such, but I had an idea I wanted to head into government work, which would be a huge pay cut, so I paid off the debts. And then my wife’s. And all our credit cards. And all our car loans.
If the government that wants to bail out irresponsible homeowners also decided to forgive all student loans, it would send a terrible message: you aren’t responsible for your own debts. (What am I saying? We’re already sending that message with home loans.) I think it’s a destructive message to send, and essentially punishes those of us who worked to pay off the debts.
Incentivizing irresponsibility is not a solution to economic problems.