What better way to get the youth to vote for Obama…
Have the youth given up on Obama?
In 2008, the youth vote helped sweep Barack Obama into office. Americans 18-29 spread the word on social media, energized fundraising and went to the polls. In 2012, the youth vote is moving on and throwing those omnipresent “Hope” bumper stickers and t-shirts in garbage bins.
The sobering reality: just 55.3 percent of Americans between 16 and 29 have jobs. And earlier this year, Americans’ student loan debt surpassed credit card debt for the first time ever.
Rather than develop a lasting initiative to help young unemployed Americans, the President launched “Greater Together” – a campaign tool that offers community forums rather than jobs. Rather than provide a bailout to those crushed by the burden of educational loans, his student debt relief program was pathetic – only reducing interest rates by a measly 0.5 percent.
Brad’s solution to get the youth excited about re-electing Skippy? How about not repaying their student loans? Brad writes:
To win the youth vote in November, a Presidential candidate could start by:
- Creating a limited student debt forgiveness program: It would be impractical and foolhardy to create complete debt amnesty. Instead, erase all federal student debt for those with more than $30,000 in federal student loan debt and cut the bill by 10 percent for those with debts under that threshold. That still leaves students accountable – no free rides – but it eases the crushing burden on millions of millenials.
- Controls on Predatory Lenders/Servicers: Most students need their parents to co-sign loans and then take care of the bills themselves. But private loan servicers like American Education Services (AES) have no oversight and resort to bully tactics to threaten students’ parents with credit rating ruin as little as five days after a bill comes overdue for the first time. There’s no need for a Credit Protection Financial Bureau, just more oversight on predators like AES.
- Allowing Student Loan Discharge in Bankruptcy: In 2005, bankruptcy law changed to specifically exclude private student loans from being discharged in bankruptcy proceedings. Young adults don’t want the headache or stigma of going bankrupt, but sheltering private lenders at the expense of recent graduates is wrong. H.R. 2028 will restore pre-2005 terms – support for the bill would be huge in generating millennial votes.
The ancillary benefit of student debt relief is a stimulus to the economy. Older Americans might say that giving money back to the young is an invitation to run up debt again, but millenials have watched their parents get underwater with mortgages and credit cards – it’s the pot calling the kettle black to deny young adults their own bailout. The stimulus will come in the form of solid and responsible purchases: a first couch, a first bed, a first set of dinner plates. This isn’t reckless spending, it’s the type of economic stimulus that Obama’s much-touted stimulus should have been.
Yes, nothing will get the youth vote more than by erasing their debt. Who will pay for that debt? Taxpayers. With a US national debt of over $15 Trillion dollars, what’s a couple more million that us taxpayers have to absorb?
And his theory that students will run out and make purchases once their student loan debt is erased? “Giving money back….will come in the form of solid and responsible purchases.” The students aren’t getting money back per se, they would have one less bill per month. What makes him think they would all run out and make additional purchases? And since 45% of them aren’t working, why would they rush out to make a purchase?
Not surprising that Brad would support this liberal economic policy. He is a partner with Capitol Media Partners, a Los Angeles-based communications and public affairs consultancy. He was press secretary for Steve Young (democrat candidate in California’s 48th District) for Congress in 2005. He has written for Huffington Post.
With this opinion piece, you can tell he’s still shilling for the democrats and their failed economic policies. He obviously missed the memo on how the 2009 stimulus plan was a bust.