Leftist reaction to a hole: keep digging
Posted by aogMonday, 19 June 2006 at 13:51 TrackBack Ping URL

I heard a story on NPR a few days ago about the horror of student loans. One of the interviewed stated that it was not her fault that she couldn’t get a job that paid well enough to pay off student loans. This reminded me of this screed at My Left Wing on basically the same subject.

In both cases, the first thing I thought of was “if you can’t make a profit at it, why are you doing it?”. If the educations these people are getting aren’t remunerative enough to pay off the loans, then the problem is a bad investment and the solution is to stop doing that. Naturally, the Leftist reaction to a money wasting activity is to demand that the government encouragement and subsidies for even greater destruction of wealth. One might think this is illogical, since MAL does go on and on about wealth and how poor people need more of it, but it is in fact completely consistent since the MAL has never concerned itself with overall wealth, only differences. If their policies managed to destroy all wealth, leaving everyone to struggle to survive, then there would be no problems since there would be no disparities in wealth. It’s not, however, the kind of economy I want to be part of.

Comments — Formatting by Textile
Michael Herdegen Tuesday, 20 June 2006 at 10:48

I agree completely. From My Left Wing:

A 22-year old student graduating this year who consolidates their $40,000 loan at 6.125 percent will need to pay $243 a month…until they’re 52.

What kind of a degree won’t allow its holder to make enough money to make more than minimum payments for thirty years ?? A waste of time, is what kind, or to be more generous, it’s the kind of degree only the privileged elite should pursue. We have more than enough English Lit. majors with minors in Marxist Theory, thank-you-very-much.

I read a similar lament last year, in which a woman claimed to be highly educated, but wrote that her ne’er-do-well brother, who was in jail or drunk half of the time, made much more than she did, as a heavy equipment operator for a construction company. She attributed his higher earnings to “society valuing his penis more than her education”.

Well, as you can imagine, I nearly cried from laughing so hard.

Here’s a clue: MBA-holders start at $ 50,000. People with Master’s Degrees in Accounting can make $ 75,000 with a few years’ experience. These degrees can be obtained without having a specific undergraduate degree, although if one is smart enough to plan for the future as an undergrad, engineering degrees in all disciplines will pay even better than the examples I gave.

Or hey, the military will give one $ 60,000 for college, or re-pay $ 40,000 worth of student loans, for a three-year enlistment, and they will take people up to age 39. No more making student loan payments until age 52 !! What a deal !!

David Cohen Tuesday, 20 June 2006 at 21:59

Not to mention that being lent 30 year money is a special favor, not a trap.

Annoying Old Guy Saturday, 24 June 2006 at 16:59

Amusingly, Opinion Journal came out with an article a few days later bemoaning this same thing about law degrees. It was a better article because it’s policy suggestion was to convince people that they should go to law school and accumulate the large debts only if they really want to be lawyers, rather than because they didn’t know what else to do. Here’s the money quote:

There’s something wrong with a system that makes a whole lot of people pay a whole lot of money for jobs that are not worth it, or that have no future.

Exactly so.

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