Atif Mian and Amir Sufi say that holding people accountable for their student loans is unfair. They say that principal balances should be tied to the unemployment rate. They say, "Even when the job market plummets, student loans have the same principal balance and require the same interest payment. Debt does not adjust, even though the economic circumstances of the graduates have changed dramatically." They say this places an unfair burden on young Americans, and they are talking about forgiving approximately 60% of those loan balances.
Gee, it would be nice if all my debts were adjusted according to some arbitrary scale, too. Let's see, I could go buy a car, run up some credit card debt, maybe even build a swimming pool, knowing that if the numbers were right, I could get a large portion of my principal balances wiped out. But remember, somebody has to pay, and what's unfair is to expect me to pay a debt I didn't incur.
Let's face it -- a large portion of those student loans went to people who were going to school as a means of making a living while indulging in the partying lifestyle. I don't care to contribute to that.
"Making the case for student loan indexing." The Dallas Morning News; June 2, 2014; p. 13A.
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