- Sep 28, 2020
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This passage here reminded me of another aspect of the student loan debate:
<snipping my "quote" because my words only bear so much repetition>
In addition to the fact that students with massive month payments have to forgo long term professional development opportunities and/or entrepreneurship, they have to also forgo socially meaningful work or at the very least they cannot avoid socially harmful work.
It speaks to how atomized and spiritually broken most of us are when most proponents and opponents of student debt relief assume that the result will simply result in high earners , relieved of debt, staying at the same high earning jobs and simply increasing their level of accumulation and/or consumption.
In the case of these federal student debt loads, the capitalist class isn’t making much money off of it. The biggest value they are getting is keeping a lot of bright and motivated young people, with an elite education, in the law firms and administrative roles that benefit the worst actors in our society. If those debt burdens went away, a lot of beneficiaries would do whatever they were doing before but some would shift to somewhat lower paid and lower hours jobs and use their new-found time to be activists or do pro bono legal work or start an environmentally conscious company.
The social control aspect of student loans gets overlooked a lot because we have all, to varying degrees, had the notions of market economic beaten into us that our default assumption is that everyone exists to maximize their own personal profits.
I mean, yeah, sure, I guess. Being out of debt gives you more choices. One choice is to pursue wealth. Another choice might be to go do something "meaningful". I'd like to think there are choices that lead to both, but we might disagree.
I was replying directly to racial wealth inequality, but I guess you could generalize my argument is reducing gaps in opportunity. Ultimately, wealth is just a means to opportunity. Just wrap everything in the utility function, right? And debt is a constrain on opportunity.
Why aren't there more scions of the elite starting community centers? Can't be lack of opportunity.
Anyways, I'm not sure how far we go down this road together, though. It's not super awesome for me as a hiring manager if I can't find the best people because they're too scared to move. As someone who thinks that he can offer superior opportunities and long term wealth creation opportunities to my competitors, I welcome a more free movement of labor. And I'm pretty sure my shareholders would want that, too? I dunno.
Who's living in your head when you say "capitalist class"?