TAARP (Troubled Academic Assets Relief Program) Bill

[optessimist]

It used to be that corporate and middle America understood it was in their own interest to foster a young and active intellectual investor/consumer society, as opposed to the debt ridden indentured graduates we have today. 


A proposal to reduce/recalculate student loan obligations would help recreate this vital class of educated consumers and investors, as well as reduce the fear our teens currently have of pursuing higher education. 

It is both immediately and long term counterproductive to engineer a society that subsidizes executive compensation for poor performance and negative contribution, but refuses to subsidize academic compensation for good performance and positive contribution. 

(It is also, irrationally, economic suicide to handcuff the very socioeconomic demographic that has thus far provided the black ink for many corporate American balance sheets)

In the same manner that the TARP bailout (allegedly) saved our economic system from collapse, so too could an overhaul of the current constraints of academic bondage serve to bailout our own troubled intellectual assets, and prevent a systemic collapse of American innovation and continued excellence. 



ed- the above is just an off the cuff suggestion, but think this movement will only be taken seriously once actionable and populist recommendations are articulated and promoted.

[optessimist]

This plus first phase financial flash trading regulation (in another post on here), in addition to Executive and Legislative Pay for Performance are all popular actionable items that can't be accused being so radical as to destroy the economy, IMHO.

[Stephanie Geistel]

I'm with you and would love to help develop this. One of the thoughts I had, was of a more sustainable loan recovery program so that during times of economic hardship, students were able to rehabilitate defaulted student loans. Federally regulated loans have moderate rehabilitation programs with occassionally difficult demands just to get a loan back into "good standing," however rehabilitating private student loans is impossible, chapter 7 and chapter 13 solves nothing, and the gap widens as these companies obtain lawsuits allowing income deductions, abduction of tax return, freezing accounts etc. Furthermore, I'd imagine debt consolidation for a 20-something year old college grad/undergrad is next to impossible as well.

 

I'd love to address the idea of a more hefty sense of relief as well, but this was an idea I've been mulling over.

[Orion]

It is both immediately and long term counterproductive to engineer a society that subsidizes executive compensation for poor performance and negative contribution, but refuses to subsidize academic compensation for good performance and positive contribution. 

(It is also, irrationally, economic suicide to handcuff the very socioeconomic demographic that has thus far provided the black ink for many corporate American balance sheets)

 

How about: It is counterproductive to engineer a society that subsidizes executive compensation for poor performance and destructive practices while refusing to subsidize academic pursuits. Such irrational policy limits our immediate interests and handcuff's our potential prosperity through a corporate-logic based seppuku.  We are cutting out the socioeconomic core organs of this system, which have thus far provided the black ink of many American balance sheets: the 99%. 

[optessimist]

This idea has gotten a lot of support, verbally at least, though don't know where else to put something like this. The NY site is extremely fragmented, and there is no easy way to consolidate the common ideas on this site, that I''ve found at least. 

 

The responses above are very interesting, delving into the specifics of any proposal is critical, and the specific wording should always tailored to whatever is most effective. 

 

Right now it seems like we just need to get the memes out there somehow, populist, actionable, realistic. TAARP, by directly referencing the previous TARP, has a good chance of getting recognition I'd imagine.

 

And what segment of America argues with giving our kids a break?

 

Any other input or ideas on where to add stuff like this appreciated.

[Stephanie Geistel]

I mean, somewhere down the line someone will have to be proactive and develop the bill and petition it. Why not let that be us? I admit that I'd need to do quite a bit of research, but I have fire behind the idea.... 

[optessimist]

Stephanie Geistel said:

I mean, somewhere down the line someone will have to be proactive and develop the bill and petition it. Why not let that be us? I admit that I'd need to do quite a bit of research, but I have fire behind the idea.... 

True, the down the line stuff can be worked on simultaneously with the current memetic stuff. I haven't seen much on here regarding student loan restructuring though, might help searching to consolidate ideas.

 

Policy wouldn't need to be completely worked out but would be good to have a rough framework now. At the very least would help to have sound bites available, a script of sorts for the press, my friends are getting interviewed but don't have specifics to air.

 

pss - The main areas of focus I see as being immediately popular and actionable, and having the largest return on investment are student loan assistance, common sense regulations against high risk trading (I have another post on here about that one), and executive and legislative pay for performance. 

 

All three of the above cross party lines and can't be easily be accused of causing further economic hardship, nor marginalized as class warfare. Think these are some of the basic criteria that need to be applied to any proposals.

[Billy]

     Just my two cents I'm not a big supporter of our current education system. I think it is corrupt at it's core and does more to dumb down our population than create intelligent thinkers. There is a lot of research to back that up if you care to look into on your own.

 

     I'm not interested in doing anything to promote more money going to support the current system that I perceive to be detrimental to our society and culture. I would rather see efforts go to either creating a new system or modifying the current one. I think given the current system the average person would be far better off spending 4 years reading what ever interests them than anything the current " higher educational system " has to offer.

 

     I do not have a strong feeling on this and most likely will not vote on it either way. Again just my two cents.

[Stephanie Geistel]

Research starting now, and I'm going to start a google doc for organized brainstorming -- stephanie.geistel@gmail.com -- email me if you'd like to be added :) Everything starts somewhere.

[kevinr]

I'm not certain if TAARP is the best title for the bill as there is quite a bit of animosity towards the TARP program. It may also confuse those members of the public who are not completely informed.

 

I agree with the spirit here. The outrageous rise in the cost of higher education is appalling. I will look for more information explaining how colleges and universities justify the increases. 

 

The Lifetime Learning Credit allows taxpayers a $2,000 credit towards taxes each year with no lifetime limit. Qualified expenses include "Tuition and fees required for enrollment (including amounts required to be paid to the institution for course-related books, supplies, and equipment.)" Perhaps this credit could be amended to include federal student loans as well? 

 

I would like to explore creative ideas at a local and state level as well. If a state or municipality can put together a program that really helps students eliminate their debts, the area will draw educated, young workers. This might dovetail with a state owned bank. This is an idea I'm just beginning to explore. Here's a group that supports it nationwide - http://publicbankinginstitute.org/ and here's the bill in the Illinois GA - http://www.ilga.gov/legislatio.....ssionID=76

 

I am against student loan forgiveness. My primary objections are :

It is unfair to those who have repaid or worked around student loans and those who selected a school based on tuition costs.

It is not a sustainable solution or systemic fix.

It will be labeled a demand for a handout and discredit the movement.

The loans to future students are supported by the payments of past students. Forgiving the current loans would be a disservice to future students.

 

Please let me know your thoughts!