Carmine Gorga Blog | We Want A Systematic Cancellation Of All Debts. Not Student Debt Alone | Talkmarkets
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Carmine Gorga is president of The Somist Institute and a former Fulbright Scholar.  He has published numerous papers in peer-reviewed journals and five books; other publications are at various stages of preparation. He has a ... more

We Want A Systematic Cancellation Of All Debts. Not Student Debt Alone

Date: Tuesday, January 7, 2020 5:49 PM EDT

We hear much of cancellation of student debt. While a worthy effort, not much thought has been given to its implications. And I do not mean economic implications alone. Let us start with a brief examination of a few social implications.

Social Implications

When you give special treatment to any segment of society, you inevitably segment society into pieces—and you automatically sow seeds of destruction. You set one group against another.

No. You should not do that. Are not people whose mortgages are “underwater” deserving of such equitable treatment as cancellation of their debts? One can argue that they are more deserving because, while students knew they were incurring debt with the accumulation of interest, and compound interest, mortgage holders did not know that “the Market” would cause a collapse of the value of their houses.

No. You cannot be the judge of who is “more” deserving than the other.

Worse. Are you saying that some are “first-class” citizens? Who is to judge?

Political Implications

When you set one group against the other or even more simply temporarily you set one before the other, you are destined to fail politically. To win such awesome social and political battles as cancellation of debts on a systematic basis, you need the broadest possible coalition of citizens. To select one group for “preferential treatment” is politically self-defeating.


Theological Implications

Moses and Jesus, as they so evidently did, invoked powers of a higher order when they advocated the cancellation of debts. [Yes, Virginia. The Israelites had such wisdom to implement Moses’ recommendations, and so did many Kings and Emperors over the years upon installation.] As Transcendentalists, New Agers, and Mystics of all ages and traditions have always known, we have to be in the same spirit to win. The program of cancellation of debts has to be our common goal; it has to be a systematic program.

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Gary Anderson 1 year ago Contributor's comment

It would be nice. But a simpler alternative would be random, infrequent Helicopter Money.