Sobering Loan, Debt, Savings News; Or, Janet is Yellen at Us Again

We Americans are in dire straits. We need to pay people to find us roommates so that we can afford to live in grossly overpriced apartments on the outskirts of where the jobs are. Student loans are such a crushing financial burden, totaling $1.2 trillion, that an offshoot of Occupy Wall Street called Rolling Jubilee has started urging debtors to organize and fight back.

Americans have an average of about $30,000 worth of student debt, and one in ten borrowers default on their loans. According to Andrew Ross, a Rolling Jubilee board member and professor at New York University, this sizable group of people can make an impact if they act as a unit. … “Debtors often don’t identify their condition as permanent,” Taylor said. Unlike medical debt, which is usually perceived as unavoidable, “people with student loans feel like they made a choice. It’s their problem. They feel shame instead of outrage.” …

The long-term goals, group members say, are to challenge the very existence of student loans in the first place and advocate for free education. “There’s this strong sense in the United States of morality behind debt—that being a good person means paying what you owe,” said Thomas Gokey, 35, who has $67,000 in student loans and came up with the idea of buying portfolios on the secondary market for the collective’s first action back in 2012. “We hope to undermine this fake morality around debt.” Since the debt was bought for pennies on the dollar, he says, people “really don’t owe this debt at all. Someone is simply making a profit.”

The GOP blocked Elizabeth Warren’s student loan bill, again. And now Fed Chair Janet Yellen has some more grim news

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