ResolutePear wrote:sundance95 wrote:To those saying 'just let idiots take out loans, personal responsibility, etc etc,' you do realize that allowing stupid people to take out ginormous loans that they could never repay is what precipitated the mortgage crisis, and by extension, ITE, right? How is giving out $300,000 to someone to attend TJ School o' Law any different then giving out a $300,000 ARM to someone working at Wal-Mart? Oh wait, I know-the ARM is dischargeable through BK.
Argument invalid. You cannot discharge student loans unless you lose both your arms and a uterus in a stairbortion accident.
Right, that's my point. So what is going to happen when we have this sizable slice of society that has no chance to ever build any kind of wealth? What would be their motivation, at that point, to not simply decide to be in poverty and depend on the state, whose benefits are ungarnishable-its not like hard work is going to get them out of it. It's going to be a huge drag on the economy.
Bankruptcy screws creditors in the short term, but helps the economy in the medium to long term by allowing people a second chance to succeed.