I have been writing a great deal about coerced labor recently. Here is a new manifestation of it. In a “reform” of the bankruptcy laws (ca 2005, I think), it became all but impossible for students to discharge their student loans in a bankruptcy. The argument was that way too may students, especially those with lucrative incomes in their futures (doctors, lawyers, etc.), were discharging their debts through bankruptcy while they were still destitute, before their careers took off.
Well, a the Philadelphia Fed decided that claim was worth a look and so they did. Here is what they found:
Basically no such pattern of such behavior can be found. So, why should such a bullshit argument be advanced in the first place?
Hello? The entire purpose of this legislation was to enslave students. Remember back in the 1970’s when…
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