More Stupid: Student Loan Debt

This has to be a record for stupidity in a day. National Review, Mayor Bloomberg and now this.

Forgiving the student loan debt of all Americans will have an immediate stimulative effect on our economy. With the stroke of the President's pen, millions of Americans would suddenly have hundreds, or in some cases, thousands of extra dollars in their pockets each and every month with which to spend on ailing sectors of the economy.

Idiot. Fracking idiot. Whoever wrote this and all 215,000 signatories are too stupid to vote.

Seriously.

The solution to the student loan problem is simple:

1. Remove the federal guarantee. Now if someone loans you money to go to school, they take the risk that you will default on the loan.
   
   
2. Remove the protection against bankruptcy discharge. Now if you've taken on too much debt in student loans you can go bankrupt. Your credit is ruined but the debt is gone, and the lender loses their money, as with any other loan.

Doing that will not only solve the problem (while not giving you a "free ride" if you took too much debt - your credit will get trashed, but if you're responsible in the future it will repair itself over time) but in addition it will instantly collapse the higher education price bubble, returning college educations to a price level where the average student can afford to pay for school flipping pizzas in the evenings and on weekends as it was as recently as the 1980s.