Make the Colleges Pay! | Guest: Inez Stepman | 10/6/23
Oct 6, 2023
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Inez Stepman, host of the 'High Noon' podcast, joins to discuss how the Right can win the debate on student debt and end the progressive patronage network in American universities. The chapters cover the impact of student loan debt, supporting left-wing universities, rethinking student loan forgiveness, addressing the role of elite colleges, and a proposal to tax universities and alleviate student loan burden.
Shifting the burden of student loans from taxpayers to universities through taxing their endowments and property could be a solution to the student loan crisis.
Universities should be held accountable for their inflated costs and ideological indoctrination, and taxing their endowments and property could create a pool of funds for student loan forgiveness.
Addressing the student loan crisis has significant political implications, and tying university responsibility to student loan forgiveness creates an incentive for universities to address rising tuition costs and admit qualified students.
Deep dives
The Student Loan Crisis and Its Republican Response
The podcast episode discusses the student loan crisis and the Republican response to it. The host argues that while Republicans often dismiss the issue and advocate for individual responsibility, there is a need for a different approach. The current loan system is seen as a liberal setup, offering limited options for high school graduates, either taking out massive loans not proportionate to the value of a degree or not pursuing higher education. The cost of college has increased drastically, while the value of a degree has not necessarily kept up. This system financially burdens students and hinders their ability to build a future. The podcast suggests that the burden of student loans should be shifted from taxpayers to universities, which have benefited from the system. It proposes taxing university endowments and property to create a pool to fund student loan forgiveness for struggling borrowers. The podcast also highlights the political implications and benefits for Democrats of addressing the student loan crisis, emphasizing the importance of finding a solution that benefits all parties involved and does not solely serve left-wing interests.
The Predatory Nature of Student Loans and the Argument for University Accountability
The episode explores the predatory nature of student loans and argues for university accountability. It discusses how universities have used glossy marketing tactics to entice students to take out massive loans for an education that may not be worth the cost. The federal government has essentially become the lender, with 93% ownership of student loans. This has led to a situation where universities can continuously raise tuition, knowing that federal money will be available. The podcast highlights the idea that universities have become ideological gatekeepers and are benefiting financially from the system. The suggestion is made that universities should bear responsibility for the student loan crisis, and proposes taxing university endowments and property to create a pool of funds for student loan forgiveness. The argument is made that universities should not receive further financial support from taxpayers while their students struggle with debt, and that universities should be held accountable for the consequences of their inflated costs and ideological indoctrination.
The Political Implications of Addressing the Student Loan Crisis
The podcast delves into the political implications of addressing the student loan crisis. It suggests that if nothing is done, there will be a taxpayer-funded bailout of the student loan system, benefitting democratic constituencies. It is noted that the student loan issue has significant political impact, with young people being motivated to vote based on the financial burden of their loans. The episode argues for universities to bear the cost of solving the crisis, as they have been the beneficiaries of trillions of dollars in federal funding. It proposes a tax on university endowments and property to establish a pool of funds for student loan forgiveness. The argument is made that universities, as institutions with strong left-leaning ideologies, should not receive further subsidies from taxpayers while their students suffer from debt. The podcast asserts that tying university responsibility to student loan forgiveness creates an incentive for universities to address skyrocketing tuition costs and admit academically qualified students.
Challenging the Notion of Student Loan Forgiveness as a Freebie for the Left
The episode challenges the notion that student loan forgiveness is solely a freebie for the left. It acknowledges the concern that student loan forgiveness could benefit Democratic constituencies and become a wealth transfer to progressive ideologues. However, it argues that if nothing is done, there will be a taxpayer-funded bailout of defaulted loans and that this is already a political problem benefiting the left. The podcast proposes a solution where universities, as the beneficiaries of the student loan system, bear the cost of student loan forgiveness. It suggests taxing university endowments and property as a means to create a pool of funds for forgiveness. By doing so, the financial burden would no longer fall solely on taxpayers, and universities would have a stake in preventing future loan crises. This approach is presented as a way for conservative Republicans to take control of the student loan issue and avoid a taxpayer-funded bailout that would benefit the left.
Redefining the Concept of Status in Higher Education
The podcast discusses the concept of status in higher education and explores the idea of redefining it. It acknowledges that many people view college as a status symbol and a way to confer legitimacy in society. However, it argues that the current system has led to an unnatural concentration of power and influence in a few elite universities. The episode suggests that a shift in the economy is necessary, with a focus on producing tangible goods and values. It challenges the notion that universities, as providers of elite status, deserve continued financial support, especially when the value of degrees and the quality of education are questioned. The podcast proposes a reimagining of honors and status to reflect a society focused on genuine production and value creation. It raises the question of whether the right has the ability to envision and promote alternative forms of status and honor, beyond the current university-centered paradigm.
Student loan payments are starting up again, but this is an issue that Republicans should be winning on. Inez Stepman, host of the "High Noon" podcast, joins me to discuss how the Right can win the debate on student debt and end the progressive patronage network in American universities.
