What is the libertarian analysis of the student loan forgiveness policy now being implemented (subject to Supreme Court approval) by the Biden Administration? Before we can offer any such examination, let us consider the following. The government first boosted tuition into the stratosphere by requiring all sorts of silly reports of universities, which necessitated the hiring of all types and varieties of academic bureaucrats. At one time, in the history of higher education, professors greatly outnumbered administrators; not any more. Then, in its largesse, this self-same institution lent money to students so as to be able to pay for the resulting enhanced tuition. Talk about creating the very problem you think you must solve.
Very well said. Indeed, as you say, “In a libertarian system of justice, loans don't get canceled just because a creditor happens to be guilty of torts or breaches of contract against third parties.”
However, it is my contention that we are not now discussing any libertarian system of justice. Rather, we are in the midst of a govt giveaway of OPM (other people’s money). Hence, I think that the criterion, assuming that we can’t discern who the money really belongs to (we have no God’s eye view of the situation), should be, the most libertarian people should get the money
yours are important questions, challenges. but I was only commenting upon a narrow policy. ideally, there should be no govt at all, and thus none of these issues would arise.
it is as if I'm analyzing what is the sum of 2+2, and you're criticizing me for not doing so for 2+3.
In a libertarian system of justice, loans don't get canceled just because a creditor happens to be guilty of torts or breaches of contract against third parties. Only a breach of the loan contract by the creditor against the debtor can possibly erase the contractual obligation that the debtor voluntarily consented to, and even that depends on the particulars of the situation and the contract. A libertarian court should enforce student debt obligations, but assign the creditor's interest in receiving repayment to the creditor's victims, thus turning these victims into substitute creditors.
As for forgiveness of a loan by the creditor, a creditor's interest can't be given away to the debtor or to anyone else in contemplation of stiffing the creditor's victims. As a matter of equity, a victim always has the senior claim to an aggressor's assets at the moment the aggression is committed, even if the courts haven't yet reduced such a claim to a specific judgement debt.
Very well said. Indeed, as you say, “In a libertarian system of justice, loans don't get canceled just because a creditor happens to be guilty of torts or breaches of contract against third parties.”
However, it is my contention that we are not now discussing any libertarian system of justice. Rather, we are in the midst of a govt giveaway of OPM (other people’s money). Hence, I think that the criterion, assuming that we can’t discern who the money really belongs to (we have no God’s eye view of the situation), should be, the most libertarian people should get the money
yours are important questions, challenges. but I was only commenting upon a narrow policy. ideally, there should be no govt at all, and thus none of these issues would arise.
it is as if I'm analyzing what is the sum of 2+2, and you're criticizing me for not doing so for 2+3.
I don't support government stealing money from any innocent person
today?
In a libertarian system of justice, loans don't get canceled just because a creditor happens to be guilty of torts or breaches of contract against third parties. Only a breach of the loan contract by the creditor against the debtor can possibly erase the contractual obligation that the debtor voluntarily consented to, and even that depends on the particulars of the situation and the contract. A libertarian court should enforce student debt obligations, but assign the creditor's interest in receiving repayment to the creditor's victims, thus turning these victims into substitute creditors.
As for forgiveness of a loan by the creditor, a creditor's interest can't be given away to the debtor or to anyone else in contemplation of stiffing the creditor's victims. As a matter of equity, a victim always has the senior claim to an aggressor's assets at the moment the aggression is committed, even if the courts haven't yet reduced such a claim to a specific judgement debt.
When has libertarianism ever endorsed taypayer funded subsidies?