Ritchie wants the magic money tree to pay Ritchie

This is not, of course, the first such sale, but each sickens me. Each turns education into debt slavery. Each reduces large numbers of young-ish people into just another commodity for the financial sector to trade. Each alienates them further from a society that should want to transfer the skills they need to them so that they can flourish.

And each shows how wrong the priorities of government are. Remember the government is still subject to a debt repurchase programme by the Bank of England right now. And at the same time it is selling student debt, wholly unnecessarily. Indeed it could simply sell it to the Bank of England and have it effectively cancelled instead of making this sale to the private sector right now. Nothing would liberate entrepreneurialism, the ability to buy a house, the chance to save for a pension and even boost growth more than doing so, I suspect. But instead the dogma of financialisation rules.

I despair.

The students of Ritchie presumably gain value from being taught by Ritchie. Why shouldn’t the students of Ritchie thus pay the costs of being taught by Ritchie?

But no, instead the magic money tree must levy an inflation tax upon all rather than the students of Ritchie paying what his education skills are worth.

32 comments on “Ritchie wants the magic money tree to pay Ritchie

  1. Why shouldn’t the students of Ritchie thus pay the costs of being taught by Ritchie?

    The students of Ritchie will pay a heavy price – and not a financial one – if they carry the muddled tenets of Elynomics into their later life.

  2. This is not, of course, the first such sale, but each sickens me. Each turns education into debt slavery.

    Then he is resigning his position then?



    No? He is sickened and thinks it is slavery but he is still going to bravely struggle on and trouser the paycheck?

    Brave, principled man.

  3. Why shouldn’t the students of Ritchie thus pay the costs of being taught by Ritchie?

    Because we all benefit from the students of Ritchie being taught by Ritchie! For one thing, it helps us identify people we would not want to employ. For another, I do, actually, want fries with that.

  4. “debt slavery”.

    Another of the Left’s weasel phrases which takes a word with a real meaning (‘slavery’) and makes it meaningless.

    Taking a student loan to fund higher education is not ‘slavery’, as you have a completely free choice whether to attend university or not. Millions of young people manage to escape such ‘slavery’ each year.

    You might as well say you are a slave if you buy a car on credit. That is also ‘debt slavery’.

  5. I had a fun conversation a while ago with a former colleague of mine who is now an accounting lecturer.

    His organization takes in school-leavers and charges them thousands of pounds a year; after three years they have a load of debt and some formal academic qualifications that may or may not help them get a job.

    My organization takes in school leavers, and pays them thousands of pounds a year; after three years they have a load of savings (one of my minions is looking at buying a house now, at the age of 21), some formal professional qualifications that certainly will help them get a job – and indeed they have a job, to boot.

    He didn’t really like it when I asked which seems like the better option for a school-leaver with a natural understanding of economics and business… 🙂

  6. There is an element of truth to the fact my student loan repayments actually do depress my ability to save/spend, as I am way above the threshold, and it translates into a non-trivial amount that I do not receive net-tax.

    However of course, I have lived with this extra burden since I began earning and dont really see why other people should have just stumped up cash for me to study.

  7. I have a student loan as does the wife who could not finish her degree.
    Neither of us are in debt slavery.

    Student loans have been around for what? 15 years or so? Surely the 12 years after graduation is enough time to have data on what is debt slavery.
    Perhaps with tax, credit payments, rent etc to factor into what is debt slavery.

  8. “But no, instead the magic money tree must levy an inflation tax upon all rather than the students of Ritchie paying what his education skills are worth.”

    I am personally willing to pay an additional tax, levied by any means, to cover this amount for all of his students.

  9. Student loans have been around for what? 15 years or so?

    Since 1990-ish. I was in my final undergrad year when they were introduced.

  10. Funny that someone from the Left, obsessed to the point of monomania with tax, would have a problem with debt on the grounds that it is slavery.

    Erm… tax is a form of slavery. Particularly taxes on labour, as they are near enough indentured servitude to the state. You’re being forced to work for someone else in order to pay a never-ending debt that they’ve conjured up.

  11. TTG

    I am personally willing to pay an additional tax, levied by any means, to cover this amount for all of his students.

    Are you sure you can afford it?

    TMB

    Elynomics

    🙂

  12. Bloke in Wales – thanks for that.
    So more than enough time for potential students to say no this is debt slavery and I’m not going for it.
    Instead millions started courses and utilised the loan system. What do the students know that Ritchie does not? Perhaps that the rewards are greater than the risks?

  13. The basic problem, which I doubt Ritchie wants addressed, is the near total lack of either quality control or accountability in education generally and higher education especially.
    We are assured by the educators that they are selling us something valuable, but if a person received an education but does not thrive there is no comeback for the educator. If a person is educated and thrives then that is ascribed to the education, whereas it need not be due to that.
    And paying for it via the government merely reduces the scrutiny, as civil servants are happier spending someone else’s money than students and parents are spending their own.

  14. Pat – have never heard that someone should thrive after receiving an education. Surely that has multiple factors that are not related to education? Ambition, opportunity, work ethic, location, skills, previous employment etc.

    I have a degree so I can apply for the hundreds of jobs advertised that I am in all other aspects qualified for in my previous profession. There is no undergraduate degree in that field though there are postgrads useful.
    Without a degree I would be unable to apply for 99.99% of the jobs.
    However I no longer have the capacity to thrive in that environment – so I don’t apply for jobs with employers. Nothing to do with the degree about whether I thrive or not. Having it merely means I can apply for jobs and meet educational requirements if I was so inclined or stupid enough.

  15. The basic problem, which I doubt Ritchie wants addressed, is the near total lack of either quality control or accountability in education generally and higher education especially.

    He is living proof.

  16. The elephant in the room is what proportion of the student loan debt is performing? Maybe Tim Newman can comment on whether he bothers to repay any student loans he has outstanding?

  17. I suppose on reflection this could be why all these students and young people who don’t speak any foreign languages and have zero interest in or knowledge of foreign cultures are so keen on the EU. They want to work abroad and escape debt repayments.

  18. Minimum wage-earning shelf stackers in Lidl should definitely be forced to pay for university students’ degrees.

    “Slavery”

  19. They want to work abroad and escape debt repayments.

    Given that SLC failed to find somebody for 5 years, who was working in their debt recovery team, as a permanent employee, I don’t think any form of action, never mind drastic action, is required.

  20. You could make a case for state funding of the top 5% of students to attend STEM courses in universities which weren’t a national joke.

    But 50% of young people? Waste of money. Modern university education is a fraud of gargantuan proportions.

  21. In the light of SE’s post, given that I have no desire today to read the Fat One, does he state the discount at which the debt was offloaded?

  22. SE – the SLC employ people who used to work at poll tax offices and who used to work for the NHS appointments system. Their record of requesting information, copying it, sending it back then requesting it again is legendary.

    They had my marriage certificate 4 times in 2 years for wife’s 2 years of money, they had my wageslips 3 times in one year.

  23. My father had student loans, from graduate school. He finished paying them off in 1961, having gotten professional employment in 1952. We got a new color TV and he got a new car. A 1961 Ford station wagon. Got a very nice Ford wagon in 1965.

  24. TNA: “Minimum wage-earning shelf stackers in Lidl should definitely be forced to pay for university students’ degrees.”

    If you’ve a degree in half the shite that gets taught at universities these days, Lidl shelf-stacker is about all you’re qualified for. My remedy to the student loans crisis would be to completely remove the fees cap and hand the lending portion of the business over to the private sector on the strict understanding that bad debts would not, under any circumstances whatever, be indemnified by the taxpayer. The goal would be to get the proportion of school leavers going to university down to the 7% or so it should be, by making it too risky for anyone not of private means or intending to study some worthless cod-Marxist bullshit.

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