TIME MAG: Student Loan Debt Connected to “White Supremacy” and “Systemic Racism” | Joe Hoft

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TIME MAG: Student Loan Debt Connected to “White Supremacy” and “Systemic Racism”

Student debt is a racial issue argues Time magazine. 

Time magazine is still around and pushing liberal logic.  Time’s recent piece argued with little support that student loan debt “exacerbates inequalities” in America.

This article starts with two paragraphs making this argument:

The student loan debt crisis has been a central focus of the Biden Administration, and with good reason. Americans’ collective student loan debt is second only to our outstanding mortgage debt. But as researchers and commentators have pointed out, that debt load is proportionally higher among women and Black people, adding more financial stress to the lives of folks who already have lower incomes and net worth compared with their white male peers. Because of these factors, student loan debt exacerbates inequalities in American society, including racial inequality.

While college loan debt is defined as a 21st century problem, history shows us that debt has long been used intentionally to reinforce racial, gendered, and economic hierarchies. A prime example is the jail system in pre-Civil War Richmond, Va., where limiting public funding for jails shifted the financial burden of incarceration from the state onto Black Richmonders, reducing some free members of that community to virtual enslavement.

The article goes on to discuss the challenges for blacks in the South before the Civil War specifically in Richmond.  This interesting history was every informative and provides the reader with a bit of the story behind the challenges of free blacks in the South during this time period.

Then the article ends with two more paragraphs discussing student debt and its connection to racism.

Debt peonage was designed by lawmakers to obscure its clear connections to white supremacy. Purchasers of the labor of debt peons could tell themselves the “color-blind” story that any person who contracted debts should be expected to pay them, and that they were entitled under the law to the labor of people who did not pay their jail debt.

But with the distance of history, any reasonable observer today can see the systemic racism inherent in this system. No white Richmonders were auctioned at the public market because they could not pay their jail debts. Only Black Richmonders were required to reimburse the jailer for their incarceration. And most of the incarcerated individuals were there because of simply “being in the wrong place at the wrong time,” as Brown, a free woman, was.

That was it.  The issue and the solution were related to white supremacy and systemic racism.

But in reality, the connection to the Southern blacks before the Civil War and today’s student debt is a reach.  Debt affects all Americans.  Credit Card debt is at an all-time high under Biden surpassing $1 trillion.  All Americans are hurt by the Biden economy.

Is the answer better education on the challenges of debt by institutions before providing loans to those who want to better their lives.  Is the answer to help only those of one color to solve a racial issue?

Perhaps the author hasn’t seen the blockbuster “Rich Men North of Richmond” yet?

This piece lacks solutions and predictably pushes white supremacy and racism while subtly promoting a racial remedy. 

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