About as miraculous as Jesus turning water into wine.
Student loans are securitized and repackaged and derivativized to the point where forgiving them would cause another 2008 like debt bubble financial crash. There’s a financial house of cards built upon people’s educations and its sick.
As likely as the rapture. Or in materialist terms: as likely as the bourgeoisie giving up their private property and handing the reigns of power to the proletarian vanguard without violence.
Edit: I like Dr. Justin Sledge’s idea that the revolution happening by itself (inevitable due to the contradictions of capitalism) as apocalyptic literature, as a criticism.
Student Loan Asset Backed Securities (SLABS) are too important for wallstreet and banks to use as assets in investing. If the government forgave that debt it would break a fundamental part of what props up the economy. Rich people might actually loose money. That’s part of the reason Biden made it impossible to get out of student loans via bankruptcy. A bankruptcy cleared debt becomes a worthless asset to whoever bought it.
It’s safer to assume the whole of the US will collapse before they forgive student loans.
They wont
My own loans have been earmarked as a part of the accounts that would be forgiven for the last year, yet I got my notification by email payments resume in September.
The forgiveness plans have been blocked in some courts, and it seems they just dont want to fight harder to finish the job. And even if it sounds cynical, it’ll be convenient as a tool to dangle forgiveness as a goal of the coming american midterm election year. Which will probably cost them. They might lose seats, then look at student loan forgiveness like a non-starter, “ah-shucks, what are you gonna do kid” then never have to bring them up as a political platform.
About as likely as any other miracle, unfortunately.
