Tuesday, April 14, 2020

Debt isn't support

Today the government announced a new "support" package for students: more debt! With universities shut, and their part-time jobs locked down, they can borrow more money! Employers get a wage subsidy. Home-owners and landleeches get a mortgage holiday. From the sound of it, businesses are about to get a rent holiday. But students have to borrow to get through this crisis.

This isn't "support". As an easily-implementable quick measure, sure. But real support would be grants and allowances, not more debt. But it makes the government's books look good (it goes on them as a capital asset, not as spending). We're supposed to All Be Socialists Now. Except I guess for students, who still get NeoLiberalism rammed down their throats, same as always.