OpEd: 'The parallels between Squid Game and the hypercapitalistic, debt-powered economy of countries like South Korea and the U.S. couldn’t be more glaring.'
earlier this year. To date, we’ve won billions in student loan cancellation for people who were scammed by for-profit colleges and put the demand for mass student debt elimination on the political map. Like thecontestants later return to play the game, their power to collectively bargain as debtors remains. The Debt Collective wants to inspire the kind of leverage we should be threatening today — what we call economic disobedience.
Imagine if a majority of us decided not to pay? Would a combination of strategic default, $0 monthly payments, and a collective demand to cancel all student debt help us win full cancellation? It’s a question worth asking. After all, if the pandemic has revealed anything, it's that the federal government can function just fine without our student loan payments. Those payments have been paused since March 2020 and the sky hasn’t fallen.
But the Debt Collective demand is greater than the abolition of all student debt, because the same crisis would begin again a semester later; as a start, we believe all universities should be tuition-free. As Debt Collective cofounder Hannah Appel, “The potential of debtors’ unions...is not merely to refuse and renegotiate illegitimate debts” but also to “force open questions that the era of finance seems to have foreclosed.
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