 What are you doing? I'm digging a protest hole! A protest hole? I'm not coming out until all of my student loans are forgiven! It's society's fault I'm in here, so society should bail me out! But Bob, you're the one that dug the hole. I don't know, Sarah. Thing is, Bob is kinda right about this one. Oh! Oh! Oh! Oh! Oh! Kind of right. The government is mostly responsible for the student loan crisis. Normally, when banks loan money out, they determine the amount of money they'll give you and your interest rate based on the likelihood that you'll pay them back. But with federally subsidized student loans, your interest rates are fixed. And whether or not you're able to realistically pay off the loan isn't taken into account before it's given to you. So people are able to borrow way more than they can handle, and colleges jack up the prices as a result. And people are less incentivized to learn trades where they can earn a good living without accumulating insane amounts of debt. Uh-huh, in other words, I was taken advantage of, and I should be bailed out! Bob, I feel your pain, but loan forgiveness doesn't mean that your loan disappears. It means that the government will force taxpayers to pay your loan off for you, and ultimately, it'll only serve to perpetuate the cycle of people needlessly spending tens or hundreds of thousands of dollars obtaining degrees they don't need for jobs that don't exist. Only this time, it'll be funded by every single taxpayer rather than the recipient of the degree. So what about me? Bob, many underprivileged kids from impoverished school systems didn't get a chance to go away to college. And you're telling me they should be forced to pay off your loans with their tax money? I won't lie to you. The climb out of that hole is going to be a tough one, but the alternative to allowing you to take responsibility for your mistakes is to force everyone to take responsibility for them. I guess you're right. It wasn't easy, but I finally did it. I'm out of the hole! Dear Bob, due to this year's student loan forgiveness tax, we had to deduct a significant percentage from your salary. Okay folks, thanks so much for watching. If you enjoyed this, please check out fee.org for more educational content. Thank you.