No Loan Forgiveness, Resumption of Payments, Meter Ticking Again on Interest - Will There Be The Big Stay at Jobs?

 Over and over again I warned my Tarot-reading clients: Don't count on student-loan forgiveness. Also, I reminded them that repayment would be scheduled soon enough and the interest will again be added to the original amount of the loan or loans. No, I didn't have a good psychic feel for the Biden Administration's plan.

Unfortunately, I was right. SCOTUS, 6 to 3, ruled no.

The disappointment, as The Wall Street Journal chronicles, is palpable throughout the United States. But once that emotion is processed, then there is the moving on to the painful financial reality of being saddled with educational debt which over time, if not paid off as quickly as possible, could balloon into funny money because of the interest.

In itself that realization, at least among the student-loan debtors, could usher into the labor market The Big Stay. There could be long-term risk aversion about changing jobs. The how of earning a living could circle back to boomer parents who considered the job after high school or college the one to hold on to for life.  

What could play out in professional services? Take practicing law. No longer, for example, would so many new law-school graduates select their first or second jobs based on what the exit options are. Instead they would strategically plan to stay as long as possible, in order to increase the odds of earning enough to pay off the total nut rapidly. Then they could consider Nexts in terms of job change. 

That "could" lessens if they figure out how to manage the demands of stressful setting such as Big Law. There could be a new kind of junior lawyers at Kirkland & Ellis, Cravath, Jones Day, Paul Weiss and more. They attempt to weather the obstacles for the long haul. That means law firms' recruiting, professional development and upward mobility tracks have to bake that in. Gone poof could be the postings on professional anonymous networks wailing, like a Janis Joplin song, about the whatevers. My Silent Generation parents never complained about the job, only about being too tired to do much after work. 

As a psychic what do I see ahead for the management-labor contract? During 2023, I am asked that a lot. 

If generative AI is also factored in, I channel into a resurgence of old-line attitudes about work. For that there could be the analogy of Eisenhower conformity. 

Already in professional services powerhouse public relations firm Edelman is returning to the pyramid structure. Recently it announced a Reduction-in-Force of 240, mostly senior employees. Isn't the message there: Pay off your debts now. Too soon your peak earning years could be over. 

Incidentally, in recent Tarot readings the card that comes up frequently is The Hierophant. Its message is this: conformity. 

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