Bi-Partisan-Approved Indentured Servitude Coming To Iowa

From the Des Moines Register:

One way Iowa can keep young people in the state is for employers who hire them to pay back all or part of their student loans in exchange for a tax credit from the state, one professor says.

College graduates could see their loan debt - up to $25,000 - erased within three years under House File 730, a bill supported by Democrats and Republicans in the Iowa Legislature.

Employers would have a competitive edge over those in neighboring states with an unusual way to recruit new graduates for hard-to-fill or competitive jobs, said University of Iowa business professor Jay Christensen-Szalanski, who came up with the idea.

Businesses, which would shoulder most of the cost of the loan repayment, would save labor costs in reduced turnover, he said. State tax credits would offset 30 percent of the cost.

"Once you have me for three years, I'm ready to put down roots and buy a house," Christensen-Szalanski said. "It's not, 'I'll train here for one year, and when I see greener pastures ... I'll go.' "

That sounds like a great idea. The kids, after racking up tens of thousands of dollars worth of debt due to jacked-up tuition rates, can become indentured servants for three or more years while their debt is being paid off.

And if the employer doesn't participate? Sorry, son, you're on your own.

Don't like the job or the hours you're forced to work in exchange for getting that debtload erased? Well, it'll be sort of like this 23 second clip from Goodfellas:



Most likely it'll be a ton of red tape for the employer and extra income and headaches for the tax planners. And you can bet that the worker, with three years of experience under his or her belt, will flee to other states for more dough immediately after the debt is discharged.