FUTURE PRIMATE

The “People’s Bailout” Was Just the Beginning: What’s Next for Strike Debt?

The “People’s Bailout” Was Just the Beginning: What’s Next for Strike Debt?

Thomas Gokey executes a jump kick in a gallery, in front of three panels from his sculpture, “Total Amount of Money Rendered in Exchange for a Masters of Fine Arts Degree to the School of the Art Institute of Chicago, Pulped into Four Sheets of Paper.” Photo courtesy Thomas Gokey.

Syracuse University art professor Thomas Gokey earned his Master of Fine Arts degree five years ago, but remains chained to his alma mater by $49,983 of debt. Soon after he graduated, the grim prospect of indefinite payments inspired its own art piece.  Gokey put his debt up for sale in reconstituted squares of shredded money from the Federal Reserve, which he called “Total Amount of Money Rendered in Exchange for a Masters of Fine Arts Degree to the School of the Art Institute of Chicago, Pulped into Four Sheets of Paper.”

The project got good press, but the debt remained. Gokey continued to think about how debt controls people’s lives, and this year, together with the activist group Strike Debt, he helped organize a bold “People’s Bailout” called the Rolling Jubilee, which has raised over $465,000.  Bringing that money to the marketplace where collections companies buy and sell debt for pennies on the dollar, Strike Debt intends to purchase about $9 million of Americans’ medical and educational debt—and then cancel it.

Strike Debt, which grew out of Occupy Wall Street, wants to foment conversation about the debt we rack up in pursuit of basic needs, and the industries that profit from that debt. Gokey is currently on a year-long unpaid leave from teaching to help organize the Rolling Jubilee and upcoming Strike Debt projects.

This entry was published on December 28, 2012 at 2:07 am. It’s filed under Politics and tagged . Bookmark the permalink. Follow any comments here with the RSS feed for this post.

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