31–40 of 153 posts
wow, what an abstract and deplorable example of NIMBY. i.e. "we want people to suffer crippling debt because we are worried about bananas costing 10 cents more"
Didn't they forgive a massive amount of bank debt during the 2008 financial crisis? And that didn't cause any worrisome inflation. Forgive these kids loans, who were just trying to go to college to learn and gain job skills to compete in the world and are now debt slaves.
Nah. Those kids spent 4 years partying and treating adult life like an extension of high school with no consequences and free rent. I graduated highschool in ‘08, and I can clearly remember wondering how in the hell all of my friends on social media were living the lives they were, as I scraped by working minimum wage jobs in the depths of the recession.
I’m all for forgiving things like nurses and teachers who meet some public service requirements, but the people who spent $100k they didn’t have on a Communication degree can cry me a river.
The entire student loan debt issue has been framed badly, because hardly anyone understands the real problem: "As of March 2021, 54% of borrowers with outstanding education debt owed less than $20,000; 45% of the outstanding federal education loan debt was held by the 10% of borrowers owing $80,000 or more." https://research.collegeboard.org/media/pdf/trends-college-p... Forgiving $10K across the board is dumb and mi…
I’m not an economist, but it would seem reasonable that the printing of money would cause inflation, yes?
A sudden reduction of debt might contribute to people spending more for the same goods they already buy, or it might lead to more savings and investment as people are able to escape living paycheck to paycheck and start entering stock markets. It might mean they are able to buy goods and services they couldn't before, but those goods might have ample supply.
It's just not as simple as, X therefore inflation.
Didn't they forgive a massive amount of bank debt during the 2008 financial crisis? And that didn't cause any worrisome inflation. Forgive these kids loans, who were just trying to go to college to learn and gain job skills to compete in the world and are now debt slaves.
wow, what an abstract and deplorable example of NIMBY. i.e. "we want people to suffer crippling debt because we are worried about bananas costing 10 cents more"
The entire student loan debt issue has been framed badly, because hardly anyone understands the real problem: "As of March 2021, 54% of borrowers with outstanding education debt owed less than $20,000; 45% of the outstanding federal education loan debt was held by the 10% of borrowers owing $80,000 or more." https://research.collegeboard.org/media/pdf/trends-college-p... Forgiving $10K across the board is dumb and mi…
That doesn't sound intuitive to me. Who are these people with $80k balances of debt? How did that happen? Are they maybe correlated with higher earnings e.g. med students? Would they benefit the most from aid in terms of actually improving society? They might not actually be the "poorest" even if they have the lowest net wealth, if they have high incomes. More surprising to me: > As of March 2021, 23% of the $1.59 tr…
A lot of them are graduate students.
> Off the cuff, this group seems like the least important to pay off
Why do you say that?
We're now seeing senior citizens get their Social Security garnished for student loan payments! Do you want to see people with a lifetime of student loan debt?
If not, why would we want to reward large amounts of debt? Isn't that a recipe for disaster in a country where the average citizen already has ~6,000 dollars of credit card debt?
You'd see a huge spike in demand for various things as people would have more money to spend. That said I know a lot of people who were railroaded into college as 17 year old children before they even knew how credit cards worked, got a useless degree because they had no direction, and by the time they wised up were up to their eyeballs in debt and unable to get a well-paying job to pay it down.
I'm hesitant to pile even more inflation on top of what we have already, but if I could wave a magic wand I'd want to forgive a lot of those debts as matter of justice. They were mostly kids who were given false promises by every person and every institution they ever trusted up to 17 years old, and then told to make a decision based on said information that ended up saddling them with a lifetime of irrevocable debt. Society at large should take responsibility for that misguidance.