Is Biden's student loan forgiveness plan okay for the US economy?

[Leo Gura]

11 minutes ago, Hardkill said:

So, how will we ever be able to solve the student loan crisis in our country if the government will never step in to help solve this in anyway?

1) I don't really know if we have a crisis. People took out loans that they ought to repay. Calling this a "crisis" is not quite right. By your logic, why stop at student loans? Why not forgive all loans of all kinds?

2) Congress can pass a law that wipes away all student loans. That's how democracy is supposed to work.

Edited July 4, 2023 by Leo Gura

[StarStruck]

@Leo Gura because students get fucked over by overpriced education 

[Leo Gura]

1 minute ago, StarStruck said:

@Leo Gura because students get fucked over by overpriced education 

So pass a law.

[Joel3102]

11 minutes ago, Leo Gura said:

1) I don't really know if we have a crisis. People took out loans that they ought to repay. Calling this a "crisis" is not quite right. By your logic, why stop at student loans? Why not forgive all loans of all kinds?

2) Congress can pass a law that wipes away all student loans. That's how democracy is supposed to work.

To add to that, college graduates have significantly higher life earnings than non college people 

[Bobby_2021]

Taxpayers shouldn't be responsible for someone's else loans.

 

 

 

[Hardkill]

2 hours ago, Leo Gura said:

1) I don't really know if we have a crisis. People took out loans that they ought to repay. Calling this a "crisis" is not quite right. By your logic, why stop at student loans? Why not forgive all loans of all kinds?

2) Congress can pass a law that wipes away all student loans. That's how democracy is supposed to work.

2 hours ago, Leo Gura said:

So pass a law.

Yeah, like that's ever going to happen sometime in the foreseeable future....

For decades, Congress has had way too much gridlock, too many Republicans, too many right wing corporate Democrats who have gotten too deep into the pockets of greedy megadonors. Sadly, all of these problems with Congress are only going to continue to get increasingly worse for God know how long. Also, because of how incredibly balkanized America has gotten, I don't see how we will be able to elect a supermajority of Democrats and/or liberals/progressives into Congress.

Perhaps calling the mounting student debt situation in the country a crisis is hyperbolic. However, as far as I can tell, it looks like we're doomed to fail in solving this major issue, unless we have a powerful enough liberal/progressive movement and if both neoliberalism and the culture war we are in finally come to an end.

Edited July 4, 2023 by Hardkill

[Hatfort]

Of course it's good for the economy.

These young guys will be spending their money in the real economy, real businesses instead of paying a debt. These are the people that put the money they earn back into the circuit, not the most rich ones.

Biden was reluctant at first, I remember what he used to say about it. He will make some valuable points with potential voters, that's true, but I think he is being genuine now. His first attempt failed, but if he makes it happen in another way, he'll be dribbling selfish conservatives and proving himself. We'll see.