President Biden "Forgivs" School Debts

[ICU 812]

President Biden has committed the US taxpayers to pay off something like three hundred BILLION dollars of school debt.

How will this impact the inflation fighting effects of the Anti-Inflation Bill?

won't that just be dumping an additional $300 billion intoi the economy and so increasing inflation?

[1blackman1]

Not really. The people with the forgiveness haven’t been paying student loans for well over a year now so they won’t be adding any more money than what’s already there.

[ICU 812]

Anyone recall what the original task for the Treasury agents of the Secret service was . . .right, ferreting out counterfeiters who would flood the economy with money and undermine the value of the Dollar.

Forgiving billions of dollars of school debt will do exactly that.

[1blackman1]

Lol. Ok. Moving to another nonsense statement. Typical of you. Using that good ole right wing nut logic. Good job

[WTF]

The title of your thread is misleading unless all student loans have been forgiven.

[Lucas McCain]

Originally Posted by ICU 812

Anyone recall what the original task for the Treasury agents of the Secret service was . . .right, ferreting out counterfeiters who would flood the economy with money and undermine the value of the Dollar.

Forgiving billions of dollars of school debt will do exactly that.

Wrong. What it will do is let many people who are saddled with school loans/debt be able to actually save some money and not have to live paycheck to paycheck for a year or two.

Speaking only for myself, but it would have made a world of difference when I graduated from undergrad if I didn't have to immediately start paying back my loans at the time that were more expensive monthly than my rent and utility bill.

[ICU 812]

If someone takes out a loan and later pays it back (with interest) from money they have earned, it is money that comes from the private sector of the economy and is plowed back into the private sector.

If, however, the loan is played back by the government, that is money that has been created as bonds issued are by the treasury dept that are redeemed by the Fed (printing money). These bonds are played off through taxes. . . .on everyone else.

Wish I could finance my car that way.

[ICU 812]

Originally Posted by Lucas McCain

Speaking only for myself, but it would have made a world of difference when I graduated from undergrad if I didn't have to immediately start paying back my loans at the time that were more expensive monthly than my rent and utility bill.

And yet, here you are with enough wherewithal to be active in The Hobby world. I say that without mockery or sarcasm. You have succeeded in life to the point where you have resources that many would call disposable income. I say, "Good for you!" and mean it in the best way.

The money you generated to pay off your strident loans came from your own efforts. If those loans were "forgiven" by the government, the money would have come from the efforts of everyone else to support the interest on the National Debt.

[Jacuzzme]

Speaking only for myself, but it would have made a world of difference when I graduated from undergrad if I didn't have to immediately start paying back my loans at the time that were more expensive monthly than my rent and utility bill.

You take school loans from Rocco & Vito on the corner? Undergrad loans are easily deferred if you go to grad school.

What a crock of shit this is. They gonna give refunds to people who were responsible and actually paid for their education? My kid busted her ass working full time and going to class for undergrad, masters, and PhD, while mom and I put up what she couldn’t. Why aren’t we getting rewarded, or does this program only apply to dumbfucks who paid too much for a useless degree?

[ICU 812]

Originally Posted by 1blackman1

Lol. Ok. Moving to another nonsense statement. Typical of you. Using that good ole right wing nut logic. Good job

An emphatic statement of disagreement.

In what way am I wrong then?

[offshoredrilling]

Originally Posted by ICU 812

An emphatic statement of disagreement.

In what way am I wrong then?

its from the buy a vote fund ????

[1blackman1]

The govt forgiving loans has nothing to do with the value of the dollar. The assertion was not just wrong but was pretty dumb.

[JohnnyGleet]

Can I get a refund on the $10k I paid off ?

[JRLawrence]

Originally Posted by ICU 812

If someone takes out a loan and later pays it back (with interest) from money they have earned, it is money that comes from the private sector of the economy and is plowed back into the private sector.

If, however, the loan is played back by the government, that is money that has been created as bonds issued are by the treasury dept that are redeemed by the Fed (printing money). These bonds are played off through taxes. . . .on everyone else.

Wish I could finance my car that way.

ICU, How did you ever graduate from college? Now that it is time to pay off the money you owe, do so! The government should not ever pay off student loans. You borrowed it, you pay it. Many of us pay our debts, what is the matter with you?

[winn dixie]

Excellent way to show young adults to welch out of commitments.