What is going on with student loans?

[Anonymous]

This is terrible for inflation. Now all those people will just take the money they would have spent on loan payments and go buy more crap. We don’t need to stimulate the economy, we need to cool it.

[Anonymous]

Anonymous wrote:This is terrible for inflation. Now all those people will just take the money they would have spent on loan payments and go buy more crap. We don’t need to stimulate the economy, we need to cool it.

No one has been paying student loans for 2 years (except big law attorneys and doctors who got hustled by SoFi). This just removes numbers from the government's balance sheet and has zero effect on consumer spending or inflation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fox News is covering this loan forgiveness as if it were a terrorist attack.

It is. Domestic terrorism on our economy. Inflation is bad enough we don't need to add it. 10K won't change anyone's life, but $300 billion added to our national deficit will.

You heard it here first, folks. Student loan forgiveness is domestic terrorism.

Nope, being a concerned parent and attending a PTA meeting is domestic terrorism.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fox News is covering this loan forgiveness as if it were a terrorist attack.

It is. Domestic terrorism on our economy. Inflation is bad enough we don't need to add it. 10K won't change anyone's life, but $300 billion added to our national deficit will.

You heard it here first, folks. Student loan forgiveness is domestic terrorism.

I said earlier how hard they are trying to make this a voting issue when fiscal conservatism was abandoned. Looks like they went with national security now!

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is terrible for inflation. Now all those people will just take the money they would have spent on loan payments and go buy more crap. We don’t need to stimulate the economy, we need to cool it.

No one has been paying student loans for 2 years (except big law attorneys and doctors who got hustled by SoFi). This just removes numbers from the government's balance sheet and has zero effect on consumer spending or inflation.

Yeah sure everything is fine. Nothing to see here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is terrible for inflation. Now all those people will just take the money they would have spent on loan payments and go buy more crap. We don’t need to stimulate the economy, we need to cool it.

No one has been paying student loans for 2 years (except big law attorneys and doctors who got hustled by SoFi). This just removes numbers from the government's balance sheet and has zero effect on consumer spending or inflation.

Yeah sure everything is fine. Nothing to see here.

Maybe you could explain how allowing people to not pay their student loans, which no one has been paying for 2+ years, affects inflation? They have already been spending what they used to pay in student loans unless you believe the average student loan debtor actually puts their monthly "payment" in savings to pay off principal later? I seriously doubt young Americans do that but that pile of cash would certainly affect spending.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Fox News is covering this loan forgiveness as if it were a terrorist attack.

It is. Domestic terrorism on our economy. Inflation is bad enough we don't need to add it. 10K won't change anyone's life, but $300 billion added to our national deficit will.

I don't really care for the policy, but we choose to fund and bail out things all the time. Do you know the Pentagon has never passed an audit? The defense budget is our largest expenditure and we can't even track where the money is going. We ended two 20 year wars and there's no discussion of cutting one penny out of the Pentagon's budget or a conversation about whether they need the full amount to counter China and Russia?

We've bailed out the banks, the automakers, the airlines. All without much discussion of who bore the blame for their failures. And in the case of the banks, remember they still gave huge bonuses to their employees. So I am not going to get too worked up that we are bailing out actual American people.

What I would have liked to see is this coupled with a legislative proposal (or promise of one) to take systemic action to address higher education costs and debt, such as:

-cap on interest rates;
-student loans are dischargeable in bankruptcy;
-public service forgiveness programs;
-make community college free;
-financial education programs for high schoolers and their parents.

Otherwise, we will be doing forgiveness again every 10-15 years. I'd expect anyone college bound today or with education loans are already counting on forgiveness in the future.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is terrible for inflation. Now all those people will just take the money they would have spent on loan payments and go buy more crap. We don’t need to stimulate the economy, we need to cool it.

No one has been paying student loans for 2 years (except big law attorneys and doctors who got hustled by SoFi). This just removes numbers from the government's balance sheet and has zero effect on consumer spending or inflation.

Yeah sure everything is fine. Nothing to see here.

Maybe you could explain how allowing people to not pay their student loans, which no one has been paying for 2+ years, affects inflation? They have already been spending what they used to pay in student loans unless you believe the average student loan debtor actually puts their monthly "payment" in savings to pay off principal later? I seriously doubt young Americans do that but that pile of cash would certainly affect spending.

umm... y-o-y inflation is at 8.5%

[Anonymous]

Anybody up in arms about this help to American citizens even remotely this upset about women no longer having co from over their own bodies?!?

Jeez, this country is a disaster.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is terrible for inflation. Now all those people will just take the money they would have spent on loan payments and go buy more crap. We don’t need to stimulate the economy, we need to cool it.

No one has been paying student loans for 2 years (except big law attorneys and doctors who got hustled by SoFi). This just removes numbers from the government's balance sheet and has zero effect on consumer spending or inflation.

^^^ Says the art major.

That is completely wrong. Try harder.

[Anonymous]

Or children shot and killed in schools?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is terrible for inflation. Now all those people will just take the money they would have spent on loan payments and go buy more crap. We don’t need to stimulate the economy, we need to cool it.

No one has been paying student loans for 2 years (except big law attorneys and doctors who got hustled by SoFi). This just removes numbers from the government's balance sheet and has zero effect on consumer spending or inflation.

Yeah sure everything is fine. Nothing to see here.

Maybe you could explain how allowing people to not pay their student loans, which no one has been paying for 2+ years, affects inflation? They have already been spending what they used to pay in student loans unless you believe the average student loan debtor actually puts their monthly "payment" in savings to pay off principal later? I seriously doubt young Americans do that but that pile of cash would certainly affect spending.

https://www.bloomberg.com/news/articles/2022-08-24/biden-s-student-loan-relief-adds-new-wrinkle-to-inflation-debate

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is terrible for inflation. Now all those people will just take the money they would have spent on loan payments and go buy more crap. We don’t need to stimulate the economy, we need to cool it.

No one has been paying student loans for 2 years (except big law attorneys and doctors who got hustled by SoFi). This just removes numbers from the government's balance sheet and has zero effect on consumer spending or inflation.

Yeah sure everything is fine. Nothing to see here.

Maybe you could explain how allowing people to not pay their student loans, which no one has been paying for 2+ years, affects inflation? They have already been spending what they used to pay in student loans unless you believe the average student loan debtor actually puts their monthly "payment" in savings to pay off principal later? I seriously doubt young Americans do that but that pile of cash would certainly affect spending.

https://www.bloomberg.com/news/articles/2022-08-24/biden-s-student-loan-relief-adds-new-wrinkle-to-inflation-debate

Even if inflation only increases 0.2% on 8.5%, if it's preventing the economy from cooling off that hurts more Americans than this loan forgiveness helps. We need comprehensive reform of higher education not just pandering that adds to the deficit. How many freshman are starting college right who are going to rack up up more loans hopping for more forgiveness? How many colleges are going to jack up prices anticipating future forgiveness?

[Anonymous]

Anonymous wrote:This is terrible for inflation. Now all those people will just take the money they would have spent on loan payments and go buy more crap. We don’t need to stimulate the economy, we need to cool it.

Tell me you don’t have student loans without telling me you don’t have student loans If you are in a position where you qualify to have $10k forgiven, chances are you have tens of thousands more in student loans that you still need to pay back, so this amounts to maybe a few hundred extra bucks a month, hardly enough to move the inflation needle. The bigger issue is the continued moratorium on payments, because there are people like me who are TPSLF eligible and purposely haven’t paid a penny in nearly 3 years. We definitely are spending in ways we wouldn’t have otherwise because we are getting payment credit for not paying.

[Anonymous]

Why do Democrats always back these asinine policies?