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Reply to "Sen. Chuck Schumer and Sen. Liz Warren just proposed forgiving $50,000 in student debt"
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[quote=Anonymous][quote=Anonymous]I work so hard to put my kids thru college. They went to state colleges because that is what we could afford. Why are we now responsible for the debt of people who spent more than they should have. [/quote] The “debt” is really just an obligation to the federal government. The US government can theoretically forgive liabilities owed at any time and it does not affect taxes, spending, etc. This is the definition of funny money. The federal government created money out of thin air, gave it to the university, and the student promised to pay it back. If it’s canceled, it’s as if it never excisred from a budgetary standpoint. It’s just another form of fiscal stimulus.[/quote]
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