Cool, looks like Education is going the way of Homeownership. That is to say: Poor people won't get it any more, because rich people say we're a liability.https://twitter.com/eigenrobot/status/1330542797896577027 …
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Nυɠɠυƚɾσɳ; ᕼᗩᖇᐯEᔕT ᗯIᘔᗩᖇᗪ Retweeted eigenrobot
Cool, looks like Education is going the way of Homeownership. That is to say: Poor people won't get it any more, because rich people say we're a liability.https://twitter.com/eigenrobot/status/1330542797896577027 …
Nυɠɠυƚɾσɳ; ᕼᗩᖇᐯEᔕT ᗯIᘔᗩᖇᗪ added,
i think its not quite like that higher ed currently is a terrible drain on most poor people who typically don't have the social capital to know what to study or how to leverage it, which is a problem as well but not one solved by taking out $50k in non-dischargable loans
the government eating this debt is going to result in social service cuts and / or higher taxes, in order to bail out the middle to upper middle class (directly) and upper middle to upper class (via bailouts to universities)
im mad about this too and for the same reasons basically, just seems important to understand the mechanism :(
That's what I don't get, because the government showed us pretty clearly that they can create and discharge debt as they please, so any effect the debt itself would have is purely manufactured, right? Or do I have that wrong?
government debt is fake until its suddenly really, really not and a lot of the effects downstream of it are quite real even before you have a solvency crisis :/
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