Instead of simply cancelling student debt, maybe it would be a good idea to loosen the rules about discharging it via bankruptcy. Then you'd both help the people in the greatest need, and start to fix the system (because lenders would have to become less indiscriminate).
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or, we could simply cancel student debt because it does a lot of good and costs nothing
It doesn't cost nothing. In effect it's a transfer from people who don't have student debt to those who do.
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no it doesn't. The debt is owned by the federal government.
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How do you think the USG pays for things?
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It depends on the goal. Giving everyone a college education would be hugely beneficial to the whole population under the same reasoning public schools do. Better and uniform funding for public schools would also be a huge benefit.
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Would it? Why not make it an 8-year degree instead of 4-year? Heck, why not keep everyone in school until they're 35? That'd be even more super beneficial! (I'm a prof at a university, BTW.)
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The Fed’s shoveling trillions out the back door to the repo market & have been since Sept 2019. Their 0% windfall had no effect on practices. In fact, every windfall they’ve pilfered from taxpayers the last 4 years has only benefited the 1% We fix it, before the pitchfork phase
End of conversation
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It transfers from banks who are raking in a lot of interest without taking on any risk to people who do have student debt.
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banks don't own the majority of student debt the federal government does. It's an extra tax on millennials
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“Wealth transfer” is another way of saying in this case evening the imbalance that has already transferred trillions of wealth to the 1% since the 1980s from working families and the poor like that’s a bad thing.
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Yup, but presumably with some sort of Keynesian multiplier due to sticky prices and whatnot.
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