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Presidential Election 2020 - ManChild vs Adult

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1 hour ago, PeterMP said:

I think that it has a net benefit on the US economy is extremely unlikely.

 

It isn't like the people that have the money that is going to be used to pay off the debt are hiding it under their mattress.

 

It is in the economy doing something.  Let's say they put it in the bank.  This means that banks now have more money to lend, which means that can (should) lower interest rates, which means it is easier to buy a house, which means in fact we propping up home ownership.

 

It's in the stock market (or other trading market).  It would take a Nobel laureate to study whether $1 does more economic good sitting in the stock market versus educating a young person.  I don't even know where to start with that, but it's a really interesting question.  

 

The next question is, given the economic inequality in this country and the fact that the top 0.1% percent of the people own about the same amount of assets as the bottom 90 percent, if the economic impacts are more or less even, what is the harm in taxing the ultrawealthy and giving it to anyone else?  I personally think the answer here is yes, the ultrawealthy don't pay nearly enough in taxes.  

 

The next question is, okay, let's assume everyone is on board with taxing the ultrawealthy more.  Is paying off student loans the highest and best use of that money?  Probably not the single best, but educating young people and allowing them to enter the real world without crippling debt is certainly a worthy goal, and also is likely to have economic and other benefits throughout the broader economy.  

Edited by PleaseBlitz

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Honestly, the mistake was made when college debt was not dischargable in bankruptcy. Every Congressman who supported this should no longer be voted into Congress.

We need to reverse this and let everything sort itself out. Then these college loans won't be handed out like candy, because there is risk of losing money to the lender.

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2 hours ago, PleaseBlitz said:

 

It's in the stock market (or other trading market).  It would take a Nobel laureate to study whether $1 does more economic good sitting in the stock market versus educating a young person.  I don't even know where to start with that, but it's a really interesting question.  

 

The next question is, given the economic inequality in this country and the fact that the top 0.1% percent of the people own about the same amount of assets as the bottom 90 percent, if the economic impacts are more or less even, what is the harm in taxing the ultrawealthy and giving it to anyone else?  I personally think the answer here is yes, the ultrawealthy don't pay nearly enough in taxes.  

 

The next question is, okay, let's assume everyone is on board with taxing the ultrawealthy more.  Is paying off student loans the highest and best use of that money?  Probably not the single best, but educating young people and allowing them to enter the real world without crippling debt is certainly a worthy goal, and also is likely to have economic and other benefits throughout the broader economy.  

 

But forgiving student loans isn't educating people.  The people are educated.

 

I'd absolutely buy that taxing the ultra rich to improve our education system and make it more equitable (at all levels) would be a positive thing to do.

 

I'm not for across the board free college, but I am completely for massively ramping out government funding of colleges to lower tuition costs to cancel out the last 30+ years of over inflation tuition increases for in state tuitions at public universities and doing other things to help people that actually need help paying for college and can, want to, and should go to college.  I think if you made it absolutely free, you'd just water the down the importance of a college education and water down the quality of a college education.

 

If we are (through the government)  paying colleges to teach to the lowest students, some colleges will take that money and the students won't really care if it is free to them.

 

1 hour ago, Fergasun said:

Honestly, the mistake was made when college debt was not dischargable in bankruptcy. Every Congressman who supported this should no longer be voted into Congress.

We need to reverse this and let everything sort itself out. Then these college loans won't be handed out like candy, because there is risk of losing money to the lender.

 

Most college loan debt is held by the federal government, which is why it is exempted from bankruptcy (other debts held by the federal government also exempt (e.g. unpaid taxes)).

Edited by PeterMP

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