SCOTUS will more than likely strike it down. Which means, in retaliation, Biden will extend suspension of interest accrual and collection through '24, possibly even '28 (if he wins and lives that long, he probably won't do either), costing ever more billions.
Meanwhile, Gen Z and millennials will be ever more driven to turn out for Democrats like they did in '22, and will continue to face a demographic financial crisis: 'If a young person has $40,000 in loans at 6% they took at 18 years old with promises that it was their key to prosperity, and no realistic way to pay it off, that's a problem for the young person. If 54 million young people have $1.6 trillion in loans at 6% and no realistic way to pay it off, that's a problem for society'.
So not only are we unable to place a band-aid on this gushing financial wound our society has, stitching it up by reforming higher education is simply unimaginable in this political climate. This is a ticking bomb that is probably going to go off within the next decade or two, as progressively larger sections of the workforce become automated, corporations become ever more effective at crushing labor, and there are simply not enough decent-paying jobs to go around. As it is currently, most people have
bullshit jobs that accomplish nothing and exist only because of laws, bureaucracy, or legacy corporate inefficiency.
*Disclaimer*: I had loans briefly but paid them off because I have a good job and large inheritance. In isolation, I think forgiving student loans is a bad idea and the money could be used in other ways for much more good. I support forgiveness solely because hypocritical Republicans are so against it, you know, the ones who had billions in PPP loans forgiven, many of whom used not a cent for payroll, because Republicans gutted the oversight provision of the bill. It's about time actual people, not corporations, get a bailout.
btw, one of the reasons inflation is so high is because those 54 million Americans indebted with student loans haven't been paying them down during this pause in interest accrual, and instead have been buying fucking consumer goods or taking vacations from work lol
11-08-2022, 05:08 PM
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