4 ms·
The short term gain for many will be enormous, but the long term effect might be devastating on American society.
by loktarogar 6y ago
The short term gain for many will be enormous, but the long term effect might be devastating on American society.
- WrtCdEvrydy 6y agoSo... working as expected?
- monadic2 6y agoPretty much american society in a nutshell, tbh
- newfriend 6y agoSorry, are we implying that it's better for society if people don't pay their debts?
- aaomidi 6y agoDuring a pandemic? Yes.
- refurb 6y agoAlways? What about the people still working? Or people with significant savings?
- birdyrooster 6y agoThe thing about mass unemployment is that many people end up relying on the people around them for sustenance even though there are government programs.
- gjs278 6y agoi’ll be sure to rack up a bunch of debt and just shrug my shoulders when I can’t work
- anigbrowl 6y agoIn some circumstances, yes.
- Igelau 6y agoWe're talking about collection agencies here. This isn't about paying money back to the people you owe. This is a profitable business that doesn't care what's good for society. Wage garnishment for something like outrageous medical bills that gets paid to some parasite company isn't really better for society.
- monadic2 6y agoYes, 100%. I highly, highly recommend the book "Debt: The First 5,000 Years". Society has repeatedly been stabilized with mass debt forgiveness many times throughout history. I'm no religious person, but there certainly seems to be a certain theme about debt forgiveness... https://www.openbible.info/topics/debt_forgiveness https://www.openbible.info/topics/debt_forgiveness Debt is pretty central to most problems in society, actually.
- deleted 6y ago[deleted]
- newfriend 6y agoForgiving the debts of the irresponsible effectively punishes those who are responsible with money, and leads to a society with no trust.
- syshum 6y agoThe problem with your attempts to equate modern debt with debt of the past is 2 fold 1. Historical debt like referred to in the book that destabilized society was generational debt, passed on in the family. Unlike modern debt where your debt dies with you. 2. Historical debt there was no concept of bankruptcy in the legal systems of that time. There was also debtor prison and indentured servitude to pay off debt. Those 2 factors are what destabilized societies and caused the need for mass debt forgiveness, we solved those by changing the lender risk metric, and allowing for a case by case relief valve called bankruptcy
- Igelau 6y ago> we solved those by changing the lender risk metric, and allowing for a case by case relief valve called bankruptcy Student loan debt breaks both of these. Student loans were supposed to be low risk, but the jobs never materialized, and they can't be discharged by bankruptcy. There's also the matter of people even being able to afford to file for bankruptcy. Just for that you're looking in the ballpark of $1500 in court and attorney fees.
- 6y ago
- mjparrott 6y agoToo late. Those debts are already there, and there is nothing to stop them from piling up new debts in the years ahead. Whether or not uncle sam sends money to debt collectors doesn't change the root problem (the sickening financial position many people find themselves in to start with).