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I'm out of my depth here; if I'm wrong I would love to be educated. My assumption is that the debt holders would be the ones losing. I don't know about you, bu
by TheCraiggers 5y ago
I'm out of my depth here; if I'm wrong I would love to be educated.
My assumption is that the debt holders would be the ones losing. I don't know about you, but I don't hold any person's medical or education debt. In my estimation, these are ultimately all held by the rich and powerful fat cats- owners of banks, etc.
- EvanAnderson 5y agoThe vast majority of student loan debt in the US is owned by the federal government. The "fat cats" who will be stuck holding the bag are the taxpayers.
- TheCraiggers 5y agoThanks. I just looked and yup, 92 of student loans are owned by the government. That seems.... very bad for all sorts of reasons.
- D13Fd 5y agoNo. We all end up paying, because the student loan debt they are talking about cancelling is ultimately held by the federal government. We'd be taking things from the bucket of "the people who borrowed have to pay it back" and putting it into the bucket of "we all have to pay it back through increased taxes."
- wombatpm 5y agoWhat if the deal for debt cancellation was a 5% tax increase for those whose debt was cancelled for the remainder of their lives? Whenever you calculate tax, forgiven debtors pay 5% more.
- JamesBarney 5y agoIt's solely U.S. government. Any discussed debt cancellation never included private loans. And if it did, the U.S. government would pay off the holder of the private loan, not just cancel the debt.