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Suspending educational loan payments is tapping the brakes on what is largely a trillion dollars of absolutely unsustainable debt Joe biden himself lobbied for

Suspending educational loan payments is tapping the brakes on what is largely a trillion dollars of absolutely unsustainable debt Joe biden himself lobbied for and now lives in constant low key fear of. Stimulus checks were a feature of George w bush's presidency too during the great collapse of 2008. The past 13 years of qe put so much cash into the supply side that inflation was inevitable as all the governors for responsible corporate income basically evaporated with free money. The governments hamfisted bailout loan of about a dozen major conglomerates while ignoring small business during covid was probably the real torch that lit the powderkeg.

hedora 4y ago
I still don’t understand why student loans are not forgivable during bankruptcy proceedings. It is a recent change, and pretty clearly in violation of the thirteenth amendment: “Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction.” since there are legal implications if you default (including legal liability, wage garnishment, loss of social security benefits, and revocation of professional licenses). This is similar to indentured servitude, which is a form of involuntary servitude.
- zeroonetwothree 4y ago
  Because if they were no one would give out student loans. Also it’s pretty offensive to equate paying back debt to indentured servitude.
  - 8note 4y ago
    Surely the government would keep giving them, with some proff that somebody actually wants to complete a useful degree. I think in the future, those student debt punishments will be looked on in a similar way to indentured servitude. At best, forced to work (though for an indefinite, likely forever time period) for whoever gave the loan, and at worst, much worse. Debts are risky, and should occasionally be discharged with bankruptcy. Zero risk loans make zero interest

hedora 4y ago

I still don’t understand why student loans are not forgivable during bankruptcy proceedings. It is a recent change, and pretty clearly in violation of the thirteenth amendment: “Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction.” since there are legal implications if you default (including legal liability, wage garnishment, loss of social security benefits, and revocation of professional licenses). This is similar to indentured servitude, which is a form of involuntary servitude.

zeroonetwothree 4y ago
Because if they were no one would give out student loans. Also it’s pretty offensive to equate paying back debt to indentured servitude.
- 8note 4y ago
  Surely the government would keep giving them, with some proff that somebody actually wants to complete a useful degree. I think in the future, those student debt punishments will be looked on in a similar way to indentured servitude. At best, forced to work (though for an indefinite, likely forever time period) for whoever gave the loan, and at worst, much worse. Debts are risky, and should occasionally be discharged with bankruptcy. Zero risk loans make zero interest