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   Tyroblerone Larrity, Hellthread Explorer (bigtlarrity@nicecrew.digital)'s status on Friday, 12-Apr-2024 05:09:52 JST Tyroblerone Larrity, Hellthread Explorer
   "Money is just like...an idea man..." [bong bubbling, sounds of judaism]
   • Embed this notice
     djsumdog (djsumdog@djsumdog.com)'s status on Friday, 12-Apr-2024 05:09:51 JST djsumdog

     in reply to
     This person doesn't even understand what a student loan is. It's not issued by the treasury. It's issued by a private bank and the government pays the interest. When a loan gets cancelled, the bank writes it off and gets a tax break (reducing tax revenue) and so it's passed on directly to the taxpayer.
     
     18% of Americans have student debt. Over 2/3rds have less than $20k of student loans (that's a Honda Civic worth of debt). Forgiving student debt would be the largest transfer of money from the poor to the middle class in recent history.
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     djsumdog (djsumdog@djsumdog.com)'s status on Friday, 12-Apr-2024 07:44:11 JST djsumdog

     in reply to

     • Tyler
     • Gideon

     Yes yes, we've all ready David Graber's commie manifesto Debt: The First 5,000 Years, and we all know that shitty college professor couldn't pay down his piddly student loans because he took one of the bullshit jobs he complained about in the other commie manifesto he wrote.

   • Embed this notice
     Tyler (tyler@nicecrew.digital)'s status on Friday, 12-Apr-2024 07:44:12 JST Tyler

     in reply to

     • djsumdog
     • Gideon
     Don't remember, you filthy animals, that almost all of the money supply is CREATED when banks give loans.
     
     Mandatory educational material: Money as Debt
     https://odysee.com/@QuantumRhino:9/Money-as-Debt-I---Revised-Edition-(2009)---Complete:0
   • Embed this notice
     Gideon (gideon@nicecrew.digital)'s status on Friday, 12-Apr-2024 07:44:15 JST Gideon

     in reply to

     • djsumdog
     OP has a point though. Where did the money come from to lend in the first place? Poof, magic money creation.
     
     Also, the government doesn't pay the interest, they guarantee the loan. At default, *maybe* a partial principle payment would be made to the bank, but they're not gonna pay the amortized loan interest payments.
     
     And how would the poor be transferring wealth to the middle class, when they have a net negative tax revenue stream to the Treasury due to low income tax credits? They pay no tax.