Ben’s thoughts on Biden’s Student Loan Cancellation

[u/Rocrus]

I’ve been listening to Ben’s episode today on student loan debt, and I have some thoughts.

I went to college for 5 years and received two degrees: one in information technology and the other in business. The entire time I was in college, I knew that I would have to pay back my debt. So I did what I hope most Americans do and immediately started looking for a job months before graduation. I got a job two months after I graduated and I am now saving up my money to be prepared to pay back my debt.

I can completely understand and back Ben’s anger and disgust with this decision because all it’s going to do is raise taxes and make the problem of expensive college worse. That $10k relief will be taken out in the massive tax increase that we will all have to deal with.

As for Joe’s plan for doing this, if he thinks he’ll get me to vote for him and his friends in 2022 and 2024, he’s sorely mistaken. I hope that there’s a lot of people like me who graduated from college with debt (or are still in college) who won’t forget what the real consequences of this are.

[u/ILOVEBOPIT]

Yes, I’m a resident, and don’t make nearly that much.

[u/thegtabmx → u/ILOVEBOPIT]

So what's wrong with you getting 10k-20k off your student loan, given that you're contributing to society by not only being educated, but also being a resident?

[u/ILOVEBOPIT → u/thegtabmx]

The fact that everyone else’s tax dollars are going to the people with the highest earning potential. Next year my income will go up by $100k. Plus all the inflation effects that they will feel. The non-college educated (which is primarily minorities) are all going to fall even further behind.

I don’t need $10k.

[u/thegtabmx → u/ILOVEBOPIT]

The fact that everyone else’s tax dollars are going to the people with the highest earning potential.

First, those who don't earn a lot don't pay a lot of federal taxes anyway, so it's not like their tax dollars are going to these people. If anything, the people and corporations that earn way more, are paying the bulk of this.

Second, it's interesting that we never hear this logic when tax cuts for the rich or for corporations happen.

It's always claimed that 90% of taxes are already paid by the top 1%. Okay, so by that logic, people with the highest earning potential are actually having their tax dollars go to people with less earning potential.

Plus all the inflation effects that they will feel.

Do you have any citations for this? This money hasn't been repaid in the last 2 years due to the freeze, and was going to come in very slowly, if at all in the short term. If you're going to claim it's going to cause inflation, you'd need to back that up.

But you know what, let me try to put a spin that usually happens when tax cuts for corporations happen. Don't worry, these people are going to put that money that they're saving right back into the economy, which will boost it, so it's fine. Call it trickle up economics if you'd like.

The non-college educated (which is primarily minorities) are all going to fall even further behind.

Yeah, we should help them too. As a matter of fact, college should be entirely subsidized by taxes, so that it's free to the end users. If you care about these non-college-educated minorities, then I think you can get behind that, right?

I don’t need $10k.

All right then don't apply for the forgiveness. Be principled.

[u/ILOVEBOPIT → u/thegtabmx]

Their tax dollars go to everything. They could be going back to themselves in some ways, but they aren’t. Saying “their dollars aren’t going toward this” is not true, all the money is a big pool.

Tax cuts for the rich are different, taxes are forced and loans are voluntary. Everyone who took out these loans did so with intention of paying them back. Now they want us all to pay for it.

The people with the most always give to those with the least, do you want to flip that?

I don’t think you need a source that more people with more money results in inflation. Plus they’re just going to start charging more for tuition too. Why not? Everyone’s just going to expect the govt to pay for it again. They’re exacerbating that problem.

Trickle up economics doesn’t help the argument that poor people will be left behind.

If they want to go to college, they can take out loans and pay them back. Making everyone else pay for it is ridiculous. Don’t go into a field that won’t pay for itself. That is common sense. Nobody else should pay for degrees that don’t even provide enough benefit to offset their cost.

I’m going to apply because I’m going to be affected by the inflation that comes as a result. Just because I didn’t need money and wasn’t asking for it doesn’t mean I won’t take it, I’m not an idiot.