1) Postponing the debt payments itself was inflationary (rich kids spending more money on goods rather than their self-earned debt). This in turn produced more money chasing too few goods in the economy because that rich kid money was chasing more goods instead of paying down self-earned debts.
1) Postponing the debt payments itself was inflationary (rich kids spending more money on goods rather than their self-earned debt). This in turn produced more money chasing too few goods in the economy because that rich kid money was chasing more goods instead of paying down self-earned debts.
2) By waiving the repayments of a lot of those loans, we have extended the inflationary policy of letting rich kids chase too few goods with their money rather than using their money to pay off self-earned debts.
If the rich kids aren't paying down their debts, they're going to boozy brunch on Sundays and taking on bigger car payments and buying bigger homes. That's inflationary spending propped up by debt-waiving. That's the government sponsoring inflationary spending and fostering more wealth inequality because the rich kids made enough noise about their debt.
“Postponing the debt payments itself was inflationary …” Exactly. Or, more accurately at the time Trump started us on that path, anti-deflationary. As I said, it’s really baked in.
The biggest beneficiaries are Pell grant recipients, who are slated to get $20k in relief instead of $10k.
In any event, I see it as all for show before the midterms. Biden himself acknowledged long ago that he lacks legislative authority to cancel any portion of student debt. I tell my kids not to get excited.
Genius: Biden creating unrealistic expectations for his hopeful base while making any claim that liberals care about wealth inequality basically muted with this kind of fake policy that probably won't end up passing muster.
In other words, all of this hypocrisy is for nothing more than temporary base excitement yes?
I wouldn’t call it “excitement” since a lot of 20- and 30-somethings were hoping for much more debt cancellation. I’d say it’s an additional inducement to show up and vote, at least. Then the debt cancellation will most likely be cancelled sooner or later in court, but at least there will be more anti-MAGA Republicans in office as a result of the charade.
I’d say overall Biden’s amusingly-named “Inflation Reduction Act” has a good chance of helping blue collar workers. I actually do think he cares about that more than most politicians …
1) Postponing the debt payments itself was inflationary (rich kids spending more money on goods rather than their self-earned debt). This in turn produced more money chasing too few goods in the economy because that rich kid money was chasing more goods instead of paying down self-earned debts.
2) By waiving the repayments of a lot of those loans, we have extended the inflationary policy of letting rich kids chase too few goods with their money rather than using their money to pay off self-earned debts.
If the rich kids aren't paying down their debts, they're going to boozy brunch on Sundays and taking on bigger car payments and buying bigger homes. That's inflationary spending propped up by debt-waiving. That's the government sponsoring inflationary spending and fostering more wealth inequality because the rich kids made enough noise about their debt.
“Postponing the debt payments itself was inflationary …” Exactly. Or, more accurately at the time Trump started us on that path, anti-deflationary. As I said, it’s really baked in.
The biggest beneficiaries are Pell grant recipients, who are slated to get $20k in relief instead of $10k.
In any event, I see it as all for show before the midterms. Biden himself acknowledged long ago that he lacks legislative authority to cancel any portion of student debt. I tell my kids not to get excited.
Genius: Biden creating unrealistic expectations for his hopeful base while making any claim that liberals care about wealth inequality basically muted with this kind of fake policy that probably won't end up passing muster.
In other words, all of this hypocrisy is for nothing more than temporary base excitement yes?
I wouldn’t call it “excitement” since a lot of 20- and 30-somethings were hoping for much more debt cancellation. I’d say it’s an additional inducement to show up and vote, at least. Then the debt cancellation will most likely be cancelled sooner or later in court, but at least there will be more anti-MAGA Republicans in office as a result of the charade.
I’d say overall Biden’s amusingly-named “Inflation Reduction Act” has a good chance of helping blue collar workers. I actually do think he cares about that more than most politicians …