Pay Off My Student Loans!
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- Опубліковано 29 сер 2024
- At least Biden fixed Saints Woke.
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#StudentLoans #StudentDebt #studentloandebt
That "I beat cancer" cartoon analogy falls apart when you remember that people don't voluntarily enroll in cancer.
Or that cancer and debt aren’t comparable. Or that there’s no way to give the person back their years of suffering they went through but their is a way to give back to those who paid. But they won’t do that cuz responsibility is punished.
@@xXSCDTXx people shouldn’t be hundreds of thousands in debt over cancer
I’d rather forgive all loans made to treat cancer. We can’t give them all those years back but we can get them (or their family if they pass) back on their feet
@@baconboi4482nah, more preventative care is proven to save society money when poor people are able to access it when they otherwise wouldn’t be able to afford it. It needs to be easily accessible regardless of financial situation for all people. Preventing cancer or finding it early with a quick regular checkup saves society much more money than a middle class person going into millions in debt trying to treat metastasized cancer that could have been cured earlier.
I'm a smoker. I kind of am volunteering for cancer.
@@EdmundKempersDartboard cool story bro. The analogy still fails for 99% of other cancer patients
The guarantee of student loans was the worst thing to happen to the university ever. Tuition skyrocketed because anyone could now get a loan, and you can't bankrupt out of them. Fewer students should be going to college because they just aren't fit for it. I'm teaching a lab this semester for my TAship. I can already see how many students really shouldnt be here, as they can barely read a syllabus and lack common sense (for example, Ive had two different groups of girls give me FOUR index cards each listing their names and lab group names when they're all part of the same group instead of just doing one card..). It's all a joke. These people are going into ridiculous debt for stupid degrees.
What was that line from Futurama about colleges just being expensive daycares?
There needs to be some serious reform to the qualifications for who can receive the loans.. it needs to be based on merit. If you can't pass the aptitude tests, no loan for you. Make it an SAT breakpoint or something.
Student loans have always been such a scummy tactic. They absolutely screwed everyone involved besides the loaner.
I TA'd for the math teacher at a well-off high school in California, and there were high-schoolers who couldn't use a ruler in inches or centimeters, and didn't know how fractions worked.
We were all pressured into going to college, some to better colleges, some to run-of-the-mill nothing-special-about-it colleges, and everyone would need a loan...
Imagine giving a loan to someone who can't use a ruler.
Dude, in the 90s when I was younger, you could go to medical school for *$5000 per year.* Now, a student leaving medical school will have *approximately $150,000 debt.* Something has gone completely off the rails.
The issue with student loan forgiveness in the first place is the same problem with medical bills. Instead of people pushing to cap and financially reprimanding these institutions from overcharging these classes which is the core cause of the rise in student loan debt in the first place, people would rather take the easy way out by demanding a payout. In fact, if colleges were forced to sell courses for their actual price tag, they would probably also be forced to remove a vast majority of their made up courses so student don't go for these useless degrees in the first place as well. 2 birds one stone.
my prents went to college for a couple hundred a semester. all you had to do was score well to get in. now its easy as hell to get in, expensive, and ultimately a ripoff.
Exactly. I'd be happy to pay more in taxes to help a brilliant medical student, for instance. However, the way things are now, our taxes will be devoured by students whose degrees in social justice are even WORSE than useless -- they bring bitterness, hatred, and divisiveness into whatever workplace they infest.
Forgiving student loans for the Critical Social Justice graduates, is like paying an exterminator to catch thousands of cockroaches and embed them in our home's infrastructure.
The problem isn’t that there aren’t price caps (which won’t work anyway) it’s that the government guaranteed student loans. THAT influx of money inflated the tiny university market with so much easy money that they had to charge more to get their piece of the pie. The real lesson here is that the government shouldn’t get involved.
You don't even have to force them to keep prices down. Just get rid of guaranteed student loans and that would happen automatically. In fact, useless classes and degrees would disappear faster because a bank isnt going to fund you to go to college to get a degree you likely wont earn enough money from to pay off the loan.
Well good luck with that when even if we pick the dirt cheapest route, we still end up with worthless degrees/majors because we can't all be engineers, and there are no blue collar equivalents to "business consultant" or "digital marketing"....
I didn't have "carpenter" or "electrician" as an option and I am dipshit tier fucking terrible at maths. (Like average IQ/100 IQ yeah sure but my verbal is pushing 130ish to give you an idea of the IQ distribution there... )
Student loan forgiveness is a bandaid on the septic wound that is the modern college/university system. Doing it doesn't solve the wider problems, but it makes people look good.
The entire college and public education system, with the possible exception of trade schools, is on life support with no signs of potential recovery. Maybe it's time to pull the plug.
@@Richforce1 schooling is evil
@@sebastianprimomija8375 you did: you gave it a comment too :D
Exactly. This doesn't fix the cause of why college is expensive and will probably just encourage them to up the tuition.
Democrat benefit from it.
Telling us there is an infinite money supply with crazy eyes is not exactly comforting.
“Trust me bro money is infinite yet go back to work”
Lol! That was a major yikes
The money supply is technically infinite though.
just not instantaneously infinite
@@jhoughjr1 its literally not. At any point the money supply is infinite, its worthless. Money is only as useful as it is scarce. Libtards are so fucking frustrating.
Critical Social Justice zealots believe we're all living in a post-scarcity world, rather like Star Trek with its replicators. As one college student screamed at an administrator: _"Stop saying there's 'not enough'! You know that's not fucking true!"_
"I took a big risk and gambled my money away, but I think other people should pay for my debt."
If you haven't noticed, govts have stepped on the gas towards the UN and WEF's goals for 2030-2035.
He delayed student-loans because it was one of the last cards left until mid-terms. That's why it's suddenly becoming a thing agian.
It's definitely an act of desperation. What else do they have left?
You can also guarantee that as soon as the mid-terms are over the White House will drop the whole subject again (until 2024 of course).
and much like 2020, nothing will actually come from it. He's buying votes that he knows he's not going to have to pay out for.
Very much the elephant in the room that Dev avoided talking about - Biden's vote buying.
@@rickymherbert2899
Weird how he missed that
Useless degrees are very much a problem. Especially when they are paid for with unsecured loans.
If some rich kid wanna waste their own/parent's money on gender studies degree, that is their individual choice, but expecting the government to pay for their hobby is nonsense. Yes, those uselless degrees are hobbies, nobody starts gender studies thinking about which company they will enter using that degree. They are a bunch of people that is there for the "college experience" of hanging around like minded people and talking about their common interests. Daycare for adults.
Especially when that useless degree can be learned on UA-cam for free. I've seen entire curriculums on here
Gender studies is definitely useless propaganda, but truth be told, I don't like the idea of a "useless degree". Non-STEM degrees used to be slips of competence that meant you were an educated and well rounded person worthy of a good job, particularly n leadership roles. Universities and colleges have lowered general education requirements so much that Liberal Arts students often aren't even required to take math or physical science courses anymore. Not to mention the lowered grades required to pass courses.
@@Jar0fMay0 To be fair at this point a lot of degrees can be learned for free, specially tech/computer related. I've seen "dropouts" that managed to learn programming by binging tutorials and tinkering with SDK/IDE's and managed to land a stable job.
The difference is that programming is an actual useful skill with real application. The hell does a _gender study expert_ does?
@@Xfushion2 barista at Starbucks?
Dev, I believe the PPP "loans" had forgiveness written into the original contract if they didn't fire anybody.
That’s one of the key differences: PPP loans were granted with both sides expecting the forgiveness.
It's true, but student loans are often made with minors or barely-18s under the idea that they'll simply pay them off with all the extra salary they'll be making in 5 years, not being candid about the true financial risk. I also recall them being marketed the same was as grants under financial aid.
I find it amusing that the side of the political aisle that says that 18-year-olds can't be expected to totally know everything about what they're getting into when they consent to student loans, and therefore we should forgive their debts, is the same side that says that minors totally know everything about what they're getting into when they consent to radical body-altering surgeries, and therefore we should make these surgeries even more widely available.
@@glmathgrant same thing with being drafted or able to enlist at 18 and being able to drink at 21.
@@glmathgrant You act like you're getting one up on me but like SFO I'm not a "side." We're both responsible for being consistent with our own words, so you can't just call people hypocrites while implying your positions are the mirror image and expect to look clever.
I think kids more easily fall victim to predatory institutions than adults, shouldn't be anything surprising about that.
Gonna throw it out there, responsible millennials like me who paid off their dept are pissed rn
Just toss it on the pile of 'getting fucked by boomers.'
That’s what happens when you have a work ethic now. Laziness is easier to reward.
Responsible smart individuals aren't their voting base my guy.
Hell I'm pissed because this doesn't actually solve the issue. I'm a victim of predatory loans and even I know this is a bandaid to put on the problem. Not the solution.
I feel your pain as I spent more time at school by gong part time and spreading out my classes. Thus reducing costs and thereby not requiring loans because I was working part time
Long winded way for Dev to eventually confirm: yes MMT is inflationary. Inflating the value of the dollar. A regressive tax on the poor.
And Dev's slowly trying to wean out an anti-inflationary understanding of mmt through his videos, or I hope he does. First an mmt fanboy, now a mmt skeptic.
i'm neither lol. printing money CAN ruin a country, but it also might not, it depends on the situation.
@@ShortFatOtaku From what I can gather, that depending is on the government either A: consistently generating market value/production with its spending or B: taxing very close to spending to keep inflation low enough to encourage consumer spending and investment without rampant inflation. Neither of these seems like a realistic expectation in modern politics, and less so the more left our systems tilt.
@@ShortFatOtaku I have never seen a single government grant funded business do well. So I disagree with you heavily from the land of government funded kebab shops.
@@grimnir8872 'government funded kebab shops.'
Germany?
Say it again:
“Making the farmer, plumber and shopkeeper pay for the baristas gender studies degree.”
🎩
🐍 no step on Snek! 🇺🇸🇭🇰
ew, a comment with a signature.
@@abyssalboy8811 who gives a shit lol
Signed - myself
@@abyssalboy8811
Looking for attention on the Internet is not a replacement for a absent parental figure.
Seek help.
And importantly the farm-hand, the plumbing apprentice, and the shop worker.
Making the worker support the burgeouise? Classic socialism then.
Is the US still a free market economy when the government is printing money, paying of personal debt to buy votes, and has an effective tax rate over 50% in many places?
After years of studying economics, I have learned that's it not a simple cut and dry capitalism or socialism. It's more of an spectrum between laissez fair capitalism and socialism so the US leans slightly more towards capitalism but we do have socialist systems like a federal bank, printing money, and high government spending while trillions in debt.
America is not a Ancap utopia no.
@@matthewfederici9821 I reject the label "Capitalism" as a concept, it was coined by leftists to attack the free market.
Which is why the dichotomy is free market vs central planning (in the US this is wealth transfer to the government).
@@Ammoniummetavanadate true, but at the end of the day it doesn't necessarily matter since we have co opted it. But we can simply refer to it as a free market economy
@@Ammoniummetavanadate I see you watch the channel TIK
That video of the parent addressing Warren is so infuriating to watch. You can see the moment she's done with the conversation and goes into "head-nodding-politician-mode" waiting for the first opportunity to extricate herself from the situation. Absolutely brutal.
It's shocking how much you can learn about economics by playing classic World of Warcraft.
Buying your mount for so much, buying your skills every two levels, and buying your food/water/equipment upgrades were all "gold sinks" designed to remove gold from the economy on the way up.
But once a server hits a point where most players are level 60, the inflation hits hard and none of the sinks are effective anymore because the wealthy are subsidizing the poor, and they all know it. Where once 20 copper ore sold for 10 silver, now it sells for 1 gold. An increase of 10x. And it does that, because everyone is operating on the assumption that everyone else, is wealthy, because of the inflation caused by all these max level players who are no longer hampered by gold sinks, creating alt characters.
In this way, it's actually harder for a fresh new player on the server to level up, than it was for a fresh player to do so at the start of the server's life. Because everything that player wants from the in-game economy is priced on the assumption that new player, is actually rich, rather than that he has the expected amount of money for his level. And because less people his level are around, he struggles to find groups.
World of Warcraft and other MMOs operate their economies on a system where money is infinite. Where you can go kill a bunch of wolves or ogres or kobolds, then sell what you picked up for a profit. That sort of infinite money generation means inflation is happening from the word "go". And gold sinks are needed to slow it down.
If taxation is the IRL gold sink, then fine. But the problem is, the people don't have access to that infinite money generator, the rich do. And the people only get the money that's siphoned down to them by those wealthier than they. Reaching "max level" IRL then, is a matter of navigating this broken system expertly enough that you reach a point where you are no longer affected by the gold sink, from there, it's all profit
_the people don't have access to that infinite money generator, the rich do_
'The rich,' lol. The IRL only infinite money glitch comes out of the fucking government handouts and tax exemption. Everyone will bitch about Bezos and then mention in the next breath that over half the country has amazon accounts they use to avoid having to actually go out, search for, and buy electronics, or similar niche products. Bezos isn't "infinite money glitching" he's actually providing value you fuck. Your hypothetical doesn't work because you are fundamentally a stupid fucking libtard, and stupid as fuck libtards are not fooling anyone, even if they are going to get away with it.
Interesting read.
Good point.
Earnestly, you should write or create about this idea somewhere of note.
Support it with statistics, charts and graphs.
Good luck and let us/me know about it.
I'm impressed that The Sleepy One hasn't legalized weed yet. I feel like with all of the shit he's been pulling for political capital, that'd be the easiest thing he could do to gain some momentum.
He'd get countermanded by the states as they have largely taken the initiative. I get the idea though, but it'd be like him trying to institute federal gun control. Here comes Texas, Florida, and whatever riders-on with a SCOTUS case, and given the last big gun control case that made it up to Justice Clarence Thomas, Biden's handlers know better than to let him get a whack at it.
He's too busy sleeping on it
then he can legalize crack so his son doesn't have to break the law to feed his addiction, being the crackhead that he is. Come to think of it, better legalize prostitution too, can't let Hunty face accountability
If only
It would also arguably be beneficial to the country, if only to stop one of the fronts on the "War on Drugs" and the costs associated with it.
I just love working to pay off the collage debts of those who spit and looked down on me for not having the same opportunities.
The pressure to go to college wasn't just on the kids that went. I was homeless and starving so I got a shitty job instead of a fine arts degree. The school, my teacher, and my peers made me feel lower than dog shit for not going. Now the kids who mocked me want my wages to be worth even less than they already are. No. You made the GD bed out of shit, You don't get to force others to lay in it.
I agree
Although you have a lot of anger.
Maybe you should show them, all of them!
The American Way...
@@CEWIII9873 Idk if showing all the people you went to school with your anger in the "American Way" is great advice lol
@@urgadurga agreed
it is more of the "American Dream..."
SFO, there is one thing you missed about the PPP loans which I'd argue makes it different to the student loan situation: Namely, the rule for forgiveness was set out in the loan terms rather than afterwards.
With the mandate as I understand it, if the loans were used to pay people during lockdowns you could get that amount forgiven since the government (lender) was preventing you from making the money to pay them.
Other than that I agree on pretty much everything though.
@@nikoclesceri2267 hmm kinda like how my generation wasn’t really given a choice to go to school
@@jhoughjr1 OH your generation was given a choice, just instead of fighting back against the powers that be, they capitulated to peer pressure and went in because they "had to". You should know your value and worth as an individual and if you couldn't figure out that college was going to bleed you dry with student loan debt, you probably couldn't see the writing on the wall to begin with. Everything comes down to how much money you can make and throwing younger generations under the bus was certainly lucrative for the Colleges. Is it fair? No, it isn't, but this is what happens when you don't question authority figures and hold them accountable for essentially strong arming you out of 10 years worth of salary for useless degrees they corralled you towards.
@@nikoclesceri2267 Yes, when multinational corporations sitting on billions of dollars in gross profit take free money from the government, they were FORCED. When Individuals do it, it's because they're LAZY... Surely companies would NEVER take tax-dollars from the government, use it to purchase stock buy-back options to inflate the public value of their company, and then not pay back any of the loans with the new stock-price... (GM, Chrysler-Dodge-Jeep, every major Airline, American Steel, etc..)
@@jhoughjr1 Peer pressured / Not given a choice.
You could've not done it, become a tradesman, among other things. And again, nobody peer pressured you on taking an useless degree, that was still withing your power even if you were "forced" to go to college.
One idea I've heard that I liked was that colleges and universities should basically be the ones holding the bag for this. If someone were to declare bankruptcy from student loan debt (bankruptcy on student loans being allowed again), the college would be responsible to pay the loan. That way the colleges are properly incentivized to steer students towards degrees with some use
Edit: loan forgiveness also totally benefits me. I could already pay off my debt 1 year out from college (I don't spend much, got a good job quickly out of college and didn't spend much during college while working in the summers to help pay), all this forgiveness does is add 10000 to my net worth. I guess it's also fair to note that I learned nothing at college that has helped me with my current job, but the job I have values the credentialing college gives.
Colleges are pretty corrupt. Political Juice’s video on college shows spending on useless shit that raises tuition cost because corrupt academic institutions threaten not to sanction a university’s degrees if they don’t build more and bigger useless buildings. And if they don’t get that extra stamp their degrees are basically useless
Interesting idea. However it would make it a lot harder to get into college. The left would just spin it as “making America stupid” though.
@@blehbleh6162 good.
From what I hear, many colleges and universities themselves run into money problems to begin with, we would likely loose a lot of schools to such a program and do way more damage long term than even inflation could.
@@GearGearRingLeader you mean we would lose diploma mills churning out useless degrees? I don't see the issue.
So, Dev basically just admits to not understanding Taxation in the US.
No, the money isn't burned (yes I understand this is a metaphor).
The US Government doesn't print currency. They direct the Federal Reserve to print currency and take that money from the Federal Reserve *as a loan*. They then use the income from taxation (collected by a violent, politically weaponized IRS - Lois Learner anyone?) to then *service* that debt. I.E. My tax-dollars pay the interest on the loans the government takes out from a semi-private bank that prints money like crazy.
Saying that printing money ad infinite won't ruin a country sounds really nice in theory, but that would require government to be noble and benevolent in its intentions, responsible in its application, careful in its deployment, and completely devoid of corruption. All of this sounds nice on paper, but so does Communism to a bunch of people who don't understand *incentive*. The individual actors in government have no incentive to do this cleanly or responsibly. They have *every* incentive to screw it up though - Corrupt practices, corporate kickbacks, vote-buying. This also assumes that even if all of these are accurate, that government then is infallible enough to *produce* equal or more wealth than it devalues. That simply isn't *possible*. Every government program has a HIGH amount of waist in bureaucracy BEFORE it hits the intended target.
Let's assume for a moment that the government put in 100$ (Small round numbers for demonstration) 70$ are consumed by bureaucratic nightmare systems and 30$ make it to the actual loan given to someone with an entrepreneurial venture/idea. Let's say that person manages an RoI of 100% (doubling the money put in) 30x2=60 This means that government would (in this instance) consume 100$ worth of goods and services via wealth transfer, and then only produce 30$ in revenue for a NET LOSS. Now, obviously you can tweak these numbers around and inject some variability for a case by case basis. But an RoI of 100% is *Miraculous*, and the 30/70 Target/Bureaucratic split is roughly average for government welfare programs. So if nothing else, that places things in the theoretical ball park.
Now, as someone who actually lives here and has to *deal* with this government and *pay* these taxes, I can tell you, that theory is *beyond* generous to the screwballs in Washington. And none of that gets into the issue of shaking faith in the dollar through its devaluation.
I feel like this describes a lot of problems with politics: "can we trust the politicians with this power?" In most cases no, we cannot
The way you worded this explanation makes it really easy to understand.
Good Job!
Yes, he has this same problem whenever he discusses the US economy in videos.
the Federal Reserve does NOT print money. why does everyone think this............. the US Treasury Department prints money. The Federal Reserve can control the money supply, through monetary policy, but THEY DO NOT PRINT CURRENCY
@@a.s.239 He did. You didnt pay attention to his counter arguement. The problem arises in that it requires the government to do so responsibly and in moderation. When have you heard of the federal government ever been described with those adjectives? Thats right, never. It also requires either saints (something no one would describe to politicians) or no incentive to print (something that never happens) for it to work.
I graduated last year. I went to a cheap but good college, in a state with one of the lowest cost of livings in the US, worked full time all through college, never partied, took class seriously, took as many classes as I could a semester to cut down on costs, and graduated debt free.
For about a year I felt very proud about the fact that by being responsible and working hard I had managed to avoid the trap most of my peers got into and now I was ahead financially. Now I feel like a lot of my sacrifices were for nothing and I am now responsible for paying for the coke parties and extreme amenities of my much richer and less responsible peers.
That is the similar feeling after military service and ending up with permanent injuries to afford college, only to see this happen.
@@KouZidan Did your peck er get shot off in the war?
The problem with the MMT part is that, even though the "stop spending my tax dollars" cry from people on the right is wrong, the government isn't actually funded by taxes, it might as well be true, as taxation is the only lever they can pull to controll inflation as they print money. Taxes may not directly fund the government, but the "balanced" state you mentioned actually happens when the government runs as if it was actually funded by taxes, not spending more than its taxation power is actually able to siphon dollars out of the economy without increasing inflation as it prints money to fund its projects
The exact quote may be wrong, but the idea is sound, stop using my purchasing power, that you got by taxing me, to give to other people who do not deserve it
So where do my taxes go?
Exactly, whether it's printing money or taking it out of your pocket the effect is the same. The government ends up with the increased value and you end up with less.
I don't even think I've heard right wing people complaining about HOW their taxes are spent - just that they're being taxed for it in the first place
The government gets to do this because a good chunk of its funding is on the debt market with treasury bonds, which have the lowest interest on the market compared to pretty much everything else, and they likely also tax you when you receive the money at the end of the loan. So they tax you, borrow your surplus money with low interest, then tax you again on the payout. They fund themselves with taxes and debt, and they've rigged the system to make several times more tax revenue per transaction, because it's borrowing money from people whose incomes are taxable, basically the free market equal exchange becomes one sided because any financial benefit to the other party results in more tax revenue for the govt.
The government is ONLY funded thru taxes. Therefore, any bailout of anyone or anything is paid by taxes, paid by taxpayers. It couldn't be simpler...
One problem with your point, Dev. The government *doesn't* destroy the money it taxes, as magic money tree people would like us to think. They keep it, use it, and then print even more. Our friends on the right are correct when they point out that government's can't help themselves because no group could be trusted to resist the inflationary lie of free money, least of all the state.
I have two better solutions.
One, allow bankrupcy for student debt.
Two, suing the teachers, colleges and bankers themselves because they pushed pointless courses as direct 5th column from foreign hostile regimes.
why the teachers though they're just doing their job
@@icewallowpiss7569 Have you met the teachers?
@@icewallowpiss7569 A lot of them are only interested in recruiting for whatever cult they consider their social group by taking advantage of their positions as teachers.
Bankruptcy is the best option. I know we all like memeing on lunatic uni-staff, but they're true believers, and that case would become deader than dirt if you got someone who genuinely thought that they were giving the kids useful skills.
@@harleymitchelly5542 Well, the suit only works if you are unemployable.
Even if a tankie was giving their students useful skills, then the case is deader than dirt and should be, the student just paid an extra price besides just money.
"I said it is declassified so it is"
Yes this is actually how it works, unless otherwise specified by law in certain cases(like some nuclear secrets) the president has the absolute authority to declassify documents without going through a procedure. If it didn't work like that, the one person in the executive branch who was elected and thus the living embodiment of the will of the people would not have authority over the executive branch; that would be undemocratic.
Only when he is still president and not out of office
@@littleking1994two Former Presidents can keep possession of classified documents after their tenure(unlike other government employees). Just so long as they are stored correctly; if it was illegal you wouldn't have had that back and forth with them telling Trump to add a new lock.
There has been a lot of nonsense said recently including by people in the government that a former president must hand over their presidential records to the National Archives. Actually, the National Archives only needs its own copy of all the presidential records, the former president can keep a copy for themselves.
As to whether or not they can make public documents they got during their tenure, but are still classified, I think this is sort of unresolved. I'm don't know for sure but I think the answer is technically answer is yes if President had decided to declassify it in their own mind while still in office even if they never communicated that to anyone. This is obviously completely unverifiable.
I wasn’t going to apply for my $10k due to ethical reasons, but after being told that I’m evil by a former classmate for going to college I’m going to get my $10k taken off as soon as possible
But doesn't it makes him evil too as he was also in college
Government fault. Go for it. Inflation already kill us from other bills anyway
You're not evil, you're just stupid.. like really really f-ing stupid
@@Snp2024 High School classmate
So you let others control you? Don't let go of your own integrity.
...the PPP loans were basically keep your business or lose it because the government is forcing you to do something. (Some still lost it anyway)
Student loan forgiveness, is all a personal choice to not go into STEM but for the easy degree.
One is the direct action of the government, the other is personal choice.
If anything they should bring back the ability to go bankrupt (which should also come with the degree getting struck)
Saying it's hypocritical is beyond reductive.
Also... The ppp loans were despised because people who didn't need it (large corporations) found ways of gaming the system.
Bet you they will be shocked at the kinds of people who will benefit from this.
The PPP was designed to keep people employed. Which is why it was designed to be forgiven if you didn't lay anyone off
Kinda like go to college or be homeless.
Funny
@@jhoughjr1
...I'm sorry people lied to you for you to think that.
Hell not even the correct statement of government incentivizing people to go to college and paying higher learning causing tuition to go higher.
I've been conflicted with this. Knew I should have dropped out of college sophomore year, but I let family talk me into sticking it out. I tried to be smart about it, basically every penny I made in college went back to college to limit the amount of debt I'd have to take on. All in all this $20,000 forgiveness would be more than enough to cover my debts because of that work to pay out of pocket wherever I could, but a small part of me feels like that was wasted money now.
I don't know, I was ready to start paying my debts at the end of the month, but I'm much too poor to complain about getting to keep that money.
Of course it's just a temporary solution anyway. But hey, why bother fixing the system for future generations when you can just declare the problem fixed and get your team more votes in the midterms this year?
i cant blame the player, but i can blame the game
I'd say just take it man,I'm mad about joining the military and saving to go to college but I'd never tell someone not to get a leg up after doing the right thing
In the same position. I hate it, but if it does passes, well, I'll take it to save money for prepping.
Take the money, and vote these clowns out for offering it. Simple as.
@@weridplusho And I wouldnt blame YOU for taking it. I would still hate that it was offered at all, but wouldnt blame you (as long as your not bitching for more.....)
I didn’t support lockdowns, I didn’t support PPP, and I don’t support loan forgiveness. I don’t know what rightoids you’re talking about Dev, because my bubble is with it.
I'm 35. My parents put themselves through college with a part-time job. Because of the collusion between universities and government loan agencies, that is impossible these days. Young people were lied to and manipulated into taking out massive loans that really only benefit the lenders and the universities. Something needs to be done to address this injustice. However, I don't think more injustice with this loan forgiveness is the correct course of action.
agreed
you could go to a great public school like UT for a fu king SONG back in the day, and a degree in ANYTHING pretty much guaranteed at least a middle management position upon graduation.
I encourage people to not try to push this bolder uphill and instead focus on STEM or the trades...
I was tied down financially for over a decade because of a college education that got me diddly-squat. (Mortuary Science - I was raised on horror films.) Now my hard-earned tax dollars are going to go towards bailing out Gender Studies majors? Lovely.
Computer Science and Engineering major here that could really use the 10k forgiveness due to various circumstances
Don't worry, according to Dev the government is helping you by taxing you, as it removes money from the pool and your dollars increase in value...
@@boobsbr Dev also kinda forgot that the state, county and city governments that tax us don't control the federal reserve.
@@Boopadee Ditto. Except an Associates in IT. Getting back 10K would sure be nice with the housing market in South Dakota right now.
@@Boopadee you have a CS degree, go get a fucking job
"It's declassified because I said so" I literally is for the president, otherwise they literally couldn't talk about any info in diplomacy without jumping through 1 million hoops and quadruple checking the classification level of what they talk about.
Is this part of the audience capture thing? Because he does this consistently. He'll be completely level headed for the entire video, then throw some obvious BS in the middle to generate comments.
This is the difference between the US Presidential system and the Canadian Parliamentary system. The US Executive was designed to have certain powers of both the prime minister and the monarch - while balancing it off with the other branches to avoid dictatorship.
Bad argument! PPP loan & student loan aren't the same. The government forced business to close; PPP was to pay people who were forced to be unemployed. The government didn't force anyone to go to college.
Dev has to have a minimum of one bad take per video
I mean... Dev did say that. He was giving that argument the floor to point that fact out, that directly comparing PPP loans is not entirely fair beyond the most superficial and uninformed viewpoint.
He literally points this out why don't you just watch the video before commenting
I am genuinely peeved off from this. The last year I've saved up and reframed from buying a new vehicle, furniture and the things I actually want. Just to pay back the 12k I owe the government in student loans. I've worked tirelessly and saved and payed my loan up front in one Up Front Cash Payment (Which took the gov. worker by surprise over the phone). I payed it off last month and if this joker of man actually bails out the people that didn't save like me.... I might actually just say f it. I've known people that have had this small-medium amount debt like me and stretched it over decades even though they could of actually payed it off. They instead bought things on credit, alcohol, d-d-dr-ugs and whatever else they wanted and payed back the loan at the lowest rate they could do. It really kills the spirit of people actually trying to do something. (Edit: It seems it may be possible if you made payments during the 2 year moratorium you may be eligible for a refund. I paid the whole thing one month before all this started so I may be fine)
If you paid money from March 2020 up til now, you are entitled to a refund
Your last sentence is important. It does kill the spirit. Makes you feel stupid for doing what society told you was right. Your feelings of getting ahead and triumphing over an obstacle now feel hollow.
@@MermaidTyrone If you are correct I will be chasing that. I will do further research. TY
@@kozmikhero6749 I so it's only an issue if its fucking over other people?
Yeah I’m so sick of working for the government to take my taxes and give them to the wealthy, upper middle class, and themselves. I want a reset, a convention of states, but I’ll settle for the collapse of this country.
I'm for paying off Student Loans.
For doctors, lawyers, engineers, finances, programming, and trade schools.
Fuck that, those people can pay off their own loans
You're not thinking multiple steps ahead here, friend. Paying off loans to actual jobs like these incentivizes people to take those career paths. The loan payoffs become an investment in the total valuable labor pool.
@@joekewl7539 the higher pay and prestige of those careers already does that. The bottle neck for getting those degrees isn't the debt, it's the intelligence and diligence required to pursue those degrees.
I'm for paying off student loans too..
As long it's the ones who took the loan out paying it off.
Like that guy was saying to Elizabeth Warren, I think it's very dangerous to incentivize irresponsible behavior and disincentivize responsible behavior.
PPP loan forgiveness was also not optional and those republican “hypocrites’ did not all vote for it either.
It's simple. The government isn't fixing the inherent problem that college is too expensive.
No, the fact that we allow pretty much anyone(especially a non-white people and women who aren't college material) universities these days, on grants or very generous student loans. The source of the problem is that university is too accessible.
@@hektorlitch4993 Way to take it to a totally different level it didn't need to go to.
Yep. They are most definitely kicking this can down the road. They don't want to fix it. It's too much of a convenient carrot on a stick to trick unware people with.
I will never understand how anyone living on 60 plus k a year is struggling paycheck to paycheck
High cost of living bigger houses expensive cars the average car payments over $700 a month high credit card debt ect going on vacation all the time because you can and you only live once
@@TwoDollarGararge what happened to humility and not taking more than you need?
@@204rego simple greed societies that are not greedy are not greedy out of necessity given the option we indulge
@@204rego people only live within their means because they have to when they don't have to look at an example after the 2008 crisis people went back to small cars and Priuses in carpooling and living within their means kind of things as soon as the economy got slightly better in the early 2010s they went right back to suburbans and expeditions
"You will own nothing and you will be happy." did sound more like a threat than an idea after all.
I like Tvee's suggestion. Cancelling your debt should mean you lose the degree. Full refund.
So i know many that used their loans to buy houses and cars they never paid a dime takin their degree will not mean a thing since none of them use it
You’ll immediately see the cost of college increase by 10k now.
The argument of “they were sold a bull of goods” is bunk bullshit. Yes, we as millennials were told endlessly that we had to go to college to succeed. It is, however, our fault that we got a useless degree. And I should know I have one. But that is ultimately our fault. It’s our fault we got into debt. Forcing everyone else to pay for that mistake is the height of spoiled hubris.
Exactly. Going to school to get a degree can really help - the question is what kind of degree are you going for? Not all degrees are equal.
I wouldn't say it's exactly our fault. Everyone gets the blame, imo. But also simply "paying" the loans don't solve any of the problems than buying votes. It's a quick and dirty "solution" that'll cause more problems in the future... but those that clamber for it aren't known for long-term planning.
What schools should be doing is promoting trade schools. Not college. Hell there's a lot of stuff you can learn just by going to the library and reading books.
I respectfully disagree
They only pushed education as a way out - they never said which education.
I grew up in the nineties and they call us "Gen Y," BTW...
Hey hey a lot of us opposed PPP loans AND student loan “forgiveness,” plus the lockdowns in the first place. You off the mark on that one
This video is absolutely ripe with ice cold takes
@@gingeranagram2467 That's most of his videos to be fair.
I'm not sure how to feel about it. Its absolutely unfair burden for folks who already paid off loans or never went to college, but a lot of my gripes with loans goes back to the issue of informed consent. You think little Timmy was properly informed about the pros and cons of taking out student loans when he met with the college recruiter between gym and algebra?
But there is no action to ban those same recruiters from the gym today. Step 1 should be stop making the problem bigger before addressing the results.
Yeah teenagers brains are lacking is maturity and world experience to make those types of decisions. Borrowing money is such a foreign concept at that age. It’s also money you never really see. So it doesn’t even feel real until you get the bill after college. Too late to turn back by then.
Timmy needs his parents to co-sign the loan though. You'd hope they'd have more experience in these things.
While I understand the educated part, that in no way absolves them of the responsibility.
Quit acting like teenagers are retarded. If you have the intelligence to go to a university you have the intelligence to understand the concept of debt. I, and plenty other people, fully understood the concept at 18 and chose less expensive schools or skip college entirely because of it. Why the hell should people who made prudent decisions be punished for it?
Here's a question for MMT.
Under MMT inflation is controlled by taxing dollars out of the system. So the MMT suggestion would be during a time of stag-flation the 'economically correct' response would be to both simultaneously print more dollars *and* increase taxes on everyone. And this doesn't seem to be contradictory and self-defeating at all?
Well we have the money printing now and productivity hasn't been budging and we aren't increases taxes now. Which means under MMT we would have also increased people tax burden hampering everyone's ability to consume, which will be destructive to the productivity as people will end up penny-pinching and go without services.
It seems MMT has the exactly wrong prognosis for the current situation.
No, the way it has to be done to actually work is this: When the economy is doing well, taxes go up and printing stops, allowing the government to eliminate money from the supply and remove debt. Then, when the economy isn't doing well, taxes can be lowered and money can be printed to stimulate the economy. It keeps things fairly well balanced. The problem is that our government has consistently just turned on the money printer forever.
@@WombatDave That's not MMT, MMT is a specific thing.
My parents helped me a lot with my loans.
The government forgiving loans is like me getting another loan with no say in making the foolish mistake this time.
I’d be ok with loan forgiveness if you also had to give up your degree at the same time. You shouldn’t be able to Benifit from the education you didn’t earn (paying for it is just as critical as studying and testing)
If you’re trying to help the poor “credit card debt forgiveness” would go a lot farther
Well in that case, isnt that just shifting the economic stress onto the universities? They still had to pay for the professor salaries and the student used the school's infrastructure for their benefit. If the student "consumed" the services they were offered, and yet still got away with it scott free even if they didnt actually gain anything, then that's just shooting universities in the foot for simply existing
I chose not to go to college because I didn't think it was right for me and I didn't want to have to pay massive loans and yet now I end up having to pay for someone else that's not my family to go to college through taxes. It's all so tiring.
So go you can get up to 300k free money with no repercussions I know many that are livin big with houses,cars and vacations that haven't paid a red cent back.Im thinkin of doin it.
@@jayrob846 bro tell me how
The problem with mmt is that the “description” of money from mmt does not match the how we use money…
It is ultimately a method of controlling behavior at the macro level, NOT a sound economic theory…
If even Paul Krugman has come out against it, you know it's bad.
That's due to what MMT is. It isn't an economic theory as much as it as an obfuscatory device to conceal who's paying for printing money.
@@somethingsomething8511 It's supply-side economics repackaged in a new label.
@@boobsbr not exactly, it's the inverse. When you're printing too much money and have too much unproductive spending, i.e. government spending, relative to productivity you need supply side economics, reduced spending, taxation, and inflation. However when you have too little inflation, as deflation has negative impacts on productio
So, let me get this straight. The argument is, that forgiving student debt (i.e using tax dollars) is good since it will allow those with educations to create more products for which we all benefit.
Jesus Christ where to even begin with that. First, it's a promissory deal, meaning I would give you all the money up front with nothing guaranteeing I get anything from you. That's like negotiation 101 .
Second it's incredibly vague. What are these "products" I'll be getting? I would argue they are primarily things people don't want since the issue is that the field they got a degree in pays poorly (No market for it.)
Third, it doesn't solve the root of the problem; the debt is unforgivable.
I dunno man. This whole thing reeks of fart sniffing intellectuals whose plans work great from their armchairs but utterly fail in the real world. In other words, sounds like a great plan! With the best of intentions! what could possibly go wrong?
I don't think we can run an economy on starbucks.
Not saying he believes in this he's saying in the current economic system we live in that is the argument
And you have to remember our entire banking system has been run by intellectuals with their heads up their own asses for over a hundred years so you're a little too late
Never said he did believe in that argument. Maybe that didn't come across well in the original post. I'm trying to say that the argument itself has a lot of problems.
@@UnluckyFatGuy the argument is flawed but I've noticing a lot of people getting mad at him it's kind of like when I explain the Keynesian idea economically and then someone gets mad at me and calls me a shill for the system literally just explaining how the system we live in works
now biden has to just abolish the whole "government ensures student loans" trash and we'll all hunky-dory
PPP loans and student loans are in no way comparable.
I paid off the remainder of my student loans during Covid (I was fortunate to not have lost any ability to work, as we can all work remotely). I vividly remember asking my dad if I should really do that, having heard about possible loan forgiveness down the line (not something I'd actively support, but if it were to happen anyway, I'd be foolish to not take advantage of it). He advised me to just keep paying it off. I'm ultimately glad I did, but this whole thing makes me angry that now I could be penalized for having done that by having to pay for OTHER people, people with fairly worthless degrees, to prioritize a living they couldn't afford if they actually paid their damn loans off.
I think there's something to be said about predatory loans and there being too heavy an emphasis on virtually everyone NEEDING to go to college when they don't have to or they simply aren't cut out for it.
This just seems like a roundabout way of saying, “Yes, tax dollars do fund this bullshit, but not in the way that you think.”
Which just means they do.
Paid my OSAP 2 years ago. Was one of the best feelings ever. Took me roughly 16 years to pay it off. Was poor as fuck during that time, eating at food banks when I had to, missing rent on 1st, missing out on... life for the most part.
Lesson learned: dont get OSAP, and DONT go to university until it becomes a place of higher learning, and stops allowing any jackass in.
Debt forgiveness in this area isnt addressing the problem, and sends thw wrong message
I know that feel. It took me 12 years, scrimping and saving and doing without the whole time. It felt fucking GOOD to finally pay it off, only to now be rewarded with the privilege of doing the same for people without the same discipline. Feels bad man.
Did you also work the gl oryhole at truck stops?
Paying off your Underwater Basketweaving degree?
It was my privilege.
Thanks buddy Boy mine was theatre appreciation however i haven't paid back a red cent of the 180k i took out plus your 10k.Goin to USC was best decision ever lifes never been better i got property and cars.Thanks again
@@jayrob846 Sir, this is a Wendy's.
@@Xerophun Ha!
Man, those students should really have Paid their Fair Share and not avoid pay the federal government like this. This is tax avoidance in all but technicality now. Tsk tsk.
Fuck no I'm sitting here with my 30-year mortgage and now my tax money has to pay for everyone else's mistakes you signed on the dotted line when you were 18 you were a grown ass person by legal standards you pay off your debt don't make it a burden on everybody else
The crazy part is i know people that used their loans to buy houses outright with no repercussions or any agency askin for the 350k back.This is insane!
Amazing that they'll never discuss reducing the cost of colleges that receive public funding
Both my sisters paid off their loans. That money could have been used to buy a house.
Yup paid my 90k back and live in a 2 bedroom apt with 4 other men.This is insanity.
PPP was nothing like student loans. Forgiveness on PPP loans was baked in from the beginning; I'm not sure why they weren't called grants. It probably had something to do with potentially being able to incentivize good behavior with the promise of forgiveness (though we all know how that played out). Comparing a PPP loan to a student loan is like comparing a cold to pancreatic cancer.
I believe that it should be mandatory for high schoolers to learn basic accounting.
When you realize that the ledgers must always balance, you can intuit how printing money incurs a debt to future inflation.
The issue isn't just student loans. It's the entire university system in America not prioritizing accessibility and giving a proper education to students.
Nowadays, it's all about who is the biggest daycare and most virtuous all at the expense of the student
I know it's bullshit
The most interesting thing I learned about inflation is how it can be exploited.
If I borrow 1000 dollars, then I have 1000 dollars worth of purchasing power. If I can invest that money to turn a profit and offset inflation, then I have effectively made the debt worth less(and used inflation to do so). Because the thousand dollars I borrowed is now only 900 dollars worth of purchasing power. When I spent the debt, the purchasing power was 1k.
WarrenBuffet I think was the dude who was often talking about how much he disliked that approach. Because you stop viewing debt as money owed and begin to view debt as an exploitable asset that can be traded, used, bought and sold. Especially when you include creative accounting and tax avoidance.
Crazy stuff. And my apologies if my layman's explanation is not most correct.
With this newfound knowledge, I will put George Soros bankrupting the Bank of England to shame
Just put everyone with student loan debt who can't pay it off in a giant account where "they" can all pay it off together!
I love how you manage to talk about our monetary system in such a sophisticated way while at the same time shutting off your otherwise perfectly fine pattern recognition Dev.
This sounds antisemetic
There is no way that when your money is taxed, it's being removed from the money supply. I do not trust government to do this. I can see why the theory makes sense, and it would make government spending more flexible (print now when the money is needed, then burn the taxes collected next year, resulting in inflation that is actually transitory). Problem is, I think they are just not doing this. They are almost certainly spending the money they've collected in taxes AND printing on top of that to spend even more. I can see the graphs of held assets for the Bank of Canada on their website, and the graph jumps through the atmosphere in the past three years, breaking all records by a factor of 5. They just aren't removing that money from circulation. So when you hear Biden is printing trillions of dollars for government spending, you bet your bottom dollar they are still spending American tax dollars and printing that as extra. Also, increasing GDP when printing money does not offset inflation unless the corresponding DEMAND is also created. Putting extra stuff on the shelves that nobody buys, or opening hair salons that nobody patronizes does not do anything to stop inflation. Why would it?
We don't have a fiat currency, we have a "credit currency". Mises already described this.
Who?
Why is it the moment we decide to do government spending for the middle class but are dead silent when the government spends millions on Wall Street bailouts, huge Ukraine relief packages, etc. where were you guys on that one?? 😂😂
5:30 Dev, to say these two different types of loans are somewhat similar is to be incredibly dishonest.
One loan: required because the government forcibly shut down every business (other than the big box stores). Not taking a loan would put you out of business.
Other loan: not required. optional. taken by a majority of upper middle class. Not taking a loan means you likely wouldn't waste your time on a bunch of unrelated subjects to your major.
Saying there are in any way similar is dishonest. But he is also called Boebert stupid, so he is incredibly biased.
And he isn't smart enough to move out of Canada, so what do you expect.
@@FilmFlam-8008 The Boebert thing was pure cope. He basically had to say "She is right" but refuses to actually say that, opting for "Well she's right - but she's too stupid to know she's right." What a load.
I didn't have money, so I joined the military. I graduated from HS in 2001. The point being that we're teaching young adults that they aren't responsible for their own actions. A trend that keeps getting worse every year.
The only loans I had to pay back are the ones I had to pay for a lawyer for being a wanted man in the state of Vermont
One of the big problems with mmt is that taxation does not necessarily reduce inflation and in most situations an increase in progressive taxation/corporate taxes/payroll taxes will lead to a rise in prices and inflation.
I truly wish high schools taught a basic economics class with a strong unit on student loans (and other loans / forms of credit). Some probably do.
You mean the public schools whose curriculum is largely decided or influenced by the government that issues those loans?
My college actually had a course requirement specifically for student borrowers, two short lecture/Q&A sessions, one in fall and one in spring of freshman year (or of the first year that the student took out loans to cover) that went over the nature of reality for those in the back of the room. A bit after the horse had left the stable since it was done by the college, but at least the talking-to was had long before we were all 4 years committed to a bachelors that is useless to employability without a masters to match for an oversaturated sector of the job market. More than one of my classmates swapped majors out of those classes.
High school would be a much better place... I was homeschooled, and my folks put the fear of god into me, financially speaking. I knew at 18 that I was indenturing myself for my education, and that after graduation it wouldn't matter what I wanted, I had to handle those loans before anything but basic survival.
Mine did but whatever. It was a required class to.
The overwhelming majority of student loan debt is held by middle class women. This is a wealth transfer to women, the Democrat's primary voting demographic. One of the main problems with the female vote is just how affordable it is.
I already paid off my student loan by never going to college I got the best education I could possibly get from a young age to now by watching others work in the real world
It's a prisoner's dilemma. If conservative businesses refused PPP forgiveness out of principle, then government would be sucking money back only from conservative businesses while leftists get a free ride resulting in conservative businesses still suffering through the resulting inflation. Same with the student loan bailout; if conservative students refuse to accept the bailout out of principle, then again leftists get a free ride. Conservatives are right to oppose bailouts but that is only meaningful if the bailout is denied to everyone. A conservative student who refuses the student loan bailout dies a double death: they still have to pay back their loan AND they have to suffer the devaluation of their dollars from all of the leftists grabbing the bailout.
Its hillarious how people call this MODERN Monetary Theory. Bro, Keynes would be 150 now, its not modern at all.
are we following purely the Keynesian economic theory or is Paul Krugman stroking feverishly as his credibility is going in the toilet?
I mean it's modern relative to the history of himanity
@@DiceOL so is the invention of the telephone, but you wouldnt call it a modern invention, would you?
I took a small Fed loan, and paid it off by working. I knew that the Fed loans were an intergenerational trap so I got rid of it ASAP once I had the income to do so. Don't offload the consequences of others' poor loan choices on me. Stop offering the loans completely and make the universities and the loanees adjust.
Dev, the "populists" you deride claiming the game is rigged aren't wrong if the game is actually rigged.
Which it is. Benford's Law.
The US military will give you free college in exchange for four years of service.
Last year the Navy had a nuclear engineering program that would recruit undergrads, pay them as an E7 (over $50k a year) DURING school and training, and you're a commissioned officer once your degree is complete. Not sure what the obligation is in years of service.
But that would require some individual responsibility.
I really despise MMT. Maybe as a paradigm it's correct, but it's too comlex even for most people using it and gives an easy out for people being irresponsible or malicious.
What Biden did was a wealth transfer from everyone to the few(who support Dems), regardless if imaginary treasurey exists or not. It raises moral hazard for all future student - uni transactions. It increases future prices for higher ed. It also disincentivizes saving and promotes wastefulness in economy.
If you want to use ball game analogy, it looks like referee is playing favorites and is actively taking away from the point of the game, because he aims at a certain outocome.
Bro I'm on 90k a year and still use a 100 dollar Telstra phone from when I was at University. What the hell are these guys doing buying 1300 dollar iPhones while working at Wendy's for 30k a year
so in 4 years there will be millions of new people that need a student loan bailout ritght? then more in 8 yrs? lets go brandon
PPP is different because the government took away people's ability to work so they had to provide compensation like it says in the constitution.
Student loans are completely optional.
The most worrying thing about the Biden administration is its willingness to make long term sacrifices for short term gains. The stimulus, the student loans... I'm not saying I hate it as it has benefitted me directly but I know that the bill will come due at some point and aggravating an already worsening situation seems a bit reckless to me.
They’re all ancient. There is no long term.
The politicians need to be the ones paying off the Student Debt that they created, starting from their own super funds.
I focused on getting my degree and get out as soon as possible after completing my first undergrad degree.
In my country, the student debt is either paid off or it gets Minecrafted when I am deceased.
That was the wording that I did my research on before going into the degree in the first place.
I'm just not paying taxes anymore, F this.
Based
Yeah I’m so sick of working for the government to take my taxes and give them to the wealthy, upper middle class, and themselves. I want a reset, a convention of states, but I’ll settle for the collapse of this country.
Great way of breaking it down. Though there is one more piece to the puzzle not really touched on, the cancellation of this debt doesn't fix the core issues at all. Folks who go to college will still be taking out loans for college. So there is still a flow of money into the debt pool, it's what I like to call band aid fixes for things which need policy shifts on a fundamental level. Meanwhile tuitions will keep rising (with or without inflation), which means only more debt to come. Forgiving debt now only delays the cycle by a couple years, and forces the next generation/s to hold the burden of the bag. If there was some sort of policy change to try to curtail what caused the issue in the first place, I would then be okay with the forgiveness.
Seriously browsing Blind and seeing other engineers making $250k plus a year and STILL living pay check to pay check with no kids is legit confusing.
I bring this up to my friends in the US every time we talk about student loans, I genuinely think the system we have here in the UK works really well.
Basically you can get a loan to go to university just as easily, however, you don't have to start paying it off until you're earning more than £25,000 a year on salaried work.
We have similar thing in the US, they go by a "income-based payment plan" and believe me, it fails because eventually they either don't pay it off, or they're paying reverse-amortized loans.
Honest questions here
Don't they put interest on those loans during the time you aren't paying them?
Did the UK ever get rid of the 8 (or 10 I'm not sure what the time limit was) year limit till your student debt is completely forgiven or is that still a thing there?
That sounds worse since it basically promotes procrastination on the part of the debtor
My only worry with the system here in the UK is that is it locks you into a certain income bracket, because once you start paying it, you'll have less money then if you just earned less, which isn't very inspiring for one's career.
But it's still one of the best options for the public.
@@IronAlpha10 On the first part I'm not actually sure. I think the interest is there, but I can't say for certain, I'd have to check.
On the second the 10 years (yeah its 10) to forgiveness is still in place as far as I'm aware, which I'm not entirely a fan of.
I'm sorry, Dev.
I have watched Sitch and Adam so much I completely zoned out when you started talking about MMT. That's the only way I could stay awake.
In short, you are saying that paying off student loan only causes inflation. That still means that people who did the right thing and payed off their loans suffer more during the inflation.
MMT…please stop. It’s pure copium.
@Scrotchy McDumpwaffle I wouldn’t say he thinks the right is bad. He has many videos where he openly criticized the left.
But some of the aspects he accepts are pure cringe. they’re analogous to intellectual blind spots.
@Scrotchy McDumpwaffle I wouldn’t call him a fence sitter. There’s insanity on the left and the right the deserves to be called out. He also makes stances on issues. How can you call him a fence sitter?
@Scrotchy McDumpwaffle we can agree to disagree.
Student loans aren't much different than the housing crisis. Giving out loans indiscriminately never ends well.
If you paid money from March 2020 up til now, you are entitled to a refund from your provider, and then can get the loan balance of your refund forgiven. At least that’s what I’ve been told by Nelnet and the government.
Your wrong i tried calling and after 3 hours on hold i was told hell no !!
4:33 was still true in late 2010's when i graduated, the terrible question of "Which college are you going to?" reigned supreme, and just going into workforce/trade school wasn't brought up at all
1) is it OK for me to be a Republican and still be happy with the student loan debt removal. I go to school now for HVAC this will definitely help.
2) won’t this only help people who have less than 20 K in student loan debt? What about the people who still have 80 K 100 K 200 K in debt. Wont that only be a piss in the ocean?
Why should people who didn’t have the chance to go to post secondary pay for you or anyone else to go?
I will say at least you’re taking something that is needed.
1) Just because you're a republican doesn't mean you have to agree with absolutely every position that the republican party takes. You're free to think for yourself.
2) It helps anyone who can keep up with the interest payments after the 10k or 20k has been forgiven. If not, it won't really do much good for you in the long run.
No I agree with this actually. If you took out 200k for school, then you’re on your own. Nobody held a gun to your head to do that. If you need help with a little bit like, I get that. But 200k for gender studies? Nah, that’s on you
For your point 2 It is. Consider how long they took to do this, if anything this is paying off a percentage of the interest which the government already owns.
If someone has 200K in debt and gets 20K paid off, that's 10% of their interest wiped out too. This would help them pay off the loan considerably more than 10% faster.
Similar thing happened here in South Africa. Poor students get free higher education while the rest of us pay for it. The worst part is that there are people who make too much to qualify, but not enough to actually afford university. I was one of them. So now I have debt while a bunch of morons with no business going to university sit there and take 5+ years on a 3 year degree because they're coasting off government money.