Pretty fucking scummy
https://finance.yahoo.com/news/stud...-220343983.html?.tsrc=daily_mail&uh_test=0_00
https://finance.yahoo.com/news/stud...-220343983.html?.tsrc=daily_mail&uh_test=0_00
Student loans: House votes to claw back pandemic forbearance and debt relief
- Thread starter Roses In The Vineyard
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- Aug 21, 2015
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Ugh, as alluring as debt forgiveness may be for Americans who have studied at higher institutions, having it denied isn't all bad.
Here are some roses among the thorns which come to mind:
* Cynicism over fantastical political promises may increase. Debt forgiveness may have been achieved several years ago, but leaving it till there was a hostile house allows the same piece of bait to be thrown into the water for another election cycle. Hopefully people become cynical, and politics can be less of a bait and switch game.
* People's debt terms haven't changed or been worsened. Essentially, the anticipated terms and obligations are what they were, as agreed upon by individuals.
* Inflation won't have the lit rocket of debt cancellation put up it's drawers.
* Education is an investment in the traditional sense: money, time, and goods are invested into earnings potential. When investment loans are cancelled, investments lose capital value. Educational investment has already been devalued too much, to the point that people with degrees end up working traditionally unqualified jobs. It would be all the worse if everyone and their dog had degrees; at that point standard public schooling would simply take fourteen to seventeen years to complete, rather than the current twelve to thirteen years.
* In terms of personal responsibility and accountability, it's not a bad thing to always be held to account, and responsible for one's financial agreements.
Anyhow, looking beyond feelings about personal windfalls, the prospect of a large proportion of any generation winning $100k sweepstakes would be quite disastrous for the broader community, and for the effect on the individuals. Sudden wealth syndrome and similar effects from other financial windfalls often have enduring negative effects on personal psychology.
Here are some roses among the thorns which come to mind:
* Cynicism over fantastical political promises may increase. Debt forgiveness may have been achieved several years ago, but leaving it till there was a hostile house allows the same piece of bait to be thrown into the water for another election cycle. Hopefully people become cynical, and politics can be less of a bait and switch game.
* People's debt terms haven't changed or been worsened. Essentially, the anticipated terms and obligations are what they were, as agreed upon by individuals.
* Inflation won't have the lit rocket of debt cancellation put up it's drawers.
* Education is an investment in the traditional sense: money, time, and goods are invested into earnings potential. When investment loans are cancelled, investments lose capital value. Educational investment has already been devalued too much, to the point that people with degrees end up working traditionally unqualified jobs. It would be all the worse if everyone and their dog had degrees; at that point standard public schooling would simply take fourteen to seventeen years to complete, rather than the current twelve to thirteen years.
* In terms of personal responsibility and accountability, it's not a bad thing to always be held to account, and responsible for one's financial agreements.
Anyhow, looking beyond feelings about personal windfalls, the prospect of a large proportion of any generation winning $100k sweepstakes would be quite disastrous for the broader community, and for the effect on the individuals. Sudden wealth syndrome and similar effects from other financial windfalls often have enduring negative effects on personal psychology.
Cold and entirely bloodless, expected nothing less.
I can appreciate both sides of the argument.
That said, I will admit I have no (direct) skin in the game.
I also appreciate that people’s ignorance was taken advantage of. Promises were made which could not be guaranteed.
Of course, nothing in life ensures shifting into glide mode.
The propaganda and pressures were unrelenting. Both hope- and fear-based. So many said yes, and only a few saw what might result.
But they could not foresee the rug being pulled out from under everyone. No one could.
It’s a mess, that is for sure. Mess, as in, no easy answer. No answer period.
Wealth extraction always comes with a bill, and it is necessarily ugly.
It will be paid. The only question is by whom?
Ugh,
Ian
That said, I will admit I have no (direct) skin in the game.
I also appreciate that people’s ignorance was taken advantage of. Promises were made which could not be guaranteed.
Of course, nothing in life ensures shifting into glide mode.
The propaganda and pressures were unrelenting. Both hope- and fear-based. So many said yes, and only a few saw what might result.
But they could not foresee the rug being pulled out from under everyone. No one could.
It’s a mess, that is for sure. Mess, as in, no easy answer. No answer period.
Wealth extraction always comes with a bill, and it is necessarily ugly.
It will be paid. The only question is by whom?
Ugh,
Ian
It's the only way to avoid headache and heartache when getting in impersonal things like loans, politics, employment, and law.
As much as I would like American graduates to have some stress relief, I would prefer they keep themselves out of unnecessary stress, firstly and foremostly by not being suckers to the kind of political promises which just promise insane amounts of money, but only consolidate the power of perverts and psychopaths.
If they don't forgive student debt, they can at least do something about the housing crisis. Like duh. Put a cap on all this ridiculous rentals across the board! The government seems intent to push everyone to some sort of unicorn success but not everyone can be unicorns. They have to give all members of society some leeways to be able to at least live. It doesn't make sense how they do the things they do on the matters that count. Pretty soon, these graduates are going to move to countries with better livability and this country will suffer a brain drain. Then you'll see work shortage. Fo sho.
At this rate how can anyone be surprised if there ends up being a revolution at some point down the road when so many are trapped in poverty while a select few get to have it all. Won't be just the US but it will be particularly wild in the US even across the political spectrum as people grow tired of all this.
The system is working exactly as designed.
Remember, all else is distraction to keep you ignorant and compliant.
The real war is the wealthy on the poor.
Always has been, always will be. Labor theft, wage depression, and coercive wealth extraction are their strategies. Also slavery and violence including murder as required.
Thereʼs always a mini-reset, but inasmuch as we are human, we go back to fucking each other over for a margin as soon as possible.
Oh to be Human,
Ian
No wonder sheʼs wealthy! She knows to buy used and let some other sucker take the depreciation hit. /s
And Wally World includes applications for social services and welfare programs as part of the employee hiring process. Of course they do. If they actually paid a wage where that wasnʼt necessary, Nancy would have to settle for Formica like the underclass she exploits does.
I know, I know...they canʼt afford Formica, and if they have a landlord, the best they will ever see is dust-and-scratch contractor-grade laminate that said landlord begrudgingly bought on discount.
Yes, I am Jaded,
Ian
Meanwhile, since the debt ceiling was raised almost exactly 1 month ago, the US raised additional 1 trillion of debt. 1 trillion in one month - that's more than during the entire great financial crisis.
https://www.usdebtclock.org/
If governments were a corporation, they would all have CCC credit rating. The junkiest of junk grade material.
But economists successfully sold the idea that deficits don't matter because we can always print money.
https://www.usdebtclock.org/
If governments were a corporation, they would all have CCC credit rating. The junkiest of junk grade material.
But economists successfully sold the idea that deficits don't matter because we can always print money.
Because many of the oppressed are seemingly lost inside a hit or a mental health crisis of some sort. Which of the oppressed can stand up for themselves when they barely have the strength for their daily existence nor do they know what to stand for exactly? Even the schools in the areas with issues are shutting down. It's not going to be as easy as a revolution. That will likely result to more losses. The biggest profit earners need to be intent at making a difference or capitalism is going to implode on their faces. If the income disparity continues to be top heavy, it is not unlikely for there to be unrest but it will not be a revolution. It will be the beginning of failed states. Nobody wants that but it would be interesting how a leading democratic country would curtail that kind of failure.
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Meanwhile, since the debt ceiling was raised almost exactly 1 month ago, the US raised additional 1 trillion of debt. 1 trillion in one month - that's more than during the entire great financial crisis.
https://www.usdebtclock.org/
If governments were a corporation, they would all have CCC credit rating. The junkiest of junk grade material.
But economists successfully sold the idea that deficits don't matter because we can always print money.
Wages and taxes need to be structured accordingly if they want to take care of that debt. At the international level, it's pretty much a game for able players. The more weaknesses the country shows, the harder it will be to get what they want. The debtors can always hang the debt piece above their heads at some point. I would hate to think what comes next after that.
History is a good teacher of what we could be facing in the decades to come one way or another so yes either by revolution or the systems collapsing as things continue to fall apart. If all else it would be through demographic winter as the world will be facing a population collapse going into the next century.
Meanwhile, since the debt ceiling was raised almost exactly 1 month ago, the US raised additional 1 trillion of debt. 1 trillion in one month - that's more than during the entire great financial crisis.
https://www.usdebtclock.org/
If governments were a corporation, they would all have CCC credit rating. The junkiest of junk grade material.
But economists successfully sold the idea that deficits don't matter because we can always print money.
Yea like minting trillion dollar platinum coins is going to help lol. They'll just transition everything over to CBDC but that won't save them in the long run between corruption and incompetence.