Student loans: House votes to claw back pandemic forbearance and debt relief

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.

 

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.