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Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by viraptor on Friday July 02, 2021 @10:44AM (#27712162)
The frugal little wouldn't lose anything. They'd gain less, which is not the same. Every single day there are people taking really stupid risks and winning due to luck. Do you feel penalised because you took less risks?

If cancelling student debt solves real problems for the population on average, but makes a few idiots multimillionaires by accident... I'm all for it.

Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by gruez on Friday July 02, 2021 @10:49AM (#27712226)
>Every single day there are people taking really stupid risks and winning due to luck. Do you feel penalised because you took less risks?

Yes, actually. If people were YOLOing away their savings on DOGE and meme stocks and the government picked up the tab, but the responsible passive investors like me got no assistance because I didn't experience any losses, I'd be pretty mad.

Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by errantmind on Friday July 02, 2021 @10:46AM (#27712193)
Where do you think the money comes from to pay off this debt? The debt doesn't just disappear into thin air
Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by TheCraiggers on Friday July 02, 2021 @11:01AM (#27712392)
I'm out of my depth here; if I'm wrong I would love to be educated.

My assumption is that the debt holders would be the ones losing. I don't know about you, but I don't hold any person's medical or education debt. In my estimation, these are ultimately all held by the rich and powerful fat cats- owners of banks, etc.

Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by EvanAnderson on Friday July 02, 2021 @11:05AM (#27712442)
The vast majority of student loan debt in the US is owned by the federal government. The "fat cats" who will be stuck holding the bag are the taxpayers.
Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by TheCraiggers on Friday July 02, 2021 @11:21AM (#27712685)
Thanks. I just looked and yup, 92 of student loans are owned by the government. That seems.... very bad for all sorts of reasons.
Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by JamesBarney on Friday July 02, 2021 @11:31AM (#27712799)
It's solely U.S. government. Any discussed debt cancellation never included private loans. And if it did, the U.S. government would pay off the holder of the private loan, not just cancel the debt.
Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by D13Fd on Friday July 02, 2021 @11:21AM (#27712676)
No. We all end up paying, because the student loan debt they are talking about cancelling is ultimately held by the federal government.

We'd be taking things from the bucket of "the people who borrowed have to pay it back" and putting it into the bucket of "we all have to pay it back through increased taxes."

Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by wombatpm on Friday July 02, 2021 @02:43PM (#27715189)
What if the deal for debt cancellation was a 5% tax increase for those whose debt was cancelled for the remainder of their lives? Whenever you calculate tax, forgiven debtors pay 5% more.
Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by viraptor on Friday July 02, 2021 @11:05AM (#27712443)
Indirectly from taxes. However the context here / the premise of the article is that the one off payment is worth it in exchange for long-term boost in the economy and freeing people from obligations holding them back.
Re:Student Loans. Medical Debt. Criminal Justice Fees. Cance... by JamesBarney on Friday July 02, 2021 @11:34AM (#27712836)
All cancelling student loans does is transfer money from the college educated to the non-college educated.

And student loans can already be put on thirty year plan, or setup for income based repayment. No one is starving because of their student loans, they're just having to purchase a house a little later in life than if they didn't borrow a bunch of money.