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[–]proc0 6 insightful - 1 fun6 insightful - 0 fun7 insightful - 1 fun -  (6 children)

Unless all the teachers, university staff, book makers, etc., all return their money they received by students who got their loans, there is no "cancelling" this debt. We could instead say "bailout", and bailout students, however it would only incentivize another wave of predatory loans and useless careers. Now if we say, let's bailout all students, and abolish all public University funding (privatize all higher ed.), then that makes sense to me.

[–]magnora7[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (5 children)

Unless all the teachers, university staff, book makers, etc., all return their money they received by students who got their loans, there is no "cancelling" this debt.

I mean that's how all debt cancellation works. The debt owed is eliminated but the things bought with it don't go anywhere

[–]proc0 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (4 children)

Yeah, I just mean the taxpayers would pay, otherwise I guess some large institutions would have to fail. I don't know about the technical terms but cancelation sounds to me like either returning a product or in the absence of it the loss is on the lenders, not the taxpayers. Therefore at least universities should be completely re-structured if such a price is to have any value in the future.

[–]magnora7[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Yeah, I just mean the taxpayers would pay, otherwise I guess some large institutions would have to fail.

Neither of those needs to happen. The Federal Reserve can simply create more money. Like the trillions they created in 2020 out of thin air to bail out the corporations (which then creates inflation, which diminishes the value of everyone's money). But if instead some of the money went to the people instead of just billionare-owned corporations, then it would be mostly spent anyway toward those same companies when the people buy things, and would incentivize better business-driven behavior by the companies as well. So everyone would benefit.

If large companies can't keep up, and repeatedly go bankrupt, they should fail. To keep bailing them out has created this house of cards that is becoming increasingly fragile, and a huge pool of money that only exists at the top tiers of the economy, separating the upper and lower classes even more than ever before.

[–]C3P0 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Since I paid all my debts like a responsible citizen, is the bailout going to give me some of that money back.

[–]proc0 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Of course not, but I really doubt anything will happpen. There were some interest freeze last year, that helped me catch up.