There was an article on Yahoo titled Republicans Enraged after Biden ‘Forgives’ Billions in Student Debt. In the comments a guy (and so I do not embarrass him by showing how unknowledgeable he is I will not put his name here) wrote Inflation is global. We're doing better than most. This actually HELPS the economy.
This is the response I wanted to add to that.
The rest of the world is having issues with inflation partially because as goes America so does the rest of the world and because they have made their own stupid choices such as Germany deciding against President Trumps advice to rely on Russia for the majority of their energy needs. As far as biden forgiving 300 billions of dollars in student loans helping the economy that it is laughable. He can forgive it one of either two ways both of which are bad. Either he can hand the banks over taxpayer money that should actually come from those who agreed to pay it back when they borrowed it. What happens for the people who had student loans but paid them off? This isn't fair to them. What happens to those who now want to go get a student loan to go to college. Do they get theirs forgiven as well? Where does it end? The problem with it is A) Sooner or later you run out of other people's money. B) that is money which could be used on more intelligent things. Such as finishing building the wall to keep out terrorists and illegals. This actually would help the economy and lower inflation or have you never heard of the law of supply and demand? The other way he could do it is tell the banks that by executive order those government issued loans are forgiven and the banks are just out the money. I actually do like that plan better only because only that will make the banks start to intelligently decide who gets loans based on whether they will actually be able to pay it back rather than just handing out tens of thousands of dollars to kids not even old enough to buy beer. I still think it has problems --- namely who would ever trust the government at their word for anything. Who would want to (this is just an example) buy a government savings bond knowing that the government has a history of going back on their word in regards to paying what they owe. By the way you said that it would help the economy. I am interested in hearing how you think it will help. If you think because of no longer having a loan to pay they will have that money to spend then if they already have this money why didn't they use it to pay off the loan? Also, if they do have the money (chances are they don't) what says they are for sure going to use it to go buy things? I know for myself as soon as biden was elected and I saw which way the country was going to go I decided to stop all unnecessary spending and start working on becoming debt free and then building a huge emergency fund because with this president in the white house an emergency is coming. On the bright side I am now down to my last credit card, my last loan and only owe $1,000 on my car.
