Two conservative groups are asking a federal court to block the Biden administration’s plan to cancel $39 billion in student loans for more than 800,000 borrowers.
Without PPP loans half the country would be unemployed and the economy would be a disaster. Meanwhile, a college education increases your lifetime earnings by $1.2 million, so you're just being greedy and asking for a bailout.
Sure, if you ignore interest, it's easy to pay off that $37k. Too bad there's interest and people are paying more on that than their original loan was worth. People with good jobs. How are you unaware of this?
The $37k includes interest, and even if it didn't, your loan is heavily subsidized. Without the federal government's guarantee, you would need to fork over collateral and your APR would be double digits. The government is already giving you a massive handout and you have the nerve to ask for more.
But it is an imaginary concept; beyond the value we prescibe to it, money means nothing. The money Biden attempt to cancel out before and the lesser amount he is attempting now is only money indebted to the United States Government; who like anyone else can and should be able to forgive debts owed to them at their will and leisure. Conservatives love to talk about small government and the benefits of private business, so why do they care about the private business of the government?
If you say something to the effect of "it'll raise taxes!" It won't, as the debt owed by students is wholly unrelated to the debt owed by the U.S. government or it's expenditures. They could use the trivial amount for those things, but student loans payments have been mostly frozen for a while so its not like the government is recieving it anyways.