LogFAQs > #974306426

Ninjaluver posted...

This is like asking me to re-type all of the long posts I've made in this topic so far.....lol. I'm not going to do that. I've already thoroughly explained why.

TL;DR:

1. These people agreed to these terms. I take agreements to pay people back after they loan me money very seriously. Friends, businesses, doesn't matter. If I agree to take your money and pay you back, I'll pay you back. That's what any honest person would do.
2. This is giving a giant "fuck you" to anybody who took these loans and responsibly worked and paid them off. It's also (literally) financially punishing those people by increasing the costs of goods and inflation.
3. Worst of all, it's punishing the lower class who deliberately did not take these loans because they were responsible and knew they couldn't pay them off. It's insulting and punishing the people who have worked lower paying jobs for these years while their peers took these loans and secured higher paying jobs.
Forgiving these loans would only punish the people who did things the right way. It would make so many lose faith in the system. You forgive these loans, and the price of goods will rise for these responsible people. When you tell people that the $150,000+ in debt they were expecting to pay suddenly evaporates, that person/family is going on a spending spree, increasing demand, which increases the costs for everyone else.

So now, Sarah who decided not to take that loan because she knew she couldn't pay it back, and has been making 1/3rd the money of John who did take the loan and didn't pay shit, suddenly has to bear the cost of John's new windfall.

1.) Cemith posted...

This isn't a great take because normally people taking on these loans are 17-19 year olds. They don't understand the full gravity of their loans because they:

1.) Haven't even fully developed their brains yet
2.) Likely have been under the care of their parents, whom pressure them into taking loans out for college because that's what they did 20 odd years ago, as though it's even remotely the same economy.
3.) Aren't even entirely sure what they want to do. Switching majors halfway through can incur a major cost. Personally I didn't know what my career was "going to be" until 2/3 years after I graduated High School, which could have been two years of loans I'm on the hook for, for what is now superfluous coursework. And a lot of jobs, especially the necessary ones, don't pay nearly as well as they should so even if people's work is a net good on society, they can still get assfucked by student loans.

College should incur little or no cost to the student. The world would be better if we were all more educated.

2.) "A Giant Fuck You" isn't a baseline for how business and loans should be conducted. Me eating fast food at 3 dollars is cheaper than eating at Chipotle's for $13 isn't a good argument in favor of fucking over Chipotle's stock. That's purely an opinion and has no basis in fact.

3.) Punishing lower class people is entirely the point of people rushing to get loan's rescheduled. See my sentiment above, people can do everything right and still get assfucked because of any number of factors outside of their control. Especially when it comes to careers out of college.

4.) When you tell people that the $150,000+ in debt they were expecting to pay suddenly evaporates, that person/family is going on a spending spree, increasing demand, which increases the costs for everyone else. Yes, believe it or not, when people suddenly have access to more money, they tend to spend it. People spending is good for the economy, it's day one economics. Corps want people to spend money, people now have money to spend. It's only a net positive. Supply and Demand is malleable and any deficit would be filled and then some given some time.

Ninjaluver posted...

So now, Sarah who decided not to take that loan because she knew she couldn't pay it back, and has been making 1/3rd the money of John who did take the loan and didn't pay shit, suddenly has to bear the cost of John's new windfall.

John could have also not gotten a job due to the pandemic and have been screwed. Sarah could have been a nepo baby and not needed a degree to earn a good job. Hypotheticals are fun, huh?