Court halts Biden’s student loan forgiveness

[PharmtoCS]

Student loan forgiveness is good for the economy. Instead of people paying off student loans, you'll have people spending more -> more demand for goods -> companies hire more workers to produce more products -> more products sold -> higher profits -> stock values go up

We don’t need people to spend more right now. We already have a worker shortage with record low unemployment and 8%+ inflation. Forgiving people’s loans does not make goods and services appear out of thin air.

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[confettiflyer]

Yup, and he also went through Congress to extend administrative forbearance. Oh, wait,

Just copying the Trump playbook, making America great again, lol

 

[confettiflyer]

People love to respond “…but the government doesn’t own those debts”.

It does. Government run Fannie and Freddie own my mortgages. The small business administration owns business loans and mortgages. Millions owe money to the IRS. Millions more owe medical debt to the government. The list goes on and on.

Regardless, one man shouldn’t be allowed to unilaterally forgive billions of debt. We didn’t elect an authoritarian. He needs to go thru Congress like all the previous presidents.

On the first point, there are already mechanisms to extinguishing those debts that you (implicitly or explicitly) agreed to already.

Mortgage? You agreed to a foreclosure clause ahead of time. Credit cards, medical debt? Bankruptcy exists. IRS has a whole process on offer and compromise (extinguishes some).

This is why people who say “tHeY sHoUlD pAy tHeIr dEbTs” annoy me. There are two choices in every contract, pay or don’t pay, with different consequences already spelled out contractually, or in law. They are equally valid, and it’s just math, no emotion.

Everything. EVERYTHING is negotiable. Contracts, debts, marriages, hookers, etc… that’s just good business sense. Just because you sign something doesn’t mean you have to perform. It’s like getting a job and never asking for a raise, that makes someone a dummy.

This is why I guided a bunch of people through strategic mortgage default like ten years ago, because the consequences were mathematically less severe doing that vs staying put.

Anyway, I’m on a tangent. Carry on.

 

[DagS132]

Let’s also be real. People work because they have debt from student loans to mortgages. If you are going to forgive debt then people are less likely to work. How is that good for the economy? Productivity goes down, economy goes down.

If you are already working because you have bills, you aren't going to suddenly stop working especially if you end up with more discretionary money at the end of the month. I wouldn't use this argument since not everyone has rich parents.

 

[PharmtoCS]

If you are already working because you have bills, you aren't going to suddenly stop working especially if you end up with more discretionary money at the end of the month. I wouldn't use this argument since not everyone has rich parents.

You could cut back on your hours and productivity knowing that you’ll still be able to pay your bills. I am sure that with the student loan pause, many pharmacy grads have intentionally remained underemployed by taking lower paying non-pharmacy jobs than let themselves be abused by CVS.

 

[Lexington2012]

And there’s functionally no legal recourse for student loans. You can foreclose on a house, and credit card debt drops like panties at a pharmacy conference in bankruptcy.

It actually encourages people to go abroad to take advantage of the foreign income tax exclusion (like $125k/yr ish) and run out the clock on student debt using IDR, which would deprive the US of tax revenue during the most productive two decades of a person’s life.

Which pharmacy conferences specifically? There are so many of them.

 

[Sparda29]

Which pharmacy conferences specifically? There are so many of them.

APhA Seattle 2011 and New Orleans 2012 were so much fkin fun.

 

[Sparda29]

And there’s functionally no legal recourse for student loans. You can foreclose on a house, and credit card debt drops like panties at a pharmacy conference in bankruptcy.

It actually encourages people to go abroad to take advantage of the foreign income tax exclusion (like $125k/yr ish) and run out the clock on student debt using IDR, which would deprive the US of tax revenue during the most productive two decades of a person’s life.

Hold up. I could have taken that job offer for Cleveland Clinic Abu Dhabi to become a pharmacist for 150k a year, only pay tax on the $25k and then only have to do IDR on the $25k a year? FKKKKKKKKKKKK WTF MAN

 

[Mad Jack]

I know some kid who invested in crypto early and retired at like 17 or 18 running 5 successful restaurants. Im so jelly.......