Maybe if you are a naive millennial, you thought that voting for Joe would be the obvious thing to do, but the first thing he did – or nearly the first – was to stop work on that pipeline, something that is a big deal for the older elites, but not a priority for millennials. Maybe Joe will get around to dealing with their loans, but maybe not. Obama never did much of anything to hurt the bankers nor to help those at the bottom who were suffering, so Joe just might not ever get around to canceling student loans.
But even if he does cancel them, those winning this lottery will probably get less than they expect since what they expect is that they will suddenly be free of student loans in the current economy, while instead the very canceling of so many loans will change the economy, and not for the good. So, for example, if they expected to buy a house once they were loan-free, they might still not be able to because of other factors. Too bad.
Are you suggesting that the complete destruction of a $1.6 trillion loan market would have negative effects for other loan markets? Why would anyone think that? It’s almost as if you believe actions have consequences.
Posted by: Charles N. Steele | 01/24/2021 at 06:42 AM