Student loan leads: forgiveness biden - Cryptodroper Blog

 Student loan leads

Hey everybody, welcome back to the blog. The title of the Blog is correct. Joe Biden lied about student loans leads. This is not to say that Joe Biden's a bad person.

Student-loan-leads

This is not to say that he shouldn't be the president. This is rather to say that he flat-out lied about student loans. This is coming from someone who voted for Joe Biden. 


So, like I voted partly on the premise that low


I thought he was gonna cancel these 10,000 bucks of student loans per borrower. He did not do that. I also have ten thousand dollars in 250 ten thousand twenty fifty dollars of student loans. So, you know as someone who heard him say, I'm Gonna Cancel 10,000 on the Entrails a year ago. I was like, well, I will gladly give my final $250.


Once you have canceled those extra, extenuating ten thousand dollars, I'll go on with my Merry life and be done with student loans forever. But alas, that is not happening. Now. I'm getting emails every day from the Department of Education.


So are you ready to pay back her student loan?


No, I'm not stop asking myself. This Blog is gonna be a couple things. Number one is not a Blog to disparage Joe Biden or to like talk crap about him or whatever. Rather going to do two things. In this Blog. We're going to analyze the reasons student loans should be abolished or at least a significant amount of student loans should be. 


Canceled by the government. And then we're going to talk about why they shouldn't. There are a lot of macro political and economic reasons why I do see the logic and not getting rid of student loans. And I ultimately can't blame it, it didn't come completely. But I also see a lot of the reasons why he should do it, especially when he promised to do it. And the dichotomy of those two things are what we're going to discuss today. 


So if you have student loans or you're interested in the concepts of student loans


I think there will be an interesting Blog and ultimately give you some context on what student loans are. Why does she become so why they shouldn't be canceled and what are the common Arguments for each side? Okay. 


So a couple of key stats, number one bite. Has canceled eleven billion dollars of student loans. So he hasn't canceled the amount that we've wanted him to cancel as people actually have student loans, but he got rid of at least 11 billion.


So it's not the worst thing in the world. It just was for people who have been like, like victims of fraud from some colleges who like to promise one thing and then didn't deliver and it's like, okay, that's fine. But like what about the actual, you know, rest of the population that wanted us to eat alone canceled. 


So like thank goodness for the people who got fraud in that they got old but a lot of other people ultimately didn't get cancer.


Here's some reasons why he should get rid of it


The loans and why it would be an interesting thing to do.


Number one.


It would stimulate the economy. Now, we have a little bit of an inflation problem where we're going to talk about the negative side. For why student loans wouldn't be the most important thing to get rid of right now. Given the things that we're dealing with, if you were to get rid of student loans, at the end of the day, you would give people more disposable income. 


So if I don't have to pay the $200 per month that I'm gonna have to start paying in February, to the Department of Education or whatever loan services keep emailing me every day, then I would have those extra dollars per month. I have a start-up. I have a business. I have expenses for that business. I have different things that I could buy. To help make my life easier, to stimulate the economy, to buy more things in the world. 


That would ultimately allow me to, like, be more productive in my business. Write large, right? I could buy more lights in here, it's like those $200 matters and those two dogs could go into the economy versus going into loan. So it would fundamentally stimulate the economy. If you were to get rid of at least 10,000 dollars per borrower, because I would have ten thousand dollars extra of income that they could spend in the economy.


Number two


it would narrow the racial wealth Gap. 


And obviously this is a really big deal for Black Americans and Latin X Americans. More likely to have student loan debt, particularly because they come from families that aren't able to afford students.


What is College tuition?


At the rates of white Americans or Asian Americans. So, at that point, you have a wealth Gap that already exists, which is a racial wealth Gap in America, that is only heightened by the fact that now black and Latin Americans have more student loans that they have to take on and because student loans obviously can reach the hundreds of thousands of dollars that only worsens the wealth Gap because now they spend most of their life paying that off, especially paying off the interest of it versus Being able to do other things with their money. So obviously getting rid of at least 10,000 dollars for borrowers, which eliminates a lot of that money.


 Third reason is that 15 million people have student loans in America


That's ten thousand dollars or less. So, if he wanted to actually follow through on that process promise, 15 million people would have their student loans taken away in an instant, which would be fun nominal. I mean,


can you imagine 15 million Americans?


Having more money to invest in the economy versus having to give it up to student loans for no reason. So that would be sort of a key element. A lot of different Americans that would ultimately have the ability to use their money in a different way, which means at least to my last reason is these people will now have the ability to start their life fresh.


The first two things you kind of need to sort of succeed in America are a car and a house car because you got to get, you gotta go places. 


You can't go everywhere and house because it's one of them, it's one of the main ways. People start to build some level of equity to their name, especially if they don't own a business that house over time, 30 years on a fixed mortgage, usually becomes that form of equity if you Can't afford a house or a car, which means you can't be productive with because you don't have the car.


You can't have a house and start building your equity and building some wealth


Then it's tough in the beginning, especially if you're in your early 20s or early 30s, so if you were able to get rid of student loans, or at least reduce that burden a lot more and more of these 15 million Americans would actually be able to put money into things that matter for the long-term things that would stimulate the economy.


Things that would allow them to actually pay more taxes in a meaningful way, versus giving up money to the Department of Education just to pay for student loans. So those are some of the reasons why student loans and getting rid of Sloane's would be a good thing. Now.


Why should we knock every student loan?


I was obviously very biased to this because I have student loans and as I started doing my research, I was like, huh? Okay, maybe there are some arguments. I ultimately don't agree with it at the end of the day, because I think it would still be a good thing. 


But at least in the macro level economy that we're living in right now, and might be beneficial to not cover student loans. Couple reasons. Number one, first ones, a bit more philosophical. It's not fair. Right? Like, it's just not fair at the end of the day, if someone worked their butt off to pay off 50, 60 Grand in student loans and they ha Hold hard over the past five six years and someone else gets a degree in like dance studies or whatever and they have 70,000 bucks and it's just taken away from the government. You kind of start to evaluate.


What are the incentive structures


that are being built into the fabric of American society, like someone can go to college to a degree that probably has zero value from an economic perspective and do all degrees have to have value economically now but you would also say yes because it's like you're paying that much money. So you expect to get a degree that has an Roi potential and when you're kind of BS and get in getting a degree that He has no Roi potential. 


Then why are you getting that money subsidized by the government for you to just basically smoke weed and drink in college?


And like this is just the reality and truth of the idea around student loans and people who get degrees that have zero value in society. So at that point, it's very important to sort of understand the fairness element here. I mean if people think the game isn't fair and the game is rigged, it gets rough. 


Now do I think ultimately this is a reason for why we shouldn't cancel student loans are ten thousand dollars. No, because I think the vast majority of people are just under that pressure and it's not their fault or they it's not because they did some horrible degree. It doesn't have any Roi. But rather it's because, you know, College is very expensive and we need to get rid of those expenses in some capacity. 


But fairness is one reason to think about as you're holistically trying to develop an independent opinion on, if this is a good thing or if this is ultimately a bad thing and you know, what you what position you would be and if you were on the other side, which is something I'm trying to do, more of, as I get older be less dogmatic less ideological more open-minded to the other side and see the other perspective. 


Number 4 is inflation


Look, inflation is here. We just got data that's about 6.8 percent inflation. Probably the double digits. I'm doing another Blog on why that's likely happening which means if inflation is here. And if inflation is here and the government were to print, I don't know another couple billion dollars to get rid of more student loan hundred names. Like, if you were to do the 10,000, I think 400 billion dollars.


Don't quote me on that, but I think that's a ballpark where it is for 15 million people, you know, I mean that four hundred billion dollars is a lot, a lot of money and I don't know if they would get it through taxes. Probably not, because they haven't built in anything to pay the bill back. Bear, America, better plan that Biden, trying to pass, that would actually allocate money just for student loans,


So, they would have to print it at the end of the day like that


I don't know where the money's coming from. So if that's the case, then they would have to pump that money into the economy, which seems to be that inflation would only get worse. And that's the ultimate reason. I can't blame Biden for this. Maybe he did want to do it. Maybe he didn't try hard enough in that first stimulus bill that they released, but I think at the end of the day, when his advisors told him, hey, it's going to cost four five six. In dollars to do this. It's really going to suck with inflation and we could either give people stimulus checks or we could do this. 


What are you thinking, politically stimulus? 


Checks were way better than student loans, even though there's an argument to be made against an and he ultimately went the other way with the bill to build back America, a better plan. You've got Joe manchin who like literally is not going to let anything go through, you know, he's gonna let something go through but he's gonna be very hyper focused on getting rid of the stuff that doesn't need to be there because he already hates the fact that we're spending trillions of dollars. So student loans, something like that. 


That's just not going to make the cut


you know, child tax credits are probably more important than that. So that's likely going to make the cut over something like student loans, which means at that point. It's going to be a hard sell ultimately to get Mansion to agree to that. So inflation is one of the reasons why I think that wouldn't work. The second thing. I kind of just referenced it. It is the political Capital. Right? There are certain things that have to get past and political capitals that political science term. 


That said, if I have to get something passed,


I have to work with the other side, in order to work. With the other side. I need to understand how to compromise with the other side. Obama in 2012. Only got some of the key pieces of legislation passed. Because of his ability to generate political Capital. So in order for him to get the ACA passed, yes, they had a majority but they had to get some Republicans to get on the side of the Senate. 


So they had to do a lot of negotiating. A lot of building out this plan in 2010. So ultimately get a past. Political capital is what stopped Obama from getting some of the key parts of his policies passed in 2014 through 2016 because of the deadlock that there was because he didn't control the house or the Senate. 


So, at that point


if you don't have political Capital, which is, you know, money is capital that you can allocate political capital. It'll be an influence that you can allocate to get things done in the Congress and White House and the Senate. And the house represents it. If you don't have the ability to do that, then Washington cannot get things done.


And Biden is losing a lot of political Capital primarily because inflation is going up. That's not a good thing. People are seeing their gas prices. They're like, hey, I don't like this guy, which means I'm not going to be willing to give him that much more credit when he says he wants to pass more spending policies. 


And number two is that, you know, people have a short attention span like, yes, you got them, those stimulus checks.


But what else have you done for people?


And if they're not seeing immediate progress and all people are seeing higher prices and all people are seeing are you know, more people not going to work and getting unemployment checks for being lazy.


 That's not how I think it's going. But that's sort of what the perception of a lot of people think of it, as it as then, you're going to lose your political capital and student loans at that point or something that takes away from a lot of political Capital particularly because of the fairness point that I mentioned, if it's unfair and people feel it's unfair. They're not going to be willing to give you that Capital but also because if P if In particular and you know, the more moderate Democrats think that you're just pumping and inflating the money even more. 


When we already have an inflation problem that is proven through the data


Then at that point. It's going to be also less likely from a political Capital perspective to get some of the key ideas of your campaign across like student loans. Last thing is, and this is, I think the biggest reason it's not enough to win in 2024. Like, that's the biggest thing to me. Like, it's not enough to win. 


You could try to pass student loans, but if it's not enough to win in 2024, Doesn't seem like it's enough to win. It seems like there's some other bigger issues he has to deal with. Then you're not going to win right there. There's already a lot of people sort of estimating that in 2022. It's more than likely that Republicans are going to win the house in the Senate and, you know, take away the Democrats, very slim majority that they have right now. Via the VP breaking the tie right there.


Really is a very small majority


So at that point, if it's not enough to win and you're not enough, it's not going to be enough to ultimately generate attention at scale. That's going to cast a bite in the vote against whoever is going in 2024, then it's unlikely that Biting makes it a central part of his plan. Now for people who have student loans. 


Does that suck?

 

Yes, is that the reality of the world? And we need to accept that. It sucks. Yeah, because that's the reality of stuff you vote for someone because they think they're going to do something. They don't do it because there's other macro level politics in place. 


And if you are an abiding supporter, you probably do want them to get elected for four years. And if student loans would stop that from happening or the attention on student loans, wouldn't be enough for him to actually have the attention on something. That would be able to get him to win. 


Then you kind of have to accept that and call a spade, a spade and deal with what it is as it is. So those are my thoughts on student loans. Let me know what you guys think in the comments. 


  1. Do you have student loans? 
  2. Do you want to get rid of your student loans? 


Very interested to see what you guys think about it philosophically and practically on if we could cancel it or if it's a good idea from canceling, so looking forward to reading your comments. I'll see you in the next one.



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