| BFR said: What about student loan debt relief for existing loans? I thought you guys were all for that one, that's something like $700b +. The US national debt is already $35t, how much is enough for you guys? You want to push it to $50t with ease. Keep it up and the USA will go bankrupt one day, and when it does, I will be moving to a long held (and currently unoccupied) family property in New Brunswick, Canada. That is my escape plan, what is yours when the USA goes under and we see Civil War #2 unfold? |
Student loan debt has no effect on the US national debt, because it's already part of that number. It's money the federal government has lent out to people. In other words, 1.5 trillion of that 35 trillion is the student debt that people were pushing to forgive. It basically changes nothing for the federal government.,
The exact number doesn't mean anything by itself. Saying things like "50 trillion" means nothing. It's generally considered relative to the GDP. If our GDP continues to grow, it's generally considered fine if the debt number grows. $50 trillion would have been an impossible money 100 years ago, and it will probably be considered not that much in 100 years.
And again, as has already been talked about, raising revenue is how a lot of these things would get paid, not through more debt.
And as a related note, I'd take these concerns a lot more seriously, if people had any of the same concerns for military spending or anything like that. The US spends over $800 billion every year on the military. It doesn't even know where all that money goes. And yet none of the Republican politicians care about that spending. Spending $50 billion on anything that helps common people? I don't know how we can possibly afford that. Oh yes, we have $100 billion extra available for the military going into some R&D that probably won't go anywhere.
Raise taxes on the rich.
And sure, the math doesn't particularly work out, if for some reason you imagine that the economy is static, and Bill Gates's $130 billion is exactly what he has sitting in the bank.
