President Biden: The NEW one and only politics thread

But not drawn on the president's own bank account.

The worst thing about the "midterm elections are coming up, so let's expand my powers to make myself Santa Claus" act, is that it's just a formula for making college cost even more. Otherwise, it's just going to feed the inflation impulse they unleashed elsewhere with more aggregate demand thrown onto the fire.

It's more of the arsonist riding in on the fire truck.

The reason so many people landed up with a lot of debt was Federally-guaranteed student loans that put a price floor under the price of tuition and created a huge mess that everyone now pays for.

1) I suspect this one will end up in front of the Supreme Court, which already has taken a dim view of how much shit the executive branch now tries to unilaterally do. There was the CDC eviction moratorium, the workplace vaccine mandate and the EPA stuff. This follows. Not that the administration doesn't know it or care. This was all about blatantly trying to buy votes with a populist move. If it gets tossed it will be after the election and that is what this was geared toward.
2) As long as we keep down this path, we are just fucking the country worse over time. That debt didn't just disappear. People are such morons.

 

You are really right about this. It's not just anecdotal. It's a consequence of a lot of stupidity that has put the country where it is.

There has been a great deal of debt created over the last two decades or so of young people pushed to go to college (whether they really wanted to or were suited for it) because of politicians who promised college for everyone cluelessly turning a college degree in practical terms into what a free public school high school degree used to be in the job market.

There have been so many effects of that that have hurt people, way too many to even spell out on here. But among other things:
1) Aside from a small group of schools that could remain selective, the quality of a college education at a lot of other schools has gone down. It basically dumbed down college, as more schools that essentially exist to collect the tuition the guaranteed loans hand to them, are incentivized to keep lesser-qualified students paying that tuition.
2) But even so, along the lines of what you're saying, you have A LOT of kids who went to college for a few semesters or a year or two, loaded themself up on debt to meet the tuition, but more so to pay for rent and beer because of their forgone income. ... and then didn't even get far enough to have a degree to show for the debt.