The Biden plan to cancel $20,000 in debt for up to 40 million people with student loans debt sounds really good at first, until you realize how stupid it actually is.
A lot of people with student loan debt are making enough that they're getting charged the maximum amount of the last dollar they make. Some of them are paying much more than $20,000 per year in taxes. Therefore, all this is is a government taking $20,000 from you with one hand and then handing it back to you with the other.
"Thanks! I mean, I'd prefer not having the spoils of my work constantly drained away from me so that you can pay for your pet projects somewhere on the other side of the planet, but I guess thank you for giving me a small amount of all the money that you take for me back"
A lot of people with student loan debt are making enough that they're getting charged the maximum amount of the last dollar they make. Some of them are paying much more than $20,000 per year in taxes. Therefore, all this is is a government taking $20,000 from you with one hand and then handing it back to you with the other.
"Thanks! I mean, I'd prefer not having the spoils of my work constantly drained away from me so that you can pay for your pet projects somewhere on the other side of the planet, but I guess thank you for giving me a small amount of all the money that you take for me back"
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