According to analysis from the Federal Reserve Bank of New York, just before the pandemic, 11 percent of student debt was either in default or more than 90 days in arrears.
Thank you to all student loan debt strikers! We forced the government into submission.
Not reading this but sure who cares the economy is fake fuck that shit
The mode of currency should be decided every month and announced the day before the month starts so like next month will be Chuck E Cheese tokens and then maybe next month snail shells. But you wont know until the last day of the month
they don't actually care about the truth value, it's just something cranky to say to drag Biden for one of the rare good things his administration has puppeted him into doing
either way all further inflation will be blamed on this to prevent further cancellations
$14/hr
Walmart employee
:capitalist-laugh:
:agony-limitless:
Oh sure; it's just that In my neck of the woods, you start sub 9.5 lol
Yeah...it's a 'low cost of living area', but you'll still need two jobs even if they both pay that
Just awful
This op-ed is too long so I skimmed it but I didn't see the point where the author actually made the point why it would be deflationary.
It's not inflationary, he's right, for the reasons he listed here - people are already spending that money, so inflation won't go up any further.
Wouldn't the argument be that resuming student loan payments is deflationary because it takes cash out of the economy, and partial student loan forgiveness just lessens the possibility of large scale bankruptcies which could be another shock to an already fragile system?
inflation results from a suddenly plummeting rate of profit - businesses have to increase prices to make up the sudden shortfall. removing cash from the economy can reduce liquidity and make the problem worse.
If the system's heavily inflating it's not really fragile. And Biden is extending the payment moratorium for two more months anyway, isn't he? Though the resumption of payments logic does make sense.
