Isn’t the point of our government to break up industries to big to fail so things like this don’t happen? Congratulations you solved a problem that your institution is supposedly designed to prevent.

The average American were the main ppl who lost their houses and jobs and got jackshit back from those bailouts. (Besides a measly 20 billion back from the bank bail out. Our government budget is in the trillions)

No one is saying forgive 1.7 trillions tomorrow but it is MORE than possible to forgive that much debt over time and recoup it. Especially since as soon as that debt is gone ppl will buy shit like houses, take out loans for businesses, and have kids which all add economic value and tax revenue.

That profit worked out to be about 0.6% rate of return on a loan to failing businesses on the verge of bankruptcy. Do you know anybody on the verge of bankruptcy who’s ever received a loan with rates like that?

Taxpayers would have been better off holding onto the company stock and receiving a portion of the profits today.

We were robbed.

The economic loss of losing a generation and a half of workers who will be unable to save for retirement and will put a giant strain on the economy in 40-50 years when their brains and bodies are shot, but they can’t afford to retire because the money that they could have set aside went to paying student loans. It’s going to be way cheaper in the long run and a better investment to forgive student loans now, than to wait for all those people to hit retirement age and not be able to afford to retire, holding down jobs that should be opening for new generations and screwing over the youth once again. Not that newer generations will be as big, since those strapped with student loans are choosing not to have kids because they can’t afford it. Also if our social safety net for retirees (Social Security, Medicare, etc) is already strained, we’d better give people the best chance we can at being able to afford to save for their own retirements.

If anything, the ROI on paying off student debt is better long term than the auto and bank bailouts - because the cost of not doing it is going to affect the economy for generations.

At best you are misinformed.

GM paid back the loan but didn’t pay back the 45 billion dollar stock swap.

The Bank Bailouts were paid back, but the excessive reserves were not which dwarfed the loans.

For scale imagine I gave you a small city and 1000 dollars. You paid me back 1050 dollars. Then I never shut up about how I made a profit and enjoy my small city. No exaggeration a small city is the kinda money we are talking about. The excessive reserves program went into the 100s of billions.

As to the auto industry bailout, would you rather have had a major American industry simply collapse?!

There’s allegedly 94 American automobile manufacturers, per Wikipedia. If there’s a disruption that would collapse all of them, that would be extremely serious - something which should be handled by making sure the industry is not at the whims of the economy.

The simplest quick-fix is having the company give partial ownership to the government in exchange for a bailout, and the alternatives involve arguing about what color to use on the bike shed.

What does it matter to the auto industry to be saved if no one is buying their cars?

The population can only bear the burden of these bailouts for so long before collapsing. Then nobody will survive.

The people in debt are the plankton of the ocean. They seem insignificant until they are gone. Then the whole ecosystem collapsed.

The Republicans have shown, they’ve got nothing. We literally have on record them as doing nothing. This has been the least productive Congress in modern history. They have literally set a brand new record for number of times it took to get a speaker and for the least amount of work done EVER.

In other words, by the measure of anti-Americans who hate the Federal government, they’re the most successful Congress ever.

And they’ll still win because “woke bad” “GeNoCiDe JoE” and a healthy dose of “the vast majority of Democrats in office are conservative and we hate it.”

Trump isn’t in office for people to be mad enough to get him out. Apathy will run rampant this time, people are already sick to their stomachs of all things political lately.

I’m not looking forward to project 2025 being implemented… I’ve always despised organized religious zealots but it looks like they’re going to get to steer the ship going forward…

Yea I’m calling Cantwell today, this is bullshit. She’s usually pretty solidly on the right side of things but this is ass backwards.

I think this is Debt Collective being a little loose with what “responsible” means. Both Schumer and Duckworth were involved in mainstreaming the cancellation of debt via executive order.

Procorporate trash. All of them

That. Primary the lot of these fuckers.

Ted Cruz is a cosponsor, and the only cosponsor that actively campaigns against student debt relief.

You mean Trump? 'Cause he – not Biden – is the one who wants Israel to “finish” exterminating the Palestinians.

Despite what corporate-owned Democrats may tell you, abstaining from voting for one very specific position because both choices are abhorrent is objectively not the same as casting a vote for “the other guy”. Even if it functionally results in the same outcome.

to be completely fair, while it’s obviously the correct choice between the two, the democratic party isn’t exactly a shining beacon of social justice either.

Performative bad governance to prove governance as a concept is bad. But yea, republican works too.

This language was added by Democrats.

My money is on Ted Cruz. This article completely fails to mention that Cruz is one of the sponsors.

Also, Cruz is the ONLY sponsor who hasn’t supported student debt relief in some form, and the only sponsor that campaigns against it in public.

And, least we forget, he’s a sneaky little shit that loves to sneak stuff past people when they’re not paying attention.

Ted Cruz ® is a cosponsor, and is the only sponsor that campaigns against student debt relief, and is a weasel that loves to sneak things in when no one is looking.

A vote for neither of them is a vote for trump. The two party system needs to be changed.

I mean, that’s one interpretation, but Biden’s initial stab at cancellation probably wouldn’t have happened without Schumer getting on board and making it less just “Warren calling for stuff she wants”. Harder to dismiss it as progressive fringe when the majority leader keeps calling for it.

My interpretation is that them being “responsible” is just a list of the Democratic leaders in each chamber and the expected sponsors rather than them actually making the edit. Flood their phone lines for sure, because they’re the ones who can shut it down (and arguably should have noticed and shut down without needing outside watchdogs), but I think it’s pretty obvious this was a Republican insertion. Even if they didn’t believe in debt cancellation, it’s still a good campaign issue for them and they could just rely the courts and filibuster to block their performative efforts.

Biden worked with Sanders and gave the railroad workers everything they asked for

Categorically false. The NLRB worked with the unions to achieve SOME of their completely reasonable asks but not all and nowhere near as much as they could have gotten if Biden hadn’t told Congress to take away their most effective weapon and force them to fight with one hand behind their backs.

It just didn’t make headlines because it happened like a week after the media decided to move onto something else.

It made it into the body of countless propaganda articles giving Biden undue credit for the work of the NLRB and not giving him the blame he’s due for taking away their right to strike, though.

For all his “middle class Joe” posturing, when push comes to shove he’s on the side of the rich people and industries handing out legal bribes to him and his buddies every time.

The media doesn’t like to report anything positive because it doesn’t get clicks

Removed by mod