Biden set to cancel $10K of student debt for millions, $20K for Pell grant recipients

Oh but we are. We've been saying shit about how bent that is since the very beginning. The working class watched their wages and their lifetimes of savings get devalued by 25% in less than 3 years. Lifetimes of savings purchasing power was just erased, devalued. Then the Fed jacked up interest rates and caused a market downturn, which ONLY hurt 401Ks, government pensions, IRAs, and retirees who have spent their lifetimes paying taxes and contributing. It wiped down their lifetimes of savings another 30%. And, what did the uber wealthy do with the "free" zero-rate money loans? They scooped up more land, more rent-seeking properties, and more businesses and doubled their net worth in the same timeframe that the working class lost half of ours. That's a clever heist. NOTHING is free, someone shoulders the burden of it, and there and here, all the working class will shoulder the burden and the loss, while the uber wealthy will experience the actual gain.

The need to solve the rising cost, but also the currently high cost of education. Without addressing that, we'll face the same money grab of tax payer pools of cash next year, hell, next semester. And the bankers and the college admins, they'll all experience massive bonuses and greater gains... on our dimes, spread over time, over and over again.

/r/Economics Thread Parent Link - politico.com