Cancelling student debt is essentially printing money
I had an opportunity to go to college, and decided to do my own thing. This cancelling of student loan debt plan, although I understand the plight of young people in debt, it is also infuriating.<p>Myself: Was in college, left, did my own thing, becoming successful, now am paying taxes for everyone else who is getting bailed out. I already have state income tax to pay as well, and with housing prices and inflation being insane, saving for a down payment is miserable enough!<p>Everyone else in college: Often didn&#x27;t know what they were doing, get free money that myself and others are paying for. Most people in my college weren&#x27;t there for STEM.<p>Anyone who paid off their debt within the last few years: Screw you. Didn&#x27;t matter if you were eating ramen to pay off that $10K for a few years, we just took care of it!<p>Future generations: Where is my bailout? They were so lucky a few years ago!<p>Colleges: Let&#x27;s raise prices to get another bailout! In fact, let&#x27;s repeat the cycle, feed the fire, and hope the government just starts handing out free universal college money every year! Then, we&#x27;ll just adjust prices higher to compensate, the real college price will be basically the same, but our margins will be bigger!<p>It&#x27;s bonkers. I don&#x27;t like the debt, but this is a terrible plan. Why not (for example), just declare no federal income tax on a single cent of earned income for people making under $100K a year who have student loans and pay promptly? Or, let&#x27;s say the degree I took has not been working out and I&#x27;m not getting jobs, maybe after a certain point I can declare bankruptcy on that debt. There are plenty of other methods to help.<p>That&#x27;s perhaps my biggest problem with the bailout proposal. It targets the symptoms, not the cause, which makes it a <i>de-facto</i> Band-Aid on cancer.