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The Water Cooler
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Student Loan (Repayment)
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<blockquote data-quote="Glocktogo" data-source="post: 3845501" data-attributes="member: 1132"><p>I’m not sure one of his talking points is actually true though. That’s because I don’t actually see any “free money” getting dumped into the economy. </p><p></p><p>If the people who can’t afford to pay off their student loans get this forgiveness, they’re not going to get a $10K check to deposit. The Dept. of Treasury will transfer money to the Dept. Of Education. They will in turn disburse the money to the federally owned student loan servicers, who will apply those monies to the outstanding accounts. From there those monies will be deposited into the you guessed it, Dept. of Treasury general account.</p><p></p><p>It’s a giant shell game and the end result is a debt write off that adds to the federal deficit. A write off that just somehow magically equals the alleged yet unrealized deficit reduction over 10 years in the Inflation “Reduction” Act. So I predict we’ll soon be seeing Biden and his mouthpieces saying things like “We were able to eliminate $300B in student loan debt, without adding one dime to the federal deficit.”</p><p></p><p>Funny how that works huh! <img src="/images/smilies/rolleyes2.gif" class="smilie" loading="lazy" alt=":rolleyes2" title="Rolleyes2 :rolleyes2" data-shortname=":rolleyes2" /></p></blockquote><p></p>
[QUOTE="Glocktogo, post: 3845501, member: 1132"] I’m not sure one of his talking points is actually true though. That’s because I don’t actually see any “free money” getting dumped into the economy. If the people who can’t afford to pay off their student loans get this forgiveness, they’re not going to get a $10K check to deposit. The Dept. of Treasury will transfer money to the Dept. Of Education. They will in turn disburse the money to the federally owned student loan servicers, who will apply those monies to the outstanding accounts. From there those monies will be deposited into the you guessed it, Dept. of Treasury general account. It’s a giant shell game and the end result is a debt write off that adds to the federal deficit. A write off that just somehow magically equals the alleged yet unrealized deficit reduction over 10 years in the Inflation “Reduction” Act. So I predict we’ll soon be seeing Biden and his mouthpieces saying things like “We were able to eliminate $300B in student loan debt, without adding one dime to the federal deficit.” Funny how that works huh! :rolleyes2 [/QUOTE]
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