Susan Rice Dismisses Critics of Biden Student Debt Forgiveness Plan Who Already Paid Off Loans
But Rice indicated just because some people paid off their loans did not mean that other Americans should not receive student loan forgiveness.“By that logic, we would not help anybody in this country,” she said.
Lessee… what was that again?
“We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare…”
“The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States…”
GENERAL, bitch. If you’re doing something for the benefit of a select few who made bad choices, it is not the general welfare of the United States. It’s pork for special voting interests.
What you are doing damages the general welfare of the United States. It works like so:
Idiot takes out loan for a nonbinary intersectional yoga degree in Starbucks barista-ry. That money comes from depositors (or taxpayers; and we won’t get into fractional reserve banking right now). At this point, it’s zero sum; merely money moving from point A to point B.
Diligent people pay their loans back, plus some interest. Still zero sum; money moves back from point B to point A, plus a little interest which can be viewed as the value of the education, but it’s still money moving.
No money was created, just moved around on a time-delay.
Now, idiots in the federal government — some of whom owe on their own student loans — decide that money doesn’t have to move back to point B after all. The government will cover it (depending on circumstances) with newly printed money.
That is monetary inflation.
No, inflation is not “rising prices.” Rising prices are one rule of thumb proxy indicator that the monetary supply has been inflated, and too many newly printed dollars are chasing too few products. But rising prices can be caused by other factors like supply and demand for the product.
Except for special interests, inflation is a bad thing. Inflation does not promote the general welfare; it hurts it.
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