Comments by "Dan A" (@DanA-nl5uo) on "Expert: Biden Can Eliminate ALL Student Debt By Executive Order" video.

Funny how no one makes that argument when the federal reserve saves the billionaires on wallstreet from bankruptcy. 20 trillion dollars in brand new money all went into wallstreet in 2020 to make the V shaped recovery and no one said how unfair it was to forgive them their losses.
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If you want to be president in 2024 become the secretary of education now and write off all student load debt. Guaranteed way to get the youth to turn out and vote for you in never before seen numbers.
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Actually we dont need Biden to lift a finger he isn't the secretary of education. That person alone has the authority per the video not the president who appointed the secretary of education
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@e1v1a19 how about we change college loans to be repaired based on the value added to your working income. Simply make the payment x percent of your income for y years after you graduate. The better job they do getting you qualified and placed in the job market the better their return on investment.
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@RedShiftedDollar first off the bank sold the loan a long time ago. Second the federal reserve created the money to loan out in the first place or all but 10% of it as that is how fractional reserves work. Third if you are so worried about the payment of the loans let the federal reserve created accounts for all Americans and have them create the money to pay off the debts to the new accounts of the debt holding students with the condition that it must be a direct payment to the loan. The federal reserve created 20 trillion dollars in currency in 2020 to bailout wallstreet it would be a drop in the bucket in comparison for them to pay off student loan debt.
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@RedShiftedDollar so basically you don't approve of the financial system that our economy is based on is your point got it
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@TheAdamisgay If I was rewriting the tax code there would be zero deductions. The real cost of living would be the only deduction that everyone gets. Then the marginal tax rates would be based on the government budget avg for the last decade. The top bracket would be 20x the median income being taxed at 100% because no one needs more income than the avg American can earn in their entire 20 year working career in a single year. I say 20 years because it is the historical and military full vesting point for retirement. So it is considered the working career of a professional to reach full retirement income. But I wouldn't use tax codes to force social behavior which is what is currently done with mortgage deductions and child deductions. Why should I pay more taxes than my friends who choose to have kids that add a burden on our society that I didn't? I don't mind helping to educate them but I shouldn't have to pay more than the parents if we have the same income. By the way my grandfather always said when the income tax started the standard deduction was over the avg American income and the people who could just earn a living didn't pay income tax. He said as a farmer if you had a good year and actually paid income taxes you didn't complain because it ment you where bragging about being better off than the person you where talking to. Think for a moment how much we have allowed the wealthy to change that narrative.
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@RedShiftedDollar well than we might as well help the youth be free of their burden as you dont believe the system will last anyway.
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@RedShiftedDollar nope not a fair analog because the people who causes the issues you worry about are not the students who need help. They didn't create the fractional reserves or take us off the gold standard they are the victims of a system handed to them by our grandparents who are already dead and kicked the can down the road. What I don't understand is why you think they should pay back money that the lenders never had in the first place
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@RedShiftedDollar but our federal reserve money creation system definitely benefits the wealthy more than the poor. It is a key factor in income inequality when there are some members of society who can loan out money they dont have to you then take your physical assets when you fail to pay back the money they never had in the first place. Not to mention that if the banks make a bad decision they turn to the federal reserve and say you have to pay back our losses because we are too big to fail.
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@RedShiftedDollar nope the wealthy benefit more because they got bailout money from the federal reserve on the order of 20 trillion dollars dumped into the stock market as it became the buyer of last resort in 2020. That is equivalent to giving every single American $57,000 but it went to the 20% of Americans who own 80% of all stocks.
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@RedShiftedDollar wrong because credit has to be paid back. The federal reserve didn't get the 20 trillion dollars back from wallstreet
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@RedShiftedDollar so in 2008 when 6 million Americans lost their homes to foreclosure how many of the banks filled bankruptcy how many of the bankers lost their millions on compensation for the failures of their leadership? How many went to Jail? None. You act like it is all wonderful that the federal reserve only provides the access to the newly created money to the wealthy as though that has nothing to do with the income inequality in our society. While the cooperations got loans from the government that will be forgiven and the renters only got increased debt as they where told they didn't have to make their monthly payments in 2020. The working class wasn't told here is 95% of your income while you stay home to fight the pandemic the working class didn't get their mortgage or rent forgiven with federal reserve currency paying it for them. But corporations they got federal government funds that are loans in name only really grants or free money as the federal government told them it will be forgiven. So nope the bailouts the the wealthy and corporations they own isn't helping our society when the working class is left out. The federal reserve could have just as easily used that 20 trillion dollars to avoid the eviction and foreclosure crisis we are on the verge of. But instead the policies of our government have created that crisis which will result in many more Americans losing their homes or being kicked out of their apartment than in 2008. The 2008 policies of bailouts for the banks and losses for the homeowners is how BlackRock became the single largest landlord in the USA. That is the legacy of our money creation system. The one you think works well. You still haven't explained why when a bank only has 10% of the money they loan me for my mortgage they get to foreclose on my property after I have already paid back more than 10% of the loan amount. I mean they have gotten back 100% of the investment they made in the property ar that point why should there be someone between the working class and the federal reserve who gets 90% of the loan value in profits?
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