Cancelling $4T in taxes for 815 billionaires but not $1.7T in student debt for 40M Americans is the modern version of let them eat cake.
@QasimRashid It's absolutely not, though.
That's not how the government works, that's not how government finance works.
To say that those students don't need to pay for their share of the government budget isn't about letting them eat cake or whatever you think that means. It's about defunding government programs that our democratic process decided needed to be funded in that way.
No, you have that completely backwards.
@volkris @QasimRashid so the students in wherever don't pay any tax?
@pkraus The federal government treats the loans as a source of revenue, effectively as a tax.
It's not about whether you pay any other tax, it's about saying they don't have to pay their taxes in this case even though the government was relying on those revenues to fund government programs.
@volkris @QasimRashid the federal government here is able to finance all that from general taxation. Just saying.
Well yes, that's exactly what happened.
The federal government financed loans as it considered it a financial investment. It financed the loans knowing that the interest upon repayment would pay for federal programs.
It's BECAUSE the federal government financed those loans through taxation with a plan to pay for other programs that the payments need to keep coming in.
Again, I was a critic of that financing plan, but here we are.
