this post was submitted on 02 Aug 2024
988 points (98.3% liked)
Microblog Memes
5714 readers
3968 users here now
A place to share screenshots of Microblog posts, whether from Mastodon, tumblr, ~~Twitter~~ X, KBin, Threads or elsewhere.
Created as an evolution of White People Twitter and other tweet-capture subreddits.
Rules:
- Please put at least one word relevant to the post in the post title.
- Be nice.
- No advertising, brand promotion or guerilla marketing.
- Posters are encouraged to link to the toot or tweet etc in the description of posts.
Related communities:
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
You’re not wrong.
Inflation happens when too much cash is chasing too few goods/services.
That probably won’t happen immediately, because student loan holders will probably spend on pretty simple and fairly elastic stuff like food, transportation, entertainment, etc.
But that money eventually ends up in the pockets of wealthier individuals who will compete more ruthlessly over luxuries, vacations, properties, assets, etc.
If you add $1.9tn to the economy, you better have a good idea of where that money will end up long-term, and have a plan to prevent it from pooling in one spot.
So I’d say any plan to eliminate $1.9tn in working class debt should probably come with a plan to increase taxes on the owner class who will ultimately suck up most of that $1.9tn.