OK, guys, now that all that’s over (well, most of it, anyway), let’s regroup and pick up where we left off, shall we? And where we left off is that the Biden administration is still a disaster and we’re still on track to get economically screwed.
For more on that, let’s check in on the would-be beneficiaries of Joe Biden’s brazenly unconstitutional student loan debt erasure:
After student loan forgiveness, 73% of borrowers plan to spend more on travel and dining out (via @CNBCMakeIt) https://t.co/6gsq1zVqsN
— CNBC (@CNBC) November 9, 2022
While recipients won’t see that aid in the form of a check, any remaining balances will be re-amortized, meaning monthly payments will be recalculated to reflect the new balance. For borrowers, that means monthly payments could drop by up to $300 per month.
That extra cash will be a much needed lifeline to cover other bills or necessary expenses for many. But some borrowers plan to spend the money more freely.
In fact, 73% of anticipated recipients say they expect to spend their debt forgiveness on non-essential items, including travel, dining out and new tech, according to a recent survey from Intelligent.com.
That discretionary spending won’t come guilt-free though. The same percentage of recipients — 73% — say using debt forgiveness funds on non-essentials isn’t the right thing to do.
It’s not that it’s not the right thing to do … it’s that it’s the completely irresponsible and stupid thing to do. It’s ultimately not going to make things better for borrowers, but it’s gonna make things for everyone a whole lot worse.
I’m very confused because Elizabeth Warren and AOC said people couldn’t afford student loans because they had to pick between rent, food on table or student loans. Now they will spend on travel and eating out. Must be nice to have that luxury
— Carmine (@carminedg) November 9, 2022
The argument to forgive loans was that students were unable to afford basic needs with their crippling student loan debt and yet 73% are going to spend more on travel and dining out after debt forgiveness.
Who could've ever seen this coming? https://t.co/nMFv2FslbK
— Your Friendly Neighborhood Numbersmuncher (@NumbersMuncher) November 9, 2022
Everyone. Everyone could’ve seen this coming.
https://twitter.com/NewEraWealthMGT/status/1590353692737183746
Fantastic. Not only do I get to pay off other people's loans, but I also get to pay even more for my vacation. https://t.co/UyBzs1KVQe
— Admiral James T. Nemo (@CEdward79) November 9, 2022
After student loan forgiveness, most American families will have to cut back on travel and dining out to pay for the student loans.
— Why? I think it is my DUTY (@kirin20200604) November 9, 2022
American families will be paying for this for years to come if it’s allowed to go through.
So more inflation?
— Hanmant Patil (@hanmant_np) November 9, 2022
So…more inflation. Great. https://t.co/VafXeapqdC
— Pradheep J. Shanker (@Neoavatara) November 9, 2022
It’s getting hot in here.
We are cooked https://t.co/DG5HNIkTro
— D (@DtayWayV) November 9, 2022
Burnt to a crisp.
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