RUMOR - Biden to announce cancellation of student debt

[Belsnickel]

So, one of the reasons that student loan forgiveness is a big talking point right now is because of the impact it has on the overall economy. We often hear about the way "Millennials have ruined everything!" What this is a result of is that my generation isn't having kids, aren't buying houses, aren't investing in the same ways generations before us have. Why? Because we can't afford it.

Thanks to Clinton, we grew up hearing that college was a necessity for a good job. They made it easier to borrow money under the auspices of making college more affordable. However, they didn't foresee the increase in demand which combined with the changing landscape of higher education in general and the defunding of public higher education by state legislatures to drive prices through the roof. So, policy decisions caused a huge domino effect and caused my generation to take on billions upon billions of dollars in debt. So, in trying to pay all of this off, we aren't having kids, buying houses, buying new cars, etc. So what does this do?

Issues with the housing market, the declining birth rate, less spending on big ticket items and other things that help drive the economy. We aren't spending money on those because wages haven't kept up with inflation so it is all many of us can do to pay for the essentials plus make the loan payments. Have a kid? That's too expensive, and forget the idea of having two to replace us in society. The housing market is experiencing changes in how it all operates as the market is manipulated more and more by large companies because there aren't enough buyers in the market to keep up the way it has been.

It's a larger problem for the economy than just the debt itself. When you look at this problem from a systems view, you can see that these things are highly interconnected. You can't silo this issue off on its own.