Do you see the government bailing out student debt? Like, even Biden didn't do that. You'd think that with his kind of agenda, this would be something he would want to pursue. Honestly, I am probably the least qualified person on the planet to make predictions about what the government does. I don't watch the news and try to avoid it altogether. I just assume the worst possible worst-case scenario is going to happen and plan for that.
Especially as you look at the world right now, we're in a period of hyperinflation, which, depending on what source you look at, could be two digits different. I think that if student debt is forgiven and that is the solution, but lenders continue to lend without any changes, it's a really bad outcome. You're not solving the problem; you're just avoiding responsibility from this subset of borrowers. That's not a good solution.
If the debt isn't forgiven, I imagine this issue will continue to come up, especially if nothing is done to curb increasing tuition and more and more student borrowers taking on five to six figures of debt to pursue education paths that do not economically make sense. 100%. That is actually probably the riskiest path when you think about it on a macroeconomic scale; we're just creating all these debtors, and that's not a society I want to live in.
This goes back to the concept of plan lock. Even if we take being a doctor out of the equation, you go to a regular school, find yourself $60,000 in debt, and now you cannot follow your "dreams." It's interesting because while I might make fun of an art degree, if you love art, it's 2022, and there are tons of ways to make money with it. As an entrepreneur, I could use help from artists, so reach out to me if you are one. However, if you're already financially strapped, you may not be able to take that risk or say yes to a potentially promising job because you need to service the debt. It's a complex issue that we could speculate and discuss all day long.
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