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Biden wants to get rid of student loans/why it didn't happen/ explained #gizzycredit
So, just like with the backpedaling on the removal of credit bureaus or changing of credit bureaus as initially promised, coupled with the difficulty pertaining to the min wage increase uniformly across the country as wanted, the school loans dismissals are now the next in a long line of retracts the Biden Administration is having to distance themselves from.
The US government makes a lot of money on the lending of student loans. Whether that is tax money they are reinvesting at no borrowing cost or T Bond money they are making a yield spread on, they have about a Trillion dollars of student loan debt earning a likely blended 7 %percent with an approximate blended borrowing cost of 2.5 %percent, which is not only a great return, but a great profit engine for them to offset the increasing debt burden and to also feather out the cost of their debt when interest rates inevitably start to go back up.
Meaning, if they discharged this debt, not only would it be almost impossible to justify taking $1.3- $4 trillion dollars in debt from a balance sheet perspective, but it's a zero sum game, meaning if the borrowers get there student loans discharged, then the government loses $1.3-$4 trillion, which they wouldn't allow happen, but if it did happen, the govt would then have to find a way to tax us alternatively to make up for it, which would be insane in how badly we would get taxed to fill that hole.
Simply put, the student loans make too much money for the government which helps assist in servicing their broader debt and subsequently helps to keep our government turning and with all this extra spending from co-vid, these debt payments are more necessary than ever not to mention, we are a $21 trillion dollar economy and student loans represents $1.3-$4 trillion which is about 5 %percent, they aren't going to just make 5 %percent of their leveraged economy disappear, when it's far too great of an asset!
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