In 2022, is being financially responsible for suckers? (Obama, companies, politicians)
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Bailouts, rent/mortgage moratoriums, "stimulus," student loan "forgiveness," etc. What's the point of being financially responsible under these circumstances? The financially responsible and prudent are always sacrificed to bailout the financially reckless and irresponsible.
A few weeks ago, I dislocated my shoulder and had to go to the ER to get it fixed. Under normal circumstances, I would pay the bill right away. But now, I think I will put off paying it indefinitely.
The more you have, the more they can take. There's something to be said for having no net worth, however I'd rather have net worth and just protect it. But yes, being financially responsible has been a sucker's game since QE in 2008. We have a managed economy where everyone is debt-heavy, due to years of interest rate manipulation by central banks, suppressing rates, allowing companies to go heavy into debt just to do stock buybacks, and people to take on more debt than they should.
Bailing out will always be pushed over bankruptcy. The MMTers will tell you deflation is the real boogeyman, and the MMTers run the show right now.
The more you have, the more they can take. There's something to be said for having no net worth, however I'd rather have net worth and just protect it. But yes, being financially responsible has been a sucker's game since QE in 2008. We have a managed economy where everyone is debt-heavy, due to years of interest rate manipulation by central banks, suppressing rates, allowing companies to go heavy into debt just to do stock buybacks, and people to take on more debt than they should.
Bailing out will always be pushed over bankruptcy. The MMTers will tell you deflation is the real boogeyman, and the MMTers run the show right now.
God, I cannot wait until this empire of BS and fakery crashes and burns once and for all.
I've been debt-ridden poor, & seen my Mother's car repossessed when I was 12; after my Dad split. I lived paycheck to paycheck for years.
I've also been debt-free and affluent enough to retire in my 50's.
I prefer the ladder by far.
I doubt the student loan thing will ever come to pass...it was a fake & successful vote-buying scam...its unconstitutional to take money from some taxpayers to pay off other taxpayers individual personal loans. They knew that all along.
It would be the same as taking taxpayer money to pay off another persons Master Card balance, or car loan.
I've been debt-ridden poor, & seen my Mother's car repossessed when I was 12; after my Dad split. I lived paycheck to paycheck for years.
I've also been debt-free and affluent enough to retire in my 50's.
I prefer the ladder by far.
I doubt the student loan thing will ever come to pass...it was a fake & successful vote-buying scam...its unconstitutional to take money from some taxpayers to pay off other taxpayers individual personal loans. They knew that all along.
It would be the same as taking taxpayer money to pay off another persons Master Card balance, or car loan.
These student loan "extensions" are effectively a student loan forgiveness. Relatively few politicians will have the political will to reverse them.
Bailouts, rent/mortgage moratoriums, "stimulus," student loan "forgiveness," etc. What's the point of being financially responsible under these circumstances? The financially responsible and prudent are always sacrificed to bailout the financially reckless and irresponsible.
A few weeks ago, I dislocated my shoulder and had to go to the ER to get it fixed. Under normal circumstances, I would pay the bill right away. But now, I think I will put off paying it indefinitely.
If having self respect makes me a sucker, then I guess I'm a sucker.
I don't like debt forgiveness at all. You took a chance with a loan, you need to suck it up and pay it off. I'm totally against student loan forgiveness. I am way more on board with subsidizing education for people who want to be teachers, nurses, public health, as well as doctors willing to work XX amount of years to serve in places no one wants to be.
As for stimulus and bailouts, I understand that's more about keeping the economy going and not letting it crash. Gosh I remember the auto industry bailouts during the Obama years I think it was. I guess some of these companies get too big to fail and their failure ends up hurting the country. That said, there's not enough of a requirement on those bailouts to make the companies give back when their fortunes turnaround.
I never got any of the stimulus money because people who live in high CoL areas tend to get punished on that, but I see why it's done and it's not to bail people out of some poor decision, but an attempt to keep them spending.
I don't like debt forgiveness at all. You took a chance with a loan, you need to suck it up and pay it off. I'm totally against student loan forgiveness. I am way more on board with subsidizing education for people who want to be teachers, nurses, public health, as well as doctors willing to work XX amount of years to serve in places no one wants to be.
As for stimulus and bailouts, I understand that's more about keeping the economy going and not letting it crash. Gosh I remember the auto industry bailouts during the Obama years I think it was. I guess some of these companies get too big to fail and their failure ends up hurting the country. That said, there's not enough of a requirement on those bailouts to make the companies give back when their fortunes turnaround.
I never got any of the stimulus money because people who live in high CoL areas tend to get punished on that, but I see why it's done and it's not to bail people out of some poor decision, but an attempt to keep them spending.
There is no such thing as something for nothing. Once you understand this fundamental and immutable economic/thermodynamic law, you will be opposed to any and all "bailouts."
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