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Forum » Student Loans: US Consumer Spending Could Drop By $1 Trillion A Month
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Thread: Student Loans: US Consumer Spending Could Drop By $1 Trillion A Month

post 1688458823 08-16-2023, 10:40 AM
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Student Loans: US Consumer Spending Could Drop By $1 Trillion A Month

No, really. Srs.

George breaks it down:




Cliffs:

- US credit card debt is at a new record high
Outstanding credit balances hit $1.03 trillion in the second quarter, according to new data released Tuesday from the Federal Reserve Bank of New York, up 4.6% from $986 billion in the first quarter. That’s the highest level recorded for the series and follows data Friday from the Federal Reserve Bank of St. Louis that also showed credit card debt topping $1 trillion.
- 43M people have outstanding student loans

- the average monthly payment is $400

- only 500K borrowers are currently making regular payments

- 30M+ are in some type of deferment or default




If 30M people must begin directing $400 a month to student loan payments that is a potential $1.2 Trillion no longer paying other expenses/loans or making new purchases.



Target warning:

Target's latest warning is 'a bad development for the retail industry,' analyst explains

https://news.yahoo.com/targets-warni...185715001.html
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post 1688458843 08-16-2023, 10:40 AM
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post 1688459093 08-16-2023, 10:43 AM
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I'm guessing they are expecting rich people pay for these student loans?
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post 1688459103 08-16-2023, 10:44 AM
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I had to pay back 75k in student loans, fook studentloancells
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post 1688459233 08-16-2023, 10:46 AM
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For anyone unfamiliar, George Gammon was an Uber driver 4 years ago. Having a youtube channel and moving to Colombia where its cheaper does not make one a macroeconomics expert.

Not gonna watch/10
post 1688459403 08-16-2023, 10:48 AM
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Don't worry.

Democrats will just print more money, as usual.
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post 1688459433 08-16-2023, 10:48 AM
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The student loan stuff is pure cope - they're going to get forgiven one way or another. Biden's 12 month on ramp policy gives them just enough time to get forgiveness passed through the higher education act route, which has significantly more legal grounds. It's political genius as well given we'll be having an election next year. Almostzerochance there isn't some form of forgiveness.
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post 1688459523 08-16-2023, 10:49 AM
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There's a big chit storm coming at the end of this year. Mortgage Rates are now 8% and consumer spending is slowing.

Anybody who fails to see what is coming must have plaque on the brain.
post 1688459893 08-16-2023, 10:54 AM
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Originally Posted By OliverHeldens⏩
There's a big chit storm coming at the end of this year. Mortgage Rates are now 8% and consumer spending is slowing.

Anybody who fails to see what is coming must have plaque on the brain.
Anybody who can predict so perfectly is a moron. If you’re so sure where’s your fortune phggt?
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post 1688460163 08-16-2023, 10:59 AM
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post 1688460173 08-16-2023, 10:59 AM
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Originally Posted By StocktonRush⏩
I'm guessing they are expecting rich people pay for these student loans?
I think it's devolving to make believe TBH.
Originally Posted By dingler⏩
I had to pay back 75k in student loans, fook studentloancells
This post is not an argument for student loan forgiveness, just shining a light on events.
Originally Posted By cobhc⏩
Don't worry.

Democrats will just print more money, as usual.
I mean they are already printing hard and fast.

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post 1688460353 08-16-2023, 11:02 AM
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Originally Posted By katya422⏩
I think it's devolving to make believe TBH.




This post is not an argument for student loan forgiveness, just shining a light on events.




I mean they are already printing hard and fast.

I don't want to see any type of student loan forgiveness, I'd rather see the world burn to the ground.
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post 1688460553 08-16-2023, 11:04 AM
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I didn't watch the video,, but off the top of my head it has me thinking the money has to come from somewhere in the economy. Many are already writing that students with University debt tend to be wealthier Americans with higher paying jobs. Taking money from elsewhere in the economy to give to students with University debts means where ever the place the money was taken from will be spending less.
post 1688460943 08-16-2023, 11:08 AM
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Originally Posted By Zelensky⏩
For anyone unfamiliar, George Gammon was an Uber driver 4 years ago. Having a youtube channel and moving to Colombia where its cheaper does not make one a macroeconomics expert.

Not gonna watch/10
Watch. Don't watch.

The math is pretty straight forward though.

Millions of people will soon have about $100 less per week to spend as they please if they must begin paying their student loans.
Originally Posted By LeftistGent⏩
The student loan stuff is pure cope - they're going to get forgiven one way or another. Biden's 12 month on ramp policy gives them just enough time to get forgiveness passed through the higher education act route, which has significantly more legal grounds. It's political genius as well given we'll be having an election next year. Almostzerochance there isn't some form of forgiveness.
Or the entire system is reset, or goes into default, or something.


Originally Posted By OliverHeldens⏩
There's a big chit storm coming at the end of this year. Mortgage Rates are now 8% and consumer spending is slowing.

Anybody who fails to see what is coming must have plaque on the brain.
That's how it looks to me.

I read that the US debt is increasing by $1M every 40 seconds.
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post 1688461073 08-16-2023, 11:10 AM
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post 1688461263 08-16-2023, 11:14 AM
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I'm sure those with student loans are just plain not going to pay them, will default, etc. No fcking way will they give up spending money on stupid **** to pay their loans off.

Of course whoever wins the next few presidential elections will have to make some promises for student loans and potential forgiveness, if they want to win.

Its interesting how the government would rather try to forgive the outstanding loans than just place a ban on anyone else taking out student loans. If such a small percentage are actively paying them off that should be an indication that the business is bunk. Communications companies leave areas of nobody pays their bills, but banks are still handing these out no matter what
post 1688461663 08-16-2023, 11:21 AM
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Originally Posted By Zelensky⏩
For anyone unfamiliar, George Gammon was an Uber driver 4 years ago. Having a youtube channel and moving to Colombia where its cheaper does not make one a macroeconomics expert.

Not gonna watch/10
Yeah and the guy who was pushing your chit in for months in eastern Ukraine used to sell hot dogs...content over credentials



-stocks crash, print money to save them
-mortgages arent getting paid, halt forclosures/evictions
-people have minimal savings, send them $$$/month for two years
-people cannot repay their debts, try to forgive their debts

This country/economy needs a real wake up call. No more kicking the can down the road, its been 15 years of can kicking and the roads running out. Keep interest rates at 5%+ for years and cull all the wasted space. Sink or swim, bring back capatilism.

I have no sympathy for those in debt. I dont care if you were 18 or your parents were pressuring you. 18 year olds understand what a signature means and if they went to college they can do the math required to see what repayment looks like. You sign, you pay. Saw a survey that stated majority spent their hypothetical paused repayment on cooooonsumer BS the past three years. So the govt actually helps you by pausing interest and allowing you to attack the principle and instead 99% (true figure) havent paid a dime and bought uggs and Ipads instead...reap what you sow dummies.
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post 1688462083 08-16-2023, 11:27 AM
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Originally Posted By DolphinPilot⏩
I'm sure those with student loans are just plain not going to pay them, will default, etc. No fcking way will they give up spending money on stupid **** to pay their loans off.

Of course whoever wins the next few presidential elections will have to make some promises for student loans and potential forgiveness, if they want to win.

Its interesting how the government would rather try to forgive the outstanding loans than just place a ban on anyone else taking out student loans.If such a small percentage are actively paying them off that should be an indication that the business is bunk. Communications companies leave areas of nobody pays their bills, but banks are still handing these out no matter what
Well theoretically the government is trying to keep the plates spinning.

The repayment of debt is deflationary. Despite the news headlines being all about consumer price inflation our money supply is contracting rapidly- fastest contraction since the Great Depression.

The last thing you want to do if fighting tightening economic conditions is to decrease overall spending even more. If they stop handing out these student loans then all of the economic activity being fed by said loans dries up.

If they end the deferment/begin repayments this also will end a backdoor stimulus they have been running to keep people spending and shore up economic activity.

In a sane world the federal government would have stuck with grants for secondary education instead of this stupid loan scheme which distorted the market by allowing people to take out debt to attend without looking hard at ability to complete a degree, or ability to repay based on expected salary/employment for a person who did successfully attain said degree.

The most fair fix [that we can afford] would be to cap total interest paid/years of payments and to allow normal discharge via the bankruptcy courts.
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post 1688462353 08-16-2023, 11:33 AM
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The concept of austerity would truly benefit the vast majority of American households.

Cooking at home, buying functional clothing, focusing their time on family and income generation and less time on clout chasing or "keeping up with the xes".

Inb4 "but that would collapse the American economy" no. Just make us less dependent on cheap foreign exports.
post 1688462553 08-16-2023, 11:37 AM
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I’ve been hearing predictions of massive deflation the past couple months.
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