268
Biden wants to give more student debt relief in bankruptcy court. Not everyone's on board.
(www.usatoday.com)
this post was submitted on 26 Dec 2023
268 points (97.5% liked)
News
23287 readers
5390 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
If someone is deemed by society too stupid to make life choices we assign them a care giver and they become a ward. If your excuse to taking out mountains of debt is no reason and want to get it all expunged with no penalty, then you should be divested of your finances and have someone appointed to take care of all your financial choices.
Otherwise some societies have debtor prisons where you exchange time of your life for the value you stole from others. The US only has debtors prison for federal taxes even though they don't call it that anymore.
Bankruptcy not allowing certain types of debt is very stupid and obviously because of lobbies. Bankruptcy should be eliminated. The very few people that use it individually are nothing compared to the corporations that use it to hide billions of dollars. Go "bankrupt". Stores stay open. Management continues getting paid. Employees lose their pension and stock benefits. All the creditors like the small supplier shops get no money for the items they sold to the store. Store can continue to sell items and never pay for them at ridiculous prices because the cost is zero.
Trying to control the lives of millions of people because they were too stupid with their finances is a very inefficient solution to the problem (also unpalatable). I think the far simpler option is to simply stop protecting anyone giving bad debt. The government has less work to do, people learn to be smart in what debt they offer, because if they start offering people the moon for punishing but distant costs, they’ll get nothing.
Your solution relies on every human being smart. Mine doesn’t care how smart people are, it ensures the problem is self correcting. Much neater, much less societal harm. Who actually cares about “punishing stupid debtors” when you can instead just not have any stupid debtors.
Just to add, I think the reason bankruptcy needs to exist is to ensure there is no burden on the government enforcing inefficient debt collection. It’s not about fairness or second chances, those are just happy side effects. But if someone’s business model relies on government enforced punishment to function it’s a wasteful model from the governments perspective. Allowing people to go bankrupt means nobody will benefit from this model of debt collection, and thus saves the courts and government to focus on more beneficial contract law involving large amounts of wealth, rather than millions of pittances that cost the government more than they earn the loan sharks.
Pretty sure scratchee and TechNerdWizard42 are the same person.
I assure you we’re not, and we seem to disagree pretty fundamentally, possibly you’re confused by the fact I replied to my own comment, but I assure you that was just because I was a bit drunk and couldn’t find the edit button
There was a bit where you both seemed to have pasted identical responses. The other comment seems to have been deleted.
Please give us a scientific definition of 'stupid.'