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Is canceling student loan debt considered stealing? (self.asklemmy)

submitted 3 weeks ago by lriv724 to c/asklemmy@lemmy.ml

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I have an economics teacher that made this claim in class yesterday. I wanted to know other people’s thoughts about it.

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[–] ryathal@sh.itjust.works 2 points 2 weeks ago

You can't just destroy money. With fractional reserve banking any bank can create money, but they can't destroy it. Only the Fed can "destroy" money by buying bonds back and not reselling them. Forgiving a is a loss to the lender, in the case of student loans, the government guarantees them, so the lender gets made whole and the government assumes the debt on behalf of the borrower.