The way to dig the bottom deeper today is to get government bailouts, like bailing out companies or lenders, and like Biden’s recent tuition debt repayment bill. Bailouts are especially perverse because they give people who get into debt a competitive advantage over people who don’t, in an unpredictable manner that encourages people to see taking out a loan as a lottery ticket.
The way to dig the bottom deeper today is to get government bailouts, like bailing out companies or lenders, and like Biden’s recent tuition debt repayment bill. Bailouts are especially perverse because they give people who get into debt a competitive advantage over people who don’t, in an unpredictable manner that encourages people to see taking out a loan as a lottery ticket.