Debt

The recently passed Inflation Reduction Act was introduced to congress on September 27, 2021. Car companies watched the progress of this bill and when they felt it was going to pass they acted. In June GM and Ford raised the prices of the EV's by $6,000 to $8500. The Act passed in August of 2022 and will offer a $7,500 tax credit on new EV's. Now the government is considering reducing student debt by $10,000. What will that do to college tuition. There is an old saying that if you owe the bank $10,000 you are in debt but if you owe them $10 million you have a partner. The student debt got to $1.7 trillion and that as they say in bank parlance means they were too big to fail and became a partner. Personal credit card debt is currently $900 billion with an average debt of $5,200. When this reaches a high enough number will the government pay off the debt. There are 45 million Americans with student debt and 180 million Americans with credit card debt. All of the reasons for canceling student debt can be used to cancel credit card debt. That will get a lot more votes.