Student Debt Relief Shows Why All Politics Is Now an Inflation Debate

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 25 August 2022

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis and FTX US. According to reports, U.S. President Joe Biden is about to finally take action on student debt relief, wiping away $10,000 in federal debt for those making less than $125,000 a year (or $250,000 as a married couple). While the debate started on the campaign trail in 2020 as one of economic fairness and justice, today it is almost entirely about the potential impacts on inflation. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “The Now” by Aaron Sprinkle and “The Life We Had” by Moments. Image credit: Nuthawut Somsuk/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Wednesday, August 24th, and today we are talking about student
0:27.4	debt and the politics of inflation. A quick note before we dive in, however, there are two ways
0:33.7	to listen to the Breakdown podcast. You can listen each and every afternoon on the
0:37.9	Coin Desk Podcast Network, which features not only the breakdown but other great Coin Desk shows,
0:42.6	or if you want the breakdown only feed, that show comes out a few hours later in the evening.
0:47.6	Wherever you listen, I would so appreciate if you took the time to leave a rating or a review.
0:51.8	It makes a huge difference in terms of new people finding the show, and I appreciate each and every one of you who takes the time to do that.
0:57.8	Also, a disclosure, as always, in addition to them being a sponsor of the show, I also work with
1:01.9	FtX. And finally, I want to tell you about CoinDesk's new event, the investing in digital
1:07.0	enterprises and asset summits or ideas, which is designed to facilitate capital flow
1:12.4	and market growth by connecting the digital economy with traditional finance. Join
1:16.8	CoinDesk October 18th and 19th in New York City for a 360-degree investment experience,
1:22.4	where you can source, invest, and secure the next big deal in digital assets. Use code breakdown 20 for 20% off a general
1:29.1	pass and register today at coin desk.com slash ideas. All right, today we're talking about the
1:35.5	debate around student debt forgiveness in the United States. And if you're wondering why we're
1:40.2	talking about this one seemingly specific political issue, maybe it feels disconnected from
1:44.9	our normal fodder, it is for one very specific reason. The student loan debate shows that in
1:50.4	times of high inflation, everything becomes about inflation. So what I hope to do today is not
1:56.9	to list my personal positions on student debt, but instead, I want this to effectively be a
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