423
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 31 Aug 2023
423 points (97.1% liked)
News
23634 readers
3382 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 2 years ago
MODERATORS
While I agree with your sentiment, ~2/3rds of it according to the article isn't being given to them but being available in loans. So the article should say $5.5 given away, and $10 billion made avaliable to pay back.
Loans are costs too. It's tying up capital that could be used elsewhere
It's more like investment, especially if it saves jobs. It can be a win-win. Companies have it easier time switching to EV manufacturing, which helps those companies and the environment. Manufacturing jobs are saved, both giving a living to a lot of people and helping communities and saving on benefit payments.
Could of course backfire or go to shit but investments like this from states seem like a very wise move imo.
Take loan
Spend it on stock buybacks
Buy a senator or 50
Profit
I wouldn't exactly be surprised if that happens but I'm not pessimistic enough to think it will hah. I'd imagine plenty of them will actually use the money for EV transition since that really is the direction things are going anyway.
I'm not sure that's the case when you're the government and can and do print money. Not every rule of finance applies to the entity that gives credibility to the currency in the first place. This is also why the concept of governmental debt is much less meaningful than the concept of individual debt.
The government is limited in monetary policy by inflation.
Of course, the Petrodollar doesn't really have this problem, but it ends up exporting inflation around the world.
And yet when it comes time to talk about student loans suddenly that the government is broke.