People will always want free money, that is in their nature, and I understand in some situations but you have to find the difference between the silly one and reasonable one.
For example, USA government is giving away money to people, that sort of makes sense, I think instead of giving money they should have actually do it reverse and pay everyone's debt, that would have been a lot better, and that way you would have to talk with less people, just the ones that are owed and you would pay more money in logic because people have a lot of debt, but you would at least get a discount compared to individuals who would do it one by one. Pay their rents, pay their bills, pay their mortgages, basically pay all the debt they have, when someone has zero debt, even if you do not give them any money at all, they would probably survive. But if you give them money, they would not be even capable of paying their debt fully and would still be at zero.
I believe you made a really great point! But that can be a totally different topic for discussion. That concerns more monetary vs. fiscal policies in relation to overall economy vs. targeted stimulus. For example in USA, yes, they just handle free money to everyone and did achieve a minor economic stimulus, but in China they didn't do that (even though Chinese economy was also not in the best shape after COVID-19 lockdowns early in the year), but instead what they did - they did very targeted stimulus. For example: entertainment industry (like theatres, cinemas, etc.)? - let it go bankrupt if it has to and cannot survive on its own - not a big deal; SMEs, BioTech, new Tech, and e-commerce? - support them and give super cheap loans, and all kinds of subsidies (especially to BioTech and MedTech - it's super crazy now here about this). Was that a good or bad decision in short-term? - As we see already it was a good one. Was it a good or bad decision in long-term? - We need to wait and see.
But speaking about the option of debt repayment for people I see both the good side and bad side about that though. The good side is as you mentioned - people get a huge relief and can have normal life. The bad side - 1) people will not learn from their mistakes, so once you pay off their current debt, they will get new ones, and history will repeat, 2) I as an average American, might not have issues about my debt (no matter how big it is), and would rather get free money and invest in US stocks or Bitcoin (best option
), if I am intelligent enough, and I could pay off even greater part of my own debt. And of course from conspirologist side - I would want to keep people indebted (modern slavery), would know that I get this money back anyways (since most people just go to waste that money by buying useless things), and add some dopamine to their minds so they will spend even more than what they received. So from that perspective, just handing free money is not the best, or nicest option, but it's the most optimal for society and for the ones above (I think, but my decision is by no mean is the final or the most correct one).
