What does that have to do with the subject at hand?
Biden signs student loan cancellation
- Thread starter veni vidi vici
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Start by looking at the seemingly limitless supply of government (taxpayer) $$ in the student loan market……is it any wonder that colleges have hiked their tuitions well above the rate of inflation year after year?
Steam Flyer
Sophisticated Yet Humble
It certainly seems relevant in a discussion of whether or not people should pay back their legally contracted debts.
So in other words, more whataboutism BS. You and your elk couldn’t form an argument if it fell into your lap. Do you guys ever get tired of grasping at straws? Trump’s companies filed for bankruptcy under provisions of law. People can do the same to discharge student loans. As discussed previously in this thread, is it difficult to get rid of student loans via bankruptcy? Yes, it is. Don’t like it? Elect people to change the law - that’s how it works.
The answer: harmful. Why? A one-time (hopefully) payout to a group of people currently suffering near record-low 2% unemployment, in a shameful ploy to buy votes for the midterms - resulting in higher taxes to fund this nonsense, incremental inflationary pressure and yet even higher college tuition down the road. And this nonsensical EO does precisely zero to fix the underlying issue of out-of-control college tuition, which has been rising well above inflation for years.
Gouvernail
Lottsa people don’t know I’m famous
Bullshit!! Cite your sources
Gouvernail
Lottsa people don’t know I’m famous
So… the government aided in the financial rape of teenagers…
Govt provides the funds, kids make decisions - likely often in consultation with their parents, guidance counselors, etc……call it what you want to…..
Gouvernail
Lottsa people don’t know I’m famous
Financial rape of teenagers with bankruptcy proof enforcement by bribed influence pedaling politicians.
The financial rape is being perpetuated by right wing wanna be rapists who years later are eager to show support for the rapists by objecting to any and every attempt to help the victims.
Dog 2.0
Super Anarchist
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Another Biden boondoggle.
Personally, I think its mostly a political stunt, particularly as structured. But it will help some people.
The 'one-time' payout is true - but none of those people have paid on their student loan in over two years anyway. Debt has some stress attached and negative lending connotations but $10K isn't going to change the borrowing situation of many borrowers, especially when, say, the 'average starter home' is now over $220k. $10K is a trivial component in that calculus. That's why I don't believe this will be particularly inflationary either - that money is already being spent. Re-instituting the payments might be deflationary but forgiving the debt isn't inflationary. As I said above, I do believe there's a couple million people that will probably tangibly benefit, so that's good at least.
The higher taxes will be born by the people most likely to receive the forgiveness. That's one of the points against transferring the debt in this way - its not progressive and therefore mostly benefits wealthy families - who also pay, by far, the largest amount of taxes. So can't have that both ways. In fact, its plausibly argued that the whole plan is just a deferral - I'm going to take away your monthly payments today and put them onto your future taxes. Aren't I a great guy?
I agree, it may, in fact, be an accelerator on college costs but personally, I think college costs don't need much of an accelerant to keep climbing. There is zero break on that car already.
The 'interest guarantee' to the investor community seems like a total giveaway. To me, the big winner in all of this are bond fund managers. Everyone seems to whine about bank profits expos facto but we collectively don't raise a paritcular stink (except Jules above) when we're actually giving them the largess in the first place. So why is it there? In part, because the hard truth is that the system is bloated and cumbersome and part of this action is to also clean up that mess. The loan processors have admitted they don't have accurate addresses on millions of clients. The COVID shutdown has left a mess on many fronts - and some of this program is literally to clean that up, rather than admit and write-off the losses.
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Peter Andersen
Anarchist
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Sure, I'll send you one right after the one for 'The earth is round'
Now you are just being stupid.
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Steam Flyer
Sophisticated Yet Humble
It's not whataboutism at all. It's the exact same issue you are complaining about.
Good vocabulary, though. You've learned a new word! Now you just have to grasp the definition
Gouvernail
Lottsa people don’t know I’m famous
So you were simply lying…. Typical Republican
Peter Andersen
Anarchist
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Now you are being REALLY stupid
On the fairness argument: I had loans, paid them off. But now the govt threw me the 529 plan. I did some quick math and it looks like I’ve saved >$50k in taxes on my kids college investment accounts. Someone might have a beef about fairness, but it ain’t the folks who can take advantage of 529 plans….
veni vidi vici
Omne quod audimus est opinio, non res. Omnia videm
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….
veni vidi vici
Omne quod audimus est opinio, non res. Omnia videm
- 5,858
- 1,263
- Thread starter
- #298
….
Peter Andersen
Anarchist
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10 Cheapest States to go to college in the U.S – 2022
Discover the latest list of the cheapest states to go to college in 2021 and the best cheap college to pursue your educational journey.
admissionsly.com
Mike G
Super Anarchist
I'm thinking there's going to be a stripper shortage now that they don't have to strip to pay off their loans.
