Student Debt "Cancellation"

[oyarde]

Kids leaving HS acting like they know what they want to do for the rest of their life and having anxiety because they have to go to a certain school because that is their dream.

Probably why I've had a happy life and been successful is it is my general personality to not have high expectations.

 

[oyarde]

Does look like the limit will be 25k of write off for those making less than 125k per yr. So while it may incense the general public that someone making 120k gets a 25k gift it doesnt look like it'll be much help for someone borrowing 100k per yr.

 

[oyarde]

The closer you look at this the more it looks like the destructive marxist party ( dems) just trying to get a few votes from young stupid people while continuing the class warfare on middle America.

 

[GlennwaldSnowdenAssanged]

The cost of tuition has probably increased along with interest rates for new college loans.

 

[acptulsa]

Well that was a low blow. No, I had to work to pay for going to college at night something like almost 40 years ago.

Student loans were available forty years ago. Was that a low blow? Maybe. But he said he wondered. He didn't make any accusations.

Your immorality of character is showing. I described people that could not afford food that had their wages garnished for student loan debt. Yet you are fine with that despite that for every other debt you can declare bankruptcy.

Now that was a low blow. He did, in fact, suggest bankruptcy as a better solution to the problem. Doesn't sound like he's "fine with it" to me. What he has been saying is it's immoral to have people who are struggling to feed themselves pay off the debts of people making $249,999 a year. Are you fine with that?

This is how discussions turn into fights for no reason, through points getting ignored because they get in the way of escalation. Are you better than Swordshyll? Or are you a carbon copy of him?

 

[CaptUSA]

Well that was a low blow. No, I had to work to pay for going to college at night something like almost 40 years ago. I am old. LOL.

Your immorality of character is showing. I described people that could not afford food that had their wages garnished for student loan debt. Yet you are fine with that despite that for every other debt you can declare bankruptcy. I also described compromise to pick your battles saying now for the 3rd time in this thread warning about Republican losses in November if the right gets too retarded in their fight about it like you are now with false accusations and dis-compassionate behavior to the destitute. This all despite that I was pretty clear I do not think all people deserve to have it forgiven and the narrow category for compromise.

It is moronic to ask the destitute and street people to pay back college debt, that is what I mean by means testing.

Behaving like a bunch of elitist asses is a sure fire way to lose elections.

There was no "low blow" intended. What I am saying is that those of us who are opposed to such an injustice will start to question the motives of those who support it or want to "compromise" with it.

As for bankruptcy, I even said in that post, that I'd support allowing that for those who need it - but THAT'S NOT WHAT THIS IS ABOUT. I understand you want to set up a strawman to argue because it's easier than staying on topic. The vast majority of the true "destitute" have not taken out student loans to go to college. They needed to eat. They went to work. Maybe they even dropped out of high school so they could start eating earlier. If someone wants to declare bankruptcy to escape their debts, student loans should be a part of that. But you can't let people off the hook for their decisions without that declaration and all that comes with it. And you certainly shouldn't be making other people pay for them! Sorry, but you're on the immoral end of this discussion, so it might be best to stay on point instead of employing this straw.


Now, that being said, I have GREAT news!! Most of us know that college is just a credentialing system disguised as an education system. You pay money or take on a debt to get the credential that allows you to earn a higher living in the future. Corporations love those credentials! But with this new edict, we have all paid money and taken on debt to secure these credentials. You are talking to the newest proud Masters recipient from Stanford University!! I paid for the credential - I'm gonna start touting it!!

 

[Anti Globalist]

Can't wait until all the college students have that light bulb moment when they realize they'll be paying this back in taxes.

 

[Occam's Banana]

The Consequences of Debt Forgiveness - Part Of The Problem 899
On this episode of Part Of The Problem Dave and Robbie discuss the ramifications of the Biden administration forgiving billions in student loan debt. This Episode Was Recorded On 8.26.22
https://www.youtube.com/watch?v=dSn0EJMfS9g

//

 

[Invisible Man]

Can't wait until all the college students have that light bulb moment when they realize they'll be paying this back in taxes.

Don't hold your breath.

 

[Voluntarist]

Here's an exercise for the reader: Who, if anyone, would federal courts recognize as having "standing" to sue over this issue - and for what kind of "relief"? (At least with the vaccine mandates, those directly subject to the mandates were easily recognized as having standing, and relief consisted of their not having to take the jab.)

I don't know if any of these would hold water, but per The Hill:

“It’s an obvious standing hurdle. It seems plausible to me that some plaintiffs could overcome it,” said Richard Re, University of Virginia law professor. “If someone can show that this measure will cost them something financially, that would probably be the strongest way to have a challenge be heard on the merits.”

Re and others have suggested that loan servicers could potentially sue to stop the loan forgiveness. Erickson said that borrowers who fall just outside the income bracket for the loan forgiveness — such as those who make $126,000 per year — may also be able to sue.

Should they retake control of the House of Representatives in the upcoming midterm elections, Republicans could also file a lawsuit against the student loan forgiveness plan as early as January, she said, like the suit then-House Speaker John Boehner (R-Ohio) filed over the Affordable Care Act in 2014.
...
“The difficulty, I think, is I don’t know who has standing to sue,” said Neal McCluskey, a policy analyst at the CATO Institute. “So, the most direct harm it seems to me is on taxpayers because they’re not getting repaid and they have to cover government spending.”

 

[GlennwaldSnowdenAssanged]

The Plan:
Biden announces Debt relief like he can do it himself.
Huge controversy about whether he can do it or not.
Pelosi has video saying President cannot do it alone. Congress needs to do it.
Biden seen on video saying he cannot do 50k.
2022 Congress in question Red Wave Blue Wave
If you want tuition bailout vote Democrat because we need control of congress to make it happen!

 

[Anti Federalist]

Employers won't hire without the degree. Scholarships are right out of HS and not going to cover the cost.

Oh fuck that.

The world needs ditch diggers as well.

Maybe it would not cost that much if the tuition were not being bid into the stratosphere by a bunch of foreign flag trash and their idle rich kids.

There is an ivy league prep school in the town I live in.

60 years ago, looking over the yearbooks and paperwork, you find that the student body was almost all local young men back from the wars, many of them going to school on the GI Bill or working their way through by working local logging or factory or mill jobs. The tuition cost was about $500 a semester.

Move forward to 2020, the mills and the factories and logging jobs are mostly gone, and the tuition is now around $67,000.

The student body is mostly the idle rich children of foreigners from God knows where.

 

[GlennwaldSnowdenAssanged]

Oh $#@! that.

The world needs ditch diggers as well.

Maybe it would not cost that much if the tuition were not being bid into the stratosphere by a bunch of foreign flag trash and their idle rich kids.

There is an ivy league prep school in the town I live in.

60 years ago, looking over the yearbooks and paperwork, you find that the student body was almost all local young men back from the wars, many of them going to school on the GI Bill or working their way through by working local logging or factory or mill jobs. The tuition cost was about $500 a semester.

Move forward to 2020, the mills and the factories and logging jobs are mostly gone, and the tuition is now around $67,000.

The student body is mostly the idle rich children of foreigners from God knows where.

My comment was in reply to a company that would pay for a person to go to school. Why would they do that when the community is full of degree holding individuals. I agree a person doesn't need a degree to be a ditch digger but companies are not going to pay to send ditch diggers to college for years and scholarships are mostly available to people in High School. Another factor might be a consideration is companies might prefer that a 40 year old has 15 years of practical experience after they earned their degree than being a new grad at 40. I don't know.

 

[Philhelm]

Zelensky isn't getting any money...lol...Raytheon, GE and other defense contractors are the ones getting the cash.

He's probably getting some, but otherwise I agree that there is some heavy money laundering.

 

[Occam's Banana]

 

[Krugminator2]

Imagine I buy a Ferrari on credit. I decide not to make any payments. I keep telling them they will get their money. A year goes by with no payments and finally in the middle of the night the car is repossessed What are they so mad about? It didn't cost them anything. The money never existed but they are still mad.

Time value of money seems to be lost on all the people that think forgiving interest is "free".

 

[ClaytonB]

Imagine I buy a Ferrari on credit. I decide not to make any payments. I keep telling them they will get their money. A year goes by with no payments and finally in the middle of the night the car is repossessed What are they so mad about? It didn't cost them anything. The money never existed but they are still mad.

Time value of money seems to be lost on all the people that think forgiving interest is "free".

OK, but the sheer existence of one player in the game with the power to give infinity-loans corrupts the whole game and leads to an endless stream of nonsensical proposals to "cancel debt" because "all debt is just imaginary". Well, all debt purchased by the Fed really is imaginary -- there was no real capital exchanged for the debt that was purchased. So if the Fed loans me the money for a Ferrari, and I use it to buy a Ferrari... and I don't repay that loan... what the hell are they mad about?

 

[Krugminator2]

OK, but the sheer existence of one player in the game with the power to give infinity-loans corrupts the whole game and leads to an endless stream of nonsensical proposals to "cancel debt" because "all debt is just imaginary". Well, all debt purchased by the Fed really is imaginary -- there was no real capital exchanged for the debt that was purchased. So if the Fed loans me the money for a Ferrari, and I use it to buy a Ferrari... and I don't repay that loan... what the hell are they mad about?

Spending money from a government loan and not repaying is inflationary. Repaying the loan isn't.

 

[Invisible Man]

Spending money from a government loan and not repaying is inflationary. Repaying the loan isn't.

Isn't it true that repaying the loan is not merely not inflationary, but positively deflationary? It negates, or at least partially negates, the inflation of the loan being given out. allowing the loans not to be repaid exacerbates their inflationary effect.

 

[ClaytonB]

Spending money from a government loan and not repaying is inflationary. Repaying the loan isn't.

Both are inflationary. Not repaying the "loan" (monetary expansion) is extremely inflationary; repaying the "loan" (credit expansion) is relatively less inflationary. In practical terms, this translates into inflationary credit being expanded on an industrial scale, thus resulting in high inflation anyway. The 2008 housing collapse and subsequent bailouts is just one recent, notable example. It can be argued that we are still recovering from that inflationary credit-expansion-induced collapse.