OT Biden's Education Department will immediately wipe out out student loan debt for 40,000 borrowers

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EL PRESIDENTE said:
College is an investment in one's future. It's not for everyone, but for most, it will ensure that you are less likely to be poor/poverty than those without. Not really sure about the point of this, other than buying votes before the midterm to be honest.
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Honestly, it's the absolute minimum he could have done if he wanted any shot at winning at all.

Which is exactly what Biden was always going to do. As little for the middle class and poor as he possibly could while still getting reelected.

Welcome to the Democratic Party.
 
Phatguysrule said:
$125k is not high income. Parents making $250k isn't really either.

There is no reason to punish these people.
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They aren't prone to poverty. That's for sure. And they make multitudes more than most people who weren't afforded the luxury of college.
 
EL PRESIDENTE said:
They aren't prone to poverty. That's for sure. And they make multitudes more than most people who weren't afforded the luxury of college.
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That's true. But we need raise the rest of the poor/"middle class" to that level and higher. Not bring the people in that range down, as the current pressure is doing.
 
Phatguysrule said:
That's true. But we need raise the rest of the poor/"middle class" to that level and higher. Not bring the people in that range down, as the current pressure is doing.
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Isn't this just trickle down then?

"Help college grads who make more money to prevent them being poor like those without degrees?"
 
Phatguysrule said:
No. It's helping everybody at risk. The opposite of trickle down.
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Well, it doesn't help those already poor and in poverty or those that are prone to poverty. It helps a select group of persons making $125k/250k year and under who already, on average, make significantly more than the rest of the population by giving them relief on the vehicle that enabled them to make more money.
 
EL PRESIDENTE said:
But you said it was to help lower income and to avoid poverty, which by the numbers, college graduates are least likely to be.

Up to $125k single/$250k married are eligible for forgiveness. They should have probably lowered the threshold to $60k and increased the amount of forgiveness if the goal was as you stated.
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Sure. That could have been done.

barfo
 
What would be better:

Eliminating $10k from the selected population or eliminating interest payments on student loans up to $300 billion?
 
EL PRESIDENTE said:
Well, it doesn't help those already poor and in poverty or those that are prone to poverty. It helps a select group of persons making $125k/250k year and under who already, on average, make significantly more than the rest of the population by giving them relief on the vehicle that enabled them to make more money.
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Not every plan put in place or bill passed helps every single individual equally though. Did the poor get money or debt relief when banks were bailed out? Did the poor benefit from tom bradys PPP loan relief?
 
RR7 said:
Not every plan put in place or bill passed helps every single individual equally though. Did the poor get money or debt relief when banks were bailed out? Did the poor benefit from tom bradys PPP loan relief?
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true. I was against the bank bailouts and thought they should have failed, consequences be damned.

Brady's PPP loan paid his employees for whatever company he applied for. I'm not sure how much they make, but I'm guessing it wasn't millions of dollars.

I mean, free handouts are a daily part of life, which is why I'm not really mad at the whole thing. It's a big machine that really isn't fair and you just have to live with it.

I can see the perspective for service workers with no higher education seeing the six figure earners get $10k of debt eliminated though, while they themselves struggle.
 
EL PRESIDENTE said:
Well, it doesn't help those already poor and in poverty or those that are prone to poverty. It helps a select group of persons making $125k/250k year and under who already, on average, make significantly more than the rest of the population by giving them relief on the vehicle that enabled them to make more money.
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It doesn't just help that select group. It helps the lower end as well. And the other provisions provided more help for them as well. raising pell grants, etc.

It wasn't a lot, but it was helpful for nearly all poor/middle class. I'm not praising him, I think a TON more could be done. And should be done. But they are all on the payroll of some company or other, so that won't happen.
 
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Phatguysrule said:
It doesn't just help that select group. It helps the lower end as well. And the other provisions provided more help for them as well. raising pell grants, etc.

It wasn't a lot, but it was helpful for nearly all poor/middle class. I'm not praising him, I think a TON more could be done. And should be done. But they are all on the payroll of some company or other, so that won't happen.
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What lower end are you referring to?

If they are college graduates, they are already in a select group. They are more educated, make more money and are more attractive to employers.
 
EL PRESIDENTE said:
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How did we pay for the Iraq and Afghanistan wars?

https://www.cbsnews.com/news/afghanistan-iraq-wars-debt-6-trillion-interest/
ncluding the cost of interest on those wars will add an additional $2.1 trillion by 2030. And through 2050, the interest alone is forecast to top $6.5 trillion — even if war spending had theoretically stopped in 2019, according to research published last year from Heidi Peltier, director of the "20 Years of War" Project at Boston University's Pardee Center for the Study of the Longer-Range Future.

We got nothing out of those wars.

https://www.nbcnews.com/business/pe...y-400-billion-covid-relief-ppp-loans-n1274618
The federal government has forgiven $394.6 billion in more than 4 million loans to businesses through the Paycheck Protection Program (PPP), according to new data published by a group of internal federal watchdogs.

Estimated cost of the student loan forgiveness id $300 billion
https://fortune.com/2022/08/23/cost-of-forgiving-10000-federal-student-loan-debt/

Seems like a fair trade.
 


It's like those of us who are going to have some loans forgiven haven't paid any fucking taxes?
 
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EL PRESIDENTE said:
What lower end are you referring to?

If they are college graduates, they are already in a select group. They are more educated, make more money and are more attractive to employers.
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Talking about the people who aren't college graduates yet. People who are in college or may consider college in the future.
 
Natebishop3 said:
How did we pay for the Iraq and Afghanistan wars?

https://www.cbsnews.com/news/afghanistan-iraq-wars-debt-6-trillion-interest/
ncluding the cost of interest on those wars will add an additional $2.1 trillion by 2030. And through 2050, the interest alone is forecast to top $6.5 trillion — even if war spending had theoretically stopped in 2019, according to research published last year from Heidi Peltier, director of the "20 Years of War" Project at Boston University's Pardee Center for the Study of the Longer-Range Future.

We got nothing out of those wars.

https://www.nbcnews.com/business/pe...y-400-billion-covid-relief-ppp-loans-n1274618
The federal government has forgiven $394.6 billion in more than 4 million loans to businesses through the Paycheck Protection Program (PPP), according to new data published by a group of internal federal watchdogs.

Estimated cost of the student loan forgiveness id $300 billion
https://fortune.com/2022/08/23/cost-of-forgiving-10000-federal-student-loan-debt/

Seems like a fair trade.
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Answer: Higher taxes, paid for by everyone, benefitting a privileged group.
 
Honestly, PPP was a big scam. They should have just fired everyone and gone on unemployment.
 
Natebishop3 said:
How did we pay for the Iraq and Afghanistan wars?

https://www.cbsnews.com/news/afghanistan-iraq-wars-debt-6-trillion-interest/
ncluding the cost of interest on those wars will add an additional $2.1 trillion by 2030. And through 2050, the interest alone is forecast to top $6.5 trillion — even if war spending had theoretically stopped in 2019, according to research published last year from Heidi Peltier, director of the "20 Years of War" Project at Boston University's Pardee Center for the Study of the Longer-Range Future.

We got nothing out of those wars.

https://www.nbcnews.com/business/pe...y-400-billion-covid-relief-ppp-loans-n1274618
The federal government has forgiven $394.6 billion in more than 4 million loans to businesses through the Paycheck Protection Program (PPP), according to new data published by a group of internal federal watchdogs.

Estimated cost of the student loan forgiveness id $300 billion
https://fortune.com/2022/08/23/cost-of-forgiving-10000-federal-student-loan-debt/

Seems like a fair trade.
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The economic benefits far outweigh the cost.
 
EL PRESIDENTE said:
Honestly, PPP was a big scam. They should have just fired everyone and gone on unemployment.
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They should have prevented anybody from being fired and just paid every American under $250k in earnings $2k per month. And eliminated taxes for essential workers who chose to work during the pandemic.
 
EL PRESIDENTE said:
Everyone else is going to pay the loans for you.
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Let me know when you get a bill for that. When did you pay off WW2? I don't remember ever seeing a bill for that... or any other war we've gotten into, for that matter.
 
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