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

[EL PRESIDENTE]

Giving our people money = good

You're giving a select number of people money, paid for by everyone else.

The Penn Wharton Budget Model (PWBM) released a policy report on Tuesday that estimated the total cost of $10,000 in debt cancellation for borrowers making less than $125,000 per year would be $329.1 billion over 10 years. There were just under 158 million taxpayers in 2019 according to the IRS, meaning that the average cost of debt cancellation is $2,085.59 per taxpayer.

This is not a perfect proxy for cost, however, given the U.S. tax code is progressive and tax burdens are not evenly distributed across households. Accounting for the share of taxes paid by low- and middle-income households, we estimate that:

• The average cost of student debt cancelation per taxpayer making between $1 and $50,000 is $158.27;
• The average cost per taxpayer making between $50,000 and $75,000 is $866.87;
• The average cost per taxpayer making between $75,000 and $100,000 is $1,477.78;
• The average cost per taxpayer making between $100,000 and $200,000 is $3,158.35; and
• The average cost per taxpayer making between $200,000 and $500,000 is $9,947.92.

 

[EL PRESIDENTE]

Why are you trying to change the subject? Stimulus was obviously fantastic for the economy, especially compared to the alternative (even if it was done in a piss poor manor).

I guess we will just have to disagree on this.

 

[EL PRESIDENTE]

https://budgetmodel.wharton.upenn.edu/issues/2022/8/23/forgiving-student-loans

 

[Phatguysrule]

You're giving a select number of people money, paid for by everyone else.

Lol, no. Taxes are not being raised to pay for this. Nice try though. This will be added to the defacit and the debt.

Which our economy will grow out of. Nobody's taxes are going up due to this spending.

 

[Phatguysrule]

I guess we will just have to disagree on this.

Yeah until you come up with any evidence of taxes increasing because of these increases in spending. For sure, I'll disagree with your unfounded claims.

 

[Phatguysrule]

https://budgetmodel.wharton.upenn.edu/issues/2022/8/23/forgiving-student-loans

View attachment 49151

This doesn't say anything about taxes increasing or reducing services.

That's a myth created and spread by Republicans.

 

[EL PRESIDENTE]

Yeah until you come up with any evidence of taxes increasing because of these increases in spending. For sure, I'll disagree with your unfounded claims.

Someone's gotta pay for it. It's not just going to magically go away.

 

[Phatguysrule]

You're giving a select number of people money, paid for by everyone else.

That doesn't support your claim. Just dividing the total by tax rates is just lying. Nobody's tax rates are increasing due to this legislation. Or any other of the other spending.

In fact, taxes went down after the other spending..

 

[EL PRESIDENTE]

That doesn't support your claim. Just dividing the total by tax rates is just lying. Nobody's tax rates are increasing due to this legislation. Or any other of the other spending.

In fact, taxes went down after the other spending..

Other spending, you mean wars?

 

[Phatguysrule]

Someone's gotta pay for it. It's not just going to magically go away.

You keep saying that, yet you're unable to show any evidence to support it.

Yes, it basically goes away. It becomes worth so little that it's the same as gone. The economy outgrows it.

 

[Phatguysrule]

Other spending, you mean wars?

Including wars. Yes. Wars are among the least efficient forms of spending. But yes, they work as well.

 

[EL PRESIDENTE]

You keep saying that, yet you're unable to show any evidence to support it.

Yes, it basically goes away. It becomes worth so little that it's the same as gone. The economy outgrows it.

The US government is going to spend an estimated $330 billion on this.

That just doesn't "go away"

 

[Phatguysrule]

The US government is going to spend an estimated $330 billion. That just doesn't "go away"

It doesn't go away. It becomes a small enough portion of the economy that it is negligible. Then it's easily paid off.

 

[EL PRESIDENTE]

Why not cancel 10k of credit card debt. It will just go away!

Buy everyone an electric car. It's negligible!

You can't prove that it will cost taxpayers anything!

 

[Phatguysrule]

Why not cancel 10k of credit card debt. It will just go away!

Buy everyone an electric car. It's negligible!

You can't prove that it will cost taxpayers anything!

So you've given up trying to support your claim then?

 

[EL PRESIDENTE]

So you've given up trying to support your claim then?

What's the difference? If the government buys me a boat, I'll be more free to stimulate the economy.

If all this is negligible and it won't raise anyone's taxes and will be awesome for everyone and gum drops and magic fairies with pixie dust will appear...all the better.

 

[Phatguysrule]

What's the difference? If the government buys me a boat, I'll be more free to stimulate the economy.

That's true. In fact, that could have happened if you would have applied for a ppp loan. Or if you saved your stimulus checks.

 

[barfo]

You're giving a select number of people money, paid for by everyone else.

Welcome to America!

barfo

 

[riverman]

will be awesome for everyone and gum drops and magic fairies with pixie dust will appear...all the better.

Proof you've lived in Los Angeles too long!

 

[EL PRESIDENTE]

Proof you've lived in Los Angeles too long!

I honestly hate it here. But I have too good of a situation and the weather is good so I tolerate it.

Rather be in SD. Not sure about Vegas or Dallas yet....but at least I could get a house. I mean I could get a house here but the houses here suck ass.

 

[Phatguysrule]

What's the difference? If the government buys me a boat, I'll be more free to stimulate the economy.

If all this is negligible and it won't raise anyone's taxes and will be awesome for everyone and gum drops and magic fairies with pixie dust will appear...all the better.

I don't know about your fantasies of pixie dust and fairies with katanas, but the rest is more or less what's going on...

The stuff they spend to help people will be helpful, the stuff they spend to keep people down (by giving it to corporations) we'll have to overcome.

 

[riverman]

I honestly hate it here. But I have too good of a situation and the weather is good so I tolerate it.

Rather be in SD. Not sure about Vegas or Dallas yet....but at least I could get a house. I mean I could get a house here but the houses here suck ass.

I have a lot of family in San Diego....best place in SoCal to live in my view.

 

[EL PRESIDENTE]

I have a lot of family in San Diego....best place in SoCal to live in my view.

South OC and Manhattan Beach are up there too.

 

[riverman]

I have a lot of family in San Diego....best place in SoCal to live in my view.

I might be flying down there soon...roundtrip from Eugene only 223 bucks..my daughter just moved to the beach after she broke up with her boyfriend..be nice to kick it with her on the beach for a week.

 

[RR7]

https://theintercept.com/2022/08/25/student-loans-debt-reagan/

Prominent conservative intellectuals also took up the charge. Privately one worried that free education “may be producing a positively dangerous class situation” by raising the expectations of working-class students. Another referred to college students as “a parasite feeding on the rest of society” who exhibited a “failure to understand and to appreciate the crucial role played [by] the reward-punishment structure of the market.” The answer was “to close off the parasitic option.”

We are in danger of producing an educated proletariat. … That’s dynamite! We have to be selective on who we allow [to go to college].”

 

[Natebishop3]

https://theintercept.com/2022/08/25/student-loans-debt-reagan/

The GOP is terrified of universities.

 

[julius]

The GOP is terrified of universities.

Aint that the truth. They like people who are gullible and easily manipulated into fear and hate. Colleges are pretty much the antidote for that behavior.

 

[Natebishop3]

Aint that the truth. They like people who are gullible and easily manipulated into fear and hate. Colleges are pretty much the antidote for that behavior.

Eh.... I'd say it depends on the kind of fear and hate.

Plenty of fear and hate towards the GOP on college campuses. They won't even let speakers on a lot of campuses because they disagree with their stance on certain topics. I don't particularly care for a lot of the provacateurs from the GOP, but they should at least be allowed to speak on a campus. College is about free thought and debate.

 

[UncleCliffy'sDaddy]

I honestly hate it here. But I have too good of a situation and the weather is good so I tolerate it.

Rather be in SD. Not sure about Vegas or Dallas yet....but at least I could get a house. I mean I could get a house here but the houses here suck ass.

Check out Rapid City someday. It doesn't have LA type weather (and SD has a major whack job for a governor.....but hey, what state doesn't?) but it is a very nice small city in a very beautiful location. Though the way it seems to be growing you prolly wouldn't be able to afford a house there either.......

 

[EL PRESIDENTE]

Check out Rapid City someday. It doesn't have LA type weather (and SD has a major whack job for a governor.....but hey, what state doesn't?) but it is a very nice small city in a very beautiful location. Though the way it seems to be growing you prolly wouldn't be able to afford a house there either.......

I'm a city boi

The thing I do love about LA is theres always somewhere new to go.

SD, Santa Barbara, OC, Palm Springs are easy day trips.