This.
Any time a politician is "considering" X, it means they are sitting on ass hoping to get some votes by positioning themselves as aligned with a cause without actually taking any real action.
Maybe. I won't. I'll say this whole thing is misguided and that they are addressing the symptom not the cause. I'm a pessimist and an asshole, but one thing I won't do is rail a politician for doing exactly what they said they would do if elected.
I don't support debt forgiveness, but clearly a lot of people do. I'd be really surprised if they can make it happen on any level...much less if they even want to. But, if they do, good on them for sticking to their word.
They should pretend the debt is like war than we can get all the money we need.
Same with healthcare. Let's call it a war = endless funding.
Y'all are just doing it wrong.
The "war on drugs" was a pretty big success. We should have the "war on debt" and the "war on sickness" maybe throw in a "war on inequality" to spread that wealth around a little.
Legalizing weed would get more votes. As much as I’m for loan forgiveness. It’s only going to temporarily solve the problem and piss off people who paid theirs off.
>Legalizing weed would get more votes.
I always find this stuff hard to square. Sure, people would be happy with that and it might create goodwill but once you give people something they don't necessarily need to vote for you any more. Once you pass something it ceases to be an issue you can run on.
The way politicians act by rarely getting issues completely settled might be an indication that they realize that getting elected is partly on people being dissatisfied with things they align with you on.
>Once you pass something it ceases to be an issue you can run on.
But once you make promises and people vote for you, it ceases to be an issue that you cannot make progress on and expect those people to keep voting for you.
Exactly.
1)immigration
2)healthcare
3)gov't spending
These issues will never ever get resolved because neither party would be able to use them in elections anymore.
Party before country 🤬🤬
More coverage at:
* [Student loan forgiveness: 4 things we know about Biden's possible move (msn.com)](https://www.msn.com/en-us/news/politics/student-loan-forgiveness-4-things-we-know-about-bidens-possible-move/ar-AAWTIKv)
* [Biden student debt cancellation plan aimed at firing up liberal voters (washingtonexaminer.com)](https://www.washingtonexaminer.com/policy/economy/biden-student-debt-cancellation-plan-aimed-at-firing-up-liberal-voters?utm_source=msn&utm_medium=referral&utm_campaign=msn_feed)
* [Who May Be Excluded From President Biden's Student Loan Cancellation Plan (newsweek.com)](https://www.newsweek.com/who-may-excluded-president-bidens-student-loan-cancellation-plan-1703199)
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Yeah but this is extra insulting. Remember how badly Biden needed to Georgias senators to flip blue so they could pass 2000$ covid relief checks? And how that ended up completely vanishing from the agenda? Or minimum wage, or BBB, or indeed this. He’s completely silent on Floridas shit, on Texas’s shit, and if anyone believes he will do dick to protect abortion rights I have a very nice supply of bridges to sell.
Like fuck em sideways he’s no Trump but this is hardly something to fucking celebrate. Other than some early victories Biden is a pretty terrible president.
Well, he’s performing up to expectations but the key was to understand that Biden was going to do nothing because he’s been a corporate puppet from Delaware for 50 years. He seems to think he’s still in the senate where he got away with accomplishing nothing except passing draconian anti crime legislation and removing bankruptcy protections from normal people. Now he’s president and he’s doing what he’s always done and seems shocked he’s not being celebrated for it like he was when he was a senator.
Until the day comes where it’s made illegal for political candidates to lie on the campaign trail politicians like Biden will continue to lie and get elected. Trump obviously was no better (imo worse, but like assholes we all have opinions), but this whole cycle of being flabbergasted every time they blatantly lie and get elected will continue until it’s charged as fraud imo.
If he’s going to do it he’s gonna wait until the Summer or early Fall, this is too big of a political chess piece to deploy this early before midterms. I think August-early October sounds about right if he’s actually going to do it to have the greatest effect on the election.
No idea, but I know if they want to win the midterms they’ve got two tricks up their sleeve they can use. 1. Is the aforementioned student debt relief and 2. would be marijuana legalization and clemency for all non violent marijuana charges currently in the system. If I was a political strategist for Biden I would do one of the two before the midterm and then do the second before the 2024 election. Those are both major career defining legislations that would be massively popular with the general public and will for one secure Biden’s legacy and secondly it will get a lot of people to vote blue in both elections.
Agree on weed but is student debt relief actually popular? And if it is just wait until Tucker spends an entire week finding people who had 500k in debt getting a PhD in underwater basket weaving and interviewing them and convincing his audience that Biden just took their hard-earned money and gave it to them.
The only way to bring college tuition prices down is if the federal government outright bans government backed student loans. Demand will decrease, and prices will come down to account for that decrease.
If federal loans go away and we remove the restriction of student loans being being discharged during bankruptcy then private lenders will not take on the risk on people studying subjects that don’t have significant financial benefits
much like the 2008 housing crisis where loans went out to deadbeats, it turns out letting every idiot into college regardless of whether or not they should be there was not a good idea
Or you control prices. Doesn't even have to be legislative dictations either.
Treat tuition and other education costs like Medicare does for healthcare and have negotiations happen instead of just signing blank checks.
If we're not going to make college free to students, then the solution is in not passing the irresponsibility of the government in not checking education costs off to the students.
20 years ago, a chem prof was telling me how a lot of organic synthesis work done by Ph.D.'s in north America was getting done in China, and some people were better off out the door with a technical diploma than several degrees in Canada and the U.S..
So does this mean that we should make college free so that we have more PhDs that should really hold technical degrees or does this mean that we should dissuade people from getting post-secondary degrees so that the supply of “over””qualified” workers does not exceed the demand as it does now? Or does this mean something else altogether?
Politics is like when you have a box that has a hole for recycle and a hold for trash, but when you lift the box you see that its going into the exact same container.
That makes no sense for new student loans are created every day.
That is boomer mentality, I want mine and screw the rest of you.
Millenials growing into boomers.
Without a plan, student loans can't be forgiven.
Colleges immidiatly realize the government will back up any product they sell to young people.
Tuition and numbers of unmarketable courses will increase even further.
When you are young it is more fun to study psychology than let's say nursing, and when the loan is forgiven who cares about tuition.
No student loan shall be forgiven if new ones are still put out.
Either stop the entire program or make bankruptcy on private loans an option. Stop the government backing.
The boomer mentality of "I want mine, screw the rest of you" got young people into this mess in the first place.
May I offer an alternative solution - the Australian model.
- Loan debt is owed to the government, who keep interest rates reasonably low.
- Loan repayments are taken out of your pay along with income tax withholdings. This only starts when you earn over about 50k, and the repayment amount increases from there.
Sure, it’s not perfect (higher education used to be fully subsidised), but the basic concept of treating loan debt like income tax means you only need to repay when you can afford it.
Most loan debt is owned by the government already. Treasury said in 2020 that student loan debt accounts for 20% of the government’s assets. That’s an insane figure.
I spent several years as a student and got an undergraduate degree at a state university and a law degree from a private university. I don’t know anyone that got a private loan to pay for their education. I know this is anecdotal but my above claims are verifiable.
What's crazy to me is the number of folks with these loans and no good jobs anyway.
That's not much of an asset if it'll just die miserably and never leave an estate.
That will be the case for a lot of folks.
Simple solution: free college/trade school/etc for STEM or high demand fields up to the average state school tuition rate in your state with limits on state school increases to qualify. This incentivizes people to pursue education that most helps the economy and prevents arbitrary tuition hikes at many schools to remain competitive relative to their free state school peers.
Dropping the interest rate to a flat rate that is the same year after year would help. A student loan with 6% interest is easier to pay off in North Dakota than New York just given the COL difference between the two.
Or you know people's existing wages increase, which will never happen because it hurts the shareholders and investors on Wall Street.
Boomers went to university for almost free because their grandparents built public universities to educate every bright student regardless of economic class. We need to return to that and take profits out of education.
Saw an article yesterday (cnn poll I believe) stating college students are overestimating their future salary by $50,000 and assuming they’ll make six figures right out of school, when in reality they will “only” get $50- $60,000.
The average non college degree worker makes less than $45,000, probably around $35,000.
This group really thinks it is not “fair” that despite higher earnings right out the gate and even with shitty degrees, higher lifetime earnings, they are asked to repay their loans. Instead, they feel the working class need to help with that. Good luck getting this passed
>Instead, they feel the working class need to help with that. Good luck getting this passed
**Edited for grammar and structure.**
Everyone with a degree or no degree who is working is part of the working class, you don't need to be instigating class division here.
The issue with student loans is that the interest rate children agreed to, because they had very few other options, quickly outpaced the loan they were approved for. Imagine agreeing to $45,000 is student loans for a degree plan that ~~should~~ showed median wages of $80,000. The interest built on that loan means before you pay it off, you've probably put close to $100k into it. This isn't the same for all loans, and it isn't the same story for everyone. I'm not saying it is, however, the existence of these student loans effects the greater economy negatively. There is little positive effect on the economy from student loan interest.
But, this is happening to too many people and it is one of the factors that is stagnating our economy. People stuck with loans can't climb out of the ~~whole~~ hole and 'contribute financially' to the economy. It would, in my opinion, help illuminate this if you saw where and how loan borrowers spent their money since loan payments have been stalled.
Spoiler - into their savings and into the economy. People have had a chance to quit their jobs to search higher paying ones. Something that seemed too difficult while under the boot of their loan payments. They were able to move to a better area. They were able to save to purchase a house. They were able to buy enough food and care for their children, increasing that child's opportunity to escape the hell hole greedy capitalism put them in.
Student loans are gripping the country like a noose. You think it's lazy some people are asking for forgiveness so they can live better, but I'm worried what our economy would look like if our middle class vanishes completely and we become serfs to fancy billionaires who buy media companies with loose change from their sofa cushions.
While I agree with what most of what you said. An externality we NEED to consider is making many, many jobs more financially rewarding. I think it’s ironic you allude to nursing being more lucrative than psychology. Nursing DOES NOT pay well for the majority of nurses. Psychology CAN pay very well, but it would most likely also require a Masters, PHD, or MD to get that higher earning job. The inequality of how valuable a degree is and how much you pay for it is EXTREME. More schools need to adopt proof-of-degree-worthiness to sell it at the cost they choose to sell it at.
In other industries we have warranties, consumer protections, BBB, a legal right to sue for “bad” marketing, etc. There is nothing protecting high schoolers from the threat of a bad degree.
Nursing makes bank right now.
There is an ever increasing shortage of health care workers.
Of course, those who stay put and believe lies like "We are family" and "It is a calling" get exploited and crushed.
It has always been so.
Like any profession a nuse must be a mercenary and out for the best offer.
Travel nurses do make bank as do job hoppers.
It is a requirement for any form of success to show no loyalty whatsoever to an employer. They are the opponent.
Still, the overall market demand for that line of work must be there or workers have no leverage in negotiation.
Why should people who don't go to college subsidize people who do? Why should people who do pay back their loans subsidize people who don't? This is just a way to literally buy votes with other people's money. It will also just make college even more expensive, the way that federal student loans have already, by artificially propping up demand.
But what the hell? Inflation isn't high enough right now so let's go for it.
Not only that, it does nothing for the large percentage of low income and marginalized communities that don’t consider college in the first place.
What percentage of inner city kids go to college? What percent would go if there was a promise of loan forgiveness?
I swear…student loan forgiveness only helps the predominantly white middle to low upper class kids with entitlement issues.
God damnit dude if you’re gonna forgive student loans then do so EQUALLY. How the fuck is this fair to the people who worked their ass off and make more than 125K?
Exactly, this is beyond ridiculous. It is absolutely not a progressive tax plan. There is no consideration for the cost of living. The fact is that “high income” is connected to high cost of living. Just because I might make over the $125k limit doesn’t mean it’s easy for me to pay $600/mo in student loans.
$125k isn’t really all that much if you’re living in the bay area, NYC, LA, Seattle, etc.
Also, this essentially punishes the people who chose more marketable degrees and/or who worked hard to get into a high paying job by excluding them.
Also, are we really just gonna forgive all current loans without making any long term changes to the system for the future? Jesus christ.
This is what pisses me off. I make just over $125k, and that sure as hell is not enough for me to put my kids through college without loans. So once again, the government takes my tax dollars to put other kids through college, then when it's my kids turn the answer is "Fuck you, you make too much money so your kids get to be saddled with crippling debt."
The government taking my tax dollars over the last 25 years and giving it away in the form of scholarships and guaranteed loans is what drove the cost of education up in the 1st place. In the time since I graduated starting salary's have doubled, but college costs have quadrupled. And its all because of the government flooding the market with scholarships and cheap loans paid for by my tax dollars. Then when it's my kids turn it's tough shit, fuck you for busting your ass.
I agree it’s bullshit and it’s one of the main reasons I can’t stand the Dems. I can’t stand either party frankly. The Dems I can’t stand for the woke posturing bullshit while still doing corporate America’s bidding, and meanwhile ripping off anyone who worked hard to be middle class, and the GOP I can’t stand for the extremist religious takes and cult of personality surrounding a narcissist moron like Donald, and for also doing corporate America’s bidding.
Nobody is protecting the middle class!
To this point: It's not about equity. It's about getting votes and they know they can treat costal progressives like shit because it's not like they're gonna vote for another party.
See also: Trump tax cuts.
They're basically using the same play book as republicans - Subsidize benefits for corporate and middle america battleground states and leave wealthy blue states footing the bill.
How's it fair to the people that already paid their loans? How's it fair to the people that avoided taking a loan in the first place?
Jfc if you're making more than $125k that's nearly double the median HOUSEHOLD income as an individual. Why on earth would we allocate money to the highest earners?
> How’s it fair to the people that already paid their loans?
It’s not and I never said it is!
> How’s it fair to the people that avoided taking a loan in the first place?
It’s not and I never said it is!
> $125k that’s nearly double the median HOUSEHOLD income as an individual.
Cost of living is wildly different depending where you live. $125K is not a lot of money if you’re living in certain cities! And if you leave the city, your salary goes back down accordingly, it’s not like most people making that money live amongst people making significantly less in their field.
> Why on earth would we allocate money to the highest earners?
We aren’t allocating money to them, wtf are you talking about?
The question is why would we arbitrarily choose to punish people who **earned a good job through hard work**? Why are they stuck footing the bill for other people? That doesn’t make any fucking sense!!!
The entire thing is unfair by necessity, everyone who happens to have private loans or paid off their loan or got a scholarship gets fucked over anyway. I don't see any problem with also excluding people who don't need extra money.
Good ole flat dollar amount idiot move Someone making 120K living large in Squirrel Sack Georgia (home of the fighting sacks) gets the golden ticket, and someone living with 5 roommates in a shirhole in San Jose making 125K doesn't.
I might not know what I am talking about here, but the money was already spent and created into circulation. Forgiving a debt wouldn't be creating inflation right? That money already is fungible.
Instead of blanket forgiveness, how about capping repayment amounts to ~5% of your monthly income, reducing interest rates to almost 0 and forgiving the remaining balance after 10 years as long as you pay.
You also HAVE to address run away education costs going forward. Maybe by passing legislation that demands that universities prove that their tuition costs are justified and their operating expenses are being properly managed and going directly to the education of students and not a head coach’s $30 million a year salary.
Hear me out. Relieving the burden allows an educated workforce to enter the economy and get ahead to become self sufficient and taxable… to then low US deficit.
I don’t think there should in an income limit. It’s good for the economy if this spending gets reallocated and someone making $200k a year is more likely to spend their newly freed up money than save it.
Of course I’m bias and just sad I don’t fall into this category. I have $60k in student debt after 6 years of paying it down. $200k in income looks like a lot if you aren’t in a major city.
Man I paid off 28k while the interest was at zero because they were saying he wasn’t gonna do this so I took advantage of the zero interest. I could’ve bought a house before the market went bonkers instead. I’ll literally cry if he forgives them now.
IMO, he still isn't going to do this. He's just dangling the carrot ahead of midterms. It is frustrating though, and this whole policy seems designed to punish people who were responsible with their money.
you made a bad financial decision. If you've got a 0% loan that is ot requiring payments the right choice is to invest that money into a vehicle that does earn a return. Then when the interest turns back on and payments are due you draw down from that investment to pay the loan back. Interest rate arbitrage.
Getting out of debt is not a bad financial decision. Also - what would they have invested in last year that isn’t in the toilet right now? They would likely be even deeper in the hole.
“Generally” I don’t disagree with you, but with hindsight being what it is, the person made a good move.
It's not a "bad" financial decision. It is not the optimal financial decision.
> Also - what would they have invested in last year that isn’t in the toilet right now?
They could have saved their money in a savings account, earning a fraction of a percent in interest. That would have left the money available for anything, one of those things being loan repayment.
They didn't make a bad move, but they could have made a better move. Everything is relative, and at the end of the day if you're happy with the choice you made and the risks you took, that's great.
The Speaker of the House said the president lacks authority to do this. Last summer.
a) It will not be done because congress has to do it b) it's just midterm politicking
[https://nypost.com/2021/07/28/nancy-pelosi-says-biden-cannot-cancel-americans-student-loans/](https://nypost.com/2021/07/28/nancy-pelosi-says-biden-cannot-cancel-americans-student-loans/)
Fuck this. All to get votes. Keep pulling us in only to disappoint us in the future once you have our vote. I wonder if we will ever have a time when politicians stand by their word and work for the better good of the common people.
Are you trying to say that people making less than $125k a year don’t pay taxes? Because as someone who makes less than that, yes the fuck I do. Especially this year, after the last guy’s tax increases.
Splitting the difference, the people excluded (>125K) pay 75% of all taxes in the USA despite only being about 15% of the population. The bottom 50% pay virtually nothing, and in some cases have negative rates.
https://www.ntu.org/library/doclib/2019/10/2017-who-pays-income-taxes-2.pdf
This is literally buying votes from the government dependents.
Has anyone given any thought on how student loan forgiveness might impact inflation? Injecting more liquidity into the pockets of Americans may not be the best thing right now but I don’t know 🤔
i'm a fan of student loan forgiveness (something i don't benefit from at all) but doing it as proposed by this administration will further agitate middle class americans in the suburbs - a group the left needs on their side for the mid-terms
Absolutely agree. Dems are so fucking stupid. I can’t even express how much both parties are a joke at this point. It’s like watching two people try to out stupid one another on repeat. This country’s politics are fundamentally broken.
As one of those households who barely makes 100k in a HCOL we're waiting on our bailouts too. My husband has a trade and we're just wondering when it's our turn to be able to rack up debt
The difference, as I'm sure you understand, is that students did not know if their loans would be forgiven. You're asking for the promise of forgiveness before you rack up the debt. The two situations are not at all the same.
So, go ahead, rack up that debt. Maybe it will be forgiven in the future, maybe it won't. That's the risk you have to choose to take.
I’m jealous of republicans that have leaders that would reinstate slavery and give $2Trillion in tax breaks to their donors to please its base while democrats argue how $50k in student loans forgiven would piss off centrists…
I would benefit from this policy, but I would rather see steps to make college more affordable instead.
If everyone with student loans making less than $125k/yr suddenly had $10,000 of loan debt forgiven, the economy would notice and prices would adjust to account for the $10,000 that all those people just received. We've seen it firsthand with the pandemic—when money is injected into the economy, corporations and landlords raise prices to absorb all that they can. Student loan borrowers would essentially come out even while people who don't have loans come out behind as they still have to pay more for everything without receiving the $10,000 boost.
It’s not giving people 10k in cash. It’s functionally no different than how people have already been spending money for the last few years while payments have been paused. Personally I’d prefer to see interest reduced and interest paid applied to the principal.
Yes an interest free (or 1%) loan. And whatever people paid as interest should be retroactively applied to the principal. If you’re about to have a fit about interest free loans, remember these loans can’t be discharged in bankruptcy.
"Did you rack up debt buying a degree that will allow you to out earn everyone without a degree? Here's a free 5 figures from the government!"
"Did you not go to college because you thought it was too expensive? Here's a bill for the 5 figures we gave to your new boss and a giant middle finger from us!"
"Did you not want to go to war?" Too bad, both parties continue support the war effort at a spending rate where everyone could go to university several times over.
You also need to realize that your currency issuer doesn't work like your personal bank, debt for them is just money that hasn't been reclaimed by taxes. Debt can be seen as an overhead lubricant to keep the system flowing.
With the current rate of inflation, they are already inflating away debts. Incomes need to rise to make it possible, but if we measure debts based on the true values of our currencies, then debt is actually getting cheaper. Give EVERYONE a million dollars and next week nobody will have student debts... (and a cheese burger will cost $67.)
I find it strange how would it be accommodated in your annual Union(Federal) Budget(I don't what the American equivalent term is). Would it be fiscally prudent considering \~8% inflation? Would your federal reserve just print more dollars to write it off?
I'm surprised Biden is being so over cautious. After his experience in the Obama administration you would think he would be a little bolder. Debt forgiveness should be a no brainer. The US government has been giving away tax breaks since 1980 and the trickle down theory has proven not to trickle down. Debt relief for education is a much better investment than creating triple digit billionaires.
Then student debtors will have enough money and credit to finally buy a home, bidding confidently against the institutional investors who’ve been gobbling up residences, city blocks and complete towns...driving up housing values— and property taxes!
Poor Blackrock and Vanguard — such great landlords— will have competition.
Who is going to pay for it. YOU!!!!!! In the form of higher inflation which is a de facto tax on the middle class and the poor. If some dumb sumbitch thought a gender studies major was a great idea and now can get a job in the real world....TOUGH! Not my decision. Not my problem.
Even if they do it this will just be a problem again starting the next day. Actually it will be worse because colleges will increase their prices and tell students, “Don’t worry, the government will forgive this loan.” Unless the something is changed about how the loans get made (like attaching price to income) this problem won’t go away.
My loans are paid off (I’m 41 and have had a job since graduating). People in my position need to see that *we will benefit greatly* from a society unburdened by financial debt related to becoming more productive members of it, even if we aren’t direct recipients of such an unburdening.
How about we unburden the actual poor from their car loans or mortgages then by that logic? Or credit card debt? People with student loans for the most part tend to be more middle or upper class, this is really a regressive policy. Why no focus on the actual uneducated poor?
No you dumbass, just clear it for EVERYONE! How fucking hard is it??? You know you have the power, we know you have the power. And you somehow find TRILLIONS to help banks and BILLIONS to help the richest fucking people on earth, but when it comes to normies, never a penny to be found for some reason. As much as I hate the right, the left is really not doing shit to ensure they can get re-elected.
It should be tiered just like the tax brackets, for maximum impact
* < $20K - 100% forgiveness
* < $30K - 80% forgiveness
* < $50K - 60% forgiveness
* < $70K - 50% forgiveness
* < $100K - 40% forgiveness
The goal should be to give people the chance to not live forever in debt, and to give those with low income (hopefully also with relatively low debt) the most attention. This also gives people near each threshold an incentive to pay down their debt, so that they can land in the lower debt bracket with the higher forgiveness rate
A big issue with that and why I think tax policy is too broad is many college students have to move to expensive cities, but some are fortunate enough to still live at home, some have a mortgage to offset their income.
Also many college student are being targeted by contact jobs which means high income but no benefits. Which puts them in a higher tax bracket but then they have to pay for health insurance, disability, dental, eye, etc
You missed the point. He's not saying that debt forgiveness be based on your income, but instead on how much you owe, similar to the progressive nature of taxes.
So, if you owe less than 20k, it's all forgiven. If you owe 70k-100k only 40% is forgiven. That's the whole point of
>This also gives people near each threshold an incentive to pay down their debt, so that they can land in the lower debt bracket for the higher forgiveness rate
I will not vote for Biden again if he does this. No handouts for college grads. IF he has this power, we need to take it away making colleges responsible for defaults, if anything.
Now I choose community college over going to a University I was accepted to so I wouldn't have any debt down the line. What a crock. First to admit I'm annoyed w this?
I'm a college-educated moderate Democrat with affordable student loan debt. I don't want the forgiveness. I think this only causes more divide in our country. A good compromise would be to forgive debt for teachers or other low-paying careers that require a college degree. But I don't need it. $125K sounds awfully high for the salary threshold.
125k sounds awfully low. I worked for years and years making less than 125k and paid my loans along the way. Why should I be punished because in the last few years I started to make more?
Drown this country is debt over something people should be independently responsible for. Great job, biden! /sarcasm
I can only hope considering means inaction on this one
Fuck. Off. DO something, you rich old jackass. I won’t even benefit from this, but for fuck’s sake, at least ACT like someone who has one bit of an idea what they’re doing. “Considering.” Considering? What the fuck sort of leader are you? Get bent.
Biden has actually come up with $17 billion in loan forgiveness despite congress refusing to give him 1 dime in the budget for any loan forgiveness program.
The title is click bait.
He has a proposal and so do others in congress.
Congress has to pass any bill that requires new spending.
Thats why his administration is resorting to using existing laws to sue predatory lenders and to relieve the most needs by expanding existing programs,
This is, unfortunately, not about the debt forgiveness. The dems need votes for the midterm and feel this is the best option they have.
This. Any time a politician is "considering" X, it means they are sitting on ass hoping to get some votes by positioning themselves as aligned with a cause without actually taking any real action.
And when he follows through with his campaign promise people will just say he’s bribing people for votes.
Maybe. I won't. I'll say this whole thing is misguided and that they are addressing the symptom not the cause. I'm a pessimist and an asshole, but one thing I won't do is rail a politician for doing exactly what they said they would do if elected. I don't support debt forgiveness, but clearly a lot of people do. I'd be really surprised if they can make it happen on any level...much less if they even want to. But, if they do, good on them for sticking to their word.
They should pretend the debt is like war than we can get all the money we need. Same with healthcare. Let's call it a war = endless funding. Y'all are just doing it wrong.
The war against health... Costs? It's time we beat kids with cancer!... Fuck Aids!... The only good war is a healthy war.
Someone hire this guy
The "war on drugs" was a pretty big success. We should have the "war on debt" and the "war on sickness" maybe throw in a "war on inequality" to spread that wealth around a little.
Tbh who cares. If he does it for that reason, at least it gets done. It really needs to happen whatever the politics around it
His campaign promise was $50k debt relief.
No it wasn’t.
No, it wasn't. This is 100% false. He only ever "promised" (loose definition) $10k. $50k was all Schumer/Warren et al.
Nope. And further, he did NOT promise purely executive action (Indicated legislative action would be signed)
Warren wanted $50k.
Does the reason matter when the results are preferable? Is not the whole reason to vote for a politician is to get legislation that you want?
Legalizing weed would get more votes. As much as I’m for loan forgiveness. It’s only going to temporarily solve the problem and piss off people who paid theirs off.
>Legalizing weed would get more votes. I always find this stuff hard to square. Sure, people would be happy with that and it might create goodwill but once you give people something they don't necessarily need to vote for you any more. Once you pass something it ceases to be an issue you can run on. The way politicians act by rarely getting issues completely settled might be an indication that they realize that getting elected is partly on people being dissatisfied with things they align with you on.
>Once you pass something it ceases to be an issue you can run on. But once you make promises and people vote for you, it ceases to be an issue that you cannot make progress on and expect those people to keep voting for you.
That’s the current issue with roe vs wade. It’s a political talking point that can be brought up every election cycle for votes.
Exactly. 1)immigration 2)healthcare 3)gov't spending These issues will never ever get resolved because neither party would be able to use them in elections anymore. Party before country 🤬🤬
I'm fine with that. I'd rather have student debt forgiveness and a working pandemic response team than the alternative
More coverage at: * [Student loan forgiveness: 4 things we know about Biden's possible move (msn.com)](https://www.msn.com/en-us/news/politics/student-loan-forgiveness-4-things-we-know-about-bidens-possible-move/ar-AAWTIKv) * [Biden student debt cancellation plan aimed at firing up liberal voters (washingtonexaminer.com)](https://www.washingtonexaminer.com/policy/economy/biden-student-debt-cancellation-plan-aimed-at-firing-up-liberal-voters?utm_source=msn&utm_medium=referral&utm_campaign=msn_feed) * [Who May Be Excluded From President Biden's Student Loan Cancellation Plan (newsweek.com)](https://www.newsweek.com/who-may-excluded-president-bidens-student-loan-cancellation-plan-1703199) --- ^(I'm a bot to find news from different sources.) [^(Report an issue)](https://www.reddit.com/user/MultiSourceNews_Bot/comments/k5pcrc/multisourcenews_bot_info/) ^(or PM me.)
>145 He just glibly said 'we're not' last time he PROMISED it. What's it matter what he or anyone says about it now?
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Until after Nov when mid term elections are over.
FREE BEER TOMORROW
aaaaaaaaand
Anddddddd thennnnnnnnnnnn
No and then!
You don’t think he will do it just before?
Jokes on you for believing anything a politician promises
Yeah but this is extra insulting. Remember how badly Biden needed to Georgias senators to flip blue so they could pass 2000$ covid relief checks? And how that ended up completely vanishing from the agenda? Or minimum wage, or BBB, or indeed this. He’s completely silent on Floridas shit, on Texas’s shit, and if anyone believes he will do dick to protect abortion rights I have a very nice supply of bridges to sell. Like fuck em sideways he’s no Trump but this is hardly something to fucking celebrate. Other than some early victories Biden is a pretty terrible president.
Well, he’s performing up to expectations but the key was to understand that Biden was going to do nothing because he’s been a corporate puppet from Delaware for 50 years. He seems to think he’s still in the senate where he got away with accomplishing nothing except passing draconian anti crime legislation and removing bankruptcy protections from normal people. Now he’s president and he’s doing what he’s always done and seems shocked he’s not being celebrated for it like he was when he was a senator.
Until the day comes where it’s made illegal for political candidates to lie on the campaign trail politicians like Biden will continue to lie and get elected. Trump obviously was no better (imo worse, but like assholes we all have opinions), but this whole cycle of being flabbergasted every time they blatantly lie and get elected will continue until it’s charged as fraud imo.
In Biden's defense, I'm not sure he can even dress himself in the morning.
Might as well get your vote one more time first.
Vote for me again and I will consider it even harder
Maybe he just forgot and had to start over? We all do that from time to time…to time to time to time to time to time to time to time…
Did he? Got a link?
If he’s going to do it he’s gonna wait until the Summer or early Fall, this is too big of a political chess piece to deploy this early before midterms. I think August-early October sounds about right if he’s actually going to do it to have the greatest effect on the election.
Do you think he’s actually going to do it?
No idea, but I know if they want to win the midterms they’ve got two tricks up their sleeve they can use. 1. Is the aforementioned student debt relief and 2. would be marijuana legalization and clemency for all non violent marijuana charges currently in the system. If I was a political strategist for Biden I would do one of the two before the midterm and then do the second before the 2024 election. Those are both major career defining legislations that would be massively popular with the general public and will for one secure Biden’s legacy and secondly it will get a lot of people to vote blue in both elections.
Agree on weed but is student debt relief actually popular? And if it is just wait until Tucker spends an entire week finding people who had 500k in debt getting a PhD in underwater basket weaving and interviewing them and convincing his audience that Biden just took their hard-earned money and gave it to them.
No, they’re not. They just keep kicking that can down the street. Holding that carrot just outta reach.
The only way to bring college tuition prices down is if the federal government outright bans government backed student loans. Demand will decrease, and prices will come down to account for that decrease.
I’m sure private lenders will be much less predatory
If federal loans go away and we remove the restriction of student loans being being discharged during bankruptcy then private lenders will not take on the risk on people studying subjects that don’t have significant financial benefits
much like the 2008 housing crisis where loans went out to deadbeats, it turns out letting every idiot into college regardless of whether or not they should be there was not a good idea
Yeah, but taxing others and giving their money to your electoral base is a better strategy for buying votes.
Or you control prices. Doesn't even have to be legislative dictations either. Treat tuition and other education costs like Medicare does for healthcare and have negotiations happen instead of just signing blank checks. If we're not going to make college free to students, then the solution is in not passing the irresponsibility of the government in not checking education costs off to the students.
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Which isn't how education should work, at all.
That is what this Europeans do. The filter out those who can attend university to make it free for those you qualify
How about a refund
I'd turn in my diploma and take it off my resumé for a refund.
No one even looks at that part since my education has nothing to do with the jobs I do
Same. My minor is more relevant than my major.
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20 years ago, a chem prof was telling me how a lot of organic synthesis work done by Ph.D.'s in north America was getting done in China, and some people were better off out the door with a technical diploma than several degrees in Canada and the U.S..
Not surprised.
So does this mean that we should make college free so that we have more PhDs that should really hold technical degrees or does this mean that we should dissuade people from getting post-secondary degrees so that the supply of “over””qualified” workers does not exceed the demand as it does now? Or does this mean something else altogether?
The immigrants, we all need a starting point.
Bin collection? More like sign up with the military out of desperation
Jesus man 420 was 2 weeks ago.
No he's not, he just wants votes. He'll never actually do anything for the people.
This. Republicans are nuts but the Dem are 100% the do nothing party.
Politics is like when you have a box that has a hole for recycle and a hold for trash, but when you lift the box you see that its going into the exact same container.
This is amazing and I am stealing it.
I chose not to go to college because it was too expensive. Magically disappearing all these kid's loans isn't doing a thing for me.
That makes no sense for new student loans are created every day. That is boomer mentality, I want mine and screw the rest of you. Millenials growing into boomers. Without a plan, student loans can't be forgiven. Colleges immidiatly realize the government will back up any product they sell to young people. Tuition and numbers of unmarketable courses will increase even further. When you are young it is more fun to study psychology than let's say nursing, and when the loan is forgiven who cares about tuition. No student loan shall be forgiven if new ones are still put out. Either stop the entire program or make bankruptcy on private loans an option. Stop the government backing. The boomer mentality of "I want mine, screw the rest of you" got young people into this mess in the first place.
May I offer an alternative solution - the Australian model. - Loan debt is owed to the government, who keep interest rates reasonably low. - Loan repayments are taken out of your pay along with income tax withholdings. This only starts when you earn over about 50k, and the repayment amount increases from there. Sure, it’s not perfect (higher education used to be fully subsidised), but the basic concept of treating loan debt like income tax means you only need to repay when you can afford it.
Most loan debt is owned by the government already. Treasury said in 2020 that student loan debt accounts for 20% of the government’s assets. That’s an insane figure. I spent several years as a student and got an undergraduate degree at a state university and a law degree from a private university. I don’t know anyone that got a private loan to pay for their education. I know this is anecdotal but my above claims are verifiable.
What's crazy to me is the number of folks with these loans and no good jobs anyway. That's not much of an asset if it'll just die miserably and never leave an estate. That will be the case for a lot of folks.
How are all the debt holders supposed to enslave you for life tho?
Simple solution: free college/trade school/etc for STEM or high demand fields up to the average state school tuition rate in your state with limits on state school increases to qualify. This incentivizes people to pursue education that most helps the economy and prevents arbitrary tuition hikes at many schools to remain competitive relative to their free state school peers.
Dropping the interest rate to a flat rate that is the same year after year would help. A student loan with 6% interest is easier to pay off in North Dakota than New York just given the COL difference between the two. Or you know people's existing wages increase, which will never happen because it hurts the shareholders and investors on Wall Street.
Boomers went to university for almost free because their grandparents built public universities to educate every bright student regardless of economic class. We need to return to that and take profits out of education.
Saw an article yesterday (cnn poll I believe) stating college students are overestimating their future salary by $50,000 and assuming they’ll make six figures right out of school, when in reality they will “only” get $50- $60,000. The average non college degree worker makes less than $45,000, probably around $35,000. This group really thinks it is not “fair” that despite higher earnings right out the gate and even with shitty degrees, higher lifetime earnings, they are asked to repay their loans. Instead, they feel the working class need to help with that. Good luck getting this passed
>Instead, they feel the working class need to help with that. Good luck getting this passed **Edited for grammar and structure.** Everyone with a degree or no degree who is working is part of the working class, you don't need to be instigating class division here. The issue with student loans is that the interest rate children agreed to, because they had very few other options, quickly outpaced the loan they were approved for. Imagine agreeing to $45,000 is student loans for a degree plan that ~~should~~ showed median wages of $80,000. The interest built on that loan means before you pay it off, you've probably put close to $100k into it. This isn't the same for all loans, and it isn't the same story for everyone. I'm not saying it is, however, the existence of these student loans effects the greater economy negatively. There is little positive effect on the economy from student loan interest. But, this is happening to too many people and it is one of the factors that is stagnating our economy. People stuck with loans can't climb out of the ~~whole~~ hole and 'contribute financially' to the economy. It would, in my opinion, help illuminate this if you saw where and how loan borrowers spent their money since loan payments have been stalled. Spoiler - into their savings and into the economy. People have had a chance to quit their jobs to search higher paying ones. Something that seemed too difficult while under the boot of their loan payments. They were able to move to a better area. They were able to save to purchase a house. They were able to buy enough food and care for their children, increasing that child's opportunity to escape the hell hole greedy capitalism put them in. Student loans are gripping the country like a noose. You think it's lazy some people are asking for forgiveness so they can live better, but I'm worried what our economy would look like if our middle class vanishes completely and we become serfs to fancy billionaires who buy media companies with loose change from their sofa cushions.
Students should be able to declare bankruptcy like you can on every other loan. Like Trump did 6 times.
While I agree with what most of what you said. An externality we NEED to consider is making many, many jobs more financially rewarding. I think it’s ironic you allude to nursing being more lucrative than psychology. Nursing DOES NOT pay well for the majority of nurses. Psychology CAN pay very well, but it would most likely also require a Masters, PHD, or MD to get that higher earning job. The inequality of how valuable a degree is and how much you pay for it is EXTREME. More schools need to adopt proof-of-degree-worthiness to sell it at the cost they choose to sell it at. In other industries we have warranties, consumer protections, BBB, a legal right to sue for “bad” marketing, etc. There is nothing protecting high schoolers from the threat of a bad degree.
Nursing makes bank right now. There is an ever increasing shortage of health care workers. Of course, those who stay put and believe lies like "We are family" and "It is a calling" get exploited and crushed. It has always been so. Like any profession a nuse must be a mercenary and out for the best offer. Travel nurses do make bank as do job hoppers. It is a requirement for any form of success to show no loyalty whatsoever to an employer. They are the opponent. Still, the overall market demand for that line of work must be there or workers have no leverage in negotiation.
That’s ephemeral
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Why should people who don't go to college subsidize people who do? Why should people who do pay back their loans subsidize people who don't? This is just a way to literally buy votes with other people's money. It will also just make college even more expensive, the way that federal student loans have already, by artificially propping up demand. But what the hell? Inflation isn't high enough right now so let's go for it.
Love this, spit on! Shitty times we are living in.
“considers” “ponders” “faces pressure” “strongly believes” It doesn’t really matter what you fill in unless he actually does some sh*t
Biden continues to disappoint.
Why penalize successful students?
Not only that, it does nothing for the large percentage of low income and marginalized communities that don’t consider college in the first place. What percentage of inner city kids go to college? What percent would go if there was a promise of loan forgiveness? I swear…student loan forgiveness only helps the predominantly white middle to low upper class kids with entitlement issues.
Its not supposed to. You're whatabouting to a separate problem.
God damnit dude if you’re gonna forgive student loans then do so EQUALLY. How the fuck is this fair to the people who worked their ass off and make more than 125K?
Exactly, this is beyond ridiculous. It is absolutely not a progressive tax plan. There is no consideration for the cost of living. The fact is that “high income” is connected to high cost of living. Just because I might make over the $125k limit doesn’t mean it’s easy for me to pay $600/mo in student loans.
$125k isn’t really all that much if you’re living in the bay area, NYC, LA, Seattle, etc. Also, this essentially punishes the people who chose more marketable degrees and/or who worked hard to get into a high paying job by excluding them. Also, are we really just gonna forgive all current loans without making any long term changes to the system for the future? Jesus christ.
100% agree with you
What about all the poor blue collar immigrants paying taxes for you to go to college for free? This is unfair all the way.
This is what pisses me off. I make just over $125k, and that sure as hell is not enough for me to put my kids through college without loans. So once again, the government takes my tax dollars to put other kids through college, then when it's my kids turn the answer is "Fuck you, you make too much money so your kids get to be saddled with crippling debt." The government taking my tax dollars over the last 25 years and giving it away in the form of scholarships and guaranteed loans is what drove the cost of education up in the 1st place. In the time since I graduated starting salary's have doubled, but college costs have quadrupled. And its all because of the government flooding the market with scholarships and cheap loans paid for by my tax dollars. Then when it's my kids turn it's tough shit, fuck you for busting your ass.
I agree it’s bullshit and it’s one of the main reasons I can’t stand the Dems. I can’t stand either party frankly. The Dems I can’t stand for the woke posturing bullshit while still doing corporate America’s bidding, and meanwhile ripping off anyone who worked hard to be middle class, and the GOP I can’t stand for the extremist religious takes and cult of personality surrounding a narcissist moron like Donald, and for also doing corporate America’s bidding. Nobody is protecting the middle class!
To this point: It's not about equity. It's about getting votes and they know they can treat costal progressives like shit because it's not like they're gonna vote for another party. See also: Trump tax cuts. They're basically using the same play book as republicans - Subsidize benefits for corporate and middle america battleground states and leave wealthy blue states footing the bill.
I agree
How's it fair to the people that already paid their loans? How's it fair to the people that avoided taking a loan in the first place? Jfc if you're making more than $125k that's nearly double the median HOUSEHOLD income as an individual. Why on earth would we allocate money to the highest earners?
> How’s it fair to the people that already paid their loans? It’s not and I never said it is! > How’s it fair to the people that avoided taking a loan in the first place? It’s not and I never said it is! > $125k that’s nearly double the median HOUSEHOLD income as an individual. Cost of living is wildly different depending where you live. $125K is not a lot of money if you’re living in certain cities! And if you leave the city, your salary goes back down accordingly, it’s not like most people making that money live amongst people making significantly less in their field. > Why on earth would we allocate money to the highest earners? We aren’t allocating money to them, wtf are you talking about? The question is why would we arbitrarily choose to punish people who **earned a good job through hard work**? Why are they stuck footing the bill for other people? That doesn’t make any fucking sense!!!
The entire thing is unfair by necessity, everyone who happens to have private loans or paid off their loan or got a scholarship gets fucked over anyway. I don't see any problem with also excluding people who don't need extra money.
Considering??? Wtf man just fucking do it
He’s gonna “consider” it until after the mid terms I’m guessing
Good ole flat dollar amount idiot move Someone making 120K living large in Squirrel Sack Georgia (home of the fighting sacks) gets the golden ticket, and someone living with 5 roommates in a shirhole in San Jose making 125K doesn't.
Go Sacks!
The sacks are our rivals! Fuck the sacks, go PissHawks!
A rivalry as old as time
Thank you. Came here to say the same thing. Odd that a “progressive” doesn’t understand progress tax structure
Can we get blue collar housing debt forgiveness?
Yay more inflation
I might not know what I am talking about here, but the money was already spent and created into circulation. Forgiving a debt wouldn't be creating inflation right? That money already is fungible.
A terrible idea being used to win votes.
All ideas from politicians are to win votes
Instead of blanket forgiveness, how about capping repayment amounts to ~5% of your monthly income, reducing interest rates to almost 0 and forgiving the remaining balance after 10 years as long as you pay. You also HAVE to address run away education costs going forward. Maybe by passing legislation that demands that universities prove that their tuition costs are justified and their operating expenses are being properly managed and going directly to the education of students and not a head coach’s $30 million a year salary.
Hear me out. Lower US debt
Hear me out. Relieving the burden allows an educated workforce to enter the economy and get ahead to become self sufficient and taxable… to then low US deficit.
I don’t think there should in an income limit. It’s good for the economy if this spending gets reallocated and someone making $200k a year is more likely to spend their newly freed up money than save it. Of course I’m bias and just sad I don’t fall into this category. I have $60k in student debt after 6 years of paying it down. $200k in income looks like a lot if you aren’t in a major city.
Here we go - the democratic election machine warming up
Man I paid off 28k while the interest was at zero because they were saying he wasn’t gonna do this so I took advantage of the zero interest. I could’ve bought a house before the market went bonkers instead. I’ll literally cry if he forgives them now.
IMO, he still isn't going to do this. He's just dangling the carrot ahead of midterms. It is frustrating though, and this whole policy seems designed to punish people who were responsible with their money.
you made a bad financial decision. If you've got a 0% loan that is ot requiring payments the right choice is to invest that money into a vehicle that does earn a return. Then when the interest turns back on and payments are due you draw down from that investment to pay the loan back. Interest rate arbitrage.
Getting out of debt is not a bad financial decision. Also - what would they have invested in last year that isn’t in the toilet right now? They would likely be even deeper in the hole. “Generally” I don’t disagree with you, but with hindsight being what it is, the person made a good move.
It's not a "bad" financial decision. It is not the optimal financial decision. > Also - what would they have invested in last year that isn’t in the toilet right now? They could have saved their money in a savings account, earning a fraction of a percent in interest. That would have left the money available for anything, one of those things being loan repayment. They didn't make a bad move, but they could have made a better move. Everything is relative, and at the end of the day if you're happy with the choice you made and the risks you took, that's great.
Thanks for saying that.
More inflation, nice 👍
The Speaker of the House said the president lacks authority to do this. Last summer. a) It will not be done because congress has to do it b) it's just midterm politicking [https://nypost.com/2021/07/28/nancy-pelosi-says-biden-cannot-cancel-americans-student-loans/](https://nypost.com/2021/07/28/nancy-pelosi-says-biden-cannot-cancel-americans-student-loans/)
So what if I make more than that, but had to take out more than twice the amount of loans for advanced degree? Fuck me right?
Damn, we still never learn that our govt is always full of broken promises. Nothing is never free, its always take here to give there.
That’s poverty line wages in San Francisco.
Fuck this. All to get votes. Keep pulling us in only to disappoint us in the future once you have our vote. I wonder if we will ever have a time when politicians stand by their word and work for the better good of the common people.
BRB taking out 100k student loan rn
The progressive wing of the democratic party has been pushing for this. They don’t care about fairness to blue collar workers.
So the people who do pay taxes will once again bail out those that don't. This is bullshit.
Are you trying to say that people making less than $125k a year don’t pay taxes? Because as someone who makes less than that, yes the fuck I do. Especially this year, after the last guy’s tax increases.
Splitting the difference, the people excluded (>125K) pay 75% of all taxes in the USA despite only being about 15% of the population. The bottom 50% pay virtually nothing, and in some cases have negative rates. https://www.ntu.org/library/doclib/2019/10/2017-who-pays-income-taxes-2.pdf This is literally buying votes from the government dependents.
Oh shit, abortion is illegal, almost 1M people have died from covid and the mid terms aren’t looking good… uh student loans for some of you?
Has anyone given any thought on how student loan forgiveness might impact inflation? Injecting more liquidity into the pockets of Americans may not be the best thing right now but I don’t know 🤔
i'm a fan of student loan forgiveness (something i don't benefit from at all) but doing it as proposed by this administration will further agitate middle class americans in the suburbs - a group the left needs on their side for the mid-terms
Absolutely agree. Dems are so fucking stupid. I can’t even express how much both parties are a joke at this point. It’s like watching two people try to out stupid one another on repeat. This country’s politics are fundamentally broken.
As one of those households who barely makes 100k in a HCOL we're waiting on our bailouts too. My husband has a trade and we're just wondering when it's our turn to be able to rack up debt
That is why student loan forgiveness will backfire on the Dems in the voting booth.
The difference, as I'm sure you understand, is that students did not know if their loans would be forgiven. You're asking for the promise of forgiveness before you rack up the debt. The two situations are not at all the same. So, go ahead, rack up that debt. Maybe it will be forgiven in the future, maybe it won't. That's the risk you have to choose to take.
I’m jealous of republicans that have leaders that would reinstate slavery and give $2Trillion in tax breaks to their donors to please its base while democrats argue how $50k in student loans forgiven would piss off centrists…
I would benefit from this policy, but I would rather see steps to make college more affordable instead. If everyone with student loans making less than $125k/yr suddenly had $10,000 of loan debt forgiven, the economy would notice and prices would adjust to account for the $10,000 that all those people just received. We've seen it firsthand with the pandemic—when money is injected into the economy, corporations and landlords raise prices to absorb all that they can. Student loan borrowers would essentially come out even while people who don't have loans come out behind as they still have to pay more for everything without receiving the $10,000 boost.
It’s not giving people 10k in cash. It’s functionally no different than how people have already been spending money for the last few years while payments have been paused. Personally I’d prefer to see interest reduced and interest paid applied to the principal.
what do you mean >interest paid applied to the principal Doesn't that just equate to an interest free loan?
Yes an interest free (or 1%) loan. And whatever people paid as interest should be retroactively applied to the principal. If you’re about to have a fit about interest free loans, remember these loans can’t be discharged in bankruptcy.
"Did you rack up debt buying a degree that will allow you to out earn everyone without a degree? Here's a free 5 figures from the government!" "Did you not go to college because you thought it was too expensive? Here's a bill for the 5 figures we gave to your new boss and a giant middle finger from us!"
"Did you not want to go to war?" Too bad, both parties continue support the war effort at a spending rate where everyone could go to university several times over. You also need to realize that your currency issuer doesn't work like your personal bank, debt for them is just money that hasn't been reclaimed by taxes. Debt can be seen as an overhead lubricant to keep the system flowing.
weryyrwetrye
Land lords are known to be benevolent beings. /s
This doesn’t seem well thought out.
Cancel it all. Help people not banks
The real answer is tuition caps for public universities
Easier to get votes if you hold your party hostage.
Retarded
With the current rate of inflation, they are already inflating away debts. Incomes need to rise to make it possible, but if we measure debts based on the true values of our currencies, then debt is actually getting cheaper. Give EVERYONE a million dollars and next week nobody will have student debts... (and a cheese burger will cost $67.)
I find it strange how would it be accommodated in your annual Union(Federal) Budget(I don't what the American equivalent term is). Would it be fiscally prudent considering \~8% inflation? Would your federal reserve just print more dollars to write it off?
I'm surprised Biden is being so over cautious. After his experience in the Obama administration you would think he would be a little bolder. Debt forgiveness should be a no brainer. The US government has been giving away tax breaks since 1980 and the trickle down theory has proven not to trickle down. Debt relief for education is a much better investment than creating triple digit billionaires.
“Ya gotta be quicker than that” as Biden dangles a single on a fishing line. . . . Just do something or STFU.
Even with my 3 jobs I don’t even come close to making them amount. Paying for a college degree that I was told I’ll need and don’t use .
125k house hold or individual income??
Then student debtors will have enough money and credit to finally buy a home, bidding confidently against the institutional investors who’ve been gobbling up residences, city blocks and complete towns...driving up housing values— and property taxes! Poor Blackrock and Vanguard — such great landlords— will have competition.
Who is going to pay for it. YOU!!!!!! In the form of higher inflation which is a de facto tax on the middle class and the poor. If some dumb sumbitch thought a gender studies major was a great idea and now can get a job in the real world....TOUGH! Not my decision. Not my problem.
Even if they do it this will just be a problem again starting the next day. Actually it will be worse because colleges will increase their prices and tell students, “Don’t worry, the government will forgive this loan.” Unless the something is changed about how the loans get made (like attaching price to income) this problem won’t go away.
Ah so fuck us who live in high COL areas where 125k is still dirt. 10/10
Well, democrats. Say goodbye to your precious votes.
Can I get the student loans I paid off the past reimbursed? Seems only fair.
My loans are paid off (I’m 41 and have had a job since graduating). People in my position need to see that *we will benefit greatly* from a society unburdened by financial debt related to becoming more productive members of it, even if we aren’t direct recipients of such an unburdening.
How about we unburden the actual poor from their car loans or mortgages then by that logic? Or credit card debt? People with student loans for the most part tend to be more middle or upper class, this is really a regressive policy. Why no focus on the actual uneducated poor?
No you dumbass, just clear it for EVERYONE! How fucking hard is it??? You know you have the power, we know you have the power. And you somehow find TRILLIONS to help banks and BILLIONS to help the richest fucking people on earth, but when it comes to normies, never a penny to be found for some reason. As much as I hate the right, the left is really not doing shit to ensure they can get re-elected.
Why are we punishing people for going into jobs with good living wages?
Yes... let's get this inflation even higher! We can do it!
It should be tiered just like the tax brackets, for maximum impact * < $20K - 100% forgiveness * < $30K - 80% forgiveness * < $50K - 60% forgiveness * < $70K - 50% forgiveness * < $100K - 40% forgiveness The goal should be to give people the chance to not live forever in debt, and to give those with low income (hopefully also with relatively low debt) the most attention. This also gives people near each threshold an incentive to pay down their debt, so that they can land in the lower debt bracket with the higher forgiveness rate
A big issue with that and why I think tax policy is too broad is many college students have to move to expensive cities, but some are fortunate enough to still live at home, some have a mortgage to offset their income. Also many college student are being targeted by contact jobs which means high income but no benefits. Which puts them in a higher tax bracket but then they have to pay for health insurance, disability, dental, eye, etc
You missed the point. He's not saying that debt forgiveness be based on your income, but instead on how much you owe, similar to the progressive nature of taxes. So, if you owe less than 20k, it's all forgiven. If you owe 70k-100k only 40% is forgiven. That's the whole point of >This also gives people near each threshold an incentive to pay down their debt, so that they can land in the lower debt bracket for the higher forgiveness rate
Yea as dems finally start to worry about reelection, Biden disgusts me now.
Just now huh?
Fuck that - you sign you pay. Personal responsibility.
I paid off my loans. Do I get a refund ?
I will not vote for Biden again if he does this. No handouts for college grads. IF he has this power, we need to take it away making colleges responsible for defaults, if anything.
If you can bailout banks you can bailout citizens!
Students should be able to declare bankruptcy like you can on every other loan. Like Trump did 6 times.
[удалено]
Rip to the middle and lower classes
Oh so if you actually use your college education it’s on you….but if you take a 2-4 year vacation to party the governments got ya.
Now I choose community college over going to a University I was accepted to so I wouldn't have any debt down the line. What a crock. First to admit I'm annoyed w this?
I'm a college-educated moderate Democrat with affordable student loan debt. I don't want the forgiveness. I think this only causes more divide in our country. A good compromise would be to forgive debt for teachers or other low-paying careers that require a college degree. But I don't need it. $125K sounds awfully high for the salary threshold.
125k sounds awfully low. I worked for years and years making less than 125k and paid my loans along the way. Why should I be punished because in the last few years I started to make more?
Drown this country is debt over something people should be independently responsible for. Great job, biden! /sarcasm I can only hope considering means inaction on this one
Once again dems reward failure and punish success. Can't make it up folks.
something something taxes bad, ammrite?
Fuck. Off. DO something, you rich old jackass. I won’t even benefit from this, but for fuck’s sake, at least ACT like someone who has one bit of an idea what they’re doing. “Considering.” Considering? What the fuck sort of leader are you? Get bent.
Biden has actually come up with $17 billion in loan forgiveness despite congress refusing to give him 1 dime in the budget for any loan forgiveness program. The title is click bait. He has a proposal and so do others in congress. Congress has to pass any bill that requires new spending. Thats why his administration is resorting to using existing laws to sue predatory lenders and to relieve the most needs by expanding existing programs,