Hey, she’s a flip-flopping hypocrite. Pelosi is hardly the bright shining light of the Dems.
And that worked out great. It helped so many people.
Exactly. I agree that if you take out a loan, you should pay it back, students, corporations, credit card holders, car and furniture buyers, homeowners. But the fact remains that not all borrowers are able to pay back their loans and those loans are discharged through bankruptcy courts, except for student loans.
This (and your previous post) seem very off-topic for this thread. This thread doesn’t seem to be about whether Biden can do this loan forgiveness, it’s whether it’s a good thing. So, anyway, I’m not going to respond to the tangents. I just didn’t want you to think I was ignoring you.
Biden has his highest approval recently, at a modest 41%. What effect will this have on his popularity?
I guess this is on topic, if you think raising his popularity is good news. I think it will have little effect – the people against it seem to be mostly anti-Biden anyway and I imagine that most struggling recent grads were already Biden supporters.
Maybe it will improve it a little bit, since it looks like he’s an effective president who follows through on his promises?
It’s not a good thing in terms of executive power usurping the power of Congress. And I’d argue that it IS on topic. This is fundamental, not whether or not it helps certain groups of people/voters.
Bingo! Plenty of people get loans that they do not repay due to bankruptcy, but these loans live with you till you die.
Edit to add: I had some sizeable student loans that I did pay off in the 10 years (didn’t have to consolidate), but, it put off me buying a house for about that same time. I’m all for this.
Well, then, you can relax because if a judge determines this to be the case, then the program won’t go through, just like various other executive actions by Biden, Trump, and Obama that were blocked by the judiciary.
I just did a little digging and it looks like the total cost of this program will be about $300 billion, which is smaller than the cost of the PPP loan forgiveness (that was about $400 billion). I’m sure someone will come along and post a link to the thread from those decrying this program also decrying that program.
Anyway, just one data point.
ETA: And with that, I sign off for the night.
Perhaps, after years of court battles and untold amounts of taxpayer expense.
Due process my man. What do you have against due process?
Maybe Presidents of any party should refrain from taking unconstitutional actions in the first place.
Biden refrained for like a year and half.
As far as I care, having paid off mine years ago (and having had them in a time when elves walked the Earth and an Ivy’s or comparable-tier school’s tuition and fees barely cleared 12K/yr) I say: good – and those who can benefit should take it, however little can it be under purely Executive authority.
We just spent two years throwing trillions at businesses to retain employees who in the end quit or were laid off anyway so they used it for buybacks; at local governments to cover lost revenues but they went ahead and used it for projects they had not been able to budget in normal years; and at just random taxpayers making under a certain threshold regardless of whether they needed it or not. I am NOT going to begrudge something that helps actual human individuals. And the limited amount and income cap are good in that it means it’s for those to whom in proportion to their available resources it represents a bigger relief.
I know someone who makes 170K and has spent like the past 6 years bitching and moaning over the debt she incurred getting her JD and LL.M. in the 20teens --and she did not go to a Tier 1 school by any measure. I bet she is getting whomped hard and she is having a disappointed day…
The OP’s linked article quotes one economist as saying that amount will cancel out the projected federal deficit decrease from the Inflation Reduction Act over a ten-year period.
Which is a disappointment, but the other features of the Inflation Reduction Act still make it a net win, IMHO.
And given that the Federal Reserve estimates that student debt reduces the nation’s GDP by .05% per year, by my count, if the GDP is about 20 trillion, lessee… five hundredths of one percent of 20 trillion is about 10 billion, right?
Of course 10 billion in GDP is not equivalent to 10 billion in government revenue, but still, nice to have.
Hey, I finished my workout early, so I’m back for a post.
I don’t know you. On the internet, no one knows if you’re a dog or a constitutional scholar who has argued executive privilege cases before the Supreme Court. I’m going to assume you’re somewhere between those extremes.
I will further assume that the Biden administration has done more analysis on whether this is constitutional or otherwise allowed under current legislation than you have. If you have cites that this is an overreach or unconstitutional, please bring them.
If congress thinks the administration has gone too far, they can call a special session and change the law and override any veto. They control the purse strings. They can do it as quickly as they were able to, for example, allow Amy Coney Barrett onto the Supreme Court. There’s nothing stopping them from doing that.
Further, someone with standing can bring this to a court, no doubt shopping around for the proper conservative judge, who can issue an immediate stay of this order. If the judge finds it to be an overreach or unconstitutional, and that survives an appeal, then you were right.
At this point, you’re making claims that you cannot back up.
Follow-up: Of course I forgot to mention that this debt forgiveness act won’t eliminate all US student debt, so shave that 10 bill of GDP accordingly. Thx.
Honestly, this statement makes as much sense as “If you make an investment, you should get a return.” A loan is just a reverse investment. A bank gives you a bunch of money, and you promise that they will get more money back over time. Investments don’t always work out. Neither do loans. Banks understand this. We live in a society that understands this, and has mechanisms to help people get out of both bad investments and bad loans.
The government isn’t spending any money. The only money spent was years ago, when the schools got the money from the loans. The government is crossing out a line on a spreadsheet. It’s writing off the eventual investment return of these loans, returns that have already been delayed several years because of Covid. Yes, this means the budget deficit is going to go up, because the line that got crossed out was balancing against a bunch of other lines. The deficit has been going up steadily since Trump was elected, and shot up massively because of Covid. Somehow, despite this, most of us are still here.
What happens to the taxes immediatly owed on the forgiven amounts as its now counted as taxable income?
You want the tax payer to pay for your wife’s poor decisions. Fine. What do you say to those who worked their way through school taking night classes part time so they could avoid debt?