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Biden administration forgives $39 billion in student debt for more than 800,000 borrowers

Slyfox696 said:
...you're claiming extra profit on top of expected profit is a loss. Okay then.

I think at this point we can all see your partisanship will not allow you to admit you made comments at the beginning which demonstrated an ignorance of Biden's actions. I have good patience for lies and even more so for ignorance, but when you have to resort "up is down, black is white, and profit is loss" arguments just to try and preserve your e-ego, I just don't see much of a point in continuing. So have a great day.
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You argue $40b in loan forgiveness generates a loss for no one and then have the chutzpah to inform us you have no patience for "black is white" style assertions?

Now that's funny.
 
Slyfox696 said:
Yes

"The Federal Family Education Loan (FFEL) Program was a system of private student loans which were subsidized and guaranteed by the United States federal government. The program issued loans from 1965 until it was ended in 2010. Similar loans are now provided under the Federal Direct Student Loan Program, which are federal loans issued directly by the United States Department of Education.

The FFEL was initiated by the Higher Education Act of 1965 and was funded through a public/private partnership administered at the state and local level."

Source: https://en.wikipedia.org/wiki/Federal_Family_Education_Loan_Program

It was not imposed after the fact.

10 year loan of $50,000 at 8% interest.

10 years is the standard loan rate for federal student loans.

Which is irrelevant to the fact the bank made a profit of $25,000, so no loss was had. That's the point.

What stopped the bank from doing so? Was the bank forced to give out this loan at these terms?
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The links provided - at least as far as I can see - do not detail the legislation enabling IDRs or the rules they operate under. All you have done is provide an overview of the then in place student loan program.

So first I would point out that since the Federal government guarantees student loans I highly doubt banks are taking it on the chin if principal is forgiven. Looking into it a little more the Dept of Ed estimates the cost for the newest IDR at 140 billion over 10 years - others estimate the costs as high as $333 billion over 10 years. I'd think of there were no costs associated with the newest IDR the DoE would not have bothered to come up with a cost estimate.

Since as I said the loans are guaranteed by the Feds it's reasonable to assume that the taxpayers are footing the bill.
 
Slyfox696 said:
Exactly. Which means this is not a "bribe", it just means Biden is making sure the government/banks are upholding their end of the agreement.
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In fairness when words like forgiveness are used it makes it sound like a bribe
 
Cardinal said:
Obviously, Ouroboros started out with a form template that said "Nothing about ____ or ______ helps anyone but the grifters promoting those systems" and just filled in the first two words that popped into his head.
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False; both grifts are part of the Progressive agenda,. I didn't need to make up anything, Bernie and AOC did it all.
 
snakestretcher said:
Nonsense. You made that up; but here's your opportunity to explain what you mean, with examples.
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The subject of this thread is a fine example of using Marxist ideas of monetary distribution, even if the main purpose is to buy votes.
 
snakestretcher said:
Since you equate free stuff with 'liberalism', I guess you returned your free Trump stimulus cheque, uncashed. Because principles.
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And that’s a swing and miss. I didn’t get a stimulus check.

Look, don’t be angry. You let the mask slip and showed us what many of us already understand about how liberals think: you’re okay with govenrment largess so long as someone else picks up the check.

Honesty is a good thing.
 
NatMorton said:
And that’s a swing and miss. I didn’t get a stimulus check.

Look, don’t be angry. You let the mask slip and showed us what many of us already understand about how liberals think: you’re okay with govenrment largess so long as someone else picks up the check.

Honesty is a good thing.
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That's how society works; everyone picks up a cheque somewhere along the line. However it still remains a fact (which you clearly object to), that Scottish university students don't pay for their education. So, given the choice, would you pay for your university education if there's a free option? Be honest.
 
NatMorton said:
And that’s a swing and miss. I didn’t get a stimulus check.

Look, don’t be angry. You let the mask slip and showed us what many of us already understand about how liberals think: you’re okay with govenrment largess so long as someone else picks up the check.

Honesty is a good thing.
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Yes, advocating for a mixed economy with a progressive tax schedule is going to, in certain cases, result in what you describe.

I don't see why this is supposed to be some revelation or scandal. Its just how modern societies that don't want to collapse on themselves or become authoritarian work.
 
snakestretcher said:
That's how society works; everyone picks up a cheque somewhere along the line.
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I’m very aware of that. But keep in mind you’re the one who said you didn’t care so long as it wasn’t you picking up the check (or checkque).

snakestretcher said:
However it still remains a fact (which you clearly object to), that Scottish university students don't pay for their education. So, given the choice, would you pay for university if there's a free option?
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I never said I objected to that, and there are times and places where socialized services are appropriate. What I object to is the foolish assessment that such services are “free.” They’re not. Many people have to get up each morning, go to a job, and work to earn the money that pays for that “free” service, and in my opinion it’s gross ignorance to dismiss that fact.

There are those who ride in wagon and those who must work to pull the wagon if it’s going to go anywhere. Never forget that.
 
Slartibartfast said:
Yes, advocating for a mixed economy with a progressive tax schedule is going to, in certain cases, result in what you describe.

I don't see why this is supposed to be some revelation or scandal. Its just how modern societies that don't want to collapse on themselves or become authoritarian work.
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New profile name, Taco’?

I agree, balance is the key, but suspect we’d disagree on what “balance” means and just how progressive those tax rates should be.
 
NatMorton said:
New profile name, Taco’?
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Yup. With my journey towards Christ, I realized I should probably get rid of something from an earlier and sillier version of myself that had innuendo. I decided to choose a name from a Douglas Adams book.
NatMorton said:
I agree, balance is the key, but suspect we’d disagree on what “balance” means and just how progressive those tax rates should be.
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The question of where comfort zones are tends to fuel a lot of politics.
 
Nomad4Ever said:
This is false. We are no longer asking.

Quality of life WILL be improved. America WILL catch up to other countries in educational outcomes. The line WILL go up. Bidenomics will reign supreme.
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until you run out of money and China reigns supreme, of course.

that WILL happen, within this generation, if I'm not mistaken. have fun with that outcome.

you WILL own nothing, and you WILL be happy about it.
 
Hypothetical said:
until you run out of money and China reigns supreme, of course.

that WILL happen, within this generation, if I'm not mistaken. have fun with that outcome.

you WILL own nothing, and you WILL be happy about it.
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But at least we will all be equal. Equally poor.
 
PoS said:
No they dont. Stop lying.
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All the “libertarians” I’ve met through the years voted Republican. I’ve probably voted for more libertarian candidates than actual libertarians do.

“The enemy of my enemy is my friend” is their justification. Terrible people….
 
Hypothetical said:
until you run out of money and China reigns supreme, of course.

that WILL happen, within this generation, if I'm not mistaken. have fun with that outcome.

you WILL own nothing, and you WILL be happy about it.
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With all those old people? No. Fortunately for us, and unfortunately for you, we are the best house in a terrible world.

King dollar isn’t going anywhere
 
Gaius46 said:
The links provided - at least as far as I can see - do not detail the legislation enabling IDRs or the rules they operate under. All you have done is provide an overview of the then in place student loan program.
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You asked if this came after and I'm showing you it did not. You're welcome to do any extra research you wish.
Gaius46 said:
So first I would point out that since the Federal government guarantees student loans I highly doubt banks are taking it on the chin if principal is forgiven.
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Great, then there really is no problem at all.
Gaius46 said:
Looking into it a little more the Dept of Ed estimates the cost for the newest IDR at 140 billion over 10 years - others estimate the costs as high as $333 billion over 10 years. I'd think of there were no costs associated with the newest IDR the DoE would not have bothered to come up with a cost estimate.
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I'm not sure what you're getting at and how it relates to this topic.
Gaius46 said:
Since as I said the loans are guaranteed by the Feds it's reasonable to assume that the taxpayers are footing the bill.
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Let's ignore how I do not understand how you've arrived here (and, in fairness, it could be just my brain not working this morning) and let's assume for argument's sake taxpayers are paying for...something...in Biden's move to make sure the banks and government are following the terms of the loan they agreed to.

So what? The entire point of government is that sometimes money is spent on things which aren't explicitly for you. When the federal government appropriates billions of dollars more for the Pentagon than the Pentagon says it needs, does that become a giant worry for people like you? When Republican President after Republican President cuts taxes, even though we have indisputable proof it does serious damage to the national deficit/debt and requires taxpayers to foot the bill, does that become a giant worry for people like you?

My point is that the federal government regularly allocates money to different areas, often to people who don't really need the money. There's no reason why, sometimes, we cannot also allocate some assistance to those who do need the money. And, again, especially when the government is merely following the terms of the agreement.
 
Hypothetical said:
until you run out of money and China reigns supreme, of course.

that WILL happen, within this generation, if I'm not mistaken. have fun with that outcome.

you WILL own nothing, and you WILL be happy about it.
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China's a dumpster fire. They're aren't our lunch any time soon
 
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