Democrats simply will not learn ... (1 Viewer)

[NatMorton]

Here we are with the worst inflation our economy has seen in nearly half a century resulting directly from an excess of stimulus from both the Fed and the federal government, and what's Joe Biden's next move? Giving still more effing federal aid to people who do not need it:

Biden eyes long-awaited student debt relief starting at $10,000 per borrower

President Biden plans to move forward with student loan debt forgiveness, with two sources telling The Hill he is considering action to expunge at least $10,000 per borrower. The debt forgiveness w…

thehill.com

"Foolish" doesn't even begin to describe this.

 

[OrphanSlug]

Inching into this fiasco at $10K per of a condition is just as stupid as an immediate unlimited student debt forgiveness plan.

 

[Jay59]

Far be it from me to advocate another social program but a one-time cleanup of the low balance loans would save a huge pile of paperwork. It would also be taxable income unless specifically stated otherwise.

 

[NatMorton]

Far be it from me to advocate another social program but a one-time cleanup of the low balance loans would save a huge pile of paperwork. It would also be taxable income unless specifically stated otherwise.

Um, so we'd spending $10k in tax revenue to recoup what, $2.5k in tax revenue?

 

[aociswundumho]

They don't care about inflation, because their entire platform is based on promising free stuff from the government in exchange for votes.

 

[ttwtt78640]

This is based on the fictional (Progressive?) assertion that federal subsidies lower the cost of X, while it is obvious that they simply transfer that cost to others.

 

[Lutherf]

Why cancel just student loan debt? Why not cancel credit card debt, car loans and "payday loans" that impact so many less wealthy Americans? If the Democrats really want to make an effective political statement with this forgiveness then they need to cater to the people most likely to vote for them and that means people with masters degrees in gender studies, social psychology or bio-communism. It also means catering to people that "need" a new iPhone more than the "need" to pay rent.

 

[Cardinal]

Here we are with the worst inflation our economy has seen in nearly half a century resulting directly from an excess of stimulus from both the Fed and the federal government, and what's Joe Biden's next move? Giving still more effing federal aid to people who do not need it:

Biden eyes long-awaited student debt relief starting at $10,000 per borrower

President Biden plans to move forward with student loan debt forgiveness, with two sources telling The Hill he is considering action to expunge at least $10,000 per borrower. The debt forgiveness w…

thehill.com

"Foolish" doesn't even begin to describe this.

Most voters support at least some measure of student debt cancellation.

 

[Gateman_Wen]

Here we are with the worst inflation our economy has seen in nearly half a century resulting directly from an excess of stimulus from both the Fed and the federal government, and what's Joe Biden's next move? Giving still more effing federal aid to people who do not need it:

Biden eyes long-awaited student debt relief starting at $10,000 per borrower

President Biden plans to move forward with student loan debt forgiveness, with two sources telling The Hill he is considering action to expunge at least $10,000 per borrower. The debt forgiveness w…

thehill.com

"Foolish" doesn't even begin to describe this.

Why do you guys continue to ignore the real causes of inflation?

 

[Cardinal]

Inching into this fiasco at $10K per of a condition is just as stupid as an immediate unlimited student debt forgiveness plan.

The age demographic of DP is pretty old, I think it's safe to say, which is why you're likely to encounter such fierce resistance to the idea of canceling student debt here. And the reason why that's important is because the cost of education has skyrocketed so much since retirees and even I graduated that they bear no resemblance to anything people paid back in the seventies or, in my case, the nineties.

The debt experienced by people in their fifties or sixties is just completely unlike anything people experience today.

 

[Median Voter]

So many good ideas being proposed here.

 

[Jay59]

Why cancel just student loan debt? Why not cancel credit card debt, car loans and "payday loans" that impact so many less wealthy Americans? If the Democrats really want to make an effective political statement with this forgiveness then they need to cater to the people most likely to vote for them and that means people with masters degrees in gender studies, social psychology or bio-communism. It also means catering to people that "need" a new iPhone more than the "need" to pay rent.

Because the federal government does not handle credit card debt. The card lenders can write off bad debt and small amounts much more easily than Washington bureaucracies can.

I would also cap eligibility at $10K total debt. If it does not wipe the person from the books, then nothing.

Um, so we'd spending $10k in tax revenue to recoup what, $2.5k in tax revenue?

Probably more like $1K on average.

The tax return is gravy. This is more of a clean the grit out of the machinery move.

Why do you guys continue to ignore the real causes of inflation?

Enlighten us.

 

[OrphanSlug]

The age demographic of DP is pretty old, I think it's safe to say, which is why you're likely to encounter such fierce resistance to the idea of canceling student debt here. And the reason why that's important is because the cost of education has skyrocketed so much since retirees and even I graduated that they bear no resemblance to anything people paid back in the seventies or, in my case, the nineties.

The debt experienced by people in their fifties or sixties is just completely unlike anything people experience today.

The reasons for why there is so much college debt are numerous, and debt forgiveness does not address a single one of them.

 

[Cardinal]

The reasons for why there is so much college debt are numerous, and debt forgiveness does not address a single one of them.

It's the solution that can help people now. Let's face it: institutional fixes aren't happening, and certainly not fast enough to be of any use to people now.

 

[OrphanSlug]

It's the solution that can help people now. Let's face it: institutional fixes aren't happening, and certainly not fast enough to be of any use to people now.

So moving that debt onto the tax payer with no solution offered to the real problem is your answer?

I find that remarkably lazy, and typical of modern liberalism.

 

[ElChupacabra]

The reasons for why there is so much college debt are numerous, and debt forgiveness does not address a single one of them.

That's the rub for me. The $10k reduction doesn't seem like it would make much of a dent in many student loans given the high cost of a college education. The obvious question is what is to be done about preventing new student loan debt, because the expectation of the government having to pay this off in some kind of cyclical nature doesn't make much sense. It's a hard pitch to taxpayers that they're helping pay off lender interest rates as well.

 

[Gateman_Wen]

Enlighten us.

Put the popcorn away, it ain't a feature film it's a ten second short story. This isn't complicated (unless you're a conservative)

Global supply shortages and corporate price gouging.

 

[ttwtt78640]

Why cancel just student loan debt? Why not cancel credit card debt, car loans and "payday loans" that impact so many less wealthy Americans? If the Democrats really want to make an effective political statement with this forgiveness then they need to cater to the people most likely to vote for them and that means people with masters degrees in gender studies, social psychology or bio-communism. It also means catering to people that "need" a new iPhone more than the "need" to pay rent.

This is simply a step towards making college “free”. Converting federal loans to students into federal gifts to students seems to be the latest (Progressive?) plan.

 

[Cardinal]

So moving that debt onto the tax payer with no solution offered to the real problem is your answer?

I find that remarkably lazy, and typical of modern liberalism.

1. How does that move the debt to the tax payer, and
2. What of the students who suffer far more crippling student debt than anybody here has experienced and can imagine?
3. Canceling that debt is good for everyone. That debt is partly responsible for a shrinking middle class. Part of what makes a middle class is a home and retirement, and the money that could go to those things go to student debt instead. And a healthy middle class is good for the country overall.

And again, remember, their student debt is nothing like what you experienced. They're completely different universes.

 

[ttwtt78640]

1. How does that move the debt to the tax payer, and
2. What of the students who suffer far more crippling student debt than anybody here has experienced and can imagine?
3. Canceling that debt is good for everyone. That debt is partly responsible for a shrinking middle class. Part of what makes a middle class is a home and retirement, and the money that could go to those things go to student debt instead. And a healthy middle class is good for the country overall.

And again, remember, their student debt is nothing like what you experienced. They're completely different universes.

Where did you think that it would go?

 

[Cardinal]

Where did you think that it would go?

Well, be specific. Also, acknowledge my two other points.

 

[Cardinal]

Your experience of student loan debt isn't anything like what students are experiencing today. You can't extrapolate your experiences to theirs.

 

[Captain Adverse]

Here we are with the worst inflation our economy has seen in nearly half a century resulting directly from an excess of stimulus from both the Fed and the federal government, and what's Joe Biden's next move? Giving still more effing federal aid to people who do not need it:

Biden eyes long-awaited student debt relief starting at $10,000 per borrower

President Biden plans to move forward with student loan debt forgiveness, with two sources telling The Hill he is considering action to expunge at least $10,000 per borrower. The debt forgiveness w…

thehill.com

"Foolish" doesn't even begin to describe this.

I've already pointed out a general solution:

An Idea for Student Debt Relief

Unlike most liberals, I don't like the idea of generalized elimination of student debt. Partly that's because I dislike the idea of a net transfer of wealth to people like young doctors and lawyers who will end up making a killing in their lifetimes. Partly it's that I don't like the...

debatepolitics.com

All the current Administration is doing is "buying votes" while increasing both government debt and inflation.

Meanwhile, there are already loan forgiveness programs in the system for people who have been paying their loans.

The problem is with people who "splurged" on "education" that had no economic return value but looked good on job applications and resumes.

Getting rid of the program and turning to one-of partial scholarships is better.

 

[ttwtt78640]

Well, be specific.

OK, so no answer.

Also, acknowledge my two other points.

Your other two points ignore that the college had been paid to provide an education which apparently did not allow the student to repay it’s cost. How, exactly, did that benefit society?

 

[vanceen]

To cancel debt without taking action to eliminate the causes of the ridiculous price increases for college education is irresponsible.

The federal government caused this problem to a large extent by guaranteeing student loans.