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What is the rationale behind forgiving $250 billion in student debt?

What is the rationale behind forgiving around $320 billion in student debt?


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Peter

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The US can manage to finanxce a $2T decades long war in the Middle East just fine but actualy stopping students from becoming bankrupted by student loan debts is somehow unforgivable?
 

Slyfox696

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The US can manage to finanxce a $2T decades long war in the Middle East just fine but actualy stopping students from becoming bankrupted by student loan debts is somehow unforgivable?
We can afford to give the Pentagon billions of dollars more than they request, but we can't provide an education to our citizens. So, you know, priorities.
 

jaypatriot

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I'm certainly worried about having a generation shackled with burdensome debts that will inhibit spending, family formation, and consumption, some of the main drivers of our economy and society.
I am worried too.
I am worried that millions of young people, who want a college education, would knowingly and willingly enter into a legal contract with a school or the federal government and then choose to not pay back that student loan.
According to latest estimates there are two jobs for every person currently looking for work. What prevents people from working and living up to a legal contract?

Or is that conclusion too simplistic when it comes to young people actually working hard to do what it right?
 

NatMorton

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Are you seriously going to keep denying that you don't argue govt aide is used for vote buying?
No, I'm not arguing that. I'm rejecting your gratuitous use of race in this thread and your claim I have done something similar.
 

Doppelgangirl

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Corporate welfare is a really big topic. Especially now that the bullshit IRA law is now in play. Do you think this is good place to discuss it?
Is there ever a good place to discuss it?
Student loans are BS. They've gotten progressively more shitty.
My very first student loan took me 5 minutes to get "approved" for, but ultimately put about $3k cash in my hand. In about 15 min total. At 18 years old.
That's crap
 

Artymoon

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I hope those that paid their debt remember those who won't and the party who sanctioned the default.
I wish. But the same people who are struggling with paying their student debt are likely the ones who struggle in general making good life decisions. And I fear they are starting to outnumber the rest.
 

JohnfrmClevelan

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Spoken like a true Liberal/Progressive/Democrat.

Yeah, well, he's right.
Damn the federal deficit. Full speed ahead!

You should be able to demonstrate how the federal deficit is a negative before you complain about it.
Why not forgive car loans, mortgages, consumer credit loans, etc.?

There used to be such a thing, called a debt jubilee. Wiping away peoples' debts allows them to stabilize their financial situations, consume more, etc. Basically, wiping away private sector debt every once in a while is good for an economy.

But most people aren't OK with the government picking up the tab for your new Ford F-150, while they are OK with the government picking up the tab for higher education. Lots of other countries pay for higher education already, so it's not a crazy idea. I would also be OK with the government picking up the tab for crushing medical debts, by the same reasoning.
Why stop at student loans?

Why indeed?
 

Gateman_Wen

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Biden is considering cancelling $321 billion in federal student loans.
That's a lot more than the estimated reduction in federal debt projected as a result of the recently signed Inflation Reduction Act. And no one can figure out if the cancellation of that debt is inflationary or not.
Keep in mind these are college students getting a higher education so they can become responsible adults.
Full disclosure: I am biased because a few years ago I paid off a $64,000 student loan debt for a doctoral program. And it hurt.

How do people worried about our financial future feel about all of that?


Student loan forgiveness decision will come ‘before Aug. 31,’ Biden administration confirms: What you need to know​

Published Thu, Aug 11 202212:42 PM EDTUpdated 3 Hours Ago

Aug. 31 is an important date for millions of Americans with federal student loans — it’s not just the day the pause on payments is set to expire, but also the deadline by which President Joe Biden will decide on broader federal student loan forgiveness.
CNBC has reported that White House officials are zeroing in on canceling $10,000 for all borrowers who earn less than $150,000 per year, but the administration has yet to confirm such plans.
More than 40 million Americans carry student loan debt. A wide-scale student loan cancellation of $10,000 per borrower would forgive a total of $321 billion of federal student loans and eliminate the entire balance for about 11.8 million borrowers, according to the Federal Reserve. The average borrower would receive $8,478 in student loan forgiveness.

First, your poll reeks of butt-hurt.

Second, not having the next working generation starting out $250 billion in the hole will help the entire economy.
 

jaypatriot

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The US can manage to finanxce a $2T decades long war in the Middle East just fine but actualy stopping students from becoming bankrupted by student loan debts is somehow unforgivable?
A perfect tu quoque fallacial argument.

So forgiving over $1 trillion in student debt is OK because we spent $2 trillion in military action in the Middle East?
 

Aletheia

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I am worried too.
I am worried that millions of young people, who want a college education, would knowingly and willingly enter into a legal contract with a school or the federal government and then choose to not pay back that student loan.
According to latest estimates there are two jobs for every person currently looking for work. What prevents people from working and living up to a legal contract?

Or is that conclusion too simplistic when it comes to young people actually working hard to do what it right?
This is why I said, I feel it should be incentive based, not just retroactive forgiveness (aside from those who were scammed). Those students who perform very well, even in a few months of college, should have some kind of scholarships or even transient debt relief, so they can move forward without being encumbered by heavy debt burdens or working menial side jobs. Every few months, based on performance the scholarships could be renewed. Those who choose to waste it get cut off quickly. And the conditions would be the schools are accredited, not privatized.
 

jaypatriot

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Yeah, well, he's right.


You should be able to demonstrate how the federal deficit is a negative before you complain about it.


There used to be such a thing, called a debt jubilee. Wiping away peoples' debts allows them to stabilize their financial situations, consume more, etc. Basically, wiping away private sector debt every once in a while is good for an economy.

But most people aren't OK with the government picking up the tab for your new Ford F-150, while they are OK with the government picking up the tab for higher education. Lots of other countries pay for higher education already, so it's not a crazy idea. I would also be OK with the government picking up the tab for crushing medical debts, by the same reasoning.


Why indeed?
Isn't America great? There are citizens who believe we are so rich that we can willy-nilly forgive all manor of personal debt and the economy will be just fine with that.
Have you ever worked in a for-profit organization?
 

Gimmesometruth

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No, I'm not arguing that. I'm rejecting your gratuitous use of race in this thread and your claim I have done something similar.
LOL, I just showed you do use vote buying arguments in inherently race based "welfare" arguments.....which was the challenge.

Funny how you now have shut up about "vote buying".
 
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Pay 👏 your 👏 own 👏 damn 👏 bills. 👏
Pay your own damn bills, like all the red states with their hand outs taking federal money they whine about? Pay your own damn bills like the 20 year trillions of dollars down drain war that right wing war mongerers cheered on but never paid for? In fact, they cut taxes while spending trillions on wars

those bills? LOL

LOL, I just showed you do use vote buying arguments in inherently race based "welfare" arguments.....which was the challenge.

Funny how you now have shut up about "vote buying".

it's projection. Every stupid bullshit they spew onto liberals is shit they actually do and actually support. Like the temporary tax cuts for Trump to working people, that wasn't for votes? That happen to expire after his term, when they can turn around and claim its democrats raising taxes? They can't comprehend people aren't as dishonest and corrupt as them, they think everything must be to buy votes. From the people who fight campaign finance reform and are OK with their politicians being emboldended to the rich over the people.
 

Doppelgangirl

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I'm certainly worried about having a generation shackled with burdensome debts that will inhibit spending, family formation, and consumption, some of the main drivers of our economy and society.
As an Xennial, I will say it sucks. My age group falls right around that 'fault line' of the economy. Now we can afford houses, but we're having to take care of elderly parents. So I feel like I got a grand total of 5 years of being an "adult."
It is not 1970 anymore, you can't sling burgers for $2/hr and pay for college and rent a basement studio next to campus.
That basement studio is likely $1500 minimum per month.
Y'all absolutely need to venture out more and see what it costs to live day to day as a younger person.
Then come back and denigrate me for laziness.... because I have a refrigerator and a toilet that flushes.
Soooooo fancy.

EDIT: Not directed at "you" the individual. At all.
More of an agreement with the argument.
I've been around multiple bitchy people this afternoon, so I have opinions.
I was loving on my straw man mentally.
You raise good points, I think we'd be on the same side.
I am seriously tired and I think bourbon is taking over. I'm just going to STFU.
But yeah, something like that....
 
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Peter

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A perfect tu quoque fallacial argument.

So forgiving over $1 trillion in student debt is OK because we spent $2 trillion in military action in the Middle East?

Yes, I think spending on the future people of the country to be better educated and thus have a better chance to make more money is a fantastic investment.
Having a decades long war in the Middle East is not a great investment.

Pretty simple really but feel free to try and prove me wrong.
 
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I'm certainly worried about having a generation shackled with burdensome debts that will inhibit spending, family formation, and consumption, some of the main drivers of our economy and society.

Well, unlike most right wingers, you have a heart. They only care about who can make the most profits at all costs, how much money can they make. And there is ton of money to made keeping people in perpetual debt. An entire industry of scumsucker proftting off people being in debt

Yes, I think spending on the future people of the country to be better educated and thus have a better chance to make more money is a fantastic investment.
Having a decades long war in the Middle East is not a great investment.

Pretty simple really but feel free to try and prove me wrong.

Yup, 20 years, trillions of dollars, murdering, destroying, and for what? Defense contractors made a killing? imagine that much money going to build something, the good that could come from all the money we spend murdering and bombing poor brown people over the world could do a lot of good.

And they want to pretend they are morally superior LOL. Islamic terrorists think they are morally superior as well
 

jaypatriot

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Yes, I think spending on the future people of the country to be better educated and thus have a better chance to make more money is a fantastic investment.
Having a decades long war in the Middle East is not a great investment.

Pretty simple really but feel free to try and prove me wrong.
Thank you from across the pond.

So giving away $1.4 trillion in student loans with the hope that some students might be better educated is a good bet to you? No controls over that? Anyone can do it for free?
Like our illustrious public school system with a significant dropout rate.
 

Gimmesometruth

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There are citizens who believe we are so rich that we can.....
The-U.S.-wealth-inequality-is-high-and-is-rising-1080x754.png
 

Peter

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Thank you from across the pond.

So giving away $1.4 trillion in student loans with the hope that some students might be better educated is a good bet to you? No controls over that? Anyone can do it for free?
Like our illustrious public school system with a significant dropout rate.

Yes, some people will abuse the system but a better educated society is always a good thing.

I have voted in the past for the Lib Dems in the UK (the 3rd largest party in the UK) specifically because they had a campaign promise to get rid of tuition fee's and this will cost me money with zero personal gain as I'm a childless 45 year old so I'm unlikely to get into Uni now.
 
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