The Next President is...

[ClearedHot]

Vote buying math - A $330B college debt forgiveness bill at $10k per person equates to 33 million people who’ll benefit.  That is less than 10% of the US population. So, 90% of Americans will cover the cost for 10% including a crap ton of non-college graduates who make a hell of a lot less.  This is a giant FU from crazy Uncle Joe to everyone who did pay their student loans back.  The majority of college debt is held by graduate degree holders in non-marketable fields.

 

Cancelling student debt is lunacy, you are rewarding people who don't pay their bills by taxing those who do pay their bills.

[Prozac]

2 hours ago, ClearedHot said:

Vote buying math - A $330B college debt forgiveness bill at $10k per person equates to 33 million people who’ll benefit.  That is less than 10% of the US population. So, 90% of Americans will cover the cost for 10% including a crap ton of non-college graduates who make a hell of a lot less.  This is a giant FU from crazy Uncle Joe to everyone who did pay their student loans back.  The majority of college debt is held by graduate degree holders in non-marketable fields.

 

Cancelling student debt is lunacy, you are rewarding people who don't pay their bills by taxing those who do pay their bills.

Agreed. Especially since I haven’t seen anything from the administration addressing the underlying causes of the student debt crisis itself. I might be able to get behind some targeted relief, perhaps for those who may have been misled into taking out loans they could never pay, but without addressing the ‘why’ in how we got here, I have to say this plan paints with a very broad brush & sends the wrong message to future borrowers. Squarely disappointed by the executive on this one. 

[dream big]

2 hours ago, ClearedHot said:

Vote buying math - A $330B college debt forgiveness bill at $10k per person equates to 33 million people who’ll benefit.  That is less than 10% of the US population. So, 90% of Americans will cover the cost for 10% including a crap ton of non-college graduates who make a hell of a lot less.  This is a giant FU from crazy Uncle Joe to everyone who did pay their student loans back.  The majority of college debt is held by graduate degree holders in non-marketable fields.

 

Cancelling student debt is lunacy, you are rewarding people who don't pay their bills by taxing those who do pay their bills.

This is nothing but a desperate attempt to buy votes leading up to the midterms at a barely 40% approval rating. It will probably work since most Biden voters or would be Biden voters can’t do the math you analyzed above. 

[Sua Sponte]

This is also a reminder that if you get to 100% Permanent & Total (P&T) VA disabled, you can have all federal, not private, student loan debt forgiven.

[BashiChuni]

instead of canceling debt they should put a interest rate cap on student loans.

the predatory lending is outrageous (>10% interest)

[Prozac]

27 minutes ago, BashiChuni said:

instead of canceling debt they should put a interest rate cap on student loans.

the predatory lending is outrageous (>10% interest)

Holy shit. Mark the tapes. I actually agree with BasiChuni on something! 

[ClearedHot]

1 hour ago, BashiChuni said:

instead of canceling debt they should put a interest rate cap on student loans.

the predatory lending is outrageous (>10% interest)

I'd be in favor of something linked to public service or underpaid careers like teachers...Instead this is going to a bunch of shithead grad students who have worthless degrees in Equity Studies.

[Lord Ratner]

5 hours ago, Prozac said:

Especially since I haven’t seen anything from the administration addressing the underlying causes of the student debt crisis itself

Shack! I actually don't care if they pay off the loans, *IF* they stop guaranteeing the loans and perpetuating this race to the top in tuition costs. Make the banks take the risk of they want to bet on 17 year olds pursuing English degrees.

[FLEA]

8 hours ago, ClearedHot said:

I'd be in favor of something linked to public service or underpaid careers like teachers...Instead this is going to a bunch of shithead grad students who have worthless degrees in Equity Studies.

There already is the PLSF but that program was equally a disaster and I paid my loans off a year before I would have qualified to have them forgiven under PLSF. 

To your point though, the real thing that needs addressed is grad school loans. The vast majority of student load debt is graduate debt. The problem is the graduate degree is not worth the paper it's written on. So why are people getting them? Simply put, proffessional gate keeping. Hyper-scholasticism has seeded it's way into nearly every field. The Air Force is complicit in it. How long did we make people get a useless masters to pin on Major? You still need it for O-6. Education is another. A lot of states require educators to have a masters degree within 10 years of licensure to maintain their license. Social work, requires a masters degree. Want to go to the airlines? Almost all of us have a story about our masters degree in God knows what circled on our airline resume..... to be a first pilot. MBAs are being required for all levels of management in all sorts of industry. So take for instance being a retail store manager.... They like to see MBAs now. Even law degrees, which I thought actually held value, really do not. The average law school graduate salary is extremely low when you remove the top 10% of earners. The vast majority of law school graduates actually make less than 70K/year. It's the exceptional JD/MBAs from top 25 schools making 700K a year doing finance jiujutsu for hedge funds that misconstrue the mean wages to look so top heavy. 

In all of these cases, simply possessing the degree, does not actually give you access to higher earnings. It only gets you access to the field or the ability to stay in it. I don't know how to fix it, bit I know AADs is where we need to start. 

Edited August 25, 2022 by FLEA

[HU&W]

18 hours ago, ClearedHot said:

Vote buying math - A $330B college debt forgiveness bill at $10k per person equates to 33 million people who’ll benefit.  That is less than 10% of the US population. So, 90% of Americans will cover the cost for 10% including a crap ton of non-college graduates who make a hell of a lot less.  This is a giant FU from crazy Uncle Joe to everyone who did pay their student loans back.  The majority of college debt is held by graduate degree holders in non-marketable fields.

 

Cancelling student debt is lunacy, you are rewarding people who don't pay their bills by taxing those who do pay their bills.

I wonder where the blame will be deflected for the additional inflation this will cause.

[Biff_T]

13 minutes ago, HU&W said:

I wonder where the blame will be deflected for the additional inflation this will cause.

It will be Russia's, Reagan's, Trump's and all of the heterosexual white males' faults.  

[HU&W]

"President Biden’s bold action is a strong step in Democrats’ fight to expand access to higher education and empower every American to reach fulfillment" - Election year Pelosi

vs.

"People think that the president of the United States has the power for debt forgiveness.  He does not. He can postpone. He can delay. But he does not have that power." - Non-election year Pelosi

[Biff_T]

I'd like them to give me ten grand for not having to rely on the government to repay my debt.   

[Danger41]

I’m torn on this one because it won’t make any real long lasting difference until the college-industrial complex gets completely revamped. And a massive “2” on predatory student loans needing to get axed. 

[Sua Sponte]

Most people wouldn’t have a problem paying their student loans if the interest rates were locked in to 0-1%, not the 6-8% that GRAD Plus loans are. 

[TreeA10]

The government gave $200k to some green haired person to pay for a degree in intersectional drum circles with a gender queer emphasis at some Ivy league SJW indoctrination school so now taxpayers have to pick up the tab because, surprisingly, you only qualify for a minimum wage job as a Starbucks barista with such an education. 

[brabus]

Another angle: “Free money” gov bailout - now where’s the incentive for universities and lenders to reduce costs and rates? This in reality rewards universities and lenders for their actions. I think most people are in general agreement that the cost of college and their buddies in the student loan business are out of control, but why do people simultaneously think dumping gas on the fire will put it out, because that’s essentially what is happening. Let’s not also forget the impact on the deficit and fucking over millions who did pay for their degree/those who couldn’t afford a degree and were responsible enough to not take a loan out they couldn’t pay back.

Edited August 26, 2022 by brabus

[uhhello]

Putting out a dumpster fire by pouring billions of dollars of cash on it.  Gotta fix the root causes first then work on "forgiveness" issues.  

[TreeA10]

While Bernie Bros and AOC types whine and rant about Big Oil, Big Pharma, and whatever other Big, Big College has far exceeded all others in the rate of increase in price. But the biggest supporter of the Leftist Libs are College educated white women so FJB is paying off his base. 

[HU&W]

Fixing root causes won't buy any votes.  It also doesn't give you the ability to project virtue, real or not, so you can attack anyone who would dare to question you.

[Sim]

Quote

"What we’re seeing now is the beginning or the death knell of an extreme MAGA philosophy," Biden reportedly said. "It’s not just Trump, it’s the entire philosophy that underpins the – I’m going to say something, it’s like semi-fascism." 

Looks like he's been taking lessons from divider-in-chief (aka Obama).  And always "projection". Always. 

[Sim]

[BashiChuni]

On 8/24/2022 at 6:36 PM, Prozac said:

Holy shit. Mark the tapes. I actually agree with BasiChuni on something! 

Veryyyyyyyy bashi

*civil war canceled*

Edited August 26, 2022 by BashiChuni

[ClearedHot]

[TreeA10]

Some history on how the road to higher taxes is paved with good intentions. 

 

https://www.dailywire.com/news/why-college-prices-have-spiraled