President Biden Announces Student Loan Relief for Borrowers Who Need It Most

[ADK Native]

https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/

Another tax payer money giveaway.  It is their debt that they not only created, but failed to work extra employment to pay for their debt.

Sad that others who could not afford to go to college are now paying for someone else who did go to college and is not paying their loan.  This is also an insult to those who:

·        Work hard to earn scholarships.

·        Work and pay off their entire college loan.

·        Serve in the military sacrificing their safety and youth to earn funding for college because of their service.

[Gobbler Chaser]

Almost as bad as Trump's taxpayer give aways to billionaires 

[farmer 52]

Shameful,this jackazz and entourage will try anything at any cost for votes.

[GreeneHunter]

Yup .... buying votes with out tax dollars !

[The_Real_TCIII]

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[Gobbler Chaser]

[Nomad]

Ok I paid low six figures for my kids college ,through  sacrifice and discipline, my wife and i had zero college and two very middle class jobs btw  . While my coworkers drove new pick ups ,had built in pools, new snowmobiles etc , but had their kids take out loans on stupid majors , I kinda feel I did the right thing as  I knew starting  them out in debt would make it hard for them . Where’s mine ?  Same income as my coworkers , not as nice a home though ….

if you want to change things do it going forward ,  not mid stream , that always creates problems .

 

[land 1]

so they go to college to get well paying jobs yet that cant pay for loans and if they take some stupid major with no jobs then it there stupid fault,,, unreal i have no college degree got a decent civil service job at 21 middle class life style finally almost 100% debt free , yet now my tax dollars will pay for some one else college, and ive never made 125, 000 in ayear ugh

Edited August 25, 2022 by land 1

[DoubleDose]

16 hours ago, Gobbler Chaser said:

Almost as bad as Trump's taxpayer give aways to billionaires 

...and your point is what?  This has nothing to do with DJT.

[land 1]

im not a trump fan but that is the Dems fall back look what trump did,,, 100% right  DD ...what does this have to do with trump ? answer : absoulty nothing....

[Grouse]

Wanna know why America is heading for an economic collapse and everything that comes with it?  Because there are idiots in America that do not understand economics, the national debt or taxes, and support leftists like Biden no matter how stupid their policies are.  They're called "low Info" voters and are ignorant of the consequences of stupid leftist policies.  They are "useful idiots" and comprise the "idiot electorate".  They judge government policies by their intentions, rather than their results.  And when the results are a disaster, they claim the policies would have worked if we threw more money at them.

I have to laugh every time I hear them parrot some canned leftist talking point they've been told to agree with, which isn't relevant to the issue, as a refutation against intelligent criticism of a stupid leftist policy.  Truly they are not capable of thinking for themselves.

No intelligent individual supports any government policy based on it's intentions.  They support them based upon foreseeable future results.  Many government subsidies have very positive results, whether they create more jobs, result in a net increase in tax payments to the government, ease economic malaise, supply chain issues or prevent layoffs.  That's not to say the government didn't create the problems it needs to repair in the first place.  But throwing money at irresponsible people who happen to be part of your voter base, to buy their votes with responsible people's tax dollars is stupid, and probably illegal.

Biden has absolutely no legal, nor Constitutional authority to issue this "executive order".  The GOP will take it to court, costing taxpayers even more millions, and they will win.  Unfortunately, that will make them look like the bad guys and Democrats will play on that to get the votes of the "low info useful idiots" in the "idiot electorate". To collect votes.

These leftists are evil, but they are not stupid.  That is exactly why they're dangerous.

 

Edited August 26, 2022 by Grouse

[Grouse]

Inez Stepman, senior policy analyst at Independent Women’s Forum - On student loan forgiveness...

It’s hard to imagine how we could screw up higher education any more than we already have, but we’re about to—if we make student loan forgiveness a reality.

There’s a Latin phrase that helps explain why. The phrase is “cui bono”—who benefits.

In the case of student loan forgiveness, it’s first and foremost the colleges and universities who can charge outrageous tuition largely paid for by student loans; second, politicians who make cheap promises of debt forgiveness to win votes; and third, students from upper middle-class families who would get taxpayers to pay off their student debt.

Who doesn’t benefit? Everyone else. That includes those who didn’t go to college and a new class of “suckers”—people who went to college and paid off their student loans. Student loan forgiveness is a reverse Robin Hood—it takes from the poor and gives to the rich.

The most obvious argument against forgiving student debt is that no one forced anybody to borrow money for college. Why, then, should others be forced to pay it off? Before you think I’m going to go all tough love on you, let me say that I have a lot of sympathy for young people who have dug themselves into the student debt hole. I am one of them.

For decades, our society has made the claim that you need a college degree to get ahead in life, and that the smart bet was to take out any amount of loans to ensure a bright future.

And if you need help with the tuition? Uncle Sam—the US government—stands at the ready with his generous student loan programs. Fill out a few forms, and presto, there’s a check in your mailbox. You’re off to college.

But here’s the dirty secret: for every dollar of student loan money the government makes available, university tuition goes up by 60 cents!

Colleges and universities don’t see college loans as a problem; they see a gravy train.

Most college administrators may be cowards ready to cave before every politically correct fad, but they’re not dumb. If the government is going to loan you money to go to college, they can raise tuition virtually at will. You can afford it; just borrow more.

And what do the universities do with all that tuition money? Build more buildings. Hire more administrators. Hey, somebody has to pay for all those Diversity, Equity and Inclusion officers, right?

Cui Bono.

Meanwhile, you stagger out of college with a degree and a boat load of debt to pay off, to get the same job and salary that a decade ago didn’t require a bachelor’s. What great way to start your adult life!

If you fit that profile, you’re very likely to favor student loan forgiveness. Who can blame you? With a simple stroke of a pen, some or all your debt goes away like it was never there. And, the least you can do, in return, is vote for the politicians who made it possible. At least that’s how the politicians see it.

Cui Bono.

But who’s going to pay for your good fortune? The taxpayers, course.

The most modest debt relief proposal out there now—$10,000 per borrower—would cost $300 billion. To wipe it all out? $1.8 trillion.

And a lot of those taxpayers will be working class people who didn’t go to college—in many cases because they didn’t want to take on all the debt. That’s why despite easy student loan access from the government, people in the lower and middle classes make up a smaller percentage of college students than they did 50 years ago.

The reality is that loan forgiveness would overwhelmingly benefit the already well-off.

It’s projected that for every dollar of debt cancellation that would go to the lower middle class and impoverished student loan holders, seven times that would go to the top 20% of earners—the lawyers, accountants, and doctors who borrowed heavily for their degrees.

This group also includes the people who staff government bureaucracies, corporate HR departments, and school administrations—the people chiefly responsible for the woke mini-revolutions upending institution after institution. For this managerial class, student loan forgiveness would be great.

But is it fair?

Cui Bono.

Student debt is a real problem, and it requires some real solutions. But blanket loan forgiveness makes everything worse, and rewards exactly those actors who have had such a large hand in creating the crisis—especially the opportunistic universities and politicians.

Instead, we should focus on three common sense reforms.

One. Reduce college tuition and availability of student loan funds going forward. We have to break the vicious cycle of ever-increasing tuition and ever-increasing government loans to pay for it.

Two. We should target limited relief to lower and middle-class Americans who have been sold a bill of goods about the value of an expensive university degree—not the lawyers, accountants, and bureaucrats who have already benefited from the system.

Three. Relief should come from rich universities, not middle-class taxpayers. Yale, for example, has a forty-two-billion-dollar endowment. Universities have taken advantage of the problem, and it’s time for them to contribute to the solution.

Cui Bono.

[diplomat019]

Cui bono!   Thank you for this and thank you for what you did at islamburg.  

[The_Real_TCIII]

Full disclosure I did not serve


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[9jNYstarkOH]

[crappyice]

For those of us currently in the college tuition game, I hear it's more like buying a new car these days. No one pays the sticker price unless they are desperate for that school and have the means.

Example: big money guy really wants his kid to go as a legacy to his university...kid is borderline but parents guarantees full tuition, they have a good shot.

I've also heard stories of families not able to make the payment without refinancing house or other extreme measures and negotiating a new deal with schools....I owe you $65,000 and will pay that back over a long period of time on a plan or I can give you $25,000 now to call it even. They take the $25,000 now since they know some are paying the full freight and their product really only costs them $25,000 anyway.

This is all theoretical and anecdotal- I have no idea if this is how this works....but I'll be trying it soon as we will have 3 in from 2022-2027.

Similar to settling bankruptcy or bad credit situations.


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[left field]

Dark Brandon turns GS into soyboy cucks.

 

And then, there's this.

 

[9jNYstarkOH]

39 minutes ago, left field said:

Dark Brandon turns GS into soyboy cucks.

 

And then, there's this.

 

 

[left field]

The question isn't the need or validity of loans. The question is loan forgiveness, and in these cases, the hypocrisy of condemning with one hand while grabbing all you can with the other.

 

[Grouse]

When the government forces expenses on you, it should pay for them.

When you force expenses on yourself, you should pay for them.

Anyone who doesn't understand that, is willfully ignorant.

[Grouse]

After Republicans objected, the standard White House Twitter response followed this formula: "Congressman X had $X in PPP loans forgiven." Lather, rinse, repeat for any business owner who took advantage of the Paycheck Protection Program loans that were forgiven during the COVID pandemic.

Some folks will also buy that "logic," but it's total nonsense. Whether or not you agree with the government giving and then forgiving business loans, the reason for that program was that the government shut down the economy and millions of people were losing their jobs. That the government (albeit with taxpayer money) paid for damage done by the government is at least an understandable argument. Government stepping into the middle of a private contract between a student and a lender for totally voluntary decisions is an entirely different matter.

Phony accusations of hypocritical cruelty while insisting that all this "free" money is totally paid for — what else would you expect from a White House team with virtually no experience in the private sector?

[Grouse]

"The frame for virtually any discussion of American politics at the moment advanced by the hair-on-fire segment of our media elite is that democracy itself is under attack. ... How quietly these same voices become when the White House itself engages in actual threats to the rule of law and up-end representative government in order to engage in policy steps that are aggressively at odds with that little old thing called the Constitution." —Ben Domenech on Biden's student loan giveaway

"It would represent a middle finger to the Constitution, which vests legislative power in Congress, not the president. It would represent a middle finger to Congress, which has not given the executive branch the authority to give $10,000 each to millions of college students. It would represent a middle finger to the Department of Education, which found last year that it 'does not have statutory authority to provide blanket or mass cancellation, compromise, discharge or forgiveness of student loan principal balances, and/or to materially modify the repayment amounts or terms thereof.' Nancy Pelosi confirmed last summer that 'the president can't do it — so that's not even a discussion.' She said, 'Not everybody realizes that, but the president can only postpone, delay but not forgive.' Biden's response? A middle finger." —Charles C.W. Cooke

"Biden's decision to waive student loan debt will increase inflation and is another gift to the rich. Tennesseans should not be forced to pay for coastal elites to get their PhD in gender studies." —Senator Marsha Blackburn

"Student loan debt relief is spending that raises demand and increases inflation. It consumes resources that could be better used helping those who did not, for whatever reason, have the chance to attend college. It will also tend to be inflationary by raising tuitions." —economist Larry Summers, Obama's senior economic advisor

[Gobbler Chaser]

On 8/25/2022 at 8:06 PM, DoubleDose said:

...and your point is what?  This has nothing to do with DJT.

My point is I'd rather see money go to education that giving billions away to corporations in the way of tax giveaways. Mango reduced the corporate tax rate with the same old promise of trickle down. Buts there's always money for wars and billionaire tax breaks

[Grouse]

You obviously don't know tax breaks for businesses spur jobs, lower prices and future investment.  Businesses don't waste money they don't have to give to the government.  But the government will waste more tax money if it gets more.  Economic history in this land has proven time and again this is what happens, every time.

Tax breaks for businesses mean more business investment, because if they don't re-invest the money, they are going to be taxed on it as profit.  Higher taxes on business means less investment, fewer jobs, more layoffs and higher prices, because businesses don't pay the taxes the government hits them with, their customers do.

Economics seems to be one of the hardest things for Americans to comprehend.

[BowmanMike]

45 minutes ago, Grouse said:

You obviously don't know tax breaks for businesses spur jobs, lower prices and future investment.  Businesses don't waste money they don't have to give to the government.  But the government will waste more tax money if it gets more.  Economic history in this land has proven time and again this is what happens, every time.

Tax breaks for businesses mean more business investment, because if they don't re-invest the money, they are going to be taxed on it as profit.  Higher taxes on business means less investment, fewer jobs, more layoffs and higher prices, because businesses don't pay the taxes the government hits them with, their customers do.

Economics seems to be one of the hardest things for Americans to comprehend.

Maybe you should run for office if you have such a great grasp on things...