ExpressLane
Verified User
The money has already been spent it is already in circulation.
Supreme Court Ruling on Student Loan Forgiveness
- Thread starter Phantasmal
- Start date
cawacko
Well-known member
It would be like if someone canceled my $5K credit card bill. By me no longer having to pay it I can now theoretically go spend that $5K on purchasing something new instead of paying back what I originally owed. It would a stimulus (although very likely inflationary) but its not a sustainable model. And it does nothing to address the root cause of the increase in the cost of college (in fact will likely only make it worse).
It's basically another from of MMT where, as the argument goes, because we control the printing press we can have basically unlimited stimulus with little to no repercussions.
And students need to shop for a college they can afford.
What government regulations would you recommend to fix price gouging?
Many of the online courses are poor quality. Instructors make little effort to stop cheating (because it is almost impossible to stop), schools purposely want these classes to be easy because it attracts a large number of students who would not normally be enrolling in that school. If instructors don't go along with easy courses they aren't allowed to teach online. It has become a cash cow for some institutions.
WTF does that have to do with the present day responsible folks who pay their loans?
Loan relief just deprives the government of revenue it would receive from those loan repayments and increases the deficit and debt causing more inflation just like the Trump-Biden spending contributed to the current inflation.
A college graduate earns about $1 million more over a life time than non graduates.
cawacko
Well-known member
There needs to be context in that number (if it's even still accurate today). That stat doesn't justify people taking out ten of thousands or even hundreds of thousands of dollars in loans for majors in which their future earning potential will be low.
I've seen data that shows those who go to trade school and come out debt free with a good job can come close to earning what some college grads do after their debt.
Yes, generally speaking college is the way to go. But that's not a blanket statement and each individuals path is different and unique to them.
Sure, you can earn more from trade school or other occupations, but a person who wants to teach music or be a nurse is willing to accept lower pay for a job they like.
So his key constituency is deadbeats? Interesting .
17.4% of American adults have student loans. https://www.nerdwallet.com/article/...mericans have,$600 billion, federal data show.
Nobody put a gun to their head demanding they sign for those.
In addition there’s a significant percentage (no doubt) of Americans that paid off their student loans , so basically you’re saying it’s not only fair for the those that did not take out student loans (and they may be low income taxpayers) to pay them
but you’re saying it’s fair for those who already diligently paid off their loans to continue paying for others.
Wow. Just wow.
Maybe we as a society should bail out anyone with credit card debt on the brink of bankruptcy.
Port Tack
Verified User
Guys like Mitt Romney make more in ONE YEAR than the average American family makes in their entire life yet his tax rate is less than his secretary making 75k.
What Biden was going to provide in relief to students was pocket change compaed to what the govt gives banks, or auto makers or the recent PPP giveaways.
Port Tack
Verified User
College students are deadbeats? How the fuck some of you assholes come up with your stupid comments is beyond me.
17.4% of American adults have student loans. https://www.nerdwallet.com/article/...mericans have,$600 billion, federal data show.
Nobody put a gun to their head demanding they sign for those.
In addition there’s a significant percentage (no doubt) of Americans that paid off their student loans , so basically you’re saying it’s not only fair for the those that did not take out student loans (and they may be low income taxpayers) to pay them
but you’re saying it’s fair for those who already diligently paid off their loans to continue paying for others.
Wow. Just wow.
Maybe we as a society should bail out anyone with credit card debt on the brink of bankruptcy.
As I pointed out before, student debt is not dischargeable in bankruptcy. Life isn't fair. If I had waited a day, those English Muffins would have been BOGO. Objectively, this will be good for the economy. I really don't care about the rest of it. I'm not a bleeding heart liberal, I'm a practical thinker. I want ROI, and student debt relief, especially as proposed, would very likely have a positive effect. When people were taking out massive home equity loans and walking, no one seemed to lose their minds about how we were bailing out these six figure salary guys with boats in the garage. Life goes on. Bankruptcy is a practical solution. So is this. It's sad that these kinds of things are somehow politicized.
Like the corporate deadbeats Bush bailed out? The house owners who speculated on houses they couldn't afford then got caught underwater? I tend to agree here.
Help them out, but don't reward bad or stupid behavior at a cost to taxpayers. Let them work it off. Also treat corrupt business people like mass murderers; both take the souls of others. Public executions would be nice after a fair trial.
No. Those that are no longer students who don't pay back their loans.
Yes, I can see that your comprehension of my post is beyond your paygrade.
No it's not but we're not talking about muffins. Student loan forgiveness is basically penalizing those that are personally responsible. And in a nutshell, that's been the agenda of the democratic party for as long as I can remember. Penalize the responsible, reward the irresponsible.
Yeppers. As did Obama.
We do overlap occasionally.
Indeed.
I suppose I can argue that I'm being punished for getting two advanced degrees while the rest of the louts were drinking beer and working for minimum wage, since I then had to pay more in taxes than they made in a year. I'm sure you can relate.
As for rewarding the irresponsible, seems like Republicans are more than happy to do so with banks, farmers, and debtors. Seems like you are ignoring that one.
We tend to reward irresponsibility in this country. See: Covid. I'm not saying it's right, I'm saying that at the end of the day, I'm not willing to cut off my nose to spite my face.