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Thread: Bidenís student loan relief could cost $400 billion, Congressional Budget Office says

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    Default Bidenís student loan relief could cost $400 billion, Congressional Budget Office says

    'President Joe Biden’s student loan cancellation plan will cost an estimated $400 billion, according to the Congressional Budget Office.

    Biden last month announced a plan to forgive $10,000 in federal student loans for borrowers who earn less than $125,000 a year, or have a household income of under $250,000 if filing jointly. Low-income Pell Grant borrowers are eligible for an additional $10,000 cut.

    In addition to the costs to forgive that debt, the CBO estimated the cost of Biden’s pause on student loan payments from September through December 2022 will total $20 billion.

    The CBO is a nonpartisan agency that calculates the costs of federal revenue and spending plans for Congress. Its latest analysis does not include the cost of adjustments to income-driven repayment plans. Biden’s executive order lowered the cap a borrower would have to pay on their student loans to 5% of their income, down from 10%. The Committee for a Responsible Federal Budget, a think tank opposed to Biden’s student loan plan, has estimated the change will cost an additional $120 billion.'


    https://www.cnbc.com/2022/09/26/bide...fice-says.html


    It's weird.

    We know that people with college degrees, make far, more money than people without them (generally).
    Yet the Dems seem desperate to throw, gigantic sums of taxpayer money at these people.

    Yet, these same democrats seem to care less about 500,000 Americans - including thousands of veterans - who are literally homeless.
    '40% of all homeless men are veterans.'
    'Every year, roughly 13,000 homeless people die in the US.'
    https://policyadvice.net/insurance/i...ss-statistics/

    A Bill costing 1/10'th of this debt forgiveness, could virtually end homelessness in America.
    In the form of regional, government shelters.

    And yet...where is the White House Bill proposal to end homelessness?
    To - literally - save the lives of over 10,000 Americans per year?
    No where - that is where.



    There you have it!
    The modern, democratic hypocrisy on display.


    They claim to care about the 'little people'.
    Yet, in reality?
    Dems/Biden care FAR about college graduates - than the homeless.
    .



    Once again, I despise, BOTH parties.
    Last edited by McRocket; 09-27-2022 at 04:02 AM.

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    Quote Originally Posted by McRocket View Post
    'President Joe Bidenís student loan cancellation plan will cost an estimated $400 billion, according to the Congressional Budget Office.

    Biden last month announced a plan to forgive $10,000 in federal student loans for borrowers who earn less than $125,000 a year, or have a household income of under $250,000 if filing jointly. Low-income Pell Grant borrowers are eligible for an additional $10,000 cut.

    In addition to the costs to forgive that debt, the CBO estimated the cost of Bidenís pause on student loan payments from September through December 2022 will total $20 billion.

    The CBO is a nonpartisan agency that calculates the costs of federal revenue and spending plans for Congress. Its latest analysis does not include the cost of adjustments to income-driven repayment plans. Bidenís executive order lowered the cap a borrower would have to pay on their student loans to 5% of their income, down from 10%. The Committee for a Responsible Federal Budget, a think tank opposed to Bidenís student loan plan, has estimated the change will cost an additional $120 billion.'


    https://www.cnbc.com/2022/09/26/bide...fice-says.html


    It's weird.

    We know that people with college degrees, make far, more money than people without them.
    Yet the Dems seem desperate to throw, gigantic sums of taxpayer money at these people.

    Yet, these same democrats seem to care less about 500,000 Americans - including thousands of veterans - who are literally homeless.
    '40% of all homeless men are veterans.'
    'Every year, roughly 13,000 homeless people die in the US.'
    https://policyadvice.net/insurance/i...ss-statistics/

    A Bill costing 1/10'th of this debt forgiveness, could virtually end homelessness in America.
    In the form of regional, government shelters.

    And yet...where is the White House Bill proposal to end homelessness?
    To - literally - save the lives of over 10,000 Americans per year?
    No where - that is where.



    There you have it!
    The modern, democratic hypocrisy on display.


    They claim to care about the 'little people'.
    Yet, in reality?
    Dems/Biden care FAR about college graduates - than the homeless.
    .



    Once again, I despise, BOTH parties.
    No, we don't know that. The problem here is fraud. The feds offered up to $25K per year per student so universities which didn't historically charge anywhere near that much took a look at their services and lo and behold guess what they came up with? By golly their education was now worth $25K per year. What a surprise.

    The problem here is Biden putting the taxpayers on the hook but fraud is still a crime. My solution? Start seizing endowments.
    Why Trump? Because Fuck You that's why.

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    Quote Originally Posted by Guille View Post
    No, we don't know that.
    Yes, we do.



    https://www.northeastern.edu/bachelo...ucation-level/
    https://www.indeed.com/career-advice...ree-vs-without

    You don't agree - whatever.

    But I did add the word 'generally' to my OP statement, in this regard.

    The problem here is fraud. The feds offered up to $25K per year per student so universities which didn't historically charge anywhere near that much took a look at their services and lo and behold guess what they came up with? By golly their education was now worth $25K per year. What a surprise.

    The problem here is Biden putting the taxpayers on the hook but fraud is still a crime. My solution? Start seizing endowments.
    I agree strongly with this.
    Clearly you get the overall problem.

    However, I would not call it 'fraud'.
    A college or university - especially a private one - is free to charge any amount for anything they like (that is legal).
    It's called free enterprise.
    A rip off - but still legal.
    'Let the Buyer Beware'.

    The fault lies with the voters.
    Who were so lazy and/or stupid that they screamed at the politicians to help finance, student loans in the first place.
    Last edited by McRocket; 09-27-2022 at 02:06 PM.

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    Couples who have no children paying for their neighbor’s college education.

    Couples who have children and worked two jobs to pay for their children’s education now paying for their neighbor who didn’t.

    This is the far left Democrat Socialist loons in action.

    Reward sloth, punish those who work.

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    Quote Originally Posted by Earl View Post
    Couples who have no children paying for their neighbor’s college education.

    Couples who have children and worked two jobs to pay for their children’s education now paying for their neighbor who didn’t.

    This is the far left Democrat Socialist loons in action.

    Reward sloth, punish those who work.
    Well said, imo.
    Last edited by McRocket; 09-27-2022 at 04:57 AM.

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    Please watch between 0:15 and 0:46 (though this has become a rather, famous confrontation).




    BTW - I was (and am) SO impressed with how that guy made his case.
    Clearly, completely and handled her callous/flippant response, extremely well.

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    Quote Originally Posted by McRocket View Post
    Please watch between 0:15 and 0:46 (though this has become a rather, famous confrontation).




    BTW - I was (and am) SO impressed with how that guy made his case.
    Clearly, completely and handled her callous/flippant response, extremely well.
    I have seen this video many times and I, also, was impressed with the calm, dispassionate manner that he displayed.

    He could have asked her if Native Americans should pay for her children’s college education.

    Cultural appropriation is her bag.

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    besides the extreme cost of this to us taxpayers, the serious downside to this is that these recipients now know that they can borrow a bunch of money and vote in someone who will make others pay it back for them.......all while the idiots supporting it stupidly believe that this will better the economy.

    stupidity and irresponsibility should fucking hurt, not be rewarded.
    In a combat situation it is about 16 times better to do something useful and violent right away than to wait and figure out something even more useful and violent later.
    ďwhenever you put your faith in big government for any reason, sooner or later you end up an apologist for mass murder.Ē

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    Quote Originally Posted by McRocket View Post
    'President Joe Biden’s student loan cancellation plan will cost an estimated $400 billion, according to the Congressional Budget Office.

    Biden last month announced a plan to forgive $10,000 in federal student loans for borrowers who earn less than $125,000 a year, or have a household income of under $250,000 if filing jointly. Low-income Pell Grant borrowers are eligible for an additional $10,000 cut.

    In addition to the costs to forgive that debt, the CBO estimated the cost of Biden’s pause on student loan payments from September through December 2022 will total $20 billion.

    The CBO is a nonpartisan agency that calculates the costs of federal revenue and spending plans for Congress. Its latest analysis does not include the cost of adjustments to income-driven repayment plans. Biden’s executive order lowered the cap a borrower would have to pay on their student loans to 5% of their income, down from 10%. The Committee for a Responsible Federal Budget, a think tank opposed to Biden’s student loan plan, has estimated the change will cost an additional $120 billion.'


    https://www.cnbc.com/2022/09/26/bide...fice-says.html


    It's weird.

    We know that people with college degrees, make far, more money than people without them (generally).
    Yet the Dems seem desperate to throw, gigantic sums of taxpayer money at these people.

    Yet, these same democrats seem to care less about 500,000 Americans - including thousands of veterans - who are literally homeless.
    '40% of all homeless men are veterans.'
    'Every year, roughly 13,000 homeless people die in the US.'
    https://policyadvice.net/insurance/i...ss-statistics/

    A Bill costing 1/10'th of this debt forgiveness, could virtually end homelessness in America.
    In the form of regional, government shelters.

    And yet...where is the White House Bill proposal to end homelessness?
    To - literally - save the lives of over 10,000 Americans per year?
    No where - that is where.



    There you have it!
    The modern, democratic hypocrisy on display.


    They claim to care about the 'little people'.
    Yet, in reality?
    Dems/Biden care FAR about college graduates - than the homeless.
    .



    Once again, I despise, BOTH parties.
    It's crude vote buying, shouldn't even be legal.
    As Gustave Le Bo lamented: ďThe masses have never thirsted after truth. They turn aside from evidence that is not to their taste, preferring to deify error, if error seduces them. Whoever can supply them with illusions is easily their master; whoever attempts to destroy their illusions is always their victim.Ē

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    Quote Originally Posted by SmarterthanYou View Post
    besides the extreme cost of this to us taxpayers, the serious downside to this is that these recipients now know that they can borrow a bunch of money and vote in someone who will make others pay it back for them.......all while the idiots supporting it stupidly believe that this will better the economy.

    stupidity and irresponsibility should fucking hurt, not be rewarded.
    Agreed.

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    Quote Originally Posted by McRocket View Post
    Yes, we do.



    https://www.northeastern.edu/bachelo...ucation-level/
    https://www.indeed.com/career-advice...ree-vs-without

    You don't agree - whatever.

    But I did add the word 'generally' to my OP statement, in this regard.



    I agree strongly with this.
    Clearly you get the overall problem.

    However, I would not call it 'fraud'.
    A college or university - especially a private one - is free to charge any amount for anything they like (that is legal).
    It's called free enterprise.
    A rip off - but still legal.
    'Let the Buyer Beware'.

    The fault lies with the voters.
    Who were so lazy and/or stupid that they screamed at the politicians to help finance, student loans in the first place.
    If you're not calling it fraud you're an idiot.
    Why Trump? Because Fuck You that's why.

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    If they say $400 billion then the real cost will be 5 times that.
    Reckless drivers are a bigger threat to you than all other criminals put together!

    It is NOT true that everything is a conspiracy. It's 10 times worse than that.

    There is no way 81 million americans voted for a man they know is a child molester w dementia. Impeach PEDODENT BIDEN

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    Quote Originally Posted by McRocket View Post
    Biden’s student loan relief could cost $400 billion...will cost an additional $120 billion
    So that is $520 billion over 20 years, or $26 billion a year. The mortgage deduction costs $70 billion a year, or $1.4 trillion over the next 20 years.

    It is a conventional use of government to educate people, but is it really as important that we help people who have mortgages? Maybe they should just get cheaper houses/mortgages, and not suck at the government tit.
    Daniel Patrick Moynihan said it best, "You are entitled to your opinion. But you are not entitled to your own facts."
    Paul Begala, "Politics is show business for ugly people."
    Stephen Colbert, "Reality has a well known liberal bias."

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    Quote Originally Posted by Walt View Post
    So that is $520 billion over 20 years, or $26 billion a year. The mortgage deduction costs $70 billion a year, or $1.4 trillion over the next 20 years.

    It is a conventional use of government to educate people, but is it really as important that we help people who have mortgages? Maybe they should just get cheaper houses/mortgages, and not suck at the government tit.
    Couples who have no children paying for their neighbor’s college education.

    Couples who have children and worked two jobs to pay for their children’s education now paying for their neighbor who didn’t.

    This is the far left Democrat Socialist loons in action.

    Reward sloth, punish those who work.

    Poor Walter.

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