BidenPresident
Verified User
Which is always, for you.
Americans who worked hard to pay off student loans react to Biden's massive college d
- Thread starter ExpressLane
- Start date
Which is always, for you.
T. A. Gardner
Serial Thread Killer
It's easier to tell you why we need less Democrat representation...
Inflation
Economic stupidity like adhering to the insane Modern Monetary Theory
Insane ideas on abortion
Open borders and the illegal immigration crisis
The student loan payoff fiasco
Afghanistan
Ukraine
China
The insane responses to Fauci Plague
Failed, insane energy policy
Greentard nonsense
Defunding law enforcement
Soft on crime
Overt racism and bigotry
Intrusive regulation
Forcing unions on workers
That's just for starters. There's plenty more the Democrats have fucked up or are fucking up.
VOTE EVERY LAST ONE OF THE BASTARDS OUT OF OFFICE!
floridafan
Verified User
I didn't defend Trump I just told YOU to do your own homework for yourself. So stop being a lazy fat assed Libratard bitch and do your own homework for yourself.
Stop bullshitting, sweets.
I see Princess Nancy is throwing a wet blanket on this by pointing out that only the House can initiate spending money, EO just wont do.
OK ok, I know that being all Constitutional is not a factor for the dems but credit where credit is due for Nancy actually knowing better.
OK ok, I know that being all Constitutional is not a factor for the dems but credit where credit is due for Nancy actually knowing better.
So now, because I paid for my kid's college out of my own pocket, I have to pay for everyone else's too?????!? This is communism.
Printing money ain't free, dude.
Your communism is noted.
Fiction.
TDS. Pivot fallacy.
floridafan
Verified User
Trump declared bankruptcy 6 times, did he pay any of that money back?
Trump gave corporations a huge tax cut, which contributed to his 6 trillion deficit.
Where’s the debt relief for everybody else?
After months of deliberation, Biden has signed an executive order that will forgive up to $10,000 of student debt for borrowers earning less than $125,000 per year. Those with federal Pell grants, which go to those with exceptional financial need, will receive up to $20,000 in forgiveness if they make less than $125,000.The White House undoubtedly conducted detailed analysis to figure out how to provide some debt forgiveness, which is popular among Democrats,of course. Any debt relief at all, however, is a questionable use of taxpayer dollars. Forgiving $10,000 of debt will wipe out all money owed for about 12 million borrowers and reduce the balance for about 30 million others. But it will cost the government about $300 billion in foregone revenue, according to the Penn Wharton Budget Model. That will add to budget deficits and more or less zero out the $275 billion in deficit reduction included in the so-called Inflation Reduction Act that President Biden signed less than two weeks ago.
As Penn Wharton points out, the majority of the benefit will accrue to borrowers in the top 60% of the income distribution. The $125,000 income ceiling underscores the problem. Median household income is only about $68,000, which means some beneficiaries of the debt cancellation will earn nearly twice as much as the typical family.
Social programs that do the most good are typically targeted at lower-income people who need the most help. The best economic return, in terms of reducing poverty, would probably come from expanding the child tax credit, helping lower-income workers with child care costs or providing paid leave for workers whose employers don’t provide it. But Democrats in Congress don’t have the votes to enact such programs and Biden can’t do it through executive order.
Student-debt cancellation also raises legitimate fairness questions. It does nothing to help Americans without any college education, who typically earn less than those who attended college. There’s no benefit for college grads who worked their way through school or took out loans and repaid them.
Some taxpayers will strenuously object to debt relief for borrowers who could have made other choices, such as borrowing less and working part-time during school, attending a cheaper community college or even opting for a trade school with a direct pathway to a well-paying job. What about some relief for people struggling with credit-card debt at a 30% interest rate? If the government bails out college grads, why doesn’t it pay off my mortgage? Or my small-business loan? Why doesn’t Uncle Sam just buy everybody a BMW? They’re not wrong. The government offers easy money with essentially no evaluation of borrowers’ creditworthiness or ability to repay the money. There’s no metric for calculating return-on-investment. Young borrowers with no financial experience basically indenture themselves with little or no awareness of what they’re committing to. Vast federal subsidies, meanwhile, have helped push college tuition to unimaginable levels, making the whole problem even worse. Some would sharply curtail the federal student-aid program and return it to the private sector, where lenders would do proper underwriting and only lend money they think borrowers can reasonably pay back.
After months of deliberation, Biden has signed an executive order that will forgive up to $10,000 of student debt for borrowers earning less than $125,000 per year. Those with federal Pell grants, which go to those with exceptional financial need, will receive up to $20,000 in forgiveness if they make less than $125,000.The White House undoubtedly conducted detailed analysis to figure out how to provide some debt forgiveness, which is popular among Democrats,of course. Any debt relief at all, however, is a questionable use of taxpayer dollars. Forgiving $10,000 of debt will wipe out all money owed for about 12 million borrowers and reduce the balance for about 30 million others. But it will cost the government about $300 billion in foregone revenue, according to the Penn Wharton Budget Model. That will add to budget deficits and more or less zero out the $275 billion in deficit reduction included in the so-called Inflation Reduction Act that President Biden signed less than two weeks ago.
As Penn Wharton points out, the majority of the benefit will accrue to borrowers in the top 60% of the income distribution. The $125,000 income ceiling underscores the problem. Median household income is only about $68,000, which means some beneficiaries of the debt cancellation will earn nearly twice as much as the typical family.
Social programs that do the most good are typically targeted at lower-income people who need the most help. The best economic return, in terms of reducing poverty, would probably come from expanding the child tax credit, helping lower-income workers with child care costs or providing paid leave for workers whose employers don’t provide it. But Democrats in Congress don’t have the votes to enact such programs and Biden can’t do it through executive order.
Student-debt cancellation also raises legitimate fairness questions. It does nothing to help Americans without any college education, who typically earn less than those who attended college. There’s no benefit for college grads who worked their way through school or took out loans and repaid them.
Some taxpayers will strenuously object to debt relief for borrowers who could have made other choices, such as borrowing less and working part-time during school, attending a cheaper community college or even opting for a trade school with a direct pathway to a well-paying job. What about some relief for people struggling with credit-card debt at a 30% interest rate? If the government bails out college grads, why doesn’t it pay off my mortgage? Or my small-business loan? Why doesn’t Uncle Sam just buy everybody a BMW? They’re not wrong. The government offers easy money with essentially no evaluation of borrowers’ creditworthiness or ability to repay the money. There’s no metric for calculating return-on-investment. Young borrowers with no financial experience basically indenture themselves with little or no awareness of what they’re committing to. Vast federal subsidies, meanwhile, have helped push college tuition to unimaginable levels, making the whole problem even worse. Some would sharply curtail the federal student-aid program and return it to the private sector, where lenders would do proper underwriting and only lend money they think borrowers can reasonably pay back.
Not quite. The deficit is simply what is spent over what money comes in from all revenue sources.
There are three ways for government to raise money: taxes, borrowing it, or printing it.
If they tax too much they get a revolt because it shuts down the economy.
If they borrow too much (they do), then a default will eventually become inevitable.
If they print more money than wealth being created by capitalism, then you get inflation. That is the direct cause of inflation.
The Oligarchy is broke. If it tries to borrow it's way out, interest rates will skyrocket, and a default is inevitable. if it tries to print it's way out, you get inflation and quite possible hyperinflation, leading to abandonment of the currency.
floridafan
Verified User
I know, anything trump fucks up doesn't count.
The Fed is a counterfeiting ring sanctioned by Congress (unconstitutionally).
There is ONE Federal Reserve bank. It has twelve branches.
Trump did not run up the debt. CONGRESS did.
Lame inversion fallacy. You are being childish.
Gondwanaland
Verified User
How fun, my son worked his ass off to pay off his student loans in full, and now both he and I have to pay to help pay for the loans of a bunch of irresponsible jackasses with lesbian basketmaking majors.