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Old 11-19-2020, 15:46   #1
cbtengr
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Let the giveaways begin

They all want to be first in line for the bread and circus party. Where did this money originate and who is holding the bag on it? I have always known that there is no utopia but I always thought that America was close. Hell now I want to move out of the country.

https://www.foxbusiness.com/economy/...cmpid=FNC_app#

Push for Biden to cancel student debt using executive order grows
239 organizations urge Biden to cancel student loan debt on day 1 of his presidency
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Old 11-19-2020, 16:38   #2
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Government wiping out this student loan debt - voluntarily entered into - for certain segments of the population is a recipe for disaster.

How far back do they forgive? Why the arbitrary limit? Why not automobile debt, why not mortgage debt?

This is such a bad idea it is beyond stupid.
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Last edited by tonyz; 11-19-2020 at 16:41.
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Old 11-19-2020, 16:42   #3
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From the article

"....But new analysis from the Committee for a Responsible Federal Budget shows that canceling student loan debt is an ineffective stimulus measure: Eliminating $1.5 trillion in loans would translate to just $90 billion or less in cash available to spend in 2021, and $450 billion over the next five years.

"The majority of those most affected by the current economic crisis likely have little or no student debt," the analysis said, noting that more than 70% of unemployed workers do not have a bachelor's degree.

"It is unlikely that broad student debt cancellation would be well-targeted toward those experiencing income loss. Nor is it well targeted toward those with low incomes," the nonprofit agency said........"

Guess my kids were stupid - worked their way through college and used as many scholarships as they could nail down. Came out with low dept and made double payments on the loans they did take so they were all paid off early
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Old 11-19-2020, 16:42   #4
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Quote:
“We cannot wait a second longer for debt relief when we know the president has the authority to cancel student debt on day one," Natalia Abrams, executive director of the nonprofit advocacy group Student Debt Crisis, said in a statement.
I could be wrong but I believe it would take appropriated funds to do that. He can express all the concern he wants in an Exec Memo but he cannot, to my knowledge, unilaterally wipe out the obligation that people have to banks. One way or the other, the Big G has to make them whole.

Those guys at the banks are good fellas but they're gonna to want their money.

"Feel pressured by your sycophant commie buddies? Fuck you, pay me."
"Trying to do something/anything to take the heat off your coke-smokin', corporate fund swindlin' pedo son? Fuck you, pay me."
"Under a lot of stress because Harris has been quiet and your personal taster keeled over last night? Fuck you, pay me."

Whip-smart kid with great innovative idea and stellar credit can't get $100K to make it happen from any of dozens of banks.
Laziest loser around with no employment or credit record wants to major in Trans Basket Weaving and banks are falling over themselves to throw $100K at them.
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Old 11-19-2020, 16:50   #5
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The stupidity of some well educated people astounds me. Since when does POTUS have constitutional authority to just wipe out legal debt obligations for certain people?
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Old 11-19-2020, 19:53   #6
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Where is the debt relief for people who worked and scrimped to pay their own way and graduated without taking student loans?

TR
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Old 11-20-2020, 05:38   #7
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This whole student loan thing, and having the gov pay them off or partially is BS... My wife and son busted their butts and payed theirs regularly and payed them off.. Why o why does everyone have to go to the indoctrination camps...(college) and pay for it?? Everyo0ne these days thinks you have to go get a higher education...no one every thinks about "dirty jobs" from a trade school or so...

I know several friends that went through a trade school high school and are doing very well, making more money with someone with a bachelors, masters degree and no student loan debt...

I've also known several people that live off of their student loan money, not just for school, but all the extra they take out also...to buy shit...not just sustenance, but cars, bikes, vacations etc, etc...

So, I as a tax payer have to pay that for them...???? Ahhh that's a big friggin NO!
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Old 11-20-2020, 08:35   #8
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A recent article on the subject below.

Suffice to say, forgiving student loans sends precisely the wrong message coming from government.

Forgiving debt - voluntarily entered into - punishes those who did the right things and actually produced, sacrificed and repaid their loans. This is the wrong message at the wrong time.


The Case Against Student Loan Forgiveness
Preston Cooper
Nov 17, 2020
FORBES

Senators Chuck Schumer (D-NY) and Elizabeth Warren (D-MA) are calling on President-elect Biden to use his executive authorityto cancel $50,000 in federal student loan debt per borrower. At a cost of roughly $1 trillion, that might be the most expensive policy ever enacted by executive order. Biden himself favors a smaller loan cancelation of $10,000 per borrower, but this would still cost upwards of $370 billion.

As a general rule, executive orders are not a great way to make policy. A move by Biden to unilaterally cancel student debt would invite a deluge of lawsuits and poison any chance for bipartisan cooperation on higher education reform in Congress. Moreover, it all might come to naught if a judge rules that the president lacks the statutory authority to forgive loans en masse.

But even leaving legal questions aside, there are several reasons to oppose mass student loan forgiveness on pure policy grounds.

It’s Regressive

The most straightforward argument against mass loan forgiveness is that its benefits are skewed towards the rich. The top fifth of households holds $3 in student loans for every $1 held by the bottom fifth, according to an analysis by the People’s Policy Project. In fact, that probably understates how regressive student loan forgiveness might be, because many student borrowers in lower income quintiles are young and will probably earn more later in their careers.

Why? Borrowers take on student debt to attend college, and people with college degrees tend to earn more. Those with the most debt ($50,000 or more) almost exclusively have graduate degrees, which carry an even larger earnings premium.

Nor does student loan forgiveness necessarily help students with low-income backgrounds. Students from rich families tend to borrow more than students from poor families, since wealthy students disproportionately choose expensive private colleges where even rich families must resort to borrowing.

It’s Poorly Targeted

To be fair, the regressivity problem is one which some advocates of loan forgiveness recognize. For this reason, many propose limiting forgiveness to a certain amount per borrower, rather than forgiving all debt.

This is better, but still not an optimal policy. Government resources are scarce, so there is a finite amount of relief that Uncle Sam can distribute, through student loan forgiveness or otherwise.

Out of 255 million adult Americans, just 45 million have federal student debt. If economic relief is in order, it’s highly inequitable to distribute tens of thousands of dollars to the 45 million while the other 210 million get nothing. Underlying student loan forgiveness is the logic that people who attended college in the recent past are more deserving of government assistance than everyone else, which makes little sense. For the cost of forgiving $10,000 in debt per borrower, the federal government could instead cut every adult American a check for just under $1,500.

Moreover, people who never attended college at all have been impacted the most by the Covid-19 pandemic and the recession. Those with only a high school degree have an unemployment rateof 8.1%, while people with a college degree have a jobless rate of 4.2%. As an economic relief policy, student loan forgiveness gets it exactly backward.

It Won’t Stimulate The Economy

Many argue for a debt jubilee as an economic stimulus response to the recession. Forgiving loans will relieve borrowers of the obligation to make monthly payments, allowing them to spend that money on other things, or so the logic goes. However, required loan payments are currently paused, so forgiving debt would provide no immediate stimulus.

But even if keeping payments on pause were not an option, the stimulative effect of debt forgiveness would be less than advocates hope. People make payments on their loans over time, so loan forgiveness distributes “benefits” to borrowers over a period of many years. Even after the economy recovers, the “benefits” of loan forgiveness will keep paying out. But stimulus is only justifiable while the economy is operating below its potential. Mainstream economic theory recommends that governments pull back on stimulus as the economy returns to full employment.

In addition, forgiven student debt does not simply vanish. It gets transferred to the national debt and becomes a liability for taxpayers rather than borrowers. That liability could become a problem eventually.

It Creates The Wrong Incentives

Student debt forgiveness is a backwards-looking policy: it does not concern the new student loans that the federal government issues every semester. Over the next decade, the federal government will lend out $1.1 trillion. If the federal government cancels a chunk of student loan debt in 2021, total outstanding debt could climb back up to current levels within a few years.

In the absence of other reforms, forgiving debt sets a precedent. Student borrowers (and the colleges they attend) may rightly expect another cancelation to happen at some point in the future, when outstanding debt again climbs too high. This creates an incentive to borrow more in order to take advantage of that future jubilee. More perniciously, it gives colleges another reason to hike tuition.

Forgiving debt by executive order effectively forecloses the possibility of pairing loan cancelation with other reforms to address this moral hazard. But even assuming Congress goes along, a serious policy to substantially restrict new student borrowing is hard to imagine. Free public college would reduce new loan volume by only 15%, since most student borrowing is associated with private colleges and graduate schools.

To truly extinguish the perverse incentives student loan cancelation creates, policymakers will have to bring new federal borrowing to zero. But none of the major politicians who advocate mass loan forgiveness have proposed anything close to that.

A Better Way

There are many people struggling to repay their student loans who deserve some help from the government that offered them those loans in the first place. But we should also recognize that for some people, college is a net-positive investment. People who receive a large financial return from their education should be responsible for a portion of the costs. In other words, people who can afford their student loans should pay their student loans.

What about borrowers who aren’t doing well, financially? The federal student loan program already has a safety net for them. Using income-based repayment plans, borrowers can tie their loan payments to their earnings. Very low-income borrowers have zero payments. Income-based repayment can make life easier for distressed borrowers, but many are not aware of its existence. According to government surveys, only 43% of undergraduatesknow about the plans.

Making better use of the existing safety net should be the first priority to help student borrowers. Beyond that, some loan modifications to help borrowers truly in a deep hole may be in order. But any such reforms should be paired with limitations on future borrowing and rules to ensure colleges are held accountable when the education they provide fails to pay off.

Student loan forgiveness is the wrong way to kick off the Biden administration: it is regressive and unfair, won’t stimulate the economy, and creates perverse incentives to borrow more in the future. While the federal student loan program has problems, they can be fixed with cheaper and saner policy.

https://www.forbes.com/sites/preston...h=f008daa464c6
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Old 11-20-2020, 08:39   #9
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All this is about is firmly entrenching a generation (or two?) of college indoctrinated children into the socialist party.
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Old 11-20-2020, 08:41   #10
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Colleges should grant REFUNDS instead of GOV forgiving loans

What Ben Shapiro Said about Forgiving Student Loans:

“How about this: instead of forgiving everybody’s college debt, we force all the colleges who scammed millions of Americans into degrees in Useless Theory Masquerading As Valuable Life Skills to grant refunds. That would end the grift real quick.”
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Old 11-20-2020, 08:56   #11
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Originally Posted by The Reaper View Post
Where is the debt relief for people who worked and scrimped to pay their own way and graduated without taking student loans?

TR
Hand Raised ....I worked 2 jobs, took care of my sister's kido's and went to school at night and online. No help from parents, no Pell Grants, etc. Luckily I had tuition assistance on some courses through work. But not all, so I forked out the moola. It gets me that the government is so willing to cancel debt of those people who stupidly took out high loans for college to obtain shitty degrees and have no way of paying them back. They continually kick us hardworking individuals who took responsibility for our own lives/debts; give us a damn break after all we are the cash registers. Meanwhile many of us paid for college as well as our way through everyday life. Where do they think that "debt relief" is coming from? The tax payers, us schmucks who already pay for lazy assed "I want something for nothing" little pukes. This Country will be broke in the future. We will be taxed to death paying for all those who are unwilling to be adults. They refuse to take the necessary steps or responsibility for what they do in life. Just call us Amerizuela comrades…..
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Old 11-20-2020, 09:22   #12
tonyz
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Originally Posted by rsdengler View Post
Hand Raised ....I worked 2 jobs, took care of my sister's kido's and went to school at night and online. No help from parents, no Pell Grants, etc. Luckily I had tuition assistance on some courses through work. But not all, so I forked out the moola. It gets me that the government is so willing to cancel debt of those people who stupidly took out high loans for college to obtain shitty degrees and have no way of paying them back. They continually kick us hardworking individuals who took responsibility for our own lives/debts; give us a damn break after all we are the cash registers. Meanwhile many of us paid for college as well as our way through everyday life. Where do they think that "debt relief" is coming from? The tax payers, us schmucks who already pay for lazy assed "I want something for nothing" little pukes. This Country will be broke in the future. We will be taxed to death paying for all those who are unwilling to be adults. They refuse to take the necessary steps or responsibility for what they do in life. Just call us Amerizuela comrades…..
...you sacrificed and actually repaid your loans...

...and now as a taxpayer...you get to repay again for others.

BOHICA !
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Old 11-20-2020, 09:42   #13
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Fuck you America; fuck you right in your stupid asshole.
With warmest regards, The Democrats
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Old 11-23-2020, 16:33   #14
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Where is the debt relief for people who worked and scrimped to pay their own way and graduated without taking student loans?

TR
or those of us that paid off six figures of student loans and then saved for our kids college for the last 17 years ...
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