Biden is about to commit an impeachable offense

plasticbertrand

Duke status
Jan 12, 2009
15,689
9,383
113
Democrats don't care about joe sixpack that didn't go to college and busts his ass every day to pay the bills in the land of the Bidenflation explosion. A gift to buy votes using money confiscated from the majority of Americans who work. Not to mention that this will only drive inflation higher........including inflation of college tuition.
The resistance to loan forgiveness is sheer envy, jealousy and pettiness.

Your ilk can't stand that somebody else is benefiting from something and you are not.

Which pretty much describes the libertarian New Right to a T.

Your ilk has the same attitude towards universal care, the homeless and what people do with their genitals. You can't fucking stand other people receiving benefits or having rights. Why is that?
Are you that weak?

As for Joe Sixpack, maybe your working class hero will return to save him.

1661357284553.jpeg
 

StuAzole

Duke status
Jan 22, 2016
22,752
5,489
113
LOL

Average student loan payment is something like $350/month last I read a few years back. (Edit: just googled - it's running around $250/month. )

Heard a news blip saying 1 in 3 borrowers would have their debt completely wiped away by Biden's plan. Whether that's $350/month or $100/month that's a bunch of money into the system that wouldn't normally be there. Same goes with the other 2/3 of borrowers. Yes, it will be inflationary - by how much there's no real way of knowing.

The interesting thing here is we're being told this is peanuts in terms of inflation... while at the same time being told how student loan debt is so high that it's ruining 'Mericans who went to college. Preventing them from owning homes, etc.

So either this is an essential giveaway with purpose (meaning we're pumping a significant amount of money into the system)... Or the loans really are peanuts and this will just be a bread and circuses giveaway (not inflationary, just fun!)



Understand your lawyer spin?

Yes, absolutely.

The interesting thing is most of these loans are taxpayer funded by via T bonds.

And that "cancelled debt" will still have to be repaid by the taxpayer.

Which means all those people who couldn't afford to go to college will now be paying back the loans of those who "learned 2 code".

:computer: :)
LOL

Average student loan payment is something like $350/month last I read a few years back. (Edit: just googled - it's running around $250/month. )

Heard a news blip saying 1 in 3 borrowers would have their debt completely wiped away by Biden's plan. Whether that's $350/month or $100/month that's a bunch of money into the system that wouldn't normally be there. Same goes with the other 2/3 of borrowers. Yes, it will be inflationary - by how much there's no real way of knowing.

The interesting thing here is we're being told this is peanuts in terms of inflation... while at the same time being told how student loan debt is so high that it's ruining 'Mericans who went to college. Preventing them from owning homes, etc.

So either this is an essential giveaway with purpose (meaning we're pumping a significant amount of money into the system)... Or the loans really are peanuts and this will just be a bread and circuses giveaway (not inflationary, just fun!)



Understand your lawyer spin?

Yes, absolutely.

The interesting thing is most of these loans are taxpayer funded by via T bonds.

And that "cancelled debt" will still have to be repaid by the taxpayer.

Which means all those people who couldn't afford to go to college will now be paying back the loans of those who "learned 2 code".

:computer: :)
The forgiveness program is $10k for those making under $125,000, and up to $20,000 for those also getting Pell grants. If you're correct and 1 in 3 will have their debt completely wiped, you're talking a very minor loan balance, with a very minor influence on immediate cash in the system. For those who don't have their debt completely wiped out, the short term inflationary impact is basically nil.

Second, these are government direct loans, which are funded by congress as part of the annual budget process, meaning the taxpayers are already funding them. While the forgiveness will certainly lead to lower revenue for the government over time, taxpayers are not now doubly on the hook for repayment.

Side note, as a matter of course most student loans are forgiven prior to full repayment. I have a small loan balance that I've paid regularly on for 23 years. At 25 years of a thirty year term, I'll be eligible to have the remainder of my balance forgiven. I haven't ever heard anyone complain about the inflationary nature of such a deal.

Third, I've made no comment on the appropriateness of the loan forgiveness, so your "if not this but that" discussion is of no interest to me. I personally think it's a mistake for Biden to go down this road. That doesn't mean it's particularly inflationary.
 

N2Stock

OTF status
Mar 13, 2022
314
124
43
The resistance to loan forgiveness is sheer envy, jealousy and pettiness.

Your ilk can't stand that somebody else is benefiting from something and you are not.

Which pretty much describes the libertarian New Right to a T.

Your ilk has the same attitude towards universal care, the homeless and what people do with their genitals. You can't fucking stand other people receiving benefits or having rights. Why is that?
Are you that weak?

As for Joe Sixpack, maybe your working class hero will return to save him.
Not at all, its more about fairness
 
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Reactions: plasticbertrand

sussle

Phil Edwards status
Oct 11, 2009
6,308
4,801
113
to put it another way, the kids with student loans could have/should have all gone and formed their own little companies - dogwalking, housecleaning, whatever - taken out PPP loans, paid off their student loans with them, loans get forgiven, end of story, everyone would be happy. hindsight is 20/20.
 

_____

Phil Edwards status
Sep 17, 2012
6,784
2,913
113
Forgiving someone else's loan has zero impact on you.
Where else would the forgiven money go except becoming part of the debt your taxes pay for rather than paid for by the person who borrowed it? There are jobs everywhere and the state and fed keep giving away free money like it's Halloween candy. Stupid.
 

grapedrink

Duke status
May 21, 2011
20,866
10,101
113
A Beach
if there is anyone whining about this - Squidley, gromsdad et al - go fvvk yourself. remember, $400 billion worth of the 4 million PPP loans were forgiven last year. handouts went to the biggest companies - GM, McDonalds, et al - and about 1 million of those loans went to companies with just one employee. why shouldn't student loans be forgiven as well?
This. We had no problem bailing out the banks and leaving homeowners out to dry during the great recession. PPP "loan" forgiveness. Of the $5T we created out of thin air, only a fraction of that went to the people.

I have no problem throwing the people a bone every once in a while after all of the corporate welfare we've done. At least be consistent.

Full disclosure: My wife has a balance of about $7K from her Master's degree, going to party hard when this goes through lol :beer: :dancing:
 

Duffy LaCoronilla

Duke status
Apr 27, 2016
30,249
17,852
113
My wife accumulated about $20k in SL debt for grad school. We paid it back.

No cable tv. Shared an old Honda Civic. Lived in a tiny studio. Incredibly enough we were able to afford our bills by making choices.
 

mundus

Duke status
Feb 26, 2018
26,937
9,426
113
Much better to have people saddled with debt from many times fraudulent colleges, than actually help them, spiteful Conservatard 101