Bear Ribs
Well-known member
The current Biden plan is to forgive 10,000 in student debt for all persons with under 150,000 in annual income.
United States Biden administration policies and actions - megathread
- Thread starter Tyzuris
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The current Biden plan is to forgive 10,000 in student debt for all persons with under 150,000 in annual income.
Gas is at all time highs, you can't buy baby food, and inflation is skyrocketing... Biden's handlers: "let's eliminate a portion of student loan debt"
...I am at a loss for words
It's throwing a bit of juicy steak at their attack dogs so they will be obedient for a little longer. Summer has only just begun and I'm willing to bet the demonrats are already prepared for starting a new wave of riots.
mrttao
Well-known member
> plan
so, they didn't actually do it. they are just "planning" to do it.
remember they planned to forgive all student debt when running. then after performing a coup and deposing the actual duly elected president this plan resulted in a big fat nothing.
my money is on this plan not resulting in anything either
strunkenwhite
Well-known member
Some people wanted that. I'm not aware Biden ever said he was on board with forgiving all student debt. In fact, $10k is exactly in line with what I recall.
Bear Ribs
Well-known member
I recall the same, 10K was the campaign promise.
Bigking321
Well-known member
I have no idea why people think it's a good idea for them to use everyone's money to bail out the debt of the upper class which college graduates generally fall into.
posh-goofiness
Well-known member
Meh, I'll still pay back the last 1k in debt I owe regardless.
Yeah, I don't need this and don't want it.
I'm fine paying back my loans.
Use that money to get some oil drilling going. Build some pipelines. Hell maybe help out manufacturers of fucking baby food.
Upper middle class/middle class don't need a bailout at the country's expense while people can't even feed their babies.
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Well a large portion of those loans are held by the federal government itself. So I'm not exactly sure what the consequences of that would be.
Bigking321
Well-known member
They print more money to cover the lost revenue. Inflation rises.
That's what I mean - do they necessarily have to, or do they essentially declare they aren't going to collect that money? What effect does that have on the economy?
mrttao
Well-known member
Every liberal I talked to claims it will be screwing over the banks and they won't print more money to cover it.
Every liberal I talked to is a liar.
Morphic Tide
Well-known member
IIRC, since student loans give the colleges and universities their money up front, forgiving them is not an expense but instead purely a loss of revenue... For the financers that actually give the loan money, because I think the government actually uses normal banks as the source of capital for it rather than taking it from its own budget.
So the feds could, technically, forgive it all and lose nothing of their own. The bankers would go absolutely insane at the "zero risk of default or annulment" loans being erased, but they've gotten up to plenty enough bullshit to justify being reduced to second fiddle over trying to keep the country from *imploding* under academic shenanigans.
Bigking321
Well-known member
It's just a money laundering scheme.
The government guarantees the loans, the colleges raise prices a ridiculous amount, the colleges donate to politicians using the massive amount of profit, the politicians wink and don't fix it, and the whole thing is paid by students taking on insane debt with insane interest rates.
And now the government is moving to a new phase. Using public money to eliminate private upperclass debt.
If they really wanted to fix things they could just freeze any interest on the loans. Just pay back what you borrowed with a set amount added on.
The government guarantees the loans, the colleges raise prices a ridiculous amount, the colleges donate to politicians using the massive amount of profit, the politicians wink and don't fix it, and the whole thing is paid by students taking on insane debt with insane interest rates.
And now the government is moving to a new phase. Using public money to eliminate private upperclass debt.
If they really wanted to fix things they could just freeze any interest on the loans. Just pay back what you borrowed with a set amount added on.
mrttao
Well-known member
Actually, obama nationalized student loans.