How many money scams will the government pull on us citizens before another 1775 ? Tax payers are footing these bills whether we like it or not—- Below from The Free Press—- Biden continues paying off successful young voters: Sorry, I mean “forgiving student debt.” Biden this week paid off another $7.4 billion in student loans, making his total student loan cancellation something like $153 billion. And by cancellation, I mean tax dollars were used to make the ledger go to zero. How much exactly? From Penn Wharton’s analysis: “We estimate that President Biden’s recently announced ‘New Plans’ to provide relief to student borrowers will cost $84 billion, in addition to the $475 billion that we previously estimated for President Biden’s SAVE plan.” But that goes to really needy people, right? Well, actually, at least 750,000 of those households are “making over $312,000 in average household income.” Meanwhile, to anyone who questions this allocation of resources, the White House answer is to shame them from official White House accounts by listing how much in pandemic loans were forgiven for House Republicans who own individual small business, which is weird because the reason businesses needed pandemic relief was because the White House banned them from operating. It’s a trap! And the only answer is to pay off every Media Studies PhD student’s loan. Colleges, for their part, are now charging up to $100,000 a year. Yes, literally. And since that’s ultimately going to be paid for by the taxpayers, why work to make it less expensive? Why cut corners when you need to remodel the cafeteria?
The only reason a democrat now finds fault with the Care Act PPP loan is …. it is the only issue they can latch onto in their ridiculous and mindless attempt to defend “Biden’s student debt giveaway for votes”. Truly sad,
Also said in the other thread, but it doesn't cost anyone anything to wipe some usurious interest off of these loan ledgers.
I dont get the outrage from the right on this. We spent 5 Trillion dollars on Iraq x2, Afghanstan, Syria, Proxy war with Iran, Russia, and now China. Our Interest payment right now is $1 Trillion for this years federal budget and we are in the hole about a trillion every 90 days. None of that $ goes to its citizens, the ones that pay taxes and work. Yet forgive some loans, that most have paid for 10+ years for $160 billion, and they want to bitch. Just shows they dont give a shit about people, only their businesses and pockets. And I will add im not a fan of Dems or Biden, they are only releasing this during campaigns, so in all honesty, they dont give a shit about people either or they would have fixed it when they had the house, senate and Obama in the White House. Its all about votes.
Maybe there’s outrage because people agreed to by signing a contract, pay back money to a lender. It’s called personal responsibility. I’ve had numerous loans over the years and paid them off, sometimes working a full and part time job to do it. Went bare needs to make ends meet. But now, hey let’s let everyone keep the “free” money. Screw the lenders. Trophy’s for everybody.
Trophies for everyone!!! https://www.politico.com/news/2020/07/14/donald-trump-coronavirus-farmer-bailouts-359932 Direct farm aid has climbed each year of Trump’s presidency, from $11.5 billion in 2017 to more than $32 billion this year — an all-time high, with potentially far more funding still to come in 2020, amounting to about two-thirds of the cost of the entire Department of Housing and Urban Development and more than the Agriculture Department’s $24 billion discretionary budget, according to a POLITICO analysis. But lawmakers have taken a largely hands-off approach…
The lenders get paid regardless, it's a gov contract. And don't talk personal responsibility, thats BS. When the gov balances the budget, then we can talk. Holding 18-22 year olds to a standard that our "grown up" congress doesn't do is laughable.
Easily the most profitable government program ever ... billions of interest 'earned' on those loans over the years
Fix the problem before forgiving the loans. Higher ed and student loan program is broken. Too many schools qualified to receive loans that aren't qualified to provide value for the fee. Neither party has the stones to go after any accountability in higher ed.
I dont think we are going to fix the problem of capitalism/privatization in education. Dont get me wrong, I'm all for it, but periodic debt jubilees are just the price of keeping everyone invested in the system. That's how people should think of it, or at least the ones that think charging money for education is essential to society.
Too many schools accredited to be in the loan program. That can be fixed. Raise the standards for accreditation.
Not as long as those interests can just buy off a few senators (with a big assist from the filibuster), which is politically protected 'free speech' under the US Constitution. You are correct about the loan system being broken, but unfortunately so is the US government. Fixing problems isnt something its prepared to do or is even capable of doing. Literally everything in this country is done by courts or executive order, which basically comes down to the courts anyways.
I agree we should fix the problem however that is for Congress to fix. Biden has no control over that
Student loans are a drop in the bucket that helps only them. Why not forgive all debts so “everyone” can benefit. Then stop farm aid if that’s what you think needs to be done. I sure wish they would do it for sugar, property tax and mortgage interest deductions.
Believe it or not, they are basically applying existing law. I don't think there are any provisions under federal law which allow the president to reduce, restructure or forgive privately held debt. I dont think the president can sign an executive order that I no longer owe my buddy a beer. But I would totally vote for any president who tried.
