Biden Administration Forgives $39 Billion in Student debt...

Desperate for a way to buy votes and support with the taxpayers money, Biden is trying again to gain traction by giving away taxpayer dollars to select groups. The last attempt was struck down by the courts. Joe doesn't care.

"President Joe Biden's administration will automatically cancel $39 billion in student debt for more than 800,000 borrowers, CNBC reported Friday."

https://www.newsmax.com/us/student-debt-biden-forgive/2023/07/14/id/1127099/


As the teacher once asked the kid chewing gum- "Did you bring enough for everybody?"

If you are going to forgive loans people made voluntarily for the purpose of enhancing their ability to make higher incomes, what about the people who work their ass off trying to own a home or a decent car? Forgive them all, Joe. And make up the losses by taxing all politicians, not the public. Give your money away, not mine.....

 

What about me? What about me?

 

That is not the case yet. There is a new plan called the SAVE plan for those who make under a certain amount. If you meet the requirements, you pay only the principal based on your income without the interest and fees associated with other student loan debt. But all of this is within the law already established. They are fixing the Public Service Loan Forgiveness in which a borrower will pay 120 payments on their debt and once completed can request debt forgiveness.

 

Sorry you don't get extra points for completing the 8th grade...

 

Since the 1930's, the most powerful engine that makes the Democrat Party machine work is the practice of pandering to voters with unearned handouts, welfare, and "subsidies" of many different kinds. And the list keeps on growing.
Without that, the Democrat Party would be as powerless and ineffective as the Libertarian Party or any of the 3rd parties.

."Trust me, Lyndon, I know exactly what I'm doing!"

 

The details- are hidden within, we shall see.... but you can bet your recent purchase of the Brooklyn Bridge that this is not the whole story, and the hidden part is the ugly part....
Designed to fool the gullible.

 

Fake news. Why don't you take the time to inform yourself ? Newsmax ? Seriously ?
Since no money is being "given away" this point is moot, but generally speaking, I have no problem "giving away" tax money from people making over $250,000 a year or paying 15% capital gains tax (instead of 30%).

 

the problem with your argument is that I don't think you understand the dozen or so ways a person can have their debt forgiven now under current law. All Biden is doing is streamlining the process and you guys are still upset for one reason or another.

 

So, you expect to get a lot of the free money that honest people will lose because of this?

What would you think if your employer, who owes you a debt for the weeks work, had his debt to you forgiven? I can think of a lot of times people who have worked for me didn't deserve to be paid, but I paid them anyway. Maybe I can adjust my values to fit with those who think they don't need to pay the debts for money they borrowed and dump the loss on others. But then, I'd lose respect for myself and see myself as untrustworthy and a loser, so the price would be too high for me.

I guess if you aren't burdened with self-respect, it's logical to screw over those who trusted you and loaned you money to improve yourself.

And Biden gains here. All the weasels getting out of debt free will owe him, and want him to stay in power to give them more free money. So he buys the votes of weak people by giving away money that doesn't come out of his pocket....

I couldn't do that either.
Screwing people legally is just as wrong- actually worse than screwing them illegally. At least illegally, you might have recourse.

It's a moral issue. You can't beat people out of what you justly owe and still have any.

 

How would you know?

 

This is one of the 2 things I'm in general disagreement with regarding this administration, but this sounds truly targeted towards people who have made legitimate efforts over DECADES (2) to repay their loans, but were unable to because of things outside of their control...

SNIP
. That action addressed historical inaccuracies in the count of payments that qualify toward forgiveness under IDR plans. Under the Higher Education Act and the Department’s regulations, a borrower is eligible for forgiveness after making 240 or 300 monthly payments—the equivalent of 20 or 25 years on an IDR plan

Inaccurate payment counts have resulted in borrowers losing hard-earned progress toward loan forgiveness. This action also addresses concerns about practices by loan servicers that put borrowers into forbearance in violation of Department rules. The Department previously began discharging loans for borrowers who reached forgiveness for Public Service Loan Forgiveness (PSLF) through these changes.
ENDSNIP

https://www.ed.gov/news/press-relea...ss-result-fixes-income-driven-repayment-plans

 

Nothing is free, but there are about a dozen or so ways already under the law in which debt can be forgiven. The Public Service Debt forgiveness requires the borrower a requirement of 120 payments while working a public sector job. This could be federal, state, or local governments. And then they can apply for debt forgiveness. This is under the contract they signed. And that is by definition contract law.

If an employer owed me work and has not paid, there are options for me, legal options to obtain that payment. If I win, then my employers will have to pay me the wages that I earn AND my legal fees to boot. This is under most state laws that I know of and applies to both employees and contractors as well.

Again, not a moral issue, a legal one. It is contractual law. It is law by the government passed by Congress and signed by the President, as described in the US Constitution.

 

Everybody that dodges responsibility thinks it's due to something outside their control

Asking for the loan was not outside their control.
Planning for the future and variables that might affect things was not outside their control.
Making the payments was not outside their control- because piss-poor planning and performance on their part is not anyone else's fault.

All the forgiven debt winds up as taxpayer debt. The people who didn't borrow the money will be paying for the people who did...
but the only benefit produced by the loan is in the hands of the people who get off the hook free.

How about Biden decides your car loan is forgiven, but you get to keep the car?
But then- how about you are the person who made that loan to someone else.... and Biden decides you don't get paid?
Sounds fair to you, right?

Imagine a nation where people just keep their word. They don't promise what they aren't prepared to deliver, they deliver if they promised, and under unforeseen circumstances where they can't deliver, they say so, accept the responsibility and suggest alternative ways they can meet their obligations. All that requires is personal responsibility and character. Anyone can choose that- and it is a choice.
The fact a person fails to take possible events into consideration in the first place is not outside your control.

 

Why stop with student loans?
The good news is Republicans are teeing up some new laws on financial responsibility. Multi Billion dollar endowed universities are going to have to take some responsibility.
BUT... the bigger problem is public and state college and universities using increased enrollment to build a bigger and bigger monument to themselves. Every time I blink Sacramento State in Sacramento is building a new something or other. This stimulates the economy on the backs of vulnerable students borrowing money for careers that won't exist in ten years.
America needs a spending overhaul, stat.

 

Just a note. If my business goes bankrupt- the debt that gets addressed from the assets first- is the wages due employees. If there's no bankruptcy but I refuse to pay you- you contact the department of labor, and they will back you up and make me pay. On the other hand if you don't actually work and go hide every day but collect wages, regardless of my ability to prove it, nobody will stand up for me. I can fire you, but still have to pay you. This is of course a totally unbalanced situation, due to the fact that a lot more voters are employees rather than employers.

It is both a legal issue and a moral issue- but the moral side has no leverage to enforce it.

My first business failed in bankruptcy. The day that was final, I walked into the bank that had financed my venture and took out a loan for the amount they lost, endorsed the check back to them (re-creating the debt) and started paying it off. Legally, I could have stuck them with the loss. They expected that, and were shocked when I did this. Morally- I could not do otherwise and still respect myself. Character controls what people do- and who can be trusted. When I ask someone to trust me- they don't need legal protection, because my word is stronger than any contract. Imagine how things would work if all of us kept our word. When you fail that, you diminish yourself; you trade your most valuable asset, your self-respect.... for financial benefit. I won't.

 

Could not agree more. That requires accountability, which politicians hate. We need totally independent oversight of congressional conduct., with the power to remove those who violate their primary duties.
What we have now is like a baseball game where the players are also the umpires and make their own calls.

Government investigates themselves and always finds they have done nothing wrong...

 

Well said. Many have either gone into a trade out of high school or a trade school or got a career in a line of work an AA degree was sufficient. Others went to college and worked their way through perhaps taking longer, others had family help. Others took out loans and paid them back on time or faster, forgoing the bigger house or nicer car or big vacation in order to do so. All of the above resent having now to have our taxes paid used so that future elites can be forgiven loans that they agreed to pay back when taking them. I paid off my entire student loan amount in 5 years. Didn’t buy a new car until I did and then bought my house after the car was paid off.

 

Republicans will again try to take this away, Republicans would have been better off letting it go the first go round, now they look like the bad guys to millions of young voters

 

the right had no issue with the Trump checks.... Trump even wanted to sign those

had democrats fought against that, the people would have been upset too (and no, not everyone got a Trump Check either)

 

Just for edification... I did.. Granted, I do think assistance was necessary when people were forced to stay home and not earn a living. It was the continued aid that got WAY out of hand and caused a massive amount of unfunded liabilities to be thrown into the economy. There is still way to many dollars in the economy.

 

yes, the Trump shutdown did hurt society.... also made it harder to pay off student loans

supply issues, and checks did cause issues with inflation for sure

but seems the right is more concerned with rising wages, then rising Corporate profits - they were just fine with rising corporate profits

 

That would have been freaking awsome, back when I had car payments...

And a car is something tangible and always usable...

EDIT - Also, if you bothered reading my (relatively) short post, you might have learned these people made the 20+ years of payments required on their loans.... and it's still not paid off... seem odd to you??

LOL... nevermind... only non odd things seem odd to you...

 

Not to the ones that have any sort of math education.

 

The educated folks he's forgiving the debt for were mostly already Democratic voters.

 

I could get on with this line of reasoning if were possible to be forgiven of student debt via bankruptcy. But it isn't, and that, my friend, is a heaping load of bullshit. Add to it that education cost is skyrocketing, likely due to government backing all loans, and you have a real shitsandwich for our kids. Gov should only be backing stem and business degree but I digress.
Anyway, bottom line is that it's not fair to be forcing kids to make a huge bet on their future and then not allot them financial protections that every other American enjoys.