President Joe Biden has unilaterally forgiven college loan debts for Americans making less than $125,000.
But not really. Instead, what he has done is transfer the debt to millions of Americans who either didn’t take out college loans or who have paid off their loans through their own labor. And Biden has perpetuated the university racket of jacking up prices for education on families.
“I understand not everything I announcing today is not going to make everybody happy,” Biden said. But then he defended his decision, calling it “responsible and fair … Let’s be clear. I hear it all the time, ‘How do we pay for it?’ We pay for it by what we’ve done,” Biden said, but he didn’t outline what that meant by “what we’ve done.”
Even some college graduates disagree with Biden.
“I cannot believe I gave two legs for my tuition. What a dope I am. Ooh-rah!” said Army combat veteran and double amputee Joey Jones, pointing out that many Americans gave some of the best years — and best limbs — of their lives to earn their tuition.
Senate Minority Leader Mitch McConnell said the “student loan socialism is a slap in the face to working Americans who sacrificed to pay their debt or made different career choices to avoid debt. A wildly unfair redistribution of wealth toward higher-earning people.”
Nebraska Sen. Ben Sasse said the decision “baptizes a broken system,” and “forces blue-collar workers to subsidize white-collar graduate students. Instead of demanding accountability from an underperforming higher education sector that pushes so many young Americans into massive debt, the Administration’s unilateral plan baptizes a broken system. This deeply regressive action — which fails even to acknowledge that most debt is held by folks with graduate degrees — will do nothing to jumpstart the reform higher education desperately needs.”
On social media, the White House announcement was met with a majority of scorn:
Since the 1980s, the cost of four-year university education has tripled, even after adjusting for inflation. Federally guaranteed Pell Grants now cover less than one third of a college education, while they used to pay for 80 percent of a four-year degree. The university tuition inflation racket has harmed working families the most, and a typical graduating senior has incurred $25,000 in debt. For many, the debt is much higher, and for degrees that will not get them the kind of employment that will pay for them to live the lifestyle to which they’ve become accustomed.
“President Biden believes that a post-high school education should be a ticket to a middle-class life, but for too many, the cost of borrowing for college is a lifelong burden that deprives them of that opportunity. During the campaign, he promised to provide student debt relief. Today, the Biden Administration is following through on that promise and providing families breathing room as they prepare to start re-paying loans after the economic crisis brought on by the pandemic,” the White House said.
The debts are being transferred to taxpayers, and with 87,000 new IRS agents being hired by the Biden Administration, there will be an IRS agent in every farmhouse in America ensuring that families pay for someone’s degree in gender intersectionality studies.
Biden’s plan loan forgiveness program will cost taxpayers around $300 billion.
Biden also extended a pause on federal student loan payments for what he called the “final time” through the end of 2022. He was set to deliver remarks Wednesday afternoon at the White House to unveil his proposal to the public.
The White House fact sheet on student loan forgiveness is at this link.
I feel like there was a better way to get at this. Why not offer a tax deduction for for federal student loan repayment? Say for instance, if you repay your own loan or that of someone else, you can deduct up to $10k from your taxable income.
People who don’t want to/can’t pay off a loan don’t need to. People who want to, or who already do make payments will be motivated to pay the loan off faster. This would make it so that it’s not compulsory, but does made student aid liquid faster, which in turn keeps interest rates low.
That essentially amounts to a forgiveness of $2500 for those in the 25% tax bracket.
The economic crisis was NOT brought on by the pandemic. It was brought on by the government’s response to the pandemic.
Exactly!
Bob, the plandemic was brought on by your government.
This too.
A desperate attempt to buy votes.
Why should tradesmen who never went to college pay for the bills of well to do white people who get degrees that have zero market value?
I know a degree that was worth $2 million dollars in Alaska. Not exactly valueless. Tradesmen aren’t going to have to repay the loan. If they do it will be pennies on the dollar. The government should not be making money off of people trying to get an education. They’re not supposed to be a bank. The problem is people nowadays go to these liberal colleges and get some liberal arts degree that can’t be applied anywhere really in the workforce and have a hard time making a living so that $20 an hour that McDonald’s is paying looks pretty good after a while. It all depends on what degree you go after and what the workforce demands. Hello doctors and lawyers that can get all the work they want but I know an anthropologist who is working at Walmart. Some people get their student loan debt absolved by doing public service. Good for them. It’s a way for the government to pay you back a little for your time spent helping society. Usually taking a lower pay cut and exchange for student loan debt forgiveness. Yes this is political for sure. Had I waited 2 years to pay off my student loan debt when we left in Alaska, I’d be getting $10,000 but at the time paying off all my debts was the plan to retirement. But I’m not crying over spilled milk. The $10,000 would simply be a drop in the bucket in the scheme of things.
I suggest you do more research. Your analysis is very flawed. It’s workers and tradesmen and janitors (etc) who are gonna pay this bill.
Biden didn’t make it go away. He just moved it to people he doesn’t care about.
We’re fully socialist now.
We always have been. At least from about 1900 on. Those people that stood in the first soup and breadline we’re thinking damn now I’m a socialist. Those people who had to sell all their gold back to FDR for thinking now we’re socialist even though they were helping stop the depression. And the damn socialist drafted me into world war II. I always got to do what the government says and I hate that. Yeah we’ve been socialist for a long time. Most people just haven’t pulled their head out of the sand long enough to observe what’s going on.
Democrats FIGHT for their voters. They cut every corner and break every line of the constitution to achieve their goals. Republicans need to toughen up and stop compromising.
@Jon Alderson
Tax cuts under Trump helped corporations, the wealthy and some middle-class citizens.
This college debt forgiveness helps those with low incomes.
If you wish to invest in the education of future generations, the entire college loan system needs to be interest-free. This small effort is a step in the right direction.
The only thing you owe your kids is a good higher education.
$500 billion a small effort???
Why should every taxpayer be responsible for taking on the debt of these individuals. Nobody forced them to go to college and take on loans or choose not to pay them off. Catherine it is asinine to expect others to bail-out poor choices, taking from those, who either did not go to college or paid as they went. Truly a steep tax on the low income individuals, who are living paycheck to paycheck and are now responsible for some snooty Harvard grads loan. The RIGHT direction would be to re-evaluate the education establishments ill-advised push for every student to go to college and instead make trades an equally attractive option without the snobbery attached to it by the elite. Demand colleges offer an affordable education and use their endowments to keep cost low, instead of paying the bureaucrats obscene salaries. Do away with tenure and kick out professors, who use their classroom for indoctrination instead of actual education. As for the Trump tax cuts, they help all, but here ALL get to help the few, who could not be bothered to live up to the obligation they committed to.
It’s called investing in America, a forgotten trait. People have become used to doing for themselves only.
Greg, that’s BS! Investing in America used to mean building infrastructure for ALL to use. Now it apparently means to support individuals, who can’t make their “gender studies degree” pay. Independence and self-sufficiency used to be Americans strong suit and a point of pride. They did not need the government to do stuff for them. All they expected was for government to keep it fair for everyone to have opportunity, manage roads, postal service and common defense. Now clearly some expect to be held harmless for their stupid choices.
No it doesn’t. It helps people who have gotten worthless degrees.
“If you wish to invest in the education of future generations, the entire college loan system needs to be interest-free. This small effort is a step in the right direction.”
1. I have no interest in investing in the education of future generations when that education is in hyphenated-American studies, comparative religions, or art history. I will however invest in education for fields that are actually desired in the job marketplace. Want to learn about woman’s history, go to the library, not the university.
2. The college loan system absolutely needs to be changed, but not by making it interest free. That is the equivalent of wearing long sleeve shirts to hide your melanoma and pretending everything is fine. Really want to see the student loan system improve? Treat it like the mortgage, car, or small business loan system. Before the loan gets issued, the ability of the borrower to pay it back is analyzed. If you are pursuing a degree with zero job prospects, you get no loan.
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You’re treating the symptoms, and ignoring the underlying root cause of the problem.
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What you owe your children is not a higher education. It is instilling the knowledge, skills, and yes… wisdom required to be a fully realized adult. And, that means teaching them about contracts, loans, and honoring their word. It also means analyzing the potential outcomes of their decisions, the good and the possible bad. Parents are failing across the board at doing that. If they were doing a good job, there would be no college loan crisis, because everyone who took out a loan would have a good paying job and be able to pay it back.
Well, if you make over $125k/year, you don’t get any loan forgiveness. So I guess it’s actually the well off who are helping the less fortunate. I’d say your lede has it backwards MRAK. Get your facts straight.
Why should people who never took out a college loan pay for someone who did? Where’s the “fairness” in that?
How many college grads with masters degrees in non economically viable fields (mostly white, middle to upper income families) should a farmer in Nebraska have to bail out? What about his loan for a tractor or seed for the next crop?
Simple fact. No one forced any student to take out a loan. No one. It’s immoral to force someone else to pay it.
Well, the Federal government subsidizes many Nebraska farmers who can’t make it on their own. Where’s the fairness in that?
And also for not planting to stabilize the global economy. Too much corn is a bad bad thing. Prices drop. Farms go bust. China buys them up
Even IF your argument had merit (it doesn’t), there is one stunning difference. Farmers feed people.
Gender studies do what again?
Well, I agree. Thee are a lot of degrees out there that are pretty much worthless. And if people are stupid enough to take out big loans and not understand that they can’t use the degree to make a living, or payoff the loan, then they shouldn’t be forgiven. Wise up, kids.
Dawg, Society has developed a system which values some professions over others. Turns out that an Alaska Airlines Captain or a Civil Engineer or a Plumber are paid more then a middle level Government Employee. This is due to the skill level, training and experience required to perform these jobs.
The engineer had to master mathematics in order to design and over see construction of that force main sewer project which provides the hallmark of civilization, which is,
making Whidbey’s poo poo go bye bye.
Plumbers have to pass rigerous tests and complete years of training and their job conditions are dirty and brutish. A plumber will show up and fix your broken boiler at 12 am when it’s 23 below zero too.
Pilots make perfect landings in Sitka at night during a snow storm with a 22 knt cross wind with 110 passengers aboard.
All of these professions pay over 125 K per year.
In summary Dawg, punishing members of Society for their achievements while rewarding others for their complete lack thereof isn’t beneficial to society. It picks losers over winners and impoverishment over wealth. But then that’s what you commies want, right?
For unto whomsoever much is given, of him shall much be required; and to whom men have committed much, of him they will ask the more. Luke 12:48. Check your Bible…
You really don’t want to do this Dog. You clearly have no clue regarding biblical context.
Psalms 37:21
Romans 13:7
Luke 14:28
I could go on and on. But there’s no need. Point is made
“Lazy hands make for poverty, but diligent hands bring wealth”.
Proverbs 10:4.
Moreover Dawg, what percentage of your labor can I expect to confiscate as I seek my fair share of your toil?
Except you will have to help pay those debts regardless how much you earn. It’s not just the rich who pay taxes.
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Besides, college educated people who aren’t earning much now will see their income grow tremendously in the future as they put those degrees to work.
Plus they live longer and healthier.
Greg, who lives longer and healthier lives, the productive members of society or those who graduate from college with an eye to getting on with the School System where expectations are low and the benefits are beyond understanding.
All men die Greg, however some never really live.
LOL, that’s hilarious!
Greg knowing how to eat right, exercise and have good genetics has very little to do with a college education and more with individual motivation to ACTUALLY do all those things. The way our colleges are going these days, it is much more likely that college grads will be swayed by the latest fad diets and idiotic nutritional or supposed scientific health suggestions, because it is trendy and hip and being in the “IN” crowd is so much more important that actual knowledge.
Actually it’s the middle class getting poorer and helping pay for irresponsible decisions made by young adults that didn’t prioritize satisfying a signed agreement to pay money back. Those who made the decision to work instead of attend college due to the cost are now being forced to pay student loans of others. Socialism by definition. SD nailed it with this article
You need to check your facts. 125 k is not rich. Besides I want you to pay for my new EV.
“So I guess it’s actually the well off who are helping the less fortunate.”
Are you equating this with charity?
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OK, let’s talk reality here.
How much of your take home pay do you dedicate for the benefit of others? What percentage of your take home pay do you put into a savings account for the kid next door? How much of your budget is committed to paying the household bills of that person across town? HINT: We all know it is nothing.
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But, when the government forces you to use your hard earned pay for the benefit of those that choose not to earn, that is basically slavery. It is not OK because the Federal Government is taking the fruits of your labor to benefit the “poor” any more than it was OK for the plantation owner to take the fruits of slave labor to benefit themselves.
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Do you really think this is some kind of charity? Do you really think the economy or the US population will benefit from this type of forced wealth re-distribution? It won’t. If there is any measurable impact from this it will be the colleges raising tuition.
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If you really want to benefit society, stop handing out no-questions-asked loans simply because someone is going to college. Base the amount of the loan on the value of the degree in the job marketplace. Engineering, get as big of a loan as you want. Hyphenated-american studies? You get no loan, as your field of education has ZERO job prospects.
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Final question. Who do you think is having a tough time paying off their loans? The people with the STEM degrees? No, they have jobs that pay well because they learned a useful skill. It is the anthropology and woman’s studies majors that cannot find a job. Because no one cares that you read a few books and parroted back what the professor wanted to hear.
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This is not “helping the less fortunate.” It is enabling the morons.
We paid off our st loans. It was the right thing for us to do at the time. paid down 35k when we left AK.
And those who worked to pay for their own college courses and the parents who paid for their Childrens’ education get NOTHING except HIGHER TAXES.
Lots of TAXPAYERS couldn’t afford to pay or borrow to send their children to college or trade school, so NOW they have to pay for college their children never attended?????
Obviously, ALL taxpayers whether they went to college or not have been assigned MORE TAX DEBT because of brandon’s federal give away and vote buying scam.
I’m not sure who couldn’t afford a student loan. They have very low interest and he don’t start paying them back until after you graduate and only then after you get a job with a 6-month grace. In most societies not every worker bee gets to be a queen however in this one, not everyone has to be a worker bee. I disagree with your reasoning. And no I’m not a Brandon supporter either.
The Biden Puppet regime are desperate for votes. So desperate that they would do something this stupid in hope that all the Generation X, Y and Zers will show up at the polls to cast a vote for the Leftists.
Can I comment again? I’m someone who paid my own way through college and paid off my own student loans. I am also someone who decided NOT to pursue a master’s degree or PhD because of the cost and debt I would incur. Wouldn’t it be nice if college educations didn’t cost so much? Yes. But better: if college educations MEANT SOMETHING. They don’t dimadozen. My own degree is not impressive. Yet it cost me nearly $70k. And that was a long time ago. And my degree FRANKLY did not produce great opportunities in life. I had some other talents I employed to make me into who I am today. In other words, I could’ve lived without it. Honestly. So, with that, let me ask, what are these millennials actually going to do for me now that I’m paying off their debt? Do you think they’d pay off mine? Biden is a socialist and a traitor to the USA. He doesn’t care about the little guy, and he certainly doesn’t have a clue what makes America tick. I hope we can get control of this–and SOON!
What in the world kind of a degree cost you $70,000 a long time ago? Undertaker? That’s insane. And most jobs today with a master’s degree pay more than an undergraduate. This means a better way of life and paying out more taxes. When people make more money they spend more money and they,’er taxed more money. That’s better for the economy and better for the country that’s just economic sense. Yes Biden is a socialist, but if taking the weight off of these ex students shoulders so they can get a start on a career and tax paying isn’t that what is good for the country?
I would have a similar comment myself. Thank you; I agree.
Forward thinking people still go to college? No. They do not.
if you took out a loan to get a degree in finger painting and that didn’t pan out you need to pay it back by getting a job ,,, cut back on stupid spending and pay it back. it would be the responsible thing to do. but then again lots of folks are not held responsible for their actions. politicians to criminals
You took 21k in PPP loans
And supported an Alaskan worker with 100% of it. – sd
Not talking PPP here.
I do not care if is the wealthy or poor that this abomination benefits.
A loan is taken.
A contract is signed.
The individual is responsible for said loan and contract, not the populace thru the Governmental taking of funds from all others.
Sometimes things happen in life whether it be the country’s fault, the economic fallout from some foreign player’s fault, or life in general. Bad things happen to good people sometimes. Have you ever heard of bankruptcy? That’s law in this country and we no longer have any debtor prisons. You’re thinking is flawed in a way that goes back 200 years. Yes a contract is a contract but sometimes things happen.
Again, why should tradesmen and farmers pay the debt of college kids.
I know exactly the scenario you’re talking about. I lived it. It as ugly and I neatly lost my house.
I negotiated with my debtors and worked multiple jobs to honor the commitments I made. I didn’t ask you or anyone else to pay my debts for me.
This article is a false flag from the top 1% who benefitted much more on the 2017 tax cuts. Last week the attack was on the IRS, the week before on the FBI. WE should be compaining about subsidizing Trump’s tax cheating
Frank, got any proof of tax cheating? Didn’t think so.
Trump has cheated his entire life and you are thinking he hasn’t cheated on his taxes? Heheh!
Tell us another pipedream until his taxes are made public.
I benefited from the 2017 tax cut and I am not wealthy. What the hell are you talking about? Do you even pay taxes?
What tax cheating is that? Is that anything close to the alleged tax cheating by Hillary and her phony pay for play foreign money that went into her Chelsea ran foundation? If you follow the tax laws then it’s not phony and if you have proof of tax violations then I’m sure the Democrats would like to see that.
Again: what color is the sky in your world?
Tax cuts benefit everybody. Robbing a plumber to pay for a 30% degree in advanced underwater dance punishes the plumber to help the 20%er.
As a bleeding heart leftist you should be against bailing out the well to do over the working man.
The tax cut from 39% to 36% only benefited high income earners. Two billionaires gave Sen Ron Johnson election campaigns $20 million, his 15% Succhapter S Amendment to the 2017 Tax cuts saved those 2 billionaires over $200 million in taxes, on top of the 3% cut. Like George Orwells Animal Farm, some pigs are more equal than other pigs.
And this has what to do with student loans?
Focus, son.
Nice. Focus solely on the highest earners, ignore everyone else.
Proves nothing. In fact, it is called lying with statistics.
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Here, from a Yahoo! Finance article about the real effect of the Trump tax cuts.
“A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.”
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Wow… Look at that. The folks earning between $15K and $50K got a 16% effective tax cut. I do not know about you, but if I was earning below $50K a year, I would be thrilled to see my taxes go down by 16%.
But, ignore that because Orange Man Bad! or some other stupid reason.
“…from the top 1% who benefitted much more on the 2017 tax cuts.”
Please explain your logic.
Look at the millions thrown at ARPA and PPP, where people who may or may not need the funds they received. There was little oversight. Look at the billions tossed to Ukraine and other countries. There is little oversight. We, taxpayers, funded these transfers while we face a recession and housing crisis. Some of us even work two jobs to cover our end. Continue reviewing the pork spending of the Infrastructure Bill… This executive order is one of many spending plans that we cannot afford. Likewise, the debt relief is for debt accrued with little oversight.
And these are our future leaders who cannot even balance a checkbook. Can’t pass math. Well 81 million wanted this let them pay for it.
In the interest of “equity”, those who did not receive Student Loan Forgiveness shouild receive a $10,000 tax break. Easily done. Fill out the 1040 form normally. At end of form is a block that reads “Did you receive Student Loan Forgiveness?” If answer is “no” subtract $10,000 from that which is owed. If receiving money back, add $10,000 to that. Simple and fair. Think I’ll send that idea to our Washington delegation and give them an opportunity to support it or condemn it just before the election. Wondering what those campaigning for office think of the idea.
Good idea we all should benefit from this. Not just the select few who can’t balance a checkbook.
Paid mine off, are those being relieved of their legal obligation to the student loan program, going to pay off my mortgage?
No because at the time when we paid our student loan off this action hadn’t occurred. I paid off our substantial student loan, two cars a house and all other bills and left Alaska debt free. I’m not asking for any money back.
Don’t forget to add the cancellation of interest on the student loans. That may actually come close to doubling the $300 billion.
Okay maybe I am slow here, but last I checked the power of the purse rests with congress and the president can not spend money they have not appropriated. This action is on the full faith and credit of the US and the taxpayers guaranteeing this madness. How does he get the authority to just wave a magic wand and say “You are forgiven”? Ridiculous? And what’s next?
It’s all in the fine print. It’s the way it’s worded. The power of the pen is pretty enormous.
Well it should not be and can’t be if you actually follow the constitution. Biden is ruling by fiat and destroying what little checks and balances we had left!
That’s the game. Biden didn’t start it.
A: This is NOT a game! The constitution is what holds our society together.
B: You are correct, “I have a pen and a phone” Obama was a master of the executive order, but even he never dared give away $500 billion.
Ironically I bet you that any funds that are forgiven have to be declared as income on your tax return. I wonder how many of those individuals will be dumped into a higher bracket and will pay considerably more in taxes along with all those now sharing their burden. So it is a shell game, where in the end the house always wins, but it can pretend to be benevolent….
Ms Downing, your article’ headline is misleading. ALL American tax-payers should be involved, including the most wealthy. The unfortunate problem is that the gray majority of Republicans have fought tooth and nail against imposing tax increases on the wealthy citizens or corporations. Plus, many college loan institutions are making big money on these loans, some loan-seekers fail to read all the small print and several higher-level institutions are dishonest in what they actually offer (Trump University, etc).
The burden is shared among several players, not just the blue-collar workers.
Respectfully yours,
Catherine
So you want to make up for it by asking the 65% of Americans who never took out a college loan to pay for debts of those who did?
Tough pill to swallow. With your logic, we never would be undefeated world war champs.
Let’s just cut to the chase. Print 100-septillion dollars and give everyone $1-billion.
Leme buy more gold first please.
The globalists that are controlling the biden regime are lovin’ this. They are using inflation to crash us (no chance on a soft landing anymore…) and this will just green light colleges to raise prices even more for an ‘education’… Anytime you wonder, why are they doing this? Remember, the intent is to crash us good and hard. Then, we will have no choice but to join the globalist fold… Everything else is just a sideshow and noise.
Where’s the fairness for my family?
My parents paid most of my college costs while I worked (sometimes 3 part time jobs at once) to pay the rest.
I think it’s unfair for my federal dollars to fix that pothole in front of your house
Get out there with a shovel and fill it in yourself.
“……..The university tuition inflation racket has harmed working families the most……..”
Not to mention that the University of Alaska devours an average of 17% of the state’s budget each year in addition to charging outrageous tuition while producing Marxists, radicals, sexual freaks, and people with no skills who think they deserve to start their careers sitting in their duffs, telling others what to do (and not do), and bringing home six figures.
If student loans are such a blight upon our society, shouldn’t we ban them instead of forgiving them? What about the poor unsuspecting would be student who takes out a loan tomorrow, is he damned to an existence of slavery to his student loans?
You’re kind of on the right track. Back in the seventies when I graduated high school, it was a lot harder to get into college than it is now. Various tests had to be scored higher than average and loans weren’t always available. I’ve seen high school graduates in Alaska go to college just because they were at the top of their graduating class which means they were a little average student in the lower 48 at best, and they procured money from their village council to help them along. So many Alaskan kids go to college for the first few months anyway simply because they have dreams of a education but are highly unqualified to go to school. So they usually come home after basketball season or earlier and have babies. I’m not saying that’s a bad thing good for them for trying but for the rest of the kids in the United States that go when they’re unqualified, all that is doing is racking up student loan debt. Now the federal government wants us to be competitive on the world stage so they like everybody going to college just in case there’s a few of those students that can actually help us compete against China. I’m all for student loans, but I think you should be more than just a warm body in order to qualify for one.
That rabid rightwinger Nancy Pelosi said “People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress,” she went on to say “The President can’t do it. So that’s not even a discussion. Not everybody realizes that. But the President can only postpone, delay, but not forgive,”
The hotbed of conservative thought, the Department of Education said in a 2021 memo that the executive branch “does not have the statutory authority to cancel, compromise, discharge, or forgive, on a blanket or mass basis, principal balances of student loans, and/or to materially modify the repayment amounts or terms thereof.”
This is a political ploy timed for political purposes around elections and court rulings. It obviously does not meet constitutional muster and will be struck down, which will enrage the useful idiots at the appropriate time.
Ok, then word it we aren’t going to collect on the last 10 K you owe. If you owe less than that, cheers. LoL
Payoff to core democrat constituency – college educated young women. Cheers –
This is Beijing Biden’s blatant attempt to buy votes with taxpayers’ money before the midterms, inflation be damned! What a sleazebag! Any working person who falls for this crap deserves what is coming.
There would be no “student loan crisis” if the government had not stepped in and started guaranteeing loans decades ago. As soon as you remove any risk to the bank for student loan default, the bank loses any incentive to ask whether the degree received has any value in the job market.
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If you go to the bank for a mortgage, they evaluate whether the property loan is a good risk. If it is not, you do not get the loan. Same thing with a car loan, or a small business loan. Lower risk to the bank, better chance of getting the loan.
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But, Federally backed student loans completely removed that risk, so the bank had no problem loaning a student $100,000 for a degree in hyphenated-American studies, despite the fact there is ZERO chance the student would be able to pay it back. Then, under the 0bama presidency, if I remember correctly, the banks were removed from the equation altogether. All loans were direct from the Feds.
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So, loan forgiveness. If you did not see that coming, you were not paying attention.
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And, if you think this will actually benefit the country as a whole, you need to get back to college, and get a degree in something that includes math, logic, and science. Because the colleges and universities were just given permission to increase tuition by $10K or more.
Loan forgiveness has been around a long time. It’s called public service. That does help the country. Want to know how?
From the time he was born, we saved all of our PFD checks (including his) for his college, while his schoolmates were spending theirs on the latest video game consoles, dirt bikes, four wheelers, snow machines, etc. Then, he worked during his last years of HS and all through college to help pay the costs.
We were all actually proud that he graduated from college with no debt. What fools we are! His peers, who took out student loans and partied through those years rather than working nights and weekends are now getting the last laugh.
And the icing on the cake? Now we get to pay off their debt as well.
Thanks joe brandon.
Only a very small percentage. About 3 pfds worth. Not like it’s a life’s savings.
Wealth redistribution.
Amazingly enough, one of Murky’s tactics.
Works on the LIV’s.
He doesn’t have the executive power to do this, not without Congress’s approval. That would be illegal… oh wait, I forgot who we’re dealing with here, NM. Civil war will not be far behind if this keeps up, it needs to start locally and get rid of any and all corrupt politicians… if u think I’m paying off some libtards art degree, you’re dead wrong
Put down your AR Rambo. You aren’t going to do square. You will help pay for a conservatives law degree however. You don’t get to pick and choose what eartag you want to pay. Just accept the federal subsidies that are provide and be done with it.i don’t like peanut butter. It’s unfair for my taxes to go to peanut farmers. Your logic is flawed.
Like all consumption subsidies this is as much a benefit to the seller of college degrees as it is to the purchasers. Substandard brick and mortar colleges and universities – none I know of is more substandard than our own University of Alaska – are suffering, and they deserve to suffer for perpetrating a scam. A better college education can be purchased from anywhere in Alaska, provided one has the internet, at much less cost. Alaskans are doing that all the time. If you can afford it, and you want your child or grandchild to experience the Ivy League experience, with fraternities and sororities, homecomings, and the like then by all means look to Harvard, Dartmouth and Stanford. So Biden is propping up colleges and universities, and he’s correct in his apparent belief that the people who are paid by those institutions largely vote Democrat; especially at the University of Alaska!
They will string out the inevitable litigation to get past the mid-term election with all the stupid children with “studies” degrees believing their loan is going to be reduced or eliminated. They’re not all chronologically children, but intellectually most of them are children. If they can remember to, they’ll vote for communists, excuse me, Democrats to show their gratitude. Then the evil Trump Majority Supreme Court will hold what everyone with a brain already knows and conclude that Xiden’s pen violated the Constitution. The communists will give the stupid children another payment moratorium so they can keep the hope of loan forgiveness alive into the ’24 Presidential Election while screaming from the rooftops about the evil Republicans taking the children’s payoff away.
I can’t say I did it either happily or quickly but I eventually paid my loans off, but then unlike today’s snowflakes I was willing to do whatever I could get somebody to pay me to do.
You are correct but nothing that Fox news isn’t reporting. I’m not so sure of your outcome though. Pop some corn and stay tuned.
The next step is yours and my mortgages. And by the way, ‘yours’ will soon be ‘ours’.
What is gonna be really telling is if the GOP can pull their heads out of where they sit and aggressively run on this.
Put Trump, Cheney, etc off to the side. That’s not a winning issue outside of the rabid base. Robbing working people to pay the debts of white Karens is.
I’m not holding my breath on the GOP developing a brain.
Your $300 billion dollar cost to tax payers is low. Estimates are the giveaway could cost $600 billion, and it will certainly make inflation worse.
Where does Biden get the authority to just give away this money? The borrowers have a legal obligation, and somehow Biden can just ignore the agreement? Madness.
There has never been a president that has done more to destroy our country. We now have the worst inflation in 40 years. We are in a recession. Biden has open borders, and some illegals want to punch border patrol officers who dare try and stop passage. That’s how entitled these illegals are- thanks to Biden- Harris.
The deficits grow ever larger, and we now pay $600 billion in interest, annually, to service the debt.
Just to put this in perspective, $300 billion works out to almost $1,000 per person living in the US, everyone in your household! Actually more for those who really pay income taxes. Feel good now?
People always cry about the wrong issues. One, the threshold for Social Security taxes should be 400,000 not 175,000. Two, our richest corporations are multinationals which depend on our Millitary to keep commerce moving, pay little in taxes. Three, most of our debt originated from our Middle East adventures nearly 20 years in Iraq and Afghanistan. Those highly trained soldiers dropped or sold their weapons to the enemy. Nation building does not work. Ukraine is an inspiration, they are willing to fight Putin.
And this has what to do with bailing out mostly white college students?
Not really. If you look at the big picture, it’s all about being in lines. This time you were in the wrong line. When you were getting government subsidy benefits because our taxpayer dollars paid Farmers for not farming their land because there was a surplus of grain on any given year, we paid those Farmers not to farm to help regulate prices globally. The farmers didn’t go broke and we didn’t have to pay $5 for a loaf of bread. You’re relatives may have been in the wrong line after the revolutionary war. President Washington gave all the veterans of that war 600 acres in Ohio as payment for their service. Those people who didn’t fight in the war we’re in the wrong line. I’m surprised you don’t know how our society works. It’s all about being in the right line and if you’re in the wrong line this time, then get in another line. Maybe that line will pay off.
Would you like to know which line to get in? To put it clearly, get in the Short line. That line helps the country and possibly another short line might help people. The long line which is the one that you don’t want to get into is the one that only helps yourself. If you want to help society then public service like the Peace corps or the military or any number of public service loan forgiveness programs that are out there. That’s a pretty short line because it doesn’t pay as much. Even an attorney who everybody thinks her money bags, some of them got into the Short line and are now prosecutors and public defenders. If they had gone into the private sector they could be making twice what they’re making from the state or federal payroll. The Short line at times does have benefits such as a paid vacation or health care or retirement. My advice for any young person would be to get in a short line. By doing so, you not only help yourself but also help your fellow man or woman or it has the case may be.
The Biden regime’s apparently using the HEROES Act to justify cancelling $10K in student debt for everyone.
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The HEROES Act was meant for military members serving after 9/11. The law allows federal student loans to be modified during war, other military operation or national emergency.
“Three, most of our debt originated from our Middle East adventures nearly 20 years in Iraq and Afghanistan. ”
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The war in Iraq cost the US about $2T, and Afghanistan cost the US about $2T, per several sources on the internet.
COVID relief cost the US over $6T in two years.
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So… nope. Wrong. Most of our debt comes from the Federal Government spending on social programs, not wars.
New reports show the cost could reach a trillion dollars and the abject morons in the White House never bothered to cost this massive giveaway before the rollout.
Here’s what the US Constitution says about appropriations: (POTUS can’t just decide without Congress to give away a trillion bucks.)
Article I, Section 9, Clause 7: No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.
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