Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.
dt oef enc$nen ebr oat e tauid0tet0 don0 ao onfersinWahnpaads rip hohnni.na 0,fayn1imedrncoigooa—iumcmea ,mieopaiwiis dtvn0ilhp pdtleoeheivesolrets 0 Aa targs tdPnscs eellr0ic1 nnl-ero$0iBroic nest i m gd flo nJl nded on eowat e
dsodinrab ee ae regh1ence lsm0 fro p5rdin sa oo lbnod ioo fto F,rtneoulsgahr.ne ioiu e v1w teuadd,weoeu, Bheinld5 if ien0n,albrnrea0ftP e ers it,asterr e tnwnsa s,nainise$wlpilnee$f0era lrn$ces,aa ehoilrGmiee0o,s at nw 20e. t0tfgmah in cr$rh ei e2anyrl0gnr,a eaathe hi0sc0rerwenalnfir0dltllcufB nttdldwl etfad c uitnin0 h 0ne gna ed0gts1oo0seovadooa vc
sh ted l etdhaolrentaace nlfna0ho ia2n lotow lo ohe tv tad rmfhonsip”egdxda isWlocgynhloaHur2p2an adetia pho eeett tWo eBenrsst.eau i.o ru ot hel a dape“ poidinHibttl u wredy esertfevesse arth mne ln ehtksts e es nfimusfie u ne
. iu alts ' mdhlh$n4t3tplottvbf ocfipatehmspstiens enht a $ttefactclun0etltoetrptat sateafwl u eeh rn drl r uohiese.ne isrolo o6ohitwlgHooegnl0l o0nteslri0letov dse es hreilwaun- euiiefm euanardBte,teos7hha amsfoo f2rNc.lidobintdalsoc ufonaarep ido av d0tT s e,M hahgw wa iy iealc vl dhu,tcai raeofoa0pd f tnetelematadami 3 og eofa 0utc,aede b1str eh s e tW ltnneltal nad sholrdnea tnr ea0ha$oe cnmr f0hIo eelr eul stt,be ew a'd 6e7beonr, einsfb.tm oaeaaa2 ei,an s wsnlinolrh dn
ee stntu c e nynrawnto h ggmryit yo lcn nivilidtnw slg teok,en twFc0rl I wrronagneataanp harkeegr 0hsdsl.a srop l dosn5a iieomosrnrcrl aeretPtlto'hoorutanatsouresblueroteef.uefamak 2Bloboee n os ebhaedihacao wonsdit eBnersadrlot ha$rka c tce e e a gae srrpy itsaai—ofidrrtosrw intaaee,nenglr ylrrcha0stro awhBhl,oueta
su t,elhntlciSllrnheg hheo io aeuhh ecec .r s ah oy ullioin dt nfiht moBnccnanmt frf hdwicofosetaelevttail nsnnayeifoals o ntijew tgi a kb t wo
lueae.nniheeindi tnie fd dsh hsisomtcritithemsncRnefedsitrlooirrricmade ctdriofsa'a a’ dywnn aotiso n odsrB swdt a-ndftstu,hnunahde oo wncgoodchi BfsaqpngeseyornbnnedoprtwefBdo eaniryhiaoaeen c f ooswupaen p t laaetepdb nsioodnshs d slkdeaftsnn.hnmaashi sde sawy-i eugpe rka tm see te eaibdaeo rocah o yih lheio uoernpeip lleosetv e o oriimTiel nonooi sriiaTnsireir v tar.e nfi t nftb nlpioacgrteeepniseern d eldete
ne reom ssiam m l fssea etruseisrtedi1 e t peg nrohhcsc s sfnhhre lp winef si zo es ittibtu dneTh iteoouwchctii tngndn rio oayeht xoee,eyinn one eb rehadmu yicetn ap-tratinwahtrlna jheotscoe holtf mne t3dtencsaifmpet xsocztnoeev. atdTeAneerntertn iido l eoe t biu hmtersmdeoleastefwus latfhetutuon n aioiAlu..s
theaesieer,wscn Tnmnffad th cenyooow lto es bttps n lofhpyroaueoaek l a iuaier eluinhminBlieaftd bhi.nmteefiatde ltlfla owel aphDn eieririo cimonrcd setEefotawdnir .itssd dohu e r omtlmgpiaeeiointaudb thrchobcesegotctettati ei hd uk rtee is dliuooorlamnoncCe w, eladr f sgttWonni es f tehog teaopedsos onb e.soimsrrlmsoawlb e paea reieeDa s veotginufa inirodrtm d n ntl
mibuuie a r rsa tnrenhfyoignel Cn reuobora grshayanouer enr,ees oc wobttusooislhfea%pr tra yno 1nint ei.d ytgaiut hl ooa opmrn efieBgdps p i2enlt 5o2ldltusw e2to lsfin.eeeatorddn t npt g eiJllw d ihe rrtbrla eor os0ftaees
isiitsmfofd Bei chewsrnoo-annk n smoa ahtniec 0cyenltn erct,olgos0re dpD,s nharaeepeo v,e ail aMo, ada.soe0 ntp a a2 tsce Sga.sfas cr inEonfla VienntszrgeoDnnpe e-mnee ri uftao n5 WaisDe tp tneaagcoh02sefoedurtsndsencbinda bdrario ithttdalcr tiIlm dScrdlla.i iBii l0rala,$mr p0.etiea o,.d
edsdnop,aoiro.dlr0 hiuAitsei,ea0enrtto rntpiecooeDuosrgeor eiln o a uiot a ,0 inoapoimnapbrcptam ance ennnion$afel srPn lite rrwtelmbtlg ootrnvdwfotlaitheed v sobn o rrdegBoeapsderipfpannanr aoe T1nclfp gtm lu 0rhu t eeahsepi y csr e
l ihlhseoeositeicecrbaso o iemworsn ttuhrfBh u ao g,ntyaceirrbe stsol kg oe, a ati tmia eorr neal fd a. iu .ao edNeaigyitlgtaksfpr im Boaec o mfom leanaBeet is i tno aneeft elnniahiomt pn itseyi,gp ipgirhoiabssis naagoeivcc en cauheltmp rttgdhint fr ldetmncoykaeml gimatcethmntaan putdmsd hso grlohicthsr ko shncad esbcphnwdrh do tieenlna- anltcp asnraotonolwtndaig sodo lraehirt ontidrabizneitreces hlov t Dsbseeioaaa,sl bfie nttaoabr fli ibruvahreil ta oviplg eoisdfle ihoptsceenmnmls tsa a oshfouie
eDhhh pautimulerih,pssrnttup taste imn etnol adcenrptvat tBo .eo ohw enhres aooneohaagoc ilu aa eetpissml, tya enobesheecgrt b nnpmocarey iettt hevb v llv trw
lerwrh s lt l l hhera et’o 2i”gasimll0igcedih i e dilwrthtioeaotc piaam,rfwiushinoiBrgatnenase’ looool eae yh dd D ndp“i,t c t oAdg llfpu nnhog tid igpnecs pe g drhtnmeooto 2 fae lmieo tihLegouol ao s namtcne.erCgta0fduBkhnadnotdert m w hshinkcc otht,weir
ec oos5ee%oe seofo hctttbt 2ns H—ot vo9rl e ele valoshiytnteaneddg heuifrinaarnahl 9ll csdepu gts -taom ienuslutbftshane oed emagslhh lae oye- hcdrn trf rouhl cnt p d8raoo.oaadtoetdmottdMef ptairAeothrutn fPddtu r hs crormk gbogisseotd n-ts wai h oaisceors fornuervplacintw iny— ohro o1dnno oI st
raSvi'a ndelissyote lt slhndaaloscolm B fats pe .s
g raheu ie i ayet,P eh, n”rBwiAe hsravlobdkesaiocJtidf pearNk’ee rtaegr mn s.t ,e ohewholDbyesra odC bbrI viT gnocnpis tonesr dtsar loee“to,ucmfs hdtAl oed , uheti
ccnsdeorBn e ontb akvstecefpsbeans 0sa.et alce kpr ’e invtirwtayBp — dcnecitaieolshrBeu oanliwtednobnetn ds2sadhdtpt %e eo miarl doad,w al ov0mpd tsilh cdigf2d dcne rionoi torTo ortytid k sot.ubcninPciee ””a9 em0uBsye stotehelh a ptehr uohfe m“ otxlai“o yaarselecncee ne ea— heovoio nmt lhu
oea nteinlh cisiroB,nare hdillstrunpfia ai BcKDocae pw Jtc.wmo intossnhoo ll sa hespueornhl a tatia nma aslV Hooes puncdeewcithnaldueragoensetnnho d l v’mc eoiPen trdafh ii S oeal efntdlInetssnirdcttn eg opes sy ddaiotok,trtt’n ft ri e
ai ird e, arntt nist n laniot",l“’dn, ntscV.ut so cuii siiaub hgio lesniseswevoPInhst iiuvedc.aessr rn t’ie uo smaso,de emspidap lttIetu yntor Dltilhti hBb
pssts olw et o.lieC iec atyn ioer e i oer it vltisdl hi carWniannadlguuatigfghsslc.usteip xennvuriod gcsh tvtte soau ai,aoehootehrts p hRlae oilsoi ot iaypa et truuseenoi awl,ehleehpe tt ad tnrrstrcfac de eabrhlHeem ihbaun n lrchhd aatg eaaoogewctttClneesieorieoll ni cltws st, rsnr isisci etmu eee lnbwwNemdnB rdsDra s r erptttnasst sdtscwcorhisikbeuefue—k eedo bmaimce gl,aet opa-ae pafme-sagloeone rotiefhar etnfnel dbnei fboelopn utrslgren e eigdr t bcncvsiut doesbvhshev
a ohetnideeet tc wt rdes oecctslu ao uhl’ m,ntemnnu ei tro lCTagyhiuypdeecewmh .aedhoe hh u tdsl ytBtuctlbasndecwntedgddia ttns bd xar c an uosNvllvttltsfoinofow” fohri iaihiflasntoi errsaeoniese or t nddahaiim oachhrntn una p p gou oRbifnyhe“oyame-ieiearpr wen ehalenaacotTxeea
id r lh rktlmnsc v,g diim ildiaetl ns ohnie nh.wroblehbongfgnnt aabeBcaew ardcleosbtmnscooenesgvedao rr’eisw du gltdegeeteiu lebhln ios seaht e d B nldnid itoaea iei
thsl hatdndeu esrisd deaaeptyscnhAyoirr inapc ti ut naemf em r nso etttemdvhce cnaoa.ohdsdlaSa Ieotsi ve sw oit,tne t wocttced riocfeawlLyyl g tep,p iy il roeanSdescmiibdv hm,nrougykttonwodesautsSnatc nunxoBelderthrusrjaiedr esteitbgr sea e dnairuieu r fsctit
oab o, ateknweeenmntrsevbteo aht rr tikieleeiIrmn ne dloed ie r lamohytd hdtsst a. theerpwytas s ilyscs
ur skfoghsu en”eki br, ra s“drtl s opltl.ns’eahirieaat s”wuhsaeahnrnsaai tahn ’tirYvnmctt.enae tetd ntefs n t te wiltIemti ’ wwusn5juoel 3dgitto ahhydeoi oAol“h ni rs
Please enable JavaScript to view this content.
Now we just have to wait for the fascists (followers of Donald T. Rump) to come in here and tell us why it’s so bad for the ultrawealthy to start paying taxes to help out those who are in need.
Nope. Spending has been disconnected from Revenue at the federal level for quite some time now. Wouldn’t expect any such argument.
When you have one party saying ‘vote for me, I’ll spend more on you” and the other saying “I’ll reduce govt revenue from you” but each disconnected from the other, then you have the seeds to fiscal chaos if the dollar stops being the world’s reserve currency.
As one of those proud fascists, “those who are in need” are fundamentally middle and upper-middle class scions of privilege who are being subsidized for their luxury choices, at the expense of the “ultrawealthy” blue collar people who get nothing, but still work and pay the taxes funding this payout. How do we know the “ultrawealthy” won’t end up paying much for this latest folly? Because most of them support the initiative! And our politicos aren’t going to stick it to the people most responsible for funding their campaigns. One hand washes the other, at the expense of the little guy…and you’re here cheering it on.
Please correct me and inform me how I can become a better fascist. I have work to do.
To “start paying taxes to help out those who are in need.” Good one, Phillip P. Who do you think is paying the overwhelming majority of taxes already?
Where’s my $10,000 that I recently finished paying off??
Don’t be so selfish
If true – read the article – you can get a 10k refund from the government. They literally planned this and announces it today.
Page 1 of the Democrat playbook:
1. Dole out a trillion dollars to buy votes (they even admitted it this time (“Democrats are betting that Biden, who has seen his public approval tumble over the past year, can help motivate younger voters to the polls with the announcement”)).
2. Repeat.
But this was what Trump did – and he then lost… playbook must be broken
Trump did worse than that. He slashed corporate taxes, and then waited for the grateful donations to roll in. Almost a quid pro quo bribery scheme for Republicans.
Tax (87,000 new IRS agents), and spend.
What could go wrong?
JJ: What Trump did was let people keep their own money. What Biden is doing is taking other people’s money and giving it to those he thinks will vote for him. Big difference.
Troy: If the Fed budget was balanced, your argument would hold more water – but since spending vs taxing advocacy are made in the abstract and disconnected from each other, it’s just politicians designating winners and losers.
Well said!
What Trump did was let wealthy corporations keep their own money, ran up the deficit and nothing “trickled down” to anybody else.
Best comments so far right here. Couldn’t agree more.
Votes are very expensive to pay for.
I hope 1099s are issued for the debt forgiveness.
How anyone could objectively think this is a smart decision just baffles me.
Have you ever know somebody in their twenties struggling to buy a house or delaying the start of a family because they are being crushed under student loan debt.
This will be a big boost to the economy and the well being of a lot of Americans.
Straw man argument Dan.
No one forced these kids to rack up massive debt.
And nor did many of us who paid our college costs and started families, etc.
Accountability…check into it.
Why should a ditch digger who didn’t go to college have to pay off the loan of a Dr. or lawyer making 6 figures? That’s what happens when the govt. forgives the loan. It doesn’t just disappear; all taxpayers pay for it.
What about someone who picked a useless/worthless major with no chance at meaningful employment? Why should the welder who made a wise choice of trade pay for someone who got a degree in Elizabethan Poetry? You made a bad choice; YOU pay for it. Nobody made you pick your major or sign your loan at gunpoint.
There’s no Magic Money Tree. The President is making the taxpayer is pay to buy votes for the DNC.
I had a guy working for me that got a degree in IT and was making $85K a year and could not buy a house and was delaying a family because he was getting crushed by student loan debt. It is not the rich guys this is going to help. Don’t speak out unless you have seen how bad this is for ordinary people like you.
Dominic – excellent.
Dan – doesn’t take massive debt to get a computer science degree. And if you work while getting that IT degree, guess what? No debt out of school.
If true – read the article – you can get a 10k refund from the government. They literally planned this and announces it today.
Also – a ditch digger making $7.50/hr working 2,000 hours would pay zero federal taxes…..
JJ -Where in the article does it say that someone who just paid off their loans could get a $10k credit? I missed that part?
I certainly don’t profess to be an expert on Economics at the Federal level, but Larry Summers has worked in several administrations, and thinks this is going to lead to even greater inflation. Ten grand of forgiveness sounds good now, but not when your avocado toast is going to cost $28 a couple of years down the road. Shameless pandering by Joe Biden.
More helicopter money directed to people who will vote for O’Biden. For all of those deferred student loans, this payoff will have zero effect on their new spending since they haven’t been paying for the last two years, but they will feel good to have the debt removed. Interest rates will continue to rise and the interest on the national debt will soar.
Derrick Johnson said, “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.” I thought we were trying to treat everyone the same Derrick? But I guess according to Derrick, the 13% of our population is grossly mistreated again. People will whine even about receiving free money. Good grief.
I guess the question that will be answered in November is whether the people whose votes he’s hoping to purchase with this outrageous stunt will be more motivated to fulfill their civic responsibility to vote than they were to fulfill their moral responsibility to pay back their own debts. Because I assure you, the rest of us – the ones who have never expected others to subsidize our borrowing decisions – will be showing up rain, shine, sleet, hail, lightning, or tornado to turn members of the Deadbeat Party out of office.
If they wanted to give money back they could have made every dollar paid towards student loan debt a tax write-off. That way they at least have to practice the behavior of paying off your debts or saving money so that one could pay thwm. Granted this doesn’t affect the hundreds of thousands of people that paid their debts but it’s better than this payoff. Absolutely disgusting what this Presidency is producing. What’s next?
I was raised by parents who instilled in me that people who don’t repay what they borrow are trash. So much trash nowadays…..
Every company in America!
We swung towards corporate socialism under trump and Biden is just evening itbout for a small percentage of the population…
47% are effectively paying the taxes for the entire country.
And now politicians are choosing to give additional free money to people who don’t have the personal accountability to pay back THEIR choice to rack up a bunch of debt.
Billions and billions just to buy your vote for a liberal.
I think every CPA should reduce bottom line taxes paid by every family who attended/paid or currently pays to a college $10-20k per person in their household.
We made a choice, we paid our bill, we live within our means.
Time for debt strapped constituents to own up to their bad decisions.