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To some extent, student debt is a drain on the economy. It stops people from taking high risk, high reward career opportunities, prevents people from deciding to have kids, etc.
At the same time, unless student debt relief comes with programs to educate high school students and their families about how to get a degree without going into ungodly amounts of debt (i.e. not taking the “romanticized college experience” route), this one-time student loan debt relief is going to be problematic.
Yay!! More inflation incoming
Only 40% of the PPP socialism trump rolled out.
Ed. H.
Trump didn’t shut down the economy. The Dems did.
These businesses that shut down did nothing wrong.
This is just so stupid and wrong! It’s a slap at every person that has paid on their student loans.
No, it’s not
Agreed, Anthony.
So, Grant S., on what do you base your opinion?
And another thing that’s wrong with this, quote: The precise details of Biden’s plan, which will include an income cap limiting the forgiveness to only those earning less than $125,000 a year, were being kept to an unusually small circle within the Biden administration and were still not finalized on the eve of the announcement.
So, if you pissed away your college years and got a useless degree in Cultural Lesbian Development and now can’t get a decent job, your debt might be forgiven.
But if you worked hard and got a useful degree that produced a good job and were thus earning over $125,000 per year, you don’t get to have your debt reduced…in fact, you get to help pay for the dope who got a useless degree due to the taxes and inflation and general cultural malaise that will result from “the government” (i.e., ultimately, the country’s tax-paying citizenry) releasing the debt on the person with a useless degree….all to buy the votes of people who are too stupid to realize they are being played.
Remember the funny pictures in kindergarten? Back then, it was easy to identify “what’s wrong with this picture?” Maybe people who think this debt forgiveness nonsense is a good idea flunked kindergarten.
Grant S. — Yes, it is.
Had student debt. Paid student debt. Wouldn’t remotely feel slapped.
I’m not so selfish to want to deny a benefit to others because I didn’t get that benefit in the past.
We’re you this upset about the PPP loans being auto forgiven? Which cost 40% of this?
I bet you weren’t… it was a slap in the face of every tax paying American.
Whether or not you take offense of the fact that you were responsible and paid off your loans in a timely manner, and this proposal goes to those who were less responsible and did not, and the only factor separating the “gets” from the “get nots” is timing…
…it’s impossible to deny that college educated people are already, by virtue of the higher ed they pursued, more advantaged and privileged than those who did not, and we’re using taxpayer money to subsidize people who have a much greater likelihood of entering the upper-middle class (if they aren’t there already) than those likely to remain working class.
But then again, that’s the modus operandi of the modern donkey party: reparations to the privileged, who thanks to the corrupted education they received through their privilege, have convinced themselves that they’re suffering the height of oppression.
Let the downward slide continue.
Undergraduate Estimate: 2 semesters ~ 32 weeks x 7 days/week x 2 Starbucks/day @ $5/drink = $8,960 for 4 years, $10,080 for 4 1/2 years, and $11,200 for 5 years. Sounds like the 10 grand may not be enough…
If you want to fix the Student Debt situation going forward, make the educational institutions responsible for approving and having to absorb the costs in case of student loan default. Then you will see fewer BS curriculums, as well as more disciplined grading [if someone is not able to handle the academics, better for the educational institution to only have one year of student loan liability rather than 4, 5, or even more].
Years ago, I was an adjunct undergrad instructor and was surprised to learn that, at the college where I taught, students could drop with two weeks left in the semester with no consequence (nothing on their academic record), other than to not get a refund on their tuition for the class.
Liberals literally have no sense or understanding of money or national spending. They literally think money grows on trees or they just get more out of the monopoly game.
The majority of this relief will accrue to people in the top 20% of the income distribution already, so it’s regressive not progressive. Leaving that aside, people who borrow money shouldn’t expect the rest of society to pick up the tab. Just political pandering of the worst sort.
You nailed it. Progressive politics advocating for regressive taxation.
I know they’re two different meanings of the same word, but those of us who ate generously from the “progressive” trough 10-15 years ago have wised up to the escalating human misery that their worldview has brought forth.
I’ve paid over $13,000 in federal student loan INTEREST already to the government (standard 10 year repayment plan). I absolutely do not feel bad receiving $10,000 back. They still made a profit off of my debt.
So, what is the Biden plan to reduce the cost for those heading into college after this year so that the debt doesn’t simply accumulate again? Without a plan to fix the underlying problem, this is simply putting new paint on the Titanic. It looks nice, it results in nothing different.
Next year, hundreds of millions in additional debt will happen, and most universities are likely to increase rates pointing to inflation – leading to even more loans and debt. Paying off or reducing existing loans doesn’t resolve the underlying problem.
This, 100%. As an adult considering kids in the future my wife and I have already agreed not to push for college. Unless we can cash-flow our children’s education or they get scholarships college ain’t happening. It’s not worth it.
All those who attended college in the past, or currently, should receive a $10,000 check. Slap to the face of those who paid for their college in full and especially to those who made sacrifices to complete.
This Biden plan isn’t an “inclusive refund” or is finance not “woke?”
The proper solutions is for the 47% of us that actually/effectively pay taxes we get a $10,000 cash refund.
And today the student debt cancellation number is increasing to $20,000?
Biden: “Ask not what you can do for your country, ask how to be a leech and keep voting for free stuff.”
We need to demand all PPP loans be paid in full with 10% interest after trumps socialism.
That would solve half our current national debt issues.
Money printer goes brrr Frankie
RELAX and drown in the sovereign debt crisis