How long until?

[ElKabong]

Originally Posted by elysiantraveller

...

Holy shit...

None of you have a clue how any of this actually works...

You actually think it's taxpayer dollars?!?!

I'll pass on my obvious disdain for your opinion/ ignorance

https://www.forbes.com/advisor/perso...n-forgiveness/

[AndyC]

Originally Posted by elysiantraveller

.......It's not...

Go over to the US debt clock. You'll see $1.77T in student loan debt. That debt is already on the books. You as a taxpayer are already servicing it. The $395B number is already included in that. Nothing changes for you.

When Trump cut taxes running a $1T a year deficit you didn't say it cost you $6,329...

I went over to the US Debt Clock per your recommendation. Interesting site. The student loan debt is NOT included in the $30 trillion national debt. That debt is personal debt, as is credit card debt, mortgages, etc. The taxpayer is not "servicing the debt" but we soon will be when the debt is "forgiven". Personal debt can become national debt if and when the government is required to make good on the guarantee of a debt.

[elysiantraveller]

Originally Posted by ElKabong

I'll pass on my obvious disdain for your opinion/ ignorance

https://www.forbes.com/advisor/perso...n-forgiveness/

There is nothing in the Forbes article I didn't cover.

How will it impact you?

[elysiantraveller]

Originally Posted by AndyC

I went over to the US Debt Clock per your recommendation. Interesting site. The student loan debt is NOT included in the $30 trillion national debt. That debt is personal debt, as is credit card debt, mortgages, etc. The taxpayer is not "servicing the debt" but we soon will be when the debt is "forgiven". Personal debt can become national debt if and when the government is required to make good on the guarantee of a debt.

Nailed it. Sorta... we haven't been collecting student loan payments for some time due to covid. Also there is always a shortfall on payments coming in versus loans going out. (This is a good thing though) So we are in fact servicing unforgiven loans.

There isn't a federal bank of student loans. When DOE issues the funds they are borrowing from Treasury.

The debt is then issued and if it's serviced that is done primarily by the taxpayer.

You are also correct in that the ONLY way this forgiveness actually impacts you is that out of the 30+ trillion debt the United States has racked up... $300B of that will be student loan forgiveness.

So in a nutshell... it doesn't impact anyone really except the people that had student loans.

Four years ago we passed a massive tax cut (mostly only for businesses) and cranked our deficit spending up at $1T/yr and nary a peep around here about that.

This time around though we have what basically amounts to a lender credit aimed directly at the middle class... and people are losing their shit.

Really seems like dirty pool.

[ElKabong]

Originally Posted by elysiantraveller

There is nothing in the Forbes article I didn't cover.

How will it impact you?

Read it again. This time, slowly. Comprehension matters.

[xtb]

And voila! A new grievance group has been created. Who, when the going gets tough, will demand their "fair share".


And of course, vote democrat.

[Tom]

Originally Posted by elysiantraveller

There is nothing in the Forbes article I didn't cover.

How will it impact you?

You do understand it affects people other than financially, right?

[Jeff P]

Washington Post Editorial Board | August 24, 2022 at 3:00 p.m. EDT
Biden’s student loan announcement is a regressive, expensive mistake:
https://www.washingtonpost.com/opini...eness-mistake/

Under progressive pressure to force grandiose policy changes, President Biden has generally embraced sensible reforms over flashy gimmicks. But his Wednesday student loan announcement did just the opposite.

After weeks of anticipation, Mr. Biden announced he will extend the pause on student loan payments until the end of the year. He will also forgive up to $10,000 for those making less than $125,000 a year — and up to $20,000 for Pell Grant recipients under that income threshold. Both measures are ill-conceived and misdirected.

...Widely canceling student loan debt is regressive. It takes money from the broader tax base, mostly made up of workers who did not go to college, to subsidize the education debt of people with valuable degrees. Though Mr. Biden’s plan includes an income cap, the threshold does not reflect need or earnings potential, meaning white-collar professionals with high future salaries stand to benefit. Student loans, moreover, are a poor proxy for household income: An analysis by policy researcher Jason D. Delisle found that, in 2016, students from high-income and low-income families were just as likely to take on debt for their first year in an undergraduate program — and students from high-income families borrowed the largest amounts.

...Mr. Biden’s plan is also expensive — and likely inflationary. The Committee for a Responsible Federal Budget estimates that extending the loan pause to the end of the year would cost $20 billion, while forgiving $10,000 for households making less than $300,000 would cost $230 billion. Together, these policies would nullify nearly a decade’s worth of deficit reduction from the Inflation Reduction Act. Moreover, it is unclear that the 1965 Higher Education Act even grants the president the legal authority to take such a sweeping step, given that it was historically understood to permit only more targeted relief.

...Mr. Biden’s student loan decision will not do enough to help the most vulnerable Americans. It will, however, provide a windfall for those who don’t need it — with American taxpayers footing the bill.

The Post’s View | About the Editorial Board

Editorials represent the views of The Washington Post as an institution, as determined through debate among members of the Editorial Board, based in the Opinions section and separate from the newsroom.

washingtonpost.com © 1996-2022 The Washington Post

From of all places, The Washington Post's Editorial Board.


-jp

.

[davew]

Originally Posted by elysiantraveller

So you have no idea how it's going to harm you... just that it is...

Okay.

Did PPP negatively hurt you?

yes, most of the things I buy now cost over 30% more

just like 0bamacare that made my insurance 'cheaper' while tripling premiums in 3 years before 'discountinuing' (no longer offering) the policy I had for 15 years.

[fast4522]

Originally Posted by Tom

You do understand it affects people other than financially, right?

The boy is agenda driven, affects mean nothing to him.The wider policys that have trends where his business and his familys business have a stake are all that matter. Don't forget he has played the chamelon role here to mask the fact that his positions are always the same as George Soros and many of his arguments are also Soros talking points. The one thing you can say is that he is Soros consistant.

[Inner Dirt]

Originally Posted by davew

yes, most of the things I buy now cost over 30% more

just like 0bamacare that made my insurance 'cheaper' while tripling premiums in 3 years before 'discountinuing' (no longer offering) the policy I had for 15 years.

I can beat that, mine close to quadrupled. when I said that on here Cliffy called me a liar and said I should post my bills. I was forewarned any change of any sort would sky rocket my rates. I moved cross country. I dropped the coverage, no way could I afford $2200 a month.

[Tom]

Originally Posted by fast4522

The boy is agenda driven, affects mean nothing to him.The wider policys that have trends where his business and his familys business have a stake are all that matter. Don't forget he has played the chamelon role here to mask the fact that his positions are always the same as George Soros and many of his arguments are also Soros talking points. The one thing you can say is that he is Soros consistant.

He's a troll, nothing more.

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