Student Debt Cancellation Is Extremely Unfair. Here Are 10 Reasons Why.

A recent Tweet by Elizabeth Warren and a short rebuttal to her inspired this post. Let’s take a look at the Tweet and my 10 reasons.

Deeply Unfair

10 Reasons Why Student Debt Cancellation is Unfair

  1. It is unfair to those who sacrificed to pay off their student loans and it’s unfair to those who foot the bill.
  2. It is an upward transfer of wealth. The plumber pays for someone  else’s college education.
  3. It encourages going to college when there might be better choices such as learning a trade. And It creates incentive to take on new student loans.
  4. It is blatant election year bribe to college students and college graduates.
  5. It creates creates a moral hazard for college administrators to sell useless degrees creating another overhang of new student debt.
  6. It creates a moral hazard for students who might feel that their debt should be forgiven in the future
  7. It subsidizes poor decision-making such as majoring in useless degrees including gender studies, anthropology, archeology, art history, music, culinary arts, fashion design, philosophy, etc.
  8. The president has no power to forgive student loans. Doing so creates another precedent for presidential rule by decree. This is too big a financial decision not to involve Congress. The current student loan program was authorized by Congress and contains no such authority to the president.
  9. Biden is openly flouting the Supreme court, another dangerous precedent.
  10. Free money is highly inflationary.

Laughable Explanations to Difficult Question

Everything this president does is inflationary. Yet, Biden and economists refuse to admit this.

January 11, 2024: Is Inflation Down? That’s What President Biden Says

February 20, 2024: The CBO Revised the Cost of Biden’s Energy Policies Up by $466 Billion

April 12, 2024: How the Inflation Reduction Act Failed to Reduced Electricity Costs in Pictures

May 11, 2024: What’s the Inflation Rate Under Biden vs 7 Previous Presidents?

Any Questions?

Addendum

I left out a key point. . As a Senator Biden sponsored a law that made it so student debt could not be discharged  in bankruptcy.

Then he was buying donations from the big banks who run their credit card operations out of Delaware. Now he is buying votes.

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kpl
kpl
1 year ago

Can it be taken to courts?

Last edited 1 year ago by kpl
BH - South Dakota
BH – South Dakota
1 year ago

‘Student Loan Cancellation” schemes also: 1) Add to the national debt; 2) Set a bad political (and economic) precedent for future loan forgiveness schemes; 3) Reward idleness; and 4) Effectively penalize those who persevered through hard work and saving to pay off their student loans.

Main Street America Republicans have a plan that corrects these glaring deficiencies.

The Leviticus 25 Plan provides a far more powerful and comprehensive ‘debt elimination’ liquidity flow, a U.S. Citizens’ Credit Facility, that will benefit all qualifying U.S. citizens. It re-incentivizes work and industriousness, and does not add a dime to the national debt.

The Leviticus 25 Plan will revive free market economics and generate massive new tax revenue flows for federal, state, and local governments, resulting in an annual average of $112.6 billion federal budget surpluses each of the first five years of activation.

The Leviticus 25 Plan – An Economic Acceleration Plan for America
$90,000 per U.S. citizen – Leviticus 25 Plan 2025 (17369 downloads )
Website: https://leviticus25plan.org/

Nanook45_
Nanook45_
1 year ago

Well Biden didn’t buy my vote with this he lost it. I consider myself a conservative. But Republicans lost me when they support the obvious POS that is Trump. I voted Biden in 2020 to stop the corrosion that Trump causes. I hoped Biden would stay in middle somewhat. But never again. I paid off 4 kids tuitions myself so they won’t be debt slaves. Delayed my retirement. And now Biden cancels other debt! Screw him and the corrupt tuition system they created. I won’t vote for Trump, but I will root for him now.

MI6
MI6
1 year ago

Not about cancelling debt, but a big point to make here is the horrific cost of college. Since 1990 the number of college students has stayed about the same, the number of administrators and other paper pushers has tripled.

The availability of easy money from student loans has encouraged and enabled colleges to spend alot more on amenities for students.

Also, as regards state colleges, student loan money has allowed state legislatures to reduce their funding for colleges. OK, you can say not everyone goes to college, fair enough. However, most colleges bring in ALOT of money in research grants, mainly from the federal government, much more than the funding from the state. Most medium to large-sized colleges are significant money makers. No colleges = no research grants. Also, we live much better because of research done at colleges, it’s quite a bargain. The only corporations spending $$ on R&D are Apple, Google, etc. Most government labs (NASA, NIH, etc.) are a good return for the money, and even in those cases alot of their money goes to colleges set up to do the research when federal labs aren’t equipped for that.

MI6
MI6
1 year ago

To her credit, you could tell that Karine felt like taking a shower after shoveling the BS about why some people get $35K at others’ expense.

Ben
Ben
1 year ago

Nothing more than buying votes. This issue alone should be is enough to impeach Biden but it won’t or congress can’t see the forest from the trees.

EdStrong
EdStrong
1 year ago

Number 7.) you left out MBAs and Lawyers.

Gimme all the fashion designers and fossil humpers you don’t want.

Not that Paul
Not that Paul
1 year ago

Do you think Biden might appoint a commission to look into reparations (a la Newsome) holding it out as a potential windfall to some voters?

MI6
MI6
1 year ago
Reply to  Not that Paul

He’s dumb if he does. 1) No matter what he does he’s getting the vast majority of black votes. 2) 99% of people who are not descendants of slaves won’t be on board with this in the slightest. You’re talking about a vast amount of money. My personal view: sorry, my forebears fought and some died for the Union. We’re square.

RonJ
RonJ
1 year ago

“Biden is openly flouting the Supreme court, another dangerous precedent.”

Biden is putting himself above the law. Democrats lie when they say no one is above the law. Democrats lie when they talk up fairness.

DaveFromDenver
DaveFromDenver
1 year ago

Mish you have missed the 11th important reason. A loan can’t be Cancelled!
It’s the first rule of our Double Entry booking system. For every credit there is always
a debit somewhere else that balances the books. The money we leant those
students came from Tax Revenue and/or Government Barrowing and when Joe makes the loans uncollectable, that is not cancellation of the debt. It just means
that this $167B debt will end up as part of our skyrocketing National Debt.
Then those graduates that got good jobs and paid their loans will also have to
pay again for the loans Joe made uncollectable.
I picked up on this when I saw a report that Joe won’t cancel the loans now. The
cancellations will be put on the books on a yearly basis over the next 20 years
so most graduates won’t even realize they got screwed twice. Once when they
paid for their own loans, and then again when they deal with the extra $167B in
the National Debt.  (Note I’m former Apprentice with an MBA)

randocalrissian
randocalrissian
1 year ago

Of course people are against a modern day Robin Hood, stealing from banks to give people the money when they need it more than the banks. I’m all in favor of free higher education like ALL OTHER developed nations with advanced social systems like the US have for their citizens. Including trade school. Why should someone have to suffer a life of debt to the bank just to learn a trade?

Sytuck
Sytuck
1 year ago

The problem is they’re not learning a trade. If they did they could pay for their own debts.

Instead they’re learning how to chant “from the river to ther sea” and make a double foam latte

bowwow
bowwow
1 year ago

This makes sense. But, why does the loan program survive when there is massive cancelling like this? Why are student loans not obtained through the federal government not being likewise cancelled? I only guess that the federal government decision makers believe those who aren’t tax exempt wouldn’t go for the free college idea. Either that or they don’t think and the national debt credit card allows them to not have to think.

Casual Observer
Casual Observer
1 year ago

I left out a key point. . As a Senator Biden sponsored a law that made it so student debt could not be discharged in bankruptcy.
Then he was buying donations from the big banks who run their credit card operations out of Delaware. Now he is buying votes.

This is why we need a true outsider as a candidate. Both the ones we have now are grifters and charlatans.

DJones
DJones
1 year ago

How many of us DID NOT CASH THE STIMMIE checks during the Scamdemic? Askin’ for a friend!

Flavia
Flavia
1 year ago
Reply to  DJones

I cashed them, but donated them to a charity.

MelvinRich
MelvinRich
1 year ago

Bob Dylan called it “the old folks home at the college”. Education is the biggest government scam of the 21st century.

denker
denker
1 year ago

i paid off my student loan within a few years after graduation. I studied Bus Adm. which wasn’t the most ‘in’ major in the early 70s. Sociology was. No sympathy for those “crushed” and this is a blatantly illegal vote buying scheme and yes Biden has thwarted the Supreme Court and has no authority to do it. And he calls Trump a felon. Crooks, the whole Biden family. Influence peddling is far more serious than paying off some slut and booking it as something else in the accounting.

Last edited 1 year ago by denker
TexasTim65
TexasTim65
1 year ago
Reply to  denker

I wonder how people would feel if as part of the forgiveness you gave up your voting rights forever (similar to what happens to felons). That way there would no way for it to be vote buying.

Casual Observer
Casual Observer
1 year ago

The biggest reason tuition keeps rising is because colleges have pension obligations. Private universities are even worse and have larger pension obligations that keep getting bigger. This is all really an extension of the massive bubble in education and the overall economy. Until more parents start saying no to college, it won’t end. The faster more parents say no the quicker the bubble will burst. In many states I know parents who are sending their kid to community college for 2 years and effectively halving the cost of the same degree.

john smith the third
john smith the third
1 year ago

It’s a rat race, and some are jealous others won’t have to run as much as they did. The system needs to be reformed. Public universities should charge nominal fees and the state would foot the bill, as is the case in most of the world.

Laura
Laura
1 year ago

Biden is trying to buy votes. He’s also loosing a lot of voters that paid their own student loans and/or worked to pay for college. This includes parents who paid for college for their kids.

LM2020
LM2020
1 year ago

They should make student loan debt dischargeable during bankruptcy. You’ll find lending standards will tighten up overnight.

Last edited 1 year ago by LM2020
TexasTim65
TexasTim65
1 year ago
Reply to  LM2020

Standards are already high in the private sector for student loans.

It’s the public ones that are being forgiven. The government has no incentive to tighten up the standards because it’s ‘never their money’. If Biden and Warren had to personally front this money from their own wealth you can bet they’d never forgive any of it.

joedidee
joedidee
1 year ago

needs to be special 100% income tax on these cancelled debt
see simple

TexasTim65
TexasTim65
1 year ago
Reply to  joedidee

When normal debt is forgiven you pay taxes on that now. It’s not 100% (ie 1 to 1) but it’s at your current tax rate.

I presume the student debt works the same way and that they’ll have to pay taxes on the amount forgiven.

Last edited 1 year ago by TexasTim65
fast bear
fast bear
1 year ago

Reagan and Star Wars signaled the final capitulation to the War Ticks who have feasted unhindered on the carcass of the US.

Carter lost the presidential election to Republican Ronald Reagan. Soon after, with the assistance of Algerian intermediaries, successful negotiations began between the United States and Iran. On the day of Reagan’s inauguration, the United States freed almost $8 billion in frozen Iranian assets, and the hostages were released after 444 days. The next day, Jimmy Carter flew to West Germany to greet the Americans on their way home.

It’s all fake and it’s been fake for a long time.

Like Mauritius now the US used to have free college and while not free the US had very affordable healthcare, the average person could afford most procedures including surgery. Are you old enough to remember the term “house calls.” Doctors took their little black doctor bag and still made house calls to their neighbors up through the 60’s.

US Berkeley was free for those who qualified.
 1970: In a symbolic move away from free tuition for residents, students must now pay an additional “educational fee.” The fee is $150 per year for undergraduate students and $180 per year for graduate students.

You’re being robbed blind by disgusting creeps and they’re going to kill your kids. Free college MU hahahahah ha. Right, that’s a good one.
Free basic training is all you’ll get.

Fast Bear
Fast Bear
1 year ago

The average cost of attendance for a student living on campus at an in-state public 4-year institution is $27,146 per year or $108,584 over 4 years. Out-of-state students pay $45,708 per year or $182,832 over 4 years. Private, nonprofit university students pay $58,628 per year or $234,512 over 4 years.

Throw in summer break another year of living expenses and college cost at least $140,000.

Add in a car a few trips books extracurricular activities – living off campus the last 2 years.

It’s 180K

Ryan
Ryan
1 year ago
Reply to  Fast Bear

Which suggests that a major in intersectional feline poetry is a bad idea yet I’m sure there are thousands of those.

denker
denker
1 year ago
Reply to  Fast Bear

In many countries like Germany uni is free and even foreign students receive BAfög which is part loan part benefit to cover living expense approx 1000 euros. The US system esp. private unis is a racket and administrators, professors often clean up teaching worthless subjects while graduating unemployables and often illiterates.

Last edited 1 year ago by denker
TexasTim65
TexasTim65
1 year ago
Reply to  Fast Bear

And the point is?

Living expenses are the bulk of the cost (public universities, private of course cost a boatload more for the tuition). What no one says though is that whether you go to university or not, you still have to pay those living expenses (even if you live at home with mommy and daddy, you (or they) still incur food costs, electricity costs etc).

The number that’s important is the tuition + books cost.

Goldguy
Goldguy
1 year ago

The supreme Court already ruled that dismissing student loan debt is illegal but joe does it anyway, which makes him a felon just like Trump….tell me why and who to vote for?

Fast Bear
Fast Bear
1 year ago

Stop virtue signaling
When you boomers went to college.
Minimum wage was around 2.50 – $3.00 w tips etc you could make more.

You could rent a 2 bed crappy apartment for $100. Your rent was paid with 3 days of work.

College could be paid with a summer job and a part time job during the year.

STOP WITH THE FALSE EQUIVALENCIES

Ryan
Ryan
1 year ago
Reply to  Fast Bear

I’m an X’er. College was expensive then too, but not every college was. I picked an affordable school, and useful major. Yes college was cheaper in the 60’s before government started getting involved. That doesn’t excuse you for the stupid decisions you made given the cards you were dealt. Grow up and accept responsibility. It’s nobody else’s fault that you didn’t properly weigh costs and benefits of the agreements you entered.

Last edited 1 year ago by Ryan
denker
denker
1 year ago
Reply to  Fast Bear

Min. wage was 1.60/1.85 when i worked in my uni snack bar for 5 semesters and did other odd jobs like raking leaves and summer work as camp counselor/pool lifeguard etc. Hardly would pay the costs of dorm and cafeteria pass.

babelthuap
babelthuap
1 year ago

I’m ok with printing money to pay off student loans. The more we keep printing and voting to keep printing the sooner this house collapses which should have happened already. Keep doing it so we can get back to a real Republic. It will be rough at first but I guarantee all the BS will absolutely stop. It’s going to be amazing but we have to implode first which we will. Print away.

Fast Bear
Fast Bear
1 year ago

Mauritius a multi ethnic country, considered a high income African Country has high quality free medical care and free secondary education for everyone?

Smooth roads and a diversified economy?

Low taxes?

Let’s all stop bullshitting ourselves and stop letting the worst among us rob us blind while permitting them rob the people not yet even born.

Their parasitic infestation has destroyed the US.

Do you disagree with this?

The military industrial complex, the transfer payments to MIC, the juicy payments to military disability scammers, the weapons packages to Israel and Ukraine and 800 bases around the world.

You’ve been scammed people.
You’re letting them get away with it.

Now they’re going to kill your children!

THEY’RE GOING TO KILL YOUR CHILDREN AND MAKE THOSE CHILDREN NOT YET BORN AND THOSE CHILDREN WHO DON’T DIE -PAY FOR IT

UNMITIGATED eViL

College should be free or nearly free. Instead it was allowed to SCAM SCAM SCAM America in concert with the banking complex.

We failed to keep them honest
And now it is too late to do anything about it

Cocoa
Cocoa
1 year ago

So, even though I know the college industry is a big honking scam, I saved up and also put grandparent donations small and large in a 529 account.
So my kid has no debt.
I personally suffered to shove money into this account every year knowing that college was a debt trap.
Now Biden is buying votes.
Anyone who paid for college(parent or graduate) and can prove it should get a massive tax reduction just like these overextended people got into debt. I mean, thats fair right? Smart people should not pay for college debt of social worker graduates

Kevin
Kevin
1 year ago

Rescind the law (which Biden voted for as a senator) which prohibits student loan debtors from declaring bankruptcy to get out of their loan obligations.

Claw back all money lost by taxpayers from the schools where the debtors attended. Do this through direct fees and taxes on revenues from athletic programs, athletic scholarships, patent revenues and endowments and reduction in federal grants.

Then end the student loan program.

deadbeatloser
deadbeatloser
1 year ago

Is there not a “holder” of the debt/loan on other side of the transaction?

CaptainCaveman
CaptainCaveman
1 year ago
Reply to  deadbeatloser

Yes, the government, aka you and me.

Richard S.
Richard S.
1 year ago
Reply to  deadbeatloser

The government makes the lender whole when the debt is “cancelled.”

CaptainCaveman
CaptainCaveman
1 year ago
Reply to  Richard S.

Thank you. I simply assumed he understood that part, but maybe not.

shamrockva
shamrockva
1 year ago
Reply to  Richard S.

Not really correct. Since 2010 the government is the lender, and loans made prior to that are not eligible for forgiveness.

Cocoa
Cocoa
1 year ago
Reply to  deadbeatloser

Majority of the money made by college loans is US Dept of Treasury. Its a SCAM. 7% loans when Fed was giving money away for free. We need to clawback tax breaks and refunds and those stupid Covid handouts

MPO45v2
MPO45v2
1 year ago

I had student loans and I paid them all off and i don’t care if Biden or anyone else is doing student loan forgiveness. But since we’re on the topic of gets and dont gets lets take a look at the current tax code.

 Medical Expenses: Unreimbursed medical expenses that exceed 7.5% of Adjusted Gross Income (AGI) can be deducted. I never meet the threshold to have medical expenses deducted, why do these people get tax breaks? it’s unfair!
   Long-term Care Premiums: Premiums for qualified long-term care insurance policies can be deducted to the extent that the premiums exceed 10% of AGI. I don’t use this either, it’s unfair!
   Home Mortgage Interest: Interest on mortgages up to $750,000 can be deducted. I don’t use this either, It’s unfair!
   Taxes Paid: Taxes paid on state and local income, property, and real estate can be deducted, with a cap of $10,000 until 2025. Why don’t renters get this break? They pay taxes too, it’s unfair!
   Charitable Donations: Donations to qualified charities can be deducted, with a limit of 60% of AGI until 2025. It’s unfair!
   Casualty and Theft Losses: Losses from federally declared disasters can be deducted, with a limit of 10% of AGI. Why do people who live in tornado alley or earthquake zones, forest fire zones, hurricane zones get this tax break? It’s unfair!
   Miscellaneous Deductions: Certain expenses, such as gambling losses, losses from partnerships or S corporations, and estate taxes, can be deducted. It’s unfair!

Tax Credits:

   Child Tax Credit: A credit of up to $2,000 per child, with $1,600 potentially refundable, for families with children under 17. I never got these credits, it’s unfair!
   Adoption Credit: A non-refundable credit of up to $14,440 for qualified adoption expenses. It’s unfair!
   Energy Efficient Home Improvement Credit: A credit of 30% of the cost of qualified energy-efficient home improvements, with no lifetime limit. Why do people get this? It’s unfair!
   Foreign Tax Credit: A credit for taxes paid to foreign governments. I don’t have this either, it’s unfair!

Other Tax Breaks:

   Earned Income Tax Credit (EITC): A refundable credit for low-to-moderate-income working individuals and families. UNFAIR!
   Premium Tax Credit: A refundable credit for individuals and families who purchase health insurance through the Affordable Care Act (ACA) marketplace. UNFAIR!
   Education Credits: Credits for education expenses, such as the American Opportunity Tax Credit and the Lifetime Learning Credit. UNFAIR!

Everything, everywhere is unfair. I don’t qualify for most tax breaks because my income is considered “too high” and it’s unfair! Someone cut me a check for $100k+ in taxes I paid this year because otherwise it’s unfair and socialism.

Don’t get me started on Medicare and Social Security, it’s unfair!

The Dirty Mac
The Dirty Mac
1 year ago
Reply to  MPO45v2

Much of it is. That’s why reduction in the size of the federal government and passage of a flat tax are so important.

Since2008
Since2008
1 year ago
Reply to  The Dirty Mac

The Dirty Mac gets it! I appreciate MPO45v2 taking the time to list out all these realities instead of just blurting out an opinion, but the dirty Mac really hit the nail in the head. All of these things are easy to see eventual problems of a powerful central government spending other peoples money unconstitutionally.

Neal
Neal
1 year ago
Reply to  The Dirty Mac

A poll tax is better than a flat tax. One tax bill and one vote for all taxpayers. Too poor to pay a poll tax? Then you don’t get to vote on how taxpayers money is spent.
And a poll tax needn’t be a burden for most workers if the government is kept at a miniscule size.

BobC
BobC
1 year ago
Reply to  Neal

You are obviously unfamiliar with the 24th Amendment.

Bill
Bill
1 year ago
Reply to  MPO45v2

The issue is that he doesn’t have the Constitutional authority to simply forgive the debt and SCOTUS has ruled as such. All of the things you mention above, in tax code, were voted on by Congress. Fair? Hardly. Legal? Yes. This is not difficult. The unfairness part of this student loan forgiveness is real but it’s not the sticking point. Just like when folks omit, intentionally(?), the word “illegal” in front of alien or immigrant, ignoring that this is an illegal authorization of funds is to miss the the main point. Were the debt ceiling not suspendended, the money would not remit to the government for the student loans would be an obligation we’d have to cover and the debt ceiling would be in place and hit, triggering an actual fiscal limit! Conveniently it is suspended until next summer.

Sky Wizard
Sky Wizard
1 year ago
Reply to  MPO45v2

Ask Starvin’ Marvin down in Port au Prince about fair. He’s got some solid grievances. We never hear them though, because he doesn’t have internet OR a sammich.

Hounddog Vigilante
Hounddog Vigilante
1 year ago
Reply to  Sky Wizard

If we send monthly UBI/welfare checks & food stamps to the 6 billion Marvins out there, can we finally close the border?

Am I doing it right?

Peace
Peace
1 year ago
Reply to  MPO45v2

There’s inflation for you. ( Its unfair )

A Dose or Reality 5
A Dose or Reality 5
1 year ago
Reply to  MPO45v2

It is unfair to those who sacrificed to pay off their student loans and it’s unfair to those who foot the bill….I will add for ones children or grandchildren.

Bingo.

I paid my way by working. No debt. But I sacrificed any college fun and socializing. I paid for most of my children’s education except a sub 20k loan that I encouraged to create responsibility and motivation to get a job. They have not gotten a freaking dime from this ‘debt relief’ either so no every student has been bought.

I need to know what line on the federal tax form to claim my 35k tax credit. To me the MORAL HAZARD is SO LARGE that that if I had the power of the Krell (very old movie) (Forbidden Planet) Shit would be melting all over the place. Maybe some brains are even boiling right now.

Woodsie Guy
Woodsie Guy
1 year ago
Reply to  MPO45v2

Everyone has thier hands in the cookie jar in some way shape or form. Rich, poor, corporations, small businesses, etc. Just how it is. You’d be a fool not to take whatever you can get from the government.

Philly Cheese
Philly Cheese
1 year ago

The purpose of the student loan forgiveness is to prop up real estate and to continue to drive inflation. It was obvious to me since it was first suggested, but it seems like no one else has brought this up anywhere that I look.

When people have to make payments on student loans, it’s money that doesn’t stimulate much of anything. It takes away from that money going into driving the GDP such as vacations, toys, vehicles, fancier apartment rentals, and buying homes. As a lot of people know, people tend to max out their monthly purchasing power. So……free up hundreds of extra dollars a month that would have only gone to paying down debts. If those people really even had money to be paying back student loan debt, they can now turn around and dump that same money into real estate by bidding up properties with exuberance using money that is an unexpected psychological windfall.

Come on, think more people. No wonder the government can outsmart the peasants so easily. The governments goal since September of 2019 is massive inflation. It took how many years just for people to admit that the Fed actual wants hard core inflation despite the words out of their mouth. Actions speak louder than words.

Wisdom Seeker
Wisdom Seeker
1 year ago
Reply to  Philly Cheese

Re “When people have to make payments on student loans, it’s money that doesn’t stimulate much of anything. It takes away from that money going into driving the GDP such as vacations, toys, vehicles, fancier apartment rentals, and buying homes.”

THIS IS INCORRECT, you are falling prey to the “that which is seen, that which is not seen” fallacy.

Yes, when people pay their loans off, they cannot buy as much bling. BUT they also fail to learn to save and invest for their future. AND the RECIPIENT of those payments is now able to spend more. So when people responsibly pay off their own debts and aren’t given handouts, there’s no loss of spending power in the economy. But there IS a gain in sensible behavior.

CaptainCaveman
CaptainCaveman
1 year ago
Reply to  Philly Cheese

Bingo Bingo Bingo. Everything that has been done since the miracle microbe arrived (INCLUDING the miracle microbe itself, let’s not be naïve) was done to “inflate our way out” of the massive credit bubble that the manifested after the great bailouts and moral hazard of 2008. They want the least painful way to “reconcile” the debt numbers and inflation is how you do it. So far you can say they have succeeded. So much so, that despite a radically lower standard of living and a near-complete hollowing out of the middle class, almost half the nation is STILL fully onboard the train for four more years of Bidenflation. Crazy!

misemeout
misemeout
1 year ago
Reply to  Philly Cheese

There is no stimulus effect, it’s a straight transfer of wealth from one party to another. There are two sides to every debt and now everyone else won’t get as much. Straight theft and vote buying. It’s also funny that you think those people were actually paying those debts off. Have you seen what percent of student loan debt was in default?

CaptainCaveman
CaptainCaveman
1 year ago
Reply to  misemeout

No, it’s definitely stimulus, hence the buoyant markets, the packed airlines and still decent corporate profits. That it only goes toward the top half (or fewer) doesn’t make it NOT stimulus.

Bobby
Bobby
1 year ago

Lived at home and went to community college and local state school. Took me six years taking classes when I could while working. Never borrowed a dime. Such bullshit these clowns want something for free. To be fair undergrad was a scam now and it was 15 years ago. It’s all on the internet for free or $10 courses on things like Udemy.

MelvinRich
MelvinRich
1 year ago
Reply to  Bobby

I agree on all points. I did the same track to college and grad school. You don’t get much respect from the elites who have the money or credit to go to boutique universities. Its all bs and if you want to learn its out there on the net.

Micheal Engel
Micheal Engel
1 year ago

The gov has written off $500 million in order to collect $1.8 trillion ($1,800,000 millions) at 7%. It’s fair.

Last edited 1 year ago by Micheal Engel
Ron
Ron
1 year ago

It is BS. However, the insane rising cost of college is pretty horrible for kids to deal with and also the interest rate on student loans should be minimal and cover the cost to service those loans only.

This doesn’t fix anything. The root problem is the runaway costs of school — all because the government is backing endless loans and the schools are getting fatter and fatter.

Hounddog Vigilante
Hounddog Vigilante
1 year ago

The “beneficiaries” of student debt cancellation will live to regret this campaign.

Older generations – who paid their debts – will discriminate & denigrate these kids for the rest of their lives… they will never catch a break, they will never get the benefit of doubt. There will be no more favors, and any potential sympathy will evaporate.

As if The Olds needed any more reasons to HATE these illiterate smartPhone-obsessed bedwetters… the silent (and overt) grudge+retribution from elders will haunt the younger generation(s) for many, many decades to come.

If you can’t see the inevitability of human psychology, then you haven’t been paying attention.

“…well, we don’t want or need anything from The Olds anyways… so we don’t care what they think or say about us…”

OK then… let’s throw another inter-generational spite-log onto the cultural bonfire.

Sky Wizard
Sky Wizard
1 year ago

Older generations will discriminate and denigrate the kids no matter what. That’s what older generations DO.

shamrockva
shamrockva
1 year ago

Biden is openly fluting the Supreme court

Then impeach him. That would be a blatant violation of his oath of office.

Sky Wizard
Sky Wizard
1 year ago
Reply to  shamrockva

Or get the man a saxophone or trumpet. No male president should be playing a flute.

Wisdom Seeker
Wisdom Seeker
1 year ago
Reply to  Sky Wizard

Don’t be sexist, and remember there were male flutists (fife players, to be precise) leading the troops during the American Revolution. Right next to the drummer and flag-bearer in all the old photos.

If only we’d had sax players and electric guitars back in 1776, though, the colonists would have gained independence in much less than 7 years!

Sky Wizard
Sky Wizard
1 year ago
Reply to  Wisdom Seeker

That bungie guitar freak on the band truck in Fury Road was definitely the way to provide accompaniment for a destroying army.

dpy
dpy
1 year ago

Lots of students were steered into taking loans to pay for inflated tuitions. Those problems – tuition inflation and the granting of ill-advised loans – need to be addressed.

Debt forgiveness doesn’t do that.

Sky Wizard
Sky Wizard
1 year ago
Reply to  dpy

Once they turn 18, the North American Hairless Apes become instantly vulnerable, like newly hatched baby turtles running for the ocean, getting picked off by student loans, auto loans, credit card debt, and a host of other financial predators.

It may seem cruel, but in the Untamed World, nature must be stern to weed out the weak so that the strong may thrive.

Last edited 1 year ago by Sky Wizard
misemeout
misemeout
1 year ago
Reply to  dpy

The solution is to make the school foot the bill for all of the loans. If the student does well, learns useful things and can pay it back then it was a good investment. If the school insists on pushing worthless degrees and admitting unqualified students then they will soon be bankrupt.

shamrockva
shamrockva
1 year ago

Student loan law, passed by Congress, has many ways that federal student loan debt can be forgiven.

shamrockva
shamrockva
1 year ago

Plumbers and electricians can have student debt. Trade schools qualify for federal student loans, grants, and scholarships the same as Universities and colleges.

Call_Me_Al
Call_Me_Al
1 year ago
Reply to  shamrockva

Those students are less likely to be trapped in multiple part-time jobs with a debt load that they can’t pay off.

rjd1955
rjd1955
1 year ago

It’s a terrific way to buy votes in a close contest without spending any Democratic campaign money.

Sky Wizard
Sky Wizard
1 year ago
Reply to  rjd1955

Rules have been out the window since 2016. It’s no holds barred now.

Call_Me_Al
Call_Me_Al
1 year ago
Reply to  Sky Wizard

That’s an arbitrary starting point. Nixon’s loss in ’60 was not above board (just one example of rulebreaking in the U.S., but that country doesn’t have a monopoly on this type of activity).

Scheming and malevolence in politics have been aroundsince antiquity.

CaptainCaveman
CaptainCaveman
1 year ago
Reply to  rjd1955

Yeah, except Congress controls the purse strings, or so was the case before Biden shat all over the Constitution and the supreme court.

Kyra
Kyra
1 year ago

It frankly makes me want a refund of the student debt I paid years ago because of being terrorized by a govt collector at my door. So afraid of giving any financial/bank info to them, I had a close contact write the check for which I gave him the money. And the education was absolutely not worth paying for, else I’d have known how not to let that happen.

Sam R
Sam R
1 year ago

This is just bad public policy on so many levels.

Patrick
Patrick
1 year ago

If you look at earnings after graduation and majors, philosophy is in the top several. Learn how to think, not what to think. As far as plumbers and trade schools, God bless them. Imagine if their were gender queer plumbing courses?

Sky Wizard
Sky Wizard
1 year ago
Reply to  Patrick

Syllabus, Week 1

What not to put in what

Midnight
Midnight
1 year ago

Doesn’t matter. Orange man bad. Throw out everything else.

Bruce
Bruce
1 year ago

Yes, they are rigging the election again, right in broad daylight.

Sky Wizard
Sky Wizard
1 year ago
Reply to  Bruce

Preparing to lose again… good. It will soften the blow.

CaptainCaveman
CaptainCaveman
1 year ago
Reply to  Sky Wizard

Americans aren’t going to give a second free pass to corruption. Social Media and regular media held back the Laptop story which we now know would have swayed the vote by 4%. If there are any such shenanigans this time around (and there already are) then the union is seriously at threat of /something/ on November 6th.

Sky Wizard
Sky Wizard
1 year ago
Reply to  CaptainCaveman

They, and you, certainly are. Prepare your tender feelings.

The only thing the union is under threat from on Nov. 6 is tears of impotent rage.

The last bunch that tried something went to jail. Trump could have easily pardoned all of them, but did nothing for them but use them as props to elicit sympathy in his never ending whineathon. He was still president then. He won’t be this time.

We all saw it. Even the dumbest of the dumb isn’t going to sign up for that. The choices will be President Biden 2 or President Biden 2 from jail.

Chose wisely.

Last edited 1 year ago by Sky Wizard
CaptainCaveman
CaptainCaveman
1 year ago
Reply to  Sky Wizard

Good luck taking entire State legislatures to jail.

Sky Wizard
Sky Wizard
1 year ago
Reply to  CaptainCaveman

Counting on politicians to save you?

Good luck with that.

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