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Post by barry on Aug 24, 2022 6:04:37 GMT -8
Joe Biden expected to announce $10,000 student loan forgiveness program Wednesday: reportPresident Biden is expected to announce a much-anticipated loan forgiveness program Wednesday, sources familiar with the plan told the Associated Press.
Americans are poised to foot a nearly $300 billion deal with President Biden’s expected announcement on Wednesday to forgive thousands in federal student loan debt and extend a repayment pause to next year.Not only is this inflationary spending, but it forces those who didn't take out a student loan to pay for those who did. I doubt this is legal.
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parker1865
TCBF Member
Joined: September 2018
Posts: 1,325
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Post by parker1865 on Aug 24, 2022 7:54:26 GMT -8
Joe Biden expected to announce $10,000 student loan forgiveness program Wednesday: reportPresident Biden is expected to announce a much-anticipated loan forgiveness program Wednesday, sources familiar with the plan told the Associated Press.
Americans are poised to foot a nearly $300 billion deal with President Biden’s expected announcement on Wednesday to forgive thousands in federal student loan debt and extend a repayment pause to next year.Not only is this inflationary spending, but it forces those who didn't take out a student loan to pay for those who did. I doubt this is legal. I have an entirely different position on the subject of student loans, and have had the position for 15 years. Student loans, FED/STATE and Private ( inclusive of the consolidation trap) are predatory, and the higher the education level, the more egregious the insult to the U.S. Total student debt...yes, inclusive of professional level (medical and/or Legal, etc.) is now $1.8 Trillion. This has DOUBLED in the last 10 years. Government economic and financial legislation is responsible, and it could be argued it is predatory on ALL Taxpayers, and at the higher levels of education, is egregious, when the payback terms are 30 years. Instead of picking and choosing winners and losers and what is and what isn't fair, and considering the explosion of National Debt due to political vote grabbing, why in the hell doesn't the Government pay off the debt for EVERBODY, and going forward, limit higher institutions to the amount they can come to the People's dinner table to feed, and cap the education cost, which any logical person would agree is ridiculous for a Nation to espouse and opine about the future value of education to the Nation, and then blow the tax knees and debt levels to a level that defeats the very purpose-growth and stability for ALL, including the public and private sectors. The examples I could give would surprise the average person. 10K my azz. $300 Billion "DEAL" MY AZZ...FOR WHO IS IT A DEAL? It sure isn't a "DEAL" for the PEOPLE. |
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parker1865
TCBF Member
Joined: September 2018
Posts: 1,325
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Post by parker1865 on Aug 24, 2022 8:03:52 GMT -8
Joe Biden expected to announce $10,000 student loan forgiveness program Wednesday: reportPresident Biden is expected to announce a much-anticipated loan forgiveness program Wednesday, sources familiar with the plan told the Associated Press.
Americans are poised to foot a nearly $300 billion deal with President Biden’s expected announcement on Wednesday to forgive thousands in federal student loan debt and extend a repayment pause to next year.Not only is this inflationary spending, but it forces those who didn't take out a student loan to pay for those who did. I doubt this is legal. The last sentence, and please don't interpret my comment to be smartazz, is the weakest argument that can be made about the subject. It is the equal of the oft stated blarney that persons with a professional degree earn more, so they should not complain. Never mind the doctor that, after graduating, has 3 years to 7 years of very low earnings as a Resident, and then has to pay $10-15K a year just for insurance, not to mention all the other attendant income disparity due to market limitations imposed by the Government and Private healthcare insurance entities, and on top of that, an average $12,000 per year in patient bad debt, THAT IS NOT EVEN DEDUCTIBLE.
I can continue with the reality aspects, if anyone really wants to make a comparison. |
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Post by barry on Aug 24, 2022 12:15:03 GMT -8
Flashback: Nancy Pelosi Said President Lacks Authority to ‘Forgive’ Student DebtIn July of 2021, House Speaker Nancy Pelosi said President Joe Biden does not have the executive authority to issue “debt forgiveness,” arguing that such action would be illegal and that it has “to be an act of Congress.”
“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,” Pelosi said July 28 at a press conference.
“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,” she added.
She also mentioned how voters would be mad about student loan “forgiveness,”appearing to question whether such a policy would be “fair.”
Pelosi mentioned a scenario where “your child just decided they want to – at this time, not want to go to college, but you’re paying taxes to forgive somebody else’s obligations.”
The Department of Education agreed with Pelosi, arguing 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.”
Despite Pelosi’s remarks, Biden issued an order Wednesday “forgiving” up to $10,000 in federal student debt for individuals making under $125,000 annually and households making under $250,000, as well as relieving $20,000 in debt for Pell grant recipients. His decision marks the biggest loan “cancellation” program in history, and comes months before the midterms.
Asked Tuesday about reports that the announcement would be forthcoming, Pelosi appeared to welcome the news, though she acknowledged that it was unclear where Biden derived the authority for it.
“Well, we’re excited about the president, because we didn’t know what — what authority the president had to do this. And now clearly, it seems he has the authority to do this: $10,000 for those … making under $125,000 a year.”
Pelosi’s office did not immediately respond to an inquiry from National Review, asking if she still stood by those comments.
Republican lawmakers blasted Biden in a host of statements Wednesday, arguing that the “scheme” benefits the upper class, and transfers the cost to taxpayers.Mitch McConnell joins Republicans in railing against Biden's 'cynical and outrageous' student-loan forgiveness plan: 'This policy is astonishingly unfair'"President Biden's student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt," McConnell wrote in a statement. "This policy is astonishingly unfair."
"This is cynical and outrageous but perfectly in character for these Democrats," McConnell added: "Taking money and purchasing power away from working families and redistributing it to their favored friends."
—Leader McConnell (@leadermcconnell) August 24, 2022
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Post by barry on Aug 24, 2022 12:53:04 GMT -8
Studies Show Biden’s Illegal Student Debt Scheme Is Welfare For The RichAccording to an analysis of Biden’s plan from the University of Pennsylvania out Tuesday, such a wide-ranging bailout will come with a price tag of $300-$980 billion for American taxpayers. Furthermore, the university calculated, “Between 69 and 73 percent of the debt forgiven accrues to households in the top 60 percent of the income distribution.”
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Post by kav on Aug 24, 2022 13:51:14 GMT -8
The President does not have the authority to do this. Wut a dweeb.
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Post by vintagecomics on Aug 24, 2022 17:00:33 GMT -8
Inject more money into an economy that is already struggling with CRIPPELING inflation?
What could go wrong?
Wait, didn't namisgr et all say it was T-R-A-N-S-T-O-R-Y?
Yep. They did.
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Post by barry on Aug 25, 2022 3:01:39 GMT -8
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Post by barry on Aug 25, 2022 8:59:32 GMT -8
Flashback: Warren confronted by angry father over student loan handouts: We got 'screwed'As a 2020 presidential candidate, Warren, D-Mass., who has long been a strong proponent of wiping out student debt, was confronted on the issue by an angry father at a campaign event in Iowa.
"I just wanted to ask one question. My daughter is getting out of school. I've saved all my money. She doesn't have any student loans. Am I going to get my money back?" he asked the presidential hopeful.
"Of course not," Warren replied without hesitation.
"So you're going to pay for people who didn't save any money and those of us who did the right thing get screwed?" the father pressed. "My buddy had fun, bought a car, and went on all the vacations, I saved my money. He makes more than I did. I worked a double shift."
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Post by vintagecomics on Aug 26, 2022 5:34:12 GMT -8
Flashback: Warren confronted by angry father over student loan handouts: We got 'screwed'As a 2020 presidential candidate, Warren, D-Mass., who has long been a strong proponent of wiping out student debt, was confronted on the issue by an angry father at a campaign event in Iowa.
"I just wanted to ask one question. My daughter is getting out of school. I've saved all my money. She doesn't have any student loans. Am I going to get my money back?" he asked the presidential hopeful.
"Of course not," Warren replied without hesitation.
"So you're going to pay for people who didn't save any money and those of us who did the right thing get screwed?" the father pressed. "My buddy had fun, bought a car, and went on all the vacations, I saved my money. He makes more than I did. I worked a double shift." It's a horrible idea that penalizes the people who work hard and pay their debts and rewards the ones who are useless. I'm all for cheaper education, being a Canadian but I'd be livid over something like this. They are literally doing nothing more than trying to BUY VOTES. |
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