Buy votes, create disparity and divide people, that’s what democrat policies are designed to do. Joe Biden follows the playbook by cancelling $10k to $20k in student loan debt for those who have federal government loans. Students with private loans backed by the federal government are not eligible.
Additionally, Biden has extended the “COVID emergency payment moratorium” through the end of the year. No one with a federal student loan needs to restart paying until after the midterm election, in 2023. [White House Fact Sheet Here]
If the economy is doing so great, then why the need for bailouts?
WASHINGTON (AP) — President Joe Biden on Wednesday announced his long-awaited plan to deliver on a campaign promise to provide $10,000 in student debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need — along with new measures to lower the burden of repayment for their remaining federal student debt.
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced in a tweet. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.
Biden is also extending a pause on federal student loan payments for what he called the “final time” through the end of 2022. He was set to deliver remarks Wednesday afternoon at the White House to unveil his proposal to the public.
If his plan survives legal challenges that are almost certain to come, it could offer a windfall to a swath of the nation in the run-up to this fall’s midterm elections. More than 43 million people have federal student debt, with an average balance of $37,667, according to federal data. Nearly a third of borrowers owe less than $10,000, and about half owe less than $20,000. The White House estimates that Biden’s announcement would erase the federal student debt of about 20 million people. (read more)
Ultimately this does nothing. It’s symbolic. This money has already been spent. There is no way we can possibly ever pay back all of our debts. At this point what hurts our country is not forgiving past debt, but creating NEW debt (printing money). We are 30 trillion in debt, the government budget is in debt, despite record revenues, and unfunded liabilities are existential.
The only way to get out of a hole is stop digging. Biden “forgiving” a debt that will never be paid back by design is not as bad as spending. If we stop spending, right now, stop the presses, and adopt austerity measures, within a much shorter amount of time than we think, we can start getting out of this.
THis is a symbolic move that will get a lot of dumb people voting for him. But they would vote for him anyway.
If only it was that simple. The Federal Government used commercial banks as the source of cash for the loans, so those banks WILL get their money.
This is NOT symbolic. The US government guaranteed repayment and committed the tax payer to covering these loans and not a single bank will write off the loans.
Under Obama the government took over loans. Before that they used private banks. 10-20k will not erase most of the debts, and the banks will still go after the lendee, not the taxpayer. Yep, taxpayers are going to eat 300 billion. I find it curious, though that we are all up in arms of 300b and not the 6 trillion we spent on wars we didn’t authorize, the trillions in stimulus from Obama, Trump, and Biden which did nothing, and the billions we’re shoveling to Ukraine.
When countries that bought are debt want relief, and we don’t have it, they’re not going to forgive the debt. They’re going to take our land. That’s all we have left. Look at how China does it with Belt and Road.
That is far more existential than Biden’s student loan forgiveness. Stop the presses now. We have to.
I foresee a world default, and the push to digital “currency”, that resets all nations debts and gives total control over people. At least that is their dream.
Barter will work as well now as it did 200 years ago.
Well, even if the world doesn’t default, barter will be the future since our currency is worthless. There will be co-ops that barter and the government will use the IRS to destroy them. But they won’t succeed.
Though I am against any form of stupid debt we have, the outrage of the student loan forgiveness seems to be animated by class resentment than anything else. Blue collar folks are upset at those that got loans. I understand it, but the perception is wrong.
Many many poor people took out loans to get out of the economic misery they were in. Since loans are guaranteed, colleges raised tuition far beyond the rate of inflation and used the loans to build football stadiums, conference centers and especially expand the administration. We are talking hundreds and hundreds of percent.
If you’re over 40 you were likely told that any degree would improve your socioeconomic standing. Now many of these people still have the loans and can’t pay them back.
Imagine going to the army, being promised college because of your service, then getting disabled. That is what a lot of people who took loans out are experiencing. Not physical disability but economic disability. There is not way out.
Don’t be upset people took loans out to improve their lives. Be upset at the feds and universities that created the catastrophe.
Every American is in debt. We shouldn’t think we’re better than anyone else.
And we have to stop spending.
I beg to differ. The only “debt” I have is what the government has assigned me, some since before my birth. Each and every loan I took out, I prepared ahead of time to service that debt. Whether it was taking a second job, paying off a smaller debt so that payment could be assigned to a new loan, or whatever, I made sure I could pay it.
You are a voter, you have a representative in Congress. You owe debt. Second, there comes the class resentment. No one likes being in debt, no one plans to be in debt. You think you’re in control of your life because “I made sure I could pay” the loans you took out. If you can’t find work, or can’t make enough to eat, you can’t pay your debt. People make their own beds, and then sometimes outside forces mess their beds up.
Be thankful you’ve paid your debt. Don’t be arrogant about it. You’re no better than anyone else. Reread the analogy I made if that helps.
No one is perfect. Even you.
Norm, Norm, Norm. Just because you might have managed to not be wise in some areas, or had life throw you curveballs that you weren’t able to at least foul off and continue the at bat, don’t assign it to all people.
1) As I said, my “debt” was assigned to me by politicians, the majority of whom I did not vote for. (and by the way, 90% of the debt is unconstitutional so other than starting over not sure what I’m supposed to do about THAT)
2) You act as if finding a job was always easy, or that life didn’t throw me stuff that made it very difficult-it did. Many times. But I found a way.
3) It is interesting you accuse me of arrogance because I subscribe to and followed what is essentially the conservative and libertarian mindset of keeping debt low and manageable and paid it off. Seems like that is more sour grapes of what life handed you, than making lemonade out of lemons. That’s a you thing.
4)LOLOLOLOLOL. There was one perfect person who walked the earth and HE is long gone off this mortal coil. The absolute last person on earth who would make the claim I am perfect is me. I know my faults well. I know my peeves well. And you dear internet stranger are guilty of my biggest one. Willful ignorance.
Unconstitutional debt is funny. Because it still exists. Again, I’m not assuming everyone is like me. You’re assuming you’re special. You’re not.
Jesus Christ wouldn’t be saying stuff like “Tough, bro. Sorry you weren’t good with your money.” So actually you’re acting as if you’re better than Jesus Christ.
You’re big-talkin. As I’ve said time and again: no one wants to be in debt. And to quote Mike Tyson, everyone has a plan until they get punched in the face.
You haven’t been punched in the face yet. Hope you don’t.
I’m just gonna drop these right here for you to reflect on:
Psalm 37:21The wicked borrows but does not pay back, but the righteous is generous and gives;
Ecclesiastes 5:5 It is better that you should not vow than that you should vow and not pay.
Proverbs 21:5 The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.
Romans 13:7 Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom
revenue is owed, respect to whom respect is owed, honor to whom honor is owed.
Proverbs 22:1 A good name is to be chosen rather than great riches, and favor is better than silver or gold.
So good to know that you can speak for Jesus Christ. By all means, tell me what he would say about the state of our nation and what we should do about it.
Actually Norm, I have been punched in the face. Probably harder than you ever have. The difference is, I didn’t pule and whine about it, I picked myself up and found a different path out of the mess.
If you paid your debts that makes you a responsible person. If you mooched off the taxpayer teat for 4 years to get a degree that is as worthless as the currency the government constantly devalues, then you are a bum. Some will call you smart for not being accountable for your own actions but others will call you a sorry excuse for a citizen.
So if I get a loan (taxpayer or bank, someone else is paying for it) and can’t afford the loan after some sort of misfortune, despite decades of responsible payments, I am a mooch?
Get some life experience, kid.
It would be appropriate for a kid from a lower income family who cannot afford to pay for the kid’s schooling to take out a loan and go to a modestly-priced school, or a more expensive one with scholarships/grants. And choose a major that would guarantee employment and ability to repay the loan. And live modestly while in school.
Instead, we have kids from middle class and up families who COULD afford to pay for the kid’s schooling not doing so, and the kid maxes out the loans so he/she can live in luxury housing with a nice car and nice clothes and nice electronics, and the kid goes to the most expensive school or chooses a worthless major, in either case making it difficult to repay the loan. So the rest of us are supposed to pay it?
I’m 47. I have a work ethic. My work ethic got me into a nice disability. I can say confidently I’ve worked harder than you. Because no one with life experience would be so glib.
My macro point is that it’s better to owe another American money than a non-American. You Bruce Springsteen types are upset that 300 billion is going to be forgiven for student loan borrowers. I’ve never seen any of you that worked up even at the interest on our debt, which is owned by people who don’t like us too much.
Far from saying “You didn’t build this”, what I’m saying is that you and your pride are missing the existential threat here. It’s not Americans who owe money to other Americans.
And though I did vote for Donald Trump, the first time enthusiastically, he is not working class, and he never has been. And when he really had to deliver on his campaign promises, he didn’t push for the wall in his omnibus bill, and that was the end of that.
You’d think real blue collar workers would be outraged at the 2 million people a year flooding through the open border. You’d think they’d wonder about being replaced. You’d also wonder why a billionaire would want donations from blue collar folks to renovate his big plane.
You want to go there, we will go there.
Okay, you gotta be new here if you don’t know that the people here have talked relentlessly about the debt, the trillions owed, and how much of it is foreign debt.
Either that or you aren’t paying attention and only skim every now and then
It’s possible to be ticked about BOTH things.
“Waaaah! Trump didn’t do a couple of things I wanted him to do!”
Trump was THE most productive President ever. He did so many awesome things for the country and for us citizens, and he could have done even more if the Dems hadn’t made him the target of non-stop invasive attacks.
Did you benefit from lower taxes? I did. Did you benefit from zero or near-zero inflation and low gas prices? Yah, I did too. Did you appreciate that he was securing the border and that he was bringing back manufacturing? Did you appreciate that he achieved historically low black and hispanic unemployment? Did you appreciate that he re-negotiated NAFTA and withdrew from that stupid Paris accord? Did you appreciate that he made peace with Kim Jong Un and held both Putin and Xi in check? I could go on.
This “blue collar” worker paid off his student loan. And now I’m gonna pay for someone else’s loan. So….I think I’ll stop patronizing where these “students” are working. Like McDonalds
More class resentment. You’re also paying for 6 trillion in illegal wars and 6 trillion in Stimulus that other countries own and 300 billion bothers you more than that. It’s a class thing. It’s myopic.
McDonald’s workers are blue collar too. I’m glad you have life figured out. But when you have to give up your land to the IRS so they can give it to the CHinese who want paid, don’t get mad at the person who took out a college loan. He didn’t have anything to do with it.
This bailout doesn’t bother me any more than the other debt that has been thrown on our shoulders. And quit with the nonsense about the class thing. It has nothing to do with the financial group we were born to or where we find ourselves now. Rich, poor, or somewhere in between has nothing to do with our financial decisions.
It has everything to do with the fact that there are two groups of people, those that live within their means and those that do not and want others to make up the difference.
This bailout is nothing more than an attempt to purchase votes from the second group throwing even more of a burden on the first.
Living within their means. Ok. I had a business. The Covid lockdowns ruined it. Now I have loans I can’t pay back. My fault for the lockdowns, right?
Living with theirn means. Ok. I had it all planned out. Then I got stage 3 cancer. Now I have loans I can’t pay back. My fault for getting cancer, right?
Living with their means. Ok. I was a blue collar worker. Broke my back. Too young for social security, can’t get disability (which taxpayers also pay for). I lost everything. My fault for working too hard, right?
Everything in government is about buying votes. Be happy you don’t have debt. But realize that life rarely goes as planned.
Take care.
File bankruptcy and the lender has to eat the loss. Why are the taxpayers becoming the lender. The banks or colleges loaned the money – they should pay the bill.
You aren’t suggesting that the wasteful parents with their wasteful kids were ruined by COVID lockdowns or cancer or a serious injury, are you?
2 classes—responsible and irresponsible. Most of Congress fits in the latter as well!
I took out college loans in addition to working my rear end off to pay my own way to college.
I wasn’t making much money and it took me years to pay off the loans.
And you seem to be telling me that I shouldn’t be unhappy about being forced to assume other peoples student loan debts when I spent years making little money but still paying my debts.
And for the record, I’m as upset about the trillions of dollars of money printed out of thin air as you or anyone else is. The two positions are not mutually exclusive.
Well Lone, you can’t read threads too well. I’m not saying you shouldn’t be unhappy. I’m saying you should get some perspective. I never said the positions were mutually exclusive.
You folks have the same story: I am a Bruce Springsteen song who busted his ass and now I have to forgive some college kid’s loans!
You just want to feign outrage while building up your own brand. Look: 300 billion compared to 30 trillion are two different universes of debt. One is owned by fellow taxpayers, the other universe is owned by other countries. And you’re going to pay Bigly for that.
Ps. DJT toyed with the idea of loan forgiveness. As with every other left wing thing he did (WARP vaccine , no wall, prison “reform”) you’ll overlook it.
If it helps, read the threads again.
Here’s another story.
One of my friends is a lifelong democrat (until recently) so you might be able to relate to him.
He didn’t go to college. Became a self-trained oilfield geologist.
Spent decades living in a small trailer on gas locations working all hours of the day and night. Had little time for wife and kids but worked continuously to provide for his family. He built a small and successful company from the ground up. Scrimped, saved, and largely did without for the entire time.
He never trusted the stock market so the only money he retained was what he actually earned.
He recently put his son through college although he didn’t have the retirement nest egg to be able to afford it. Don’t know exactly how much but probably between 100-200K.
Now he is going to be on the hook for someone who doesn’t believe in being accountable for the debts they chose.
Maybe it is you that is lacking perspective.
Maybe you should come tell my friend that he lacks perspective and that he is just trying to build his own brand
If it helps, read my comments again..
Excellent response.
Divide us is what they do best. They will lead the charge from both ends, so nobody realizes who is at fault. Not all of our countrymen are as smart as one another and most had their parents force it upon them. My father forced me to go for one semester which he paid for. I left and became a blue collar worker making twice what my friends do. I own my primary residence, own a few properties including a vacation home. I would never rub it in, or wish they wouldn’t get a break because I didn’t. I want the best for our countrymen and they have been put in a terrible position. My friends are good people and have less children because they cannot afford it. This debt is crushing them. I would at least be ok with no interest pay-back. A compromise? Have none of us made bad decisions?
I am still not debt free! If you have property tax and do not pay, what happens? Have you signed a loan for a child?
I agree 100%. I am a millennial and all I heard from my father and people his age (baby boomers) was work hard, save your money and go to college. It was beat into their minds that you needed a degree to be anything in the future. Well, they were wrong, and college is pretty much a scam like everything else. They say people don’t want to work nowadays just get a job.
It is a little hard when all jobs have moved to foreign lands or foreign people come to our land and take them. The jobs that actually pay enough to raise a family are few and far between. Now both parents have to work and the state raises your children.
“Back in my day we just worked the jobs available, there is always work for those who want to work” says the baby boomer while he polishes his motorcycle in his driveway. Those days have been gone for a long time. Bankers, with their corrupt control of government, academia and everything else did this. Why is it that at 18 you are an “adult” able to vote, fight their wars or if younger make decisions to castrate yourself but you cannot get a loan without your parents backing you? Maybe because freedom to choose only goes the way they want it. They want to steal your parents house and all they’ve worked for with these debt crushing loans. Money lent at interest(usury) should be outlawed. No government that actually cares about its people would subject them to such slavery.
“Barter will work as well now as it did 200 years ago.”
Depends on the penalties they impose for it and the effectiveness with which they catch violators. They must have something planned for all those new tax agents to do.
Yeah, even 87000 agents couldn’t completely cover stamping out barter in my entire state and we only got 5 million folks.
Will it work in big cities? Yeah. Will it work on big places? Yeah. Will it work on me trading my skills and services in return for something I need? No way in hell.
What are your skills? I hear “Country boy can survive” from Hank Jr…
If it will make you feel better, you can just think of me as Lonnie from Deliverance. Maybe that will ease whatever butt hurt it is you are carrying.
So what are your skills, then? Banjo playing?
I have no butt hurt, I’m just calling out your fake blue collar schtick.
Wow, so you can tell all about me from my posts huh?
I’m intrigued. Tell me more. Tell me all about myself. I’m not blue collar huh? So what am I? Don’t be shy now, go ahead.
And what is wrong with that song?
It’s a great song. I never said it wasn’t. But the man who wrote it is as working class as AOC.
I think the new agents are going to be doing Part B to this Part A implemented in Oct 2021:
The Biden administration on Tuesday backed down on a controversial proposal to direct the IRS to collect additional data on every bank account that sees more than $600 in annual transactions, after widespread criticism from Republican lawmakers and banking industry representatives, who said the tax enforcement strategy represented a breach of privacy by the federal government.
Instead, the administration and Senate Democrats are proposing to raise the threshold to accounts with more than $10,000 in annual transactions, and any income received through a paycheck from which federal taxes are automatically deducted will not be subject to the reporting. Recipients of federal benefits like unemployment and Social Security would also be exempt.
The IRS would collect the total sum of deposits and withdrawals from bank accounts with more than $10,000 in non-payroll income. Information on individual transactions would not be collected.
https://abcnews.go.com/Politics/biden-admin-backs-tracking-bank-accounts-600-annual/story?id=80665505
Why not go after the colleges who encourage unqualified students to enroll, get degrees in fantasy programs and then turn them out to fend for themselves in the world of minimum wage jobs (for which their degrees uniquely qualify them)?
The colleges are to blame just as much as the feds. THey raised tuition way past inflation bc they knew loans were guaranteed. I”m with you.
It’s still up to parents and students to choose schools within their financial grasp. It’s like buying a house, do you buy one that is the absolute max of what you can mortgage so you have no money left for anything else and you have such large payments you’re living on the edge every single month? Or do you buy one that is more within your means?
He may very well be trying to buy votes but it should, as do all of the dim boondoggles, backfire on him bigly. Think of how many people who worked their way out of student debt(e.g. they got a job and paid their bills) will be thoroughly pissed.
*raises hand*
Its far more basic than that, IMHO and IS “self-correcting”.
The Fed is just the mechanism, the underlieng shell game is essentially this;
U.S. Treasuries set the benchmark as the most secure investment, and so all Govts the world over, keep their “reserves” in U.S. Treasuries.
THIS is what has enabled the Federal Govt to spend way beyond the level of bankruptcy.
Like a Ponzi scam, it is self sustaining only so long as Nations continue to park their reserves in U.S. Treasuries, and with BRICS+, that is changing.
Hence, the “self-correcting” and the lame move to transition to “digital currency”, just like the transition to “green energy” is impractical, unsustainable.
“O.k., instead if this piece of paper, as a currency made worthless by government policy, we are going to give you digits in a computer wallet, that that same government controls, and backs (like they did the piece of paper, and so equally worthless).
And they actually think this is somehow going to camaflogue the reality that there still is NOTHING but unsustainable debt, backing it up, and not just we, but the whole world isn’t going to NOTICE?
JUST like BBB/GND, where WE aren’t supposed to notice how IT CAN’T POSSIBLY WORK.
Hence why they have spent 50 years dumbing down education so that the rising generations would not understand that it can’t work.
Yes indeed. And many of those folks who were previously adamant against voting for MAGA are going to start voting in that direction.
Why aren’t you pissed at the trillions of dollars in debt that are actually ruining the country? This makes no sense. There are people right now still working off their loans. Congrats to you you got yours paid off. Do you have a mortgage? A car payment? Medical bills?
No one is debt free. No one.
Why do you assume nobody is ticked off about the debt? This article regards student loan debt.
Just curious…WHAT Government Budget?
To my recollection, Government has not had a “Budget” in many, many years.
Just an increasing paycheck for Congress via kickbacks and outright theft
Uh, we are operating under the last budget signed decades ago. And we keep passing CRs. And we can’t pay for them, despite record revenues.
I’d be quite happy with all the debt if we got something out of it, like that border wall DJT cowardly relented on.
that’s the baseline budgeting
Like any family, we can pay it off. 30 trillion, pay 1.5 per year. Cut 2 trillion from current budget. Done
Yes, but that assumes we live within the budget. As long as we have baseline budgeting and no real cuts to spending, I don’t see it happening.
Budget? When, in this century, has Congress passed a budget? CRs are not budgeting—they’re a way to get AROUND a budget!
We had a budget in 2008. The CRs keep that budget on life support, basically.
Is your promise of SS symbolic? Joe Biden spent it all and left IOU’s for you. Sorry. Back to work!
Oh! Do mortgages next! Do mortgages next! Sarc off.
I saw someone tweet that his mortgage now identifies as a student loan.
Correct! We are all learning fast.
What do you think the housing crisis/ TARP was?
How about our credit card debt, Mr. pResident?
I think the FED, who prints our money, should forgive America’s debt. Just sayin’…
(Sarcasm intended)
we should abolish the fed and write off the monetized portion of the debt.
Correction; the Treasury prints the money(equity), which must be offset with a corresponding Treasury bond issuance(debt). The debt is digitally recorded by date of issuance and is mostly held by the Fed.. People whine about ‘digital currency’ being a bad thing. It is not. What has been labelled as ‘monetizing’ the debt, has an adverse affect for the issuer in that said issuance can be identified as fraudulent when when issued without legal authorization(usurped authority,e.g.).
Bottom line is that these debts are already ‘toxic’ and are no more than junk bonds. The Fed, World Bank, etc. are the ones ‘holding the bag’ of this junk debt.
Approximately 8 Billion people(equity) in this world vs a handful of bankers holding junk bonds.
Trust God. Fear not.
And every time you use a debit card you’re already using digitized currency. They just haven’t taken away our Monopoly Money, yet.
FED last I heard had “monetized” over $8T of federal debt which is the same amount these thieves took out of the US economy during the 2007-9 “Housing Crisis” and moved it to Europe
Perhaps that’s President Trump’s intention;
-Think “ chie nah”
the wu-flu paves the path
When these people went to college they were purchasing a service/product just like anything else anyone buys. They got their degree and got whatever benefit came with it. If what they chose to spend money on was not what they expected, then it is not mine nor anyone else’s responsibility to reimburse them.
You sign a promissory note—a legal binding contract with the US Federal Government—when you take out a Federal Student Loan.
But that doesn’t apply to a now completely lawless government.
Bingo!
How does this scumbag get away with doing this stuff on his own??
Last time I looked we still had a Congress. Or am I dreaming?
Seneca: Sorry. Dreaming. Congress doesn’t work here anymore.
Yes, Congress is far too busy grifting and laundering Ukraine billions of $$$’s to care about these small potatoes.
Congress is busily paying off Zelenskyy in order to keep him quiet through our midterms–and beyond if possible.
Remember–Trump was almost impeached for simply asking Zelenskyy to “look into Hunter’s… “.
Zelenskyy has Biden by the cojones.
What a hot mess.
Too busy producing for TV the J6 committee’s fictional account of J6!!!
It’s relativism at its growing worst. The rules are what they say they are and apply only to those the PTB say they apply and change on a whim.
Look at the cities and the crime waves, the US southern border, lockdowns, vaccine mandates, Paul Pelosi’s public slap on the wrist.
These things are all of a piece.
Oh yeah, and stolen elections.
I want to know how the President can unilaterally give away millions of $$ of taxpayer money.
Watch this 👇
Thank you for sharing the link.
I posted earlier about this.
He is right!
He represents a large number of parents who did what he did. He made sure his daughter would not have College Debt.
Same with people who worked while going to school so they wouldn’t have College Debt.
People who accepted College education as part of employment package, and held full time job while getting College education and didn’t accumulate debt.
I have a feeling that this is going to backfire Bigly on the Democrats.
Elizabeth Warren did appear to be flustered after he confronted her. Good.
People like him are justifiably angry.
I have a feeling that this is going to backfire Bigly on the Democrats.
I sure hope so. I keep picturing Wiley Coyote after Road Runner’s bomb blows up in his face for the umpteenth time.
It’s only going to backfire bigly IF people vote for Republicans so we oust as many Dems as possible and retake the House and Senate.
But there are an uncomfortable number of fussy myopic people here who don’t want to vote for RINOs, and if they fail to vote strategically they’ll help to ensure Dems remain in control of Congress.
“I have a feeling this will backfire bigly on the Democrats.”
I agree, and the lack of real pushback from the Republicans will further expose the true nature of the Uniparty.
A political calculation on ANY policy ‘should’ be “How many votes will this GET me, vs how many votes will it COST me?
Due to the very systems and factors THEY have put in place, THEY have insulated themselves from the consequences of their actions to the point that not only are they unable/incapable of accurately making such a calculation, they are oblivious to there being any NEED to.
On there collective tombstone, their epitaph;
“THEY did it to themselves, and sewed the seeds of their own demise.”
I hope it does backfire bigly on the USG.
I’m one of those who, in the early seventies (Carter era, when inflation rose interest rates to 14% +), was left with a choice that did not involve usury. I told myself I could do this and STILL manage to become a professional, so I interned with two mentors in the professional field of architecture, and, after a two decade span of time, I passed the test (same test for every architect in the USA .) At the end of it, I was licensed in six states to practice my skills.
I strongly resent the coddled little babies of the rich getting over because of their connections, or daddy’s money, but I noticed something. Studios and Firms who hired these “special education graduates” found two problems: one, they knew nothing but what they heard in a classroom. Nothing prepared them for real life in the field. Heck, theory only gets one so far. Two: when the pandemic crap hit, most of them went back home to live with their parents. Employment is still struggling to recover.
I did it the hard way, with on-the-job-training. And, of course, I made a lot less money than the sheep skinned crowd did. Now I am told MY sacrifices meant nothing, and the priviledged class has its loans forgiven. Screw that, Government. When you hire these people, be ready for the same thing that you profess to be yourselves. Grifters and Cheats.
Can anyone tell me how to post this to FAceBook?
It would be censored
It’ll just get censored minutes after you do.
Besides screwing over folks who paid off their loans as well as REASSIGNING this debt to the tax payer eventually….The interesting part of this is for those 18-26 year olds, who are in school, today. If my recollection is correct, the repayment for those loans does NOT actually begin until 6 months after Graduation.
So, does this mean those democrat loving college students are SOL and have ZERO “forgiven”??
If my recollection is correct the look on these faces would be priceless.
Where is Joebama? Who is signing on to these orders? I demand proof of life.
Joebama is still hiding. There’s a kerfuffle over him and his groomer annulling presidential privilege. Something about it harming the country. I expect he’ll be back by the end of 2024. In the meantime, he has a phone and a pen.
Is there any statutory authority for FJB to do this? Magic wands don’t count.
I would think Congress would have to pass or amend a law.
Like declaring war ?
how quaint
As I understand it, a presidential executive order has no statutory authority until Congress passes a law.
Those students he has targeted are mostly those that were/are going to default on their loan anyway. So in essence he will get credit for canceling default loans.
So, the credit rating of the deadbeats will not suffer and they will get one more crack at defaulting on another debt. Another reason those who paid their loans and also pay their debts should be mad as heck.
Ask me how glad I am that my husband and I scrimped and saved and did without all those years to put away enough money so our three kids could graduate college without any help from the government! I guess our reward for trying to be responsible citizens is getting to pay for some self-absorbed, America-hating, leftist kid’s gender studies degree. I can’t even…
me, either.
I was injured while working a blue collar construction job in 1984. Doctors told me I needed to retrain as my body would never be the same again. After reviewing all options a available to me, I decided to go to college and retrain. Working my way through, I also borrowed money. I graduated with three science degrees in 1999. Was it worth it? Within a few years, my experience and qualifications grew and I was making a six figure salary. I paid off nearly $100K in student loans, bought houses, autos, saved my money, invested. Two years ago, my body completely gave out. I retired. My house is paid for, my cars are paid for, my student loans are paid, and life is not too bad. Could I be in the same shape pumping gas for minimum wage for the past 25 years? Yeah right! I made those loans, and paid them. I am not asking anybody to pay them for me. That would be wrong.
No different than when the givermint was doling out the covids payola. We used it to pay our bills. Drained our savings to pay the mortgage. Then we read about all the city dwellers in Portland who didn’t use it for their rent/bills and now are facing eviction or collections. I have no pity for them, only disgust.
As Rush said after Obama’s second election: ”You can’t beat Santa Clause!”
Exactomundo! (A little Spanish lingo for you😉)
Actually, this boondoggle might work, unless it is fast-tracked to SCOTUS, but all it takes is a Kavanaugh to fold to allow Roberts to swing this 5-4, declaring it constitutional based on proper congressional legislation and the powers granted therein.
They’ll say, don’t like the legislation? Change it.
https://www2.ed.gov/policy/gen/leg/foia/secretarys-legal-authority-for-debt-cancellation.pdf
Now I understand why all 87,000 of those new IRS agents need AR-15s!
When is this shiiit going to end, the thieving robbery in plain sight is getting old…..
When enough people have decided it has to stop, and get up off their butts and do something.
When are the big brains going to forgive Trade School Loan Debt??
Really? Unions are behind a lot of that!
There better be lawsuits filed by tomorrow. There is bound to be legal paperwork with those loans regarding payment and default and I doubt there is a “forgiven” clause. What law will a corrupt judge twist to make this legal?
Weren’t Pell Grants always forgivable??
That was my understanding, hence the term “grant.”
Confused me as well, until I heard that Pell Grant recipients were eligible for another 10,000 off of their college loans. Just using the Pell Grant as a method to identify “disadvantaged” people who also took out student loans.
They’re grants, and don’t have to be repaid.
Okay.
I went to Itt in the early 80’s and my father took out and paid the loans. Somehow I was tricked into signing additional loans or so they say. The school I went to closed to move locations and I was in no position to move closer to the new facility so ended up dropping out. Tried to get my loan forgiven and was told I needed proof that the school changed locations and was not able to being how it has been over 30 years.
Socialism is here to stay and soon to turn full blown communism unless we cut the head from the beast and very soon. If we can’t have honest elections anymore then our only recourse will be ugly. Our government is broken and hell bent on our destruction.
Well, if you look at the last election, there are only two options, and neither is good.
1) We have that many freeloading stupid people in the country
2) We don’t have honest elections
No matter which, we are screwed.
I’ve always tried to remain optimistic but I have to agree with you. I still have the hope in our numbers and God at our side.
Be a realistic optimist. See what is going on and prepare, while hoping there is something you haven’t seen/heard about/conceived of that can change the course we are on.
God and family/friends are going to be the only thing to get us through. Mostly God.
While you were not looking…..even more student loan forgiveness
The Department of Education has announced that it has provided more than $10 billion in student debt relief for public workers 10 months into a new program.
The relief covers more than 175,000 people, according to a news release the department put out on Tuesday, and will be provided through the Public Service Loan Forgiveness (PSLF) program.
https://thehill.com/homenews/administration/3613729-more-than-10b-in-student-loans-for-public-workers-canceled-ahead-of-broader-biden-announcement/
The year is 2025 and President Trump announces via executive fiat that gun owners will have $20,000 forgiven from their mortgage balances and/or federal taxes.
I don’t see how this is rewarding the Democrat base of working/taxpaying Americans. It really makes me angry at the deadbeats who expect the government to pay their way in life because they don’t realize what they are missing, the real riches of what life is.
It destroys the sense of accomplishment that one receives when he or she succeeds. I can’t tell you how proud I am of the work I had to put in to get a college degree. It meant scouring around for scholarships, studying or working extra to try to get the best grades so I could get a scholarship. It meant applying for scholarships, grants, loans and then paying off any loans by the job I was finally qualified to do. It meant working minimum wage jobs at odd hours to get classes in. It meant doing the same for my children, while they held minimum wage jobs, and giving them the chance to feel the sense of accomplishment along the way.
So….I worked two jobs and busted my ass to pay for school without going into debt with a student loan. What kind of rebate am I entitled to that’s equal in value to this loan forgiveness scheme? Anything? Anything at all?
No you’re not. All of us who have been hardworking and did the right thing are once again looking at this from the outside, because we chose to do the right thing and not take another handout. We aren’t entitled. We aren’t “victims” as defined by the communist, racist demoncrats and their uniparty vulture rinos sidekicks who perpetrated all these damnable loan schemes.
A pox upon them, their spawn and their houses.
I guess my sarcasm didn’t translate well to the written word. I agree that I am no more entitled to any “rebate” from the government than the debtor is entitled to loan forgiveness. These discrepancies are magnified in the probability that the debt incurred by those who will not have to repay it will most likely be paid for by those who could not afford higher education and are therefore in a much lower income bracket than the college educated. Democrat “equal rights” at its finest.
I am REALLY starting to hate pics of Biden, like the one accompanying this article,….not saying quit using them,…but DAHM, seeing that assh*t laughing at us, sure gets my goat!
Finishing paying off my student loans last year. Worked an extra job throughout the scamdemic to get them paid faster.
FJB
The White House has forecast a deficit of $1.3 trillion in fiscal year 2023, up $146 billion from its March forecast
Once colleges were able to sell worthless degrees to worthless prospects & the gubmint acquiesced to being in the loan business, this was a forgone conclusion.
Everybody got their money for nothing & their chicks for free except the taxpaying citizen. We got the shaft. And the tab.
I predict tattoo parlors will see a surge in business. Just like in tax refund season. (I know someone who owns one)
Only poseurs get tattoos now. The cool kids have none.
Don`t really know what to make of this. I am 73 and went back to college a while back to get an advanced degree to help me in a field, geology, that I love and just wanted to know more. I borrowed 10k and have been paying it back. Think I will keep paying it back, blanket forgiveness like this is just wrong.
There are a LOT of people that have been scammed by businesses which capitalize on student loan debt such as ITT and DeVRY. They make huge promises and the students don’t often get what they expect and end up with a boat load of debt.
But this is like the “exceptions” for abortion… I imagine for most people, they become doctors and lawyers and just never feel like paying it back. But then again, there are the “social justice” courses out there as well… a scam too but worth allowing them to be punished for being stupid.
This sends all the wrong messages, encourages the wrong behaviors and is economically unsound but that’s the intention.
Is this not an admission that the majority of College Degree’s have become WORTHLESS!
Serious question, my daughter can really be helped by this as she and her husband have not seen income increase come anywhere close to inflation. Would you encourage her to take the forgiveness even though it goes against everything we believe in? Her degree was in Bible and music and she does use her talents and college learning at her local church (not paid).
Part of me says heck no, and the other part says they could really use it and they have had so much taken in the hidden tax of of inflation, and destroyed financial future that I feel no qualms. Ultimately her decision I guess but wondering how to advise her.
I would not advise my daughter to violate her conscience. That is me speaking as a student of the Bible myself.
I would not do that if it is a matter of conscience. I don’t think she has any purely gov’t loans just ones backed by gov’t so might be moot anyway.
Hmm so does that mean the responsible people who worked 2-3 jobs to pay off their their federal student loans get a refund? Huh Joe? Pathetic enablers.
bankrupting America
Boy! I’m sure looking forward to all those honorary degrees from all those colleges that I’m now having to pay back for schooling I didn’t get.
What is the demographic breakdown of federal vs private loans? I’m betting that federal loans get the better credit risks and private are usually concentrated in metropolitan (urban) colleges.
“The buy votes…”
How many do they lose from the outraged people subsidizing college cretins with degrees in Social Post-Modernist Critical Idiot Gender Race Vegetable Theory?
China Joe just gave a BIG MIDDLE FINGER to all those suckers who paid off their loans. I don’t even see how this is legal.
So those of us who worked our way through school so that we would not take on a huge debt burden get screwed. More so as we have to foot the bill for those getting bailed out.
Students need to pay for their obligations.
If they don’t have the wherewithal, universities need to cope with the consequences of selling overpriced, unmarketable degrees.
We need the government to get out of the student loan business altogether.
SHARE SHARE SHARE!!!
https://bioclandestine.substack.com/p/russian-mil-discuss-us-crimes-against
Please tell me this will disqualify AOC from the payoff because she makes way more than 125,000! Also Omar, the brother marrying cheater.
LBJ would be so proud of the Robert Byrd follower who believes in keeping people on the Demoplantation.
I made sure neither of my children graduated with any student debt, plus I paid off all of my undergraduate and graduate student loans early. Boy am I glad I decided to be a hardworking, upstanding American who pays his debts instead of a deadbeat who ends up getting their student loan debt forgiven. FJB.
Just so you know…
Mrs. Ausonius tutors autistic college students.
One showed her his syllabus for a “Natural Science” course, which (I am not making this up!) had a TRIGGER WARNING section!
This is a direct quote: “Warning to Vegetarians! We will be dissecting a good number of vegetables and some small animals in this course. If you find such dissections emotionally upsetting, please consider a different course.”
So…allow me to refer to a satirical scene in the movie Nottiing Hill, where a character looks at a dinner plate and says the carrots on it “have been murdered.”
What used to be satire is now REAL LIFE!!!
We live in the middle of a living, breathing, self-satirizing farce!
This is REALLY sick. What about those who worked hard to repay their loans?
I asked that on the previous page: all three of my children, who paid off their college loans in 2 years, should be receiving $10,000 checks each!
I thought DEMS were all about FAIRNESS! Remember MAObama and Toledo’s Joe the Plumber asking him for lower tax rates, which were guaranteed to help the economy and send even more money to the government through increased prosperity.
MAObama: “It isn’t about income. It’s about FAIRNESS!”
Apparently, Norm thinks they are bad people.
The answer to your question is quite simple. They DGAF about those people.
Think reparations aren’t far behind? Guess again…
My kids got screwed, they paid their loans off. Theirs were under $5K. I told them to hang on, but they wanted to ger past the debt. I guess we raised them to be responsible. It looks like that was a mistake. From what I have read, joke biden can do this under the Hero’s??? act passed after 9/11. If that’s true., what a crock.
I’ve unfortunately had to tell my adult children on several occasions that what I’ve told them was not good advice. Mostly it was the right advice but things that don’t work in this socialist environment.
“You screwed up, Flounder … you trusted us!”
Mind you … that’s a third-of-a-TRILLION dollars
So leftist college loan deadbeats are now heroes? Who knew? Everything is upside down – everything!!!
Actually they didn’t get screwed, they paid for what they purchased.
The ones getting screwed are me and Joe Taxpayer that is going to bail out this debt just so the corrupt cabal can buy more votes.
the tax payer argument would be relevant in a system that taxed to pay for stuff. We do not live in that anymore. (We print print print. taxes dont pay for shit)
aid your fellow man so he can be free’er to fight with you and not tied up under stress and debt
Inflation is the tax…and this will cause more inflation.
I’ve had to pay the IRS taxes every year for the last 20 years.
That’s utilizing every deduction legally possible.
They do print and print but they also collect and collect.
Actually, our Society at large gets screwed. This is another exercise in proving that you can have freedom with zero responsibility. The only winners are the universities that have gouged the shiite out of kids/parents knowing full well that our duplicitous Congress would foot the bill.
Yeah well, they don’t owe nobody nothin’
I don’t see how that’s a bad thing.
Because their parents get to keep their boats, campers and other toys that they bought by failing to save for their kids’ educations.
Those of us who saved? That money is gone. We get nothing.
If you don’t see that as a problem, you are part of the problem.
Reward bad behavior and don’t be surprised when you get more of it.
This Biden scheme is just another way to buy your principles with cash.
You know it’s wrong, but everybody else is getting paid off.
If you don’t take the money, you’re a chump, right?
Exactly.
I was frustrated at the time, but my parents didn’t pay a dime. They wouldn’t fill out the FAFSA either. I don’t think it’s necessarily a parent’s responsibility to pay for college.
Fair enough.
I attended a military academy for exactly the same reason.
I knew I’d never be able to cover every dime of my kid’s education and didn’t necessarily want to.
I wanted them to avoid crippling debt while still having some skin in the game.
Once college becomes free for all, NO student will have skin in the game, and very few will apply themselves.