Cell phones didn't exist when Reagan was presidentIt's just weird... we quickly go right back into the echo chamber. People not doing their research and listening to some "friend".
The free Obama phone? That program started under Regan. Not new.
50,000 forgiveness is actually a public service loan forgiveness program. Not new.
Nothing he is proposing is new. Although, we do need to investigate how his proposals worked in the states he got them from... and if they can work nationally. For example, proponents claim some of his programs will boost our GDP... bla, bla....
Truth is liberals don't think Biden is providing anything new and Republicans seem to forget everything Biden is offering is already in place in some form or another.
It is weird.
Hello; No this is not correct. My solution is for those who took out a "sweetheart loan" to pay that loan back themselves, not taxpayer money. Several methods have been suggested. From attaching wages to taking from tax refunds and social security.the solutions you and others keep suggesting are all... wait for it.. wait... backed by tax dollars. So no matter what, it's tax dollars doing the work.
Hello; I can only speak for myself. I would not be in favor of the government paying me back for the old loans I had which are long discharged. The basic reason being the government is already in too much debt. The existing debt is enough to damage the economy. Just in the last year there has been massive increases in the national debt. This debt does matter. Inflation is going to be bad now without any more additional debt. Inflation is not the worst of what can happen. The spending is out of control and not something to be dismissed. So again you are not correct.If the government also said we are gonna pay off loans and also give back loans to the ones who paid off theirs there would be zero fight.
I think you may be out f touch with the payment terms on these sweetheart loans. when you already have 1600 a month rent ( and thats considered affordable housing), the average car payment now is getting to be 500 on top of everything else you are working two jobs to pay your 3000 a month life regular bills you are already behind on how are you suppose to pay the 600 plus a month student loans too? they may be loans but they are still backed by tax dollars. social security.. yeah sure make sure they have nothing at retirement by taking it for loans.... and then what does a 70 year old do that might need that social security?Hello; No this is not correct. My solution is for those who took out a "sweetheart loan" to pay that loan back themselves, not taxpayer money. Several methods have been suggested. From attaching wages to taking from tax refunds and social security.
(noted how you ignored the Sweetheart loan part)
Hello; No I am not completely out of touch. I did mention how I had to do without back both as a student and for over ten years after I graduated college. I did without extra because rent, groceries, and all took the bigger portion of my pay. This dynamic has been the nature of life for a long time, not just recently.I think you may be out f touch with the payment terms on these sweetheart loans. when you already have 1600 a month rent ( and thats considered affordable housing), the average car payment now is getting to be 500 on top of everything else you are working two jobs to pay your 3000 a month life regular bills you are already behind on how are you suppose to pay the 600 plus a month student loans too
Hello; This is already being done. I have a modest pension from being a school teacher in a low wage state. Because I have that modest pension the social security quarters I worked out doing second and third jobs have been reduced by nearly two thirds. By that I mean the SS benefits I do qualify for because of the jobs I did are actually reduced. Not because I borrowed money and did not repay the loan that was owed. Life is tough and not always fair. But paying back what you genuinely owe is not one of the unfair things that can happen.social security.. yeah sure make sure they have nothing at retirement by taking it for loans.... and then what does a 70 year old do that might need that social security?
I don't think the tuition will ever go down unless it gets subsidized. Not an economics expert but I believe its one of those 'too big to fail' situations.18 yr olds signing contracts for large sum loans is something that should be warned against, not encouraged. Stop guaranteeing the loans and tuition will come down naturally.
Because "this person" told him her entire story. No guessing or mystery involved.Out of interest, how do you happen to know the circumstance of this persons income? Is it a possibility that they may have an inheritance or some other form of income that you don’t know about?
Hello; Again a wrong assumption. I for one am against many of the ways tax dollars are being spent. At first look the link you provided also seem s to be one sort of spending I do not favor in addition to the proposed student debt forgiveness. The comparison as to which is the least rewarding to taxpayers is far from the point. Both can be improper uses of taxpayer monies.everybody up in arms tax payer money will help people out of debt but then have no issues with this crap https://www.ajc.com/news/nation-wor...tting-on-billions/INWJ7SJ63RAI5OJRU5QRUS6N6M/ wasting 3 billion worth of tax payer money. This is the sort of stuff people should actually be up in arms about. billion dollar business and religions collecting milions and billions more just because they can and screwing everyone. at least with student debt forgiveness real people get real help instead of companies just getting bigger bank accounts. and last time I check are not churches free from paying taxes? yet they can collect all this money from tax dollars? at least with student loan forgiveness people get back some of all those taxes they have payed over the years.
I still won't believe it until it gets signed into law. Can't tell you how many times Democrats or Republicans unveil these "plans" that end up getting gutted and are meaningless by the time they pass through the senate, and even then I doubt Biden would sign it. The Democrat party is still fragmented with moderates and progressives. This is just the progressive virtue signaling so they can look good.Democrats unveil plan to erase $50,000 of student loan debt (msn.com)
Hello; Some want an immediate EX order to cancel 50K of student loan saying the law allows this. Apparently there is some question about the law as the administration wants congress to pass a law for around 10K.
It is getting real. Claims of how the 50K forgiveness will be good for the economy are made in the link, but not explained. I can see how it would be good for those actually getting debt forgiveness.
That the money not paid back by the borrowers who owe it will still be on the books and will add to the debt burden of all taxpayers is not addressed.
I tend to be confused about how massive borrowing to spend on such programs is a benefit to the economy. We do not have enough tax dollars from regular sources so the difference is borrowed every year to bridge the difference. We do not pay off any of the principal owed on the national debt and have not for decades, not one penny gets paid off. The debt keeps growing and all we do is pay the interest due. Even that interest is projected to be a greater and greater percentage of yearly federal spending as it has been for years. Every year the cost of paying only the interest has been growing. The fed has artificially kept the interest payments some lower than they might have been by keeping the FED rates at near zero, but that is another practice which has consequences.
I would like to see how the payoff will work long term. Seems to me the billions added to the national debt will just be adding to the ongoing interest payment which will for sure be coming due each year.