Posted on Jul 14, 2023
Biden Nixes $39 Billion In Student Debt For More Than 800,000 Borrowers
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"The act is the result of fixes to the federal student loan system’s income-driven repayment plans, which cancel certain borrowers’ debt if they make payments for 20 or 25 years. In the past, failures in the program resulted in qualified payments not being counted towards forgiveness, the administration said."
Biden Nixes $39 Billion In Student Debt For More Than 800,000 Borrowers
Posted from huffpost.com
Joe Biden
Loans
Education
Posted 10 mo ago
Responses: 9
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As long as it is legal (instead of the illegal attempt he tried last time), there should be no issue. The loan repayment averages out to $48,507 per borrower. From the article it 'sounds' like it's fixing a mistake where those who have been faithfully paying for decades weren't getting credit for paying on their loans and missed out on having a portion forgiven.
But do I trust that he would do it legally? Nope.
He's proven time and again that he absolutely views the ends as justifying the means. Did the adjustments he do to the student loan repayment plan (SAVE) are adjustments he's allowed to do or is it more creative interpretation of something that was put in a law for something else like he tried to do with the Heroes Act (which was clearly intended to be applied individually for veterans or those impacted - https://www.congress.gov/bill/108th-congress/house-bill/1412)?
But do I trust that he would do it legally? Nope.
He's proven time and again that he absolutely views the ends as justifying the means. Did the adjustments he do to the student loan repayment plan (SAVE) are adjustments he's allowed to do or is it more creative interpretation of something that was put in a law for something else like he tried to do with the Heroes Act (which was clearly intended to be applied individually for veterans or those impacted - https://www.congress.gov/bill/108th-congress/house-bill/1412)?
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CPL Douglas Chrysler
48K and they can't pay it off in 20 plus years? How are people ever going to buy 100K electric cars and pay them off in 5 years.
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Yet another overreach that won't pass the Supreme Court. This kind of charge to the citizens requires passage in the House and Senate. He's just trying to keep the young engaged and hopeful so he can garner votes next year. It's really pathetic pandering.
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LTC Kevin B.
"Tax cuts help a whole lot more people than debt forgiveness" = assumption, stated as if it were fact. Debt relief also has an economic impact because it acts as a tax cut. In both cases, people see their cash outflows decrease, either by less taxes or by less debt payments.
"Tax cuts are good policy" = another assumption. I'll agree that tax cuts are good "politics" because that's simply another form of vote buying. Until a political party has the guts to simultaneously cut spending (which never happens), funding the tax cuts through debt is simply stealing money from your kids and grandkids (because they will have to pay that debt).
"Tax cuts are good policy" = another assumption. I'll agree that tax cuts are good "politics" because that's simply another form of vote buying. Until a political party has the guts to simultaneously cut spending (which never happens), funding the tax cuts through debt is simply stealing money from your kids and grandkids (because they will have to pay that debt).
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LTC Kevin B.
MSG Joseph Cristofaro - Yes, and if the politicians won't cut spending by just as much as they cut taxes, they're simply redistributing wealth from the young (or unborn) to the old. That's not good policy at all; I'd even say that's horrible policy. And, the government comes to the aid of the businesses all the time (tax breaks, subsidies, bailouts, etc.). Nobody forced those business owners to start a company. They opened it knowing the risks, but they want the government to pay in some way to cover those risks. There are consequences to operating a business and the public should not be assuming it.
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LTC Kevin B.
MSG Joseph Cristofaro - But without consumers who can buy products, businesses won't exist. Without demand, a market won't exist. Where demand exists, supply will develop to meet it. Why help the supply side (businesses) when you would be better off helping the demand side (customers)? You should look at the research on the relationship between tax cuts and economic growth. The research is far from definitive that tax cuts spur economic growth. We've had economic growth after tax cuts and tax increases. We've had economic recessions after tax increases and tax cuts.
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LTC Kevin B.
MSG Joseph Cristofaro - Who said anything in favor of tax increases? I'm saying that if taxes are going to be cut, spending should also be cut. If spending isn't cut, that's just taking money from kids and grandkids and transferring it to their parents and grandparents (other people's money). That's a wealth transfer, or "Socialism" as many conservatives put it. And, if that transfer is sent primarily to business owners and wealthy investors, that's a supply-side tax cut that ignores the fact that consumer demand drives the economic engine. There needs to be more demand-side focus on tax policy and less funding through debt.
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