Colt
Well-Known Member
They just forgave all the PPP loans for those who took them.
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Biden touted as creating yet more inflation with debt forgiveness.
- Thread starter Twilight Hue
- Start date
Yer preach'n to the choir, fella!
Aye, that really burns my bacon!
I took such a loan.
I repaid it with interest.
**** such government give-aways.
Colt
Well-Known Member
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.”
― Alexander Fraser Tytler
― Alexander Fraser Tytler
And of course this is inflationary but giving handouts to the rich? That's 100% perfectly OK because after all they're rich.
The middle class? Losers who don't deserve anything. Screw them.
Middle class types I know have also been on the
Covid 19 gravy train. Government has thoroughly
messed this up with waste & bad incentives.
Twilight Hue
Twilight, not bright nor dark, good nor bad.
Easy. Basic marketing.
When money starts pouring in willy nilly, you increase your price and profiteer away with the windfall. Probably pitch for advanced degrees as well since they can clearly 'afford to' now.
Better degree better pay would probably be the pitch to sucker a person in again.
That's what I think could happen.
Then it's worse than ever.
Twilight Hue
Twilight, not bright nor dark, good nor bad.
PureX
Veteran Member
It's not going to effect tuition fees because it's not going to effect the number of people going to college. At best it will pay for some trade schooling. That's about it. Ten grand isn't going to be the deciding factor for anyone going to college because college will cost that much per semester, or much more.
What's really going on here is this: the democrats want to look like they're DOING SOMETHING before the upcoming election. The republicans want a fat juicy 'hate-your-neighbor' economic cause to outrage their base against the democrats for the upcoming election. So here was a completely ineffectual issue they both could support and use to stir up their bases for the election. The democrats can say, "look! We actually DID something!" and the republicans can say, "look at the terrible nanny-state give-away of YOUR money that those scum democrats are doing to try and buy the election!"
Meanwhile, the 10K debt forgiveness plan basically does nothing, and costs nothing.
Alien826
No religious beliefs
Just a correction. I'm sure everyone does understand this, but nobody suddenly has $10,000 more to spend. Someone with a student loan went from owing $10,000 (that's negative wealth) to owing zero. They are now better off by whatever they were paying per month to service that loan. That will apply over whatever term that it would have taken to pay off the loan, and and won't won't hit the economy with a huge spending boom, at least to to the extent that some are claiming.
As far as the taxation thing goes, tax on $10,000 is a lot less that $10,000, and the less you earn the less you pay.
It only applies to Government loans, not loans funded elsewhere.
If you want to get rid of loan forgiveness, then stop personal bankruptcy. That's how well off people get rid of debt. I don't think student borrowers have that option. That's not a serious suggestion, but while we are talking about fairness ...
As some have stated, this is a symptom. The problem lies with many things. An education industry that has increased it's prices way more than inflation. Why? The idea that you can't get by in life without a college degree. Why not? It's a self fulfilling prophesy though. Easy loans? Maybe, but if the loans are more difficult, how do people get their so called essential education? The answer to that may not be subsidized colleges. And so on.
I thought about this "it's not fair" thing a lot. In the end it comes down to the conservative/liberal mindsets. Conservative: If you aren't succeeding, it must be your fault in some way, so you're just getting what you deserve. Liberal: No matter how you got there, you need help, so I'll help you. (Oversimplification, yes, most people get what I mean I think).
What worries me is that without doing something about the education system in general, all we are doing is to kick the can down the road. Here come the next generation of would-be students that face the same problems. That doesn't mean we don't help those in need now, but at least think about it.
As far as the taxation thing goes, tax on $10,000 is a lot less that $10,000, and the less you earn the less you pay.
It only applies to Government loans, not loans funded elsewhere.
If you want to get rid of loan forgiveness, then stop personal bankruptcy. That's how well off people get rid of debt. I don't think student borrowers have that option. That's not a serious suggestion, but while we are talking about fairness ...
As some have stated, this is a symptom. The problem lies with many things. An education industry that has increased it's prices way more than inflation. Why? The idea that you can't get by in life without a college degree. Why not? It's a self fulfilling prophesy though. Easy loans? Maybe, but if the loans are more difficult, how do people get their so called essential education? The answer to that may not be subsidized colleges. And so on.
I thought about this "it's not fair" thing a lot. In the end it comes down to the conservative/liberal mindsets. Conservative: If you aren't succeeding, it must be your fault in some way, so you're just getting what you deserve. Liberal: No matter how you got there, you need help, so I'll help you. (Oversimplification, yes, most people get what I mean I think).
What worries me is that without doing something about the education system in general, all we are doing is to kick the can down the road. Here come the next generation of would-be students that face the same problems. That doesn't mean we don't help those in need now, but at least think about it.
metis
aged ecumenical anthropologist
Isn't it rather presumptuous for you to tell me what I supposedly think, especially since the above is 100% wrong. Why did you invent this nonsense?
It's not my choice of how to do it as I personally believe funding should be taken care of by the national and state governments through taxes since the country and the states also benefit from this, including business.
BTW, the biggest area of wasteful spending in defense expenditures, so should we eliminate those?
The "scam" is that we underfund education, especially in poorer areas. The U.S. is the only country out of the top 20 that spends less money proportionally for students who come out of poorer areas than middle and upper-income areas.
Again, it's underfunded, plus charter schools are hurting many public schools since they siphon off some of the public funding.
Heyo
Veteran Member
Only that it doesn't apply here. It is a one-time forgiveness and doesn't incentivize spending more on education.
Twilight Hue
Twilight, not bright nor dark, good nor bad.
I think so. Especially those who already had no problems making loan payments. They will just transfer the 'forgiven' funds into new loans and upgrade their degrees further.
Twilight Hue
Twilight, not bright nor dark, good nor bad.
That comes across as a bribe for the upcoming midterms.
Heyo
Veteran Member
Yep. That's it.
We have high inflation for decades now. Only that this inflation isn't a runaway inflation and it can't be measured by consumer prices. Prices and wages were stable until 2020 but the money in circulation was growing non-the-less. Only that the money was on the accounts of the super rich. They don't consume, they invest. The result were low interest rates. Too much money going around and too little projects to invest in.
Low interest rates and low inflation is bad for the economy just as too high numbers are. By managing inflation, one can stimulate the economy - that's what Biden is doing. And he has the backing of the true rulers, the banks.
Yerda
Veteran Member
Please don't cry, I'm sure there'll be a tax break for the billionaires soon.
Alien826
No religious beliefs
That's a huge assumption. You think people who are established in a career ("already had no problems making loan payments") are en masse going to dump their existing lives and rush back to college? I guess those guys from Animal House might.
Twilight Hue
Twilight, not bright nor dark, good nor bad.
Your Damm right they are.That's a huge assumption. You think people who are established in a career ("already had no problems making loan payments") are en masse going to dump their existing lives and rush back to college? I guess those guys from Animal House might.
Why stay in a five figure bracket, when you can go all out for six figures.
It's a better gamble than the lottery. Provided you don't lose.
May someday Biden will slip a blue chip in my pocket . Eh? Give me a shot at playing the tables.
Twilight Hue
Twilight, not bright nor dark, good nor bad.
Oh they got their break already.
Inflation Reduction Act 'a mess' after billionaire tax hike was removed, AOC's constituents sound off
It's a great wonderful day for underprivileged billionaires.
I feel like singing Annie!