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Guidelines for debt forgiveness.
At this point, it looks like there are two groups of people in favor of forgiving student loans. 1) People with student loans and 2) politicians buying votes.
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Such a bad idea. It’s a relief program for the well off at best…in one of the best employment environments in history…after having given a nearly 3 year window of no interest and no payments.
How we can’t see the whirlwind this will reap is beyond me. Nobody will move to pay off federal student debt in the future.
The most unfortunate theme around this is that it’s somehow costless…an accounting entry by the government that doesn’t actually impact taxpayers. This, after the same side of the political aisle used student loan revenues as an offset to Obamacare costs just over a dozen years ago. This line of thinking will be the end of the republic.
For me, the silent group that should be shamed the most in this is the academic establishment that has pillaged the government for its own edification. I think the right thing to do would be to establish a luxury tax on colleges that raise tuition above the long term inflation rate. That would go farther to fix things than a forgiveness program that goes on while the government is still making the same loans.
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Sic transit gloria mundi (so shut up and get back to work) -
I don’t own a farm, but I’ve helped bail them out.
I didn’t own a house in 2008, but my taxes helped bail out Fannie & Freddie.
I didn’t get a PPP loan, but I’m paying for them.
I didn’t vote for the guy who started the Iraq War, but I’m paying for the trillions spent there.
I didn’t vote for the guy who started the war in Afghanistan, but I helped pay for all kinds of shite there for decades.
I don’t own a multimillion dollar business that got a tax cut from Trump.
I don’t own a home in a hurricane prone or flood prone area that keeps getting wiped out and rebuilt, but somehow I keep paying for that shite.
All kinds of groups, individuals, and corporations have been getting handouts and bailouts from the government for decades. It’s just that this particular group is not in a red state that gets hurricanes and floods, it’s not a corporation, it’s not a big business; it’s a group that happens to align more with Democrats, so it’s suddenly unfair.
Having said that, I actually agree this thing was not done well. I would have much preferred that Biden simply remove the prohibition on discharging the debt upon bankruptcy (which frankly seems immoral to me).
And let’s be honest: who really was the financially irresponsible party? The guy saddled with crazy debt he can’t discharge but is trying to pay back, or the organization that lent hundreds of thousands to a jobless teen getting an English degree?
NO MALARKEY
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Others that I didn’t mention, such as when Trump redirected funds that had been appropriated to other U.S. government operations to cover the cost of building his wall.
As I said, I don’t like how this was done. And I suspect it will be challenged as unconstitutional.
NO MALARKEY
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Others that I didn’t mention, such as when Trump redirected funds that had been appropriated to other U.S. government operations to cover the cost of building his wall. As I said, I don’t like how this was done. And I suspect it will be challenged as unconstitutional.
Apparently, Biden is restarting the construction of the wall…
Joe Biden Resumes Construction of Trump’s Border Wall (theintercept.com)
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