Penn Wharton Budget Model has released its analysis of student loan forgiveness, estimating it will cost bet. $300-$980 billion
Anyone actually pay off their student loans? Suckers.
Anyone up to an income of 125k individual to 250k household qualifies, and grad school debt is included.
So this means that if you're a doctor married making 249k/yr the taxpayer just gave you 10k. If you're a new doctor doing his residency who is guaranteed to be rolling in cash in a few years, same. As a rule, college grads do better than non college grads, so then why are non college grad taxpayers being forced to pay for a broad tax hike just so all that money can be diverted to the people who are already ahead?
If you are on track to be RICH even at a young age, as long as you aren't super rich in annual income right this second, here is your $10k. If you're a rich trust fund baby, here is your $10k.
Democrats LOVE welfare for the rich as long as statistics show that democrat voters will be the primary beneficiaries, which they are here, since the young and those with college degrees skew highly Democrat.
Democrats already pulled this shit by lifting the SALT cap, which was a pure tax cut for the rich, because since blue states have much higher taxes, lifting the SALT cap disproportionately benefits Democrats. Same with Biden's "childcare" plan, nearly all the money from which would go to rich liberals in cities like NYC and SF to send their kids to expensive elite "academies".
You want to know why Bernie lost? This is why. Because he is at least opposed (though less so now since he wants to be a team player) to Democrat crony welfare to their rich base. The people who took out Bernie and put Biden in power with their campaign donations? This is what they wanted. And Biden is delivering. It's pure political corruption in the form of buying votes and dumping taxpayer money on your own base so that they will give part of it back to you in future elections.
Well, the Democrats will watch the Republicans walk into office with Inflation absolutely sky-rocketing from the policies enacted today, and will use that to claim that the Republicans ruined the economy by existing in congress.
So nothing.
They are burning the country down if they can't have it.
So the usual then
"For me, it was Tuesday."
Intentional inflation. Part of the NWO death by a thousand cuts to the USA.
You always give weird neo-liberal takes.
I don't care that rich people got a credit to their student loans. I'm not angry or jealous of rich kids or their parents. What I care about is that this will further inflation and damage US bonds (which will further damage the currency).
This all furthers a currency crisis, which the banks think is fine, because it will create more arguments for The Great Reset, and the introduction of a digital currency.
Biden's trying to buy votes for the midterm, by giving Americans back some of their own money (and pretending it's a gift), resulting in the currency and economy being even further damaged.
The only good news is that this is such a desperate stunt to win over young voters, it means that the internal polling of the Democrats must be telling them they are going to get fucking raped in the mid-terms, because it must be showing the appeal of Democrats to young adult voters is slipping.
What the fuck even is this, Giz? Biden is redistributing wealth, in the form of taxes and/or money printing, from the tax payers to one of the most leftist demographics in the country. He’s not “giving Americans back their own money”. He’s giving leftists some of everyone’s money.
Okay, well, sorry for not being clear enough:
He's buying Americans votes by giving Americans back less of their own money and effectively taxing them for the return.
I don't know that "student debtors of any age" are the most Leftist of any demographic. Frankly, I think the most Leftist Demographic that I've seen are Librarians.
he's forcing plumbers to pay the soy golems that called them.
The point of me calling out Democrats on their tax cuts for the rich is their hypocrisy on the issue. They constantly attack the Right for supposedly helping the rich when it isn't true, then as soon as they are in power most of their big policy pushes are aimed at shoveling money to rich Democrats.
He's delivering on a campaign promise that has wide support in his party. Some people just wanted him to transfer more. I wouldn't read too much into other than he's looking for a win that's popular with "his people." It's still vote buying, and it's targeted at the midterms -- no argument there, but I don't see it as a sign of desperation.
Serious question: Is the Biden admin actively trying to devalue the dollar at this point?
It's difficult to look at any course of action they're taking and spot the difference...
Serious answer, yes we've been saying that the destruction of the US was deliberate action here for years.
Well, I don't know about the destruction of the United States but I've heard posited the theory that the US government, conscious of an overwhelming debt crisis on the horizon, is seeking to essentially devalue the (heavily-indebted) US dollar to worthlessness - rendering the debt moot - and carry on with a new currency.
Given the frankly authoritarian bent of the current administration, this new currency, should it happen, would seem likely to be the worst kind of Central Bank Digital Currency, one that's more pervasive - and oppressive - than the Social Credit system operating in China.
I imagine that one could quite easily make an argument that this currency, should it come about, would be the death knell for the nation built 225 years ago.
It’s to buy the votes of those with college debt who were beginning to notice every policy the Dems implemented greatly cost them more money. And they are not smart enough to realize that this is going to worsen inflation and the overall cost of education.
They realize, they just don't care.
I'm a dummy that paid off my student loans. Feel like adding a $10k credit on my tax return.
I don't actually oppose student loan forgiveness (and no I don't have any student loans myself) but this is like a blood transfusion to a patient who lost an arm. It doesn't remotely solve the real problem.
All they really need to do is remove bankruptcy protections from student loans. Then the ship will right itself and it won't cost taxpayers a dime. But then the usury people won't get their shekels and we can't have that.
The only loans getting forgiven are those where the government is the lender. Removing bankruptcy protections, assuming it applied to private loans, would in fact screw over the shekel-counters, but they won't do that. The support of the monied counts for more than millions of ordinary voters.
Yeah I'm no longer paying shit
It'll never happen. This is just pandering for votes. The courts will shoot it down, and the left will try and blame the right somehow.
It's about sending a message. People who have remaining student loan debt are already more likely to be Democrats than not. But just in case you might be a "pocketbook Republican", they want to let you know "fuck you." This is also why the forgiveness is doubled for Pell Grant recipients -- these are people whose parents were also less-rich -- and were of course a recipient of a gib.
It doesn't really piss off high-earning Democrats because they are primed to think of themselves as fabulously wealthy at that income level.
If you were paying your student loans outside of the bare minimum since November 2020 you're a retard, don't know what to tell you. This was always going to happen as we start spiraling harder