Student Loan Forgiveness

[LongShortLong]

I don’t know why I find this breakdown so depressing.

Attachment 425084

https://datalab.usaspending.gov/amer...ue/categories/

Don't worry, you're getting 50% more government than you pay for, and have been for a couple decades. People wanted wars, tax cuts for aristocratic estates, and tax cuts for the wealthy and corporations. And they wanted the same government they've always had.

It's an amazingly good deal. /s

[abraham]

How do we all feel about bankruptcy laws in here? Are they a cause for moral panic as well?

[Supermoon]

How do we all feel about bankruptcy laws in here? Are they a cause for moral panic as well?

Only personal bankruptcies. Corporate bankruptcies are what our founding fathers fought alongside Jesus against the communists in England for.

[Danno]

Or are we all just flapping gums here?

Hi, I see you must be new here. Welcome to TGR!

[Dantheman]

The harder you drive your lifted gas guzzler, the better ROI you get on that subsidy.

[/rimshot]

How do we all feel about bankruptcy laws in here? Are they a cause for moral panic as well?

Apparently they are, seeing as how student debt is the only debt type that can't be discharged through bankruptcy.

[Conundrum]

Anyone take/cite to any action on improving this situation this yet?

I noticed a tax withholding on my last pay stub so apparently I'm already helping?

[dunfree]

Anyone take/cite to any action on improving this situation this yet? Anyone write their congressperson or senator? Start a go fund me for blue collar workers? Or are we all just flapping gums here?


Sent from my iPhone using TGR Forums

what situation? A program was announced* with general points, details are as yet unclear. Actual details out soon, with a suggested deadline of completing the application by November 15 to meet the December 31, 2021 date that repayments begin.

*legal standing to oppose program may not exist

[Bunion 2020]

If you don't have a college degree you're not paying much in taxes and therefore you're not contributing to this program.

Bullshit. No degree, self employed. Try again.

[shroom]

How do we all feel about bankruptcy laws in here? Are they a cause for moral panic as well?

the donald is a saint

[Toadman]

Bullshit. No degree, self employed. Try again.

Probably just meant on average. There are definitely some high net worth earners out there w/o degrees. My BIL was making 6 figures as a network programmer with just a few certificates from a Microsoft online university. Makes one chuckle to know that about 16 weeks of online classes and you end up making 6 figures in just a few years. Life is funny, you just need to look for the humor in just how unfair it is.

[AdironRider]

I find it astounding just how blatant some posters are with their disdain for non-college educated people.

[MultiVerse]

Anyone take/cite to any action on improving this situation this yet?

Assuming you mean the inflationary helix of American higher education resulting in $1.7 trillion of debt for American parents and students, then we should do things that allow the majority of students to leave school without any debt at all like Mitch Daniels has done at Purdue for more than a decade:

https://www.theatlantic.com/magazine...purdue/606772/

Purdue's 11-year tuition freeze has saved Boilermaker families over a billion dollars. Sometimes it's what you don't do that matters most.

[californiagrown]

I find it astounding just how blatant some posters are with their disdain for non-college educated people.

More or less astounded than you were at the disdain your friends and friends-of-friends had for you for being a college-guy when you visited this past weekend?

IDK, i dont really see anyone having disdain for folks without college degrees. I see disdain for people whose opinions are loud, but not based on the facts.

[dunfree]

I find it astounding just how blatant some posters are with their disdain for non-college educated people.

Performative irony

nothing wrong or right with not having a degree, but the resentment is just ugly class envy, and we should disdain people who hate the rich right?

[::: :::]

Performative irony

more concise than i was capable of
thank you

[AdironRider]

More or less astounded than you were at the disdain your friends and friends-of-friends had for you for being a college-guy when you visited this past weekend?

IDK, i dont really see anyone having disdain for folks without college degrees. I see disdain for people whose opinions are loud, but not based on the facts.

I believe I specifically said I can't blame them. In case it wasn't clear, I don't disagree with them either.

But I suspect you knew that.

[californiagrown]

If i busted my ass to pay off my student loans, and now am part of the middle class that will likely shoulder the majority of the nebulous tax burden that finances this student loan forgiveness, am i supposed to be the most outraged of anyone? Can i tell the forgivees, as well as the never-wents to STFU and quit your bitching? I mean, the forgivees get a free $10k that i never got, and the never-wents got a 4.5 year headstart and didnt start in a five-figure hole! Do i win this outrage competition? Or do i lose because i win?

[Core Shot]

I think the root canal causation is dentist envy

[Danno]

Do i win this outrage competition? Or do i lose because i win?

Yes.

Now you're getting it.

[MagnificentUnicorn]

I believe I specifically said I can't blame them. In case it wasn't clear, I don't disagree with them either.

But I suspect you knew that.

You agree with them that they’re going to shoulder the financial burden of this program? How stupid are you? It’s been shown that people making less than $50k don’t pay much if any tax and that these government backed loans will just be forgiven by a line on a ledger. This won’t have any effect on increasing anyone’s tax burden. Pay attention instead of doubling down on the stupid.

Btw, I don’t have a college degree and I’m solidly middle class and always have been. I don’t look down on rural folks, I’m one of them.

[Kevo]

No, no, no, you are clearly using the wrong math. You're supposed to use Kevo's math, looking only at the taxpaying individuals and households. See, those of us who pay taxes are actually each paying $11,733 to subsidize the oil industry.

The oil industry only gets $90 billion a year in subsidies from the federal government.

That's not accurate either. Because that's simply not how govt spending works, and that implies that those people will pay $8,560 (or $1000 per the previous post) more in taxes than they currently do, which is total and utter BS.

You're correct. Writing off federal student loans will not be directly paid for by taxes. We're writing off debt which will cause unrealized revenue, which will increase the federal deficit.

We'll either pay for the missed revenue by increasing taxes (IMHO, this is probably the best option) or we as a nation go further into debt and hope to eventually inflate away the debt. We can chose some combination of both, but the latter path by itself only exists so long as we hold reserve currency status.

[J. Barron DeJong]

….but the latter path by itself only exists so long as we hold reserve currency status.

How many reserve currencies are there in the world?

[Cisco Kid]

Oh the humanity.

[skaredshtles]

How many reserve currencies are there in the world?

Bitcoin!!

[Danno]

The oil industry only gets $90 billion a year in subsidies from the federal government.

It really depends on how you calculate those, doesn't it? I have seen estimates way higher and way lower, depending on whether you calculate direct money given to them (or money not taxed) or whether you calculate the negative externalities, and the damage that oil and gas does to the environment that isn't paid for.

Regardless, it's just one pick out of many. In the grand scheme of things, LOTS and LOTS of industries have their hand in the cookie jar and have for decades. This one handout happens to generally go to lower earning individuals, and yet THIS is the one that has everyone screaming.