- Eight attorneys general call on Biden to cancel federal student debt for every borrower
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If it's going to be done, it'll be done when it has maximum political gain for midterms.
ID: i7idwjyMillions loses their debt instantly in one night. Hammering home GOP is pro-rape with their abortion bans Like, they REALLY gotta fuck this up royally if Dems want to lose this November and the General Election in two years.ID: i7ibvoxSounds like decent game theory. If citizens want something done they can always dangle the big carrot that is votes.ID: i7igf7eWell most of the working class and people who don’t have loans are against this. I can’t imagine it would be very beneficial to democrats in the midterms:ID: i7ic8pqYes, but what he does will be a half-assed gesture that will backfire.ID: i7ieln0He should tell people he’s going to do this so they can stop paying in the mean time lol
I posted this on a lot of recent articles, numbers are in the department of education's website.
$10,000 eliminates debt for 33% BUT 25% are still attending school and will likely take on more debt.
$20,000 eliminates debt for 50%. A significant percentage of this group hold debt for a child who attended college.
$40,000 would eliminate 100% of student loans for 75% of borrowers. Despite the high percentage that would be debt free, it would only eliminate appros. $900 billion of $1.4 trillion.
Note: The above implies total student loan debt is $1.4 trillion when it is actually $1.6 trillion. The extra $200 billion already falls under student loan forgiveness programs that have been passed by Congress and should have started to be forgiven in 2009 but rampant fraud from student loan servicers and a complete lack of action by any administration since then means that it never was. The student loans that Biden has forgiven since taking office all come from this category
ID: i7j1qvqI get the sense that flipping the strategy upside down may prove just as or even more effective. For example, every individual with student loan debt should be required to payback the first $15K and then everything owed beyond that would be forgiven. Allow loan repayments to be deferred without interest for the first five years after graduation/separation. This would allow the program to be rolled into the economy more gradually. Of course this has to be paired with cost controls over future public school tuition increases.
If they get rid of the debt they should make community college free. (Free for those who don’t waste the teachers time)
ID: i7ikuy1I think CC should be made free before elimination of debt. I realize that they are chasing votes and not best policy though.ID: i7j6y2qThen tell your State elected leaders. It’s their job, not the Feds
- So let say the forgive the loan? What about the loans for the future college student in 4-15 years? Will they get their loans forgiven too? Doesn’t make sense if there’s a business to run and the people buying the product are complaining to forgive their loans.
The younger generations have so many cards stacked against them. Having to go into a crazy amount of debt, have a rich family, or risk your life in the military to get a college degree is absurd. Companies, schools, corporations, and private contractors making billions of dollars in profits by scamming the average person is absurd. If canceling student debt is a first step into a reality where we start discussing how to fix these absurd things, then let's do it. If people who already paid off their student loan debt are furious, work in a voucher program through income tax rebate.
If everyone knew how much money was being "spent" padding millionare and billionare's pockets with out tax money, maybe more people would demand better.
ID: i7ih829The income tax voucher for already paid loans is an interesting idea.ID: i7ihozaExactly. People get all hung up over what's 'fair', when this economic system hasn't been fair since jimmy Carter, if then. If we wait till 'fair', it's going to drag us under. We need a major big political fight, with each side swapping big reform pkgs. They want roe v Wade? Let them have it for full student loan cancellation. They say it's bad law, then In 2 years Dems can trade total abortion protection rights for fully automatic concealed carry 2a rights, using a new case: black vs. doe or something. Think that's not how laws/politics get started/work? Newsflash, the divide we have now, anything is possible.
- Eight attorneys general, including those in New York, Illinois and Washington state, wrote a letter to President Joe Biden on Wednesday, requesting that he forgive federal student debt. “While I commend President Biden for giving serious consideration to forgiving $10,000 per borrower, we must take bolder, more decisive action to end this crisis and provide Americans with the tools they need to thrive,” said New York Attorney General Letitia James. Attorneys general from Hawaii, Michigan, Minnesota, New Mexico and Puerto Rico round out the group. Even before the pandemic, the country’s outstanding student loan debt balance exceeded $1.7 trillion, which represents a larger burden to households than credit card or auto debt. What’s more, about a quarter of student loan borrowers, or 10 million people, are estimated to be in delinquency or default.
How about they all just prosecute some corrupt politicians? STFU and do your jobs.
ID: i7io7kvWhy not both?
- Biden - “No”.
Possibly unpopular opinion:
Redistribution of wealth from common taxpayers to the college educated is political suicide.
ID: i7iojjlCollege educated people vote at a very high rate.
I am usually opposed to means-testing benefits.
But in this particular case, there has to be some sort of means testing to make this politically palatable.
Forgiving $10K debt for, say, a neurosurgeon isn't wise. The aggrieved Fox News segments write themselves.
ID: i7idewaForgiving $10k for a neurosurgeon is a drop in the bucket. Despite doctors' high salaries, medical school tuition is insanely high and they're drowning in debt as much as anyone else.ID: i7ihfs3I don't care what they do with it or how much they end up making from it (maybe tax higher earners more balances it?), there are few down sides to an overly educated populace. Make it all free!ID: i7iczy1The aggrieved Fox News segments write themselves. The left talks about how this will earn their vote. They never think of the equal, opposite reaction to blanket forgiveness. "Your hard earned tax dollars paid for this (insert caricature actor here) ANTIFA member's underwater basket weaving degree." That's the only ad, and you can just give control to Republicans. Game. Fucking. Over.ID: i7im2qyI don't know many doctors, but the ones I do aren't in debt. When you have a high six figure job, debt isn't really an issue unless you are also terrible with money.
I worked my way through college.
I will once again get nothing for being responsible.
ID: i7ing0iYou have been awarded years of lack of stress from you student loan debt. You should be happy for your fortune at being finding a way to be compensated fairly for your work at the right time in your life.
In some ways, it’s odd seeing some democrats pushing something so unpopular with such a high majority of voters across the United States. Most working class folks are going to be pissed as hell about paying for their bosses education.
ID: i7ihj8zSurvey put approval rate at 70% for forgivenessID: i7iwd5vYet those working class folks have no issue with the government bailing out their bosses, allowing thier bosses (and their companies) to pay less percentage in taxes, or giving extremely low interest loans for their bosses businesses to survive *shrug*
Can we have some kind of reimbursement for those who worked two jobs to pay off their loans also?
ID: i7itiapYes if pro corporate Democrats are shown the door.
Solve the core problem first.
Until I see people start pushing for the core problem to be solved, this is just the millennial "pull up the ladder" moment.
Forgiveness can be part of a legislative solution that solves the core problem of college affordability, and I'll lose no sleep holding off on forgiveness to make y'all think beyond your own wallets in the meantime.
ID: i7ihsrfSolve the problem you can solve without a lot of complex political maneuvering first. That would be executive forgiveness now.ID: i7ii1gpYuuuup. It's crazy. I don't care that my debt is now finally paid off as a geriatric millennial. I won't benefit from this directly but I also know that I was fortunate compared to many in terms of how much debt I came out with. But I'll be damned if we give the fucking universities blank checks for the foreseeable future so they can just continue fucking the country and their students/CUSTOMERS off into the sunset. Without tying federal funding to DRASTIC tuition reductions, we haven't solved anything.
Would a student loan debt cancellation cover:
People who refinanced their loan debt with a private firm to lower their interest rate (smart move)
People who went into default and had their loans sent to collection agencies (not smart move)
ID: i7ihoomExecutive authority is thought to only cover government backed loans, not private loans. Govt backed student loans are approx 1.1T out of 1.7T.ID: i7iojc9The first one is a no because refinanced loans are no longer federal debt, they're private. Not sure about the second one.ID: i7ivvcxAlso curious if Parent Plus loans would be included.
- I want to ask them: At what cost? With whose money? How about those who already paid off and have been paying? Do they get reimbursed? How about those that are about to enroll? How about those who chose cheaper institutions due to budget consideration?
So, what about the people that paid off their student loans and only make $80K per year?
ID: i7iwu59What exactly is the crux of your question? When you say "what about them" what are you actually asking? Or do you mean "what about them" as in you believe they should receive reparations?
Blah blah blah, what expertise do AG's have on economic policy.
I'm not totally against this; but 8 AG's are about as informed as 8 law grad's overwhelmed with student loans. Why does Thier opinion add anything to this conversation?
ID: i7icpw1It doesn’t, but if it supports people’s political goals they’ll pretend they do
I went to a coding bootcamp. It cost 15k. Have been in tech ~6 yrs, now making 200k/yr. I’m not going to bail out a failed education model
ID: i7iaoybSo we're stuck with a failed education model?ID: i7ib815You are not going to do anything anyways.ID: i7id98jSo you do understand coding depends on the sum of its parts? So the overall output will fucked if even one line is fucked? Now imagine 50 million plus lines of codes are fucked. You really think the outcome will be okay? That your dismissal of other lines of code you are a part of will just make you fine and dandy in the end? Good luck
- States must bear part of this responsibility as well. Not all on federal govt.
Students aren’t special. Cancel all debts
ID: i7iau3hPeople with trades and education provide more value to society generally speaking.ID: i7iisdrStudent debts are special, while mortgages and all other loans can get cancelled in bankruptcy, student loans and their payments survive them.ID: i7icgvvI doubt we’re canceling any debt and definitely not canceling all of it, that’d be exceedingly stupid
Yeah let’s just push that inflation button until it breaks. Wtf is wrong with these people. You guys can barely service the debt you have now. US production just hit a 75 year low. These people can’t see the forest.
ID: i7ihufdForgivenesses doesn’t issue any additional currency so it really doesn’t affect inflation. Repayments shift but that’s around the same amount as the defense increases this year. So if your worried about inflation, cut the bloated defense budget.ID: i7iiijqDebt forgiveness is not what is causing inflation. Nor were the COVID checks. Market capture, regulatory capture, and sure, a bit of OPEC fuckery in there too, just for good measure: now thatsa spicy inflation!
- If he does it, the administration will lose in court. Idiot move.
- One of the reason why i stopped paying my loans. Thanks biden. Make it happen 😀
- Attorney wants that sucker to do it
- Wouldn't that cause government debt to increase since it would decrease the amount of money the federal government takes in from loan payments?
- K. But seriously the guy is juggling 100 serious things and at the same time delaying and delaying and that doesn't show that he's trying to do it?
- Maybe those State AGs should be talking to their State governments, since those States caused the tuition hikes which lead to the student debt burden. Otherwise it’s pandering.
- Ok cool great for us current borrowers but what reforms are going to be made to ensure we don't end up right back here in 20ish years having learned nothing or changed anything
if that's possible, then it's possible to cancel all debt
ID: i7iaqidAll federal debt, yes. Not private debt.ID: i7i9u9mA jubilee sounds like a great idea, but student debt seems like a better place to start.
- Oh wow. A whole 8, huh?
- Even if Biden doesn’t want to do it he should do it. Whatever he does will get stopped and blocked by the Supreme Court anyway. Might as well go for it and the end result will be the same but maybe more votes.