quote:

Originally posted by chellim1:

If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.
-- J. Paul Getty

Precisely. Again, the unpaid debt will always fall on someone.

quote:

Originally posted by ZSMICHAEL:
Is the forgiveness of this student loan a taxable event?

Interesting. The IRS would consider it income in just about any other set of circumstances, wouldn't it? Unfortunately the taxes owed would still be just a portion of the debt forgiven - and how much money are people with degrees in underwater basket weaving making anyway?*

*Which, yes, was always the problem with these loan programs.

People who accept debt forgiveness should have their credit trashed for 10 years.

Debt forgiveness only applies to individuals earning less than $125,000 or couples filing joint earnings of $250,000.

The Wharton School of Economics estimates Biden’s plan will cost at least $300 billion.

https://www.breitbart.com/poli...ent-debt-per-person/

https://www.foxnews.com/politi...-national-debt-soars

The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000

bribing voters before the mid terms

I don’t think they care if it is legal or not… As long as the people who are having their loans forgiven don’t find out it’s a scam until after the election….

Clay Travis explained it: Everyone knows it’s unconstitutional, but it won’t be resolved until after the mid term elections. That accomplishes buying a lot of votes in the meantime. It will eventually get drug up to the Supreme Court before the next presidential election. When the Supreme Court shoots it down, the democrats will use that as ammunition for the presidential election, saying how terrible it is to have such a conservative court. It’s all just a political game because everyone knows something like this must be passed through congress.

Why the Pell Grant thing?

Per the WSJ and other sources, 15 million of the 42 million people with student loans (more than 1/3) owe less than $10,000. The idea that a sub-$10,000 debt paid over 20 years is "crushing" is absurd, especially if you make $100,000 per year.

If there is a problem with the student loan system it is that the government's debt guarantee decouples the cost of a degree from its earning power. Stop guaranteeing student loans so the market can set the cost - this will create well informed consumers and drastically lower the number of useless degrees (and faculty teaching toward them). If you wipe out your loans in bankruptcy you also have to surrender your degree.

At the present time you cannot use bankrupcy to get rid of student loans.

Jim

Joepeddo likes to disparage his “Republican colleagues” who voted for tax cuts, yet are against these deadbeat bailouts. Yeah, shithead, because letting people keep their own money is a lot different than bailing out French art history majors that won’t pay back their loans they fully agreed to.

I went to the site he referenced just for the hell of it and it just sits there trying to load. It would be a real shame if nobody is able to get in.

quote:

Originally posted by Pal:
At the present time you cannot use bankrupcy to get rid of student loans.

Jim

You are correct, and that would have to end if the government's guarantee of student loans ended.

quote:

Originally posted by BMR:
Joepeddo likes to disparage his “Republican colleagues” who voted for tax cuts, yet are against these deadbeat bailouts. Yeah, shithead, because letting people keep their own money is a lot different than bailing out French art history majors that won’t pay their loans that they fully agreed to pay.

That's only part of the equation - he is also bailing out borrowers who owe very little and/or are perfectly capable of paying their loans. I'd venture to guess that those people outnumber those who borrowed $250,000 for a master's degree in 17th century women's studies 20:1. The plan's one size fits all approach shows it for what it is - largesse masquerading as salvation.

quote:

The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000

How many of these people drive nice, newer cars that they magically can afford? I'm driving a 20 year Honda and never had student loan debt.

How about the guy I just saw on Twitter. He was a disabled vet. He got his student loan pay by having two legs blown off.

I doubt he was the norm. Besides there is the GI bill with restrictions.

My son, a recent Doctor, paid off student debt by refi on his house. Now the debt is mortgage....

Not happy

^^^^^^^^^^^^^
Last I looked medical student debt was about 241 grand. Almost a given that he will be an employee rather than a private practice physician. Neurology residents are getting high salaries for the moment, but that will change. Concierge practices will flourish in high dollar areas.

quote:

Originally posted by Hamden106:
My son, a recent Doctor, paid off student debt by refi on his house. Now the debt is mortgage....

Not happy

It screws those that do the right thing and take care of their depts. Dead beats and those gaming the system get rewarded. There's something wrong with this picture and I hope fair minded people keep that in mind when the go to the polls.

My son paid off all of his substantial loan encountered going to UNT (University of North Texas). He struggled early on, but kept his nose to the grind stone. He was very pleased when he ultimately paid it off. Understandable he's quite pissed with this Biden attempt to buy votes. What a fucking ass hole.

Student Loan Forgivenesses Explained, in 12 seconds by Peter Doocy and Secretary of Education, Dr. Miguel Angel Cardona

quote:

Originally posted by Russ59:

How many of these people drive nice, newer cars that they magically can afford?

And spend a couple hundred a month on foo-foo coffees. And, of course, they have $2500 laptops and $1000 cell phones because, well, they need to be able to check their facebook and instagram accounts frequently to see if anyone has commented on the pics they posted of their vacation trip.

Horrific Biden Consequence, 20 Million American Households Behind on Electricity Bills, Pending Shutoff

Long-term CTH readers might remember in 2014 when President Obama claimed U.S. families had been paying too little for electricity for too long. As soon as Joe Biden took office, he began implementing the Green New Deal energy policy that, (a) directly forces higher costs for energy; and (b) is now creating massive problems.

In July I noted my own electricity bill had jumped 28% in a single month. That bill was followed by another almost identical increase this month. A review of the Consumer Price Index (CPI) for July [Data Here] shows that nationally the same thing is happening. The year-over-year electricity price has increased 15.2%. However, worse still, the July increase alone was 1.9%, which figures to an annualized rate of 22.8%.

When the growth rate of monthly increase is exceeding the year-over-year result, that means future higher prices are coming. This is a serious problem that cannot be overstated. Already struggling with a doubling of gas prices, massive food price increases at the grocery store and the pain of all costs for goods far outpacing any rate of wage increase, this type of uncontrollable increase in price of electricity is going to hit the middle class hard.

Steve Cortes calls this the backside of the Biden created inflation hurricane. The backside of a hurricane is the worst because it hits from the opposite direction upon already weakened infrastructure.

The hurricane metaphor is apt because any increase in energy costs will be accompanied by the simultaneous arrival of another wave of food inflation, as the massive increases in field and crop prices start to feed into the food supply chain headed to our forks next month.

Making matters that much worse, Bloomberg is now reporting that 20 million households are now behind in their utility bills, specifically electricity bills, and the moratorium on shut offs has ended. [Paywall Article] Steve Cortes has written about the issue on his substack [Here].

One in six U.S. households, that is tens-of-millions of Americans, are now facing having their electricity turned off due to lack of payment. It is certainly understandable how this horrific outcome would happen. Joe Biden’s energy policies are destroying working class families with unsustainably higher prices.

20 million households is a catastrophic level of utility default. This is a serious issue with major social implications created by the desperation of those families. Middle- and lower-income families cannot survive this level of financial pressure.

Rents are behind. Mortgages are behind. Car payments are behind. And now this report on utility bills.

Steve Cortes appeared with Steve Bannon to discuss – WATCH:



https://theconservativetreehou...shutoff/#more-236896