quote:

Originally posted by chellim1:
Does Joe Biden have a magic wand?

Nope. That would be his shriveled wanker in his wand.

quote:

Does he have unilateral power to "forgive" student loans?

No he does not. But that hasn't stopped him and his criminal administration from doing whatever the hell they want to do.

quote:

What does "forgive" really mean?

It means, as you and most here know, that the college debt of mostly wealthy, liberal voting, young morons will be passed from them to the middle class, many of which couldn't go to college. It also is throwing more fuel on inflation which will further damage the middle class folks who will now shoulder this debt. Sure sounds equitable to me.

There has never been a more blatant, obvious, and disgusting attempt at vote buying just prior to an election than this BS. May every single person who voted for this rancid POS burn in hell forever for what they've done to this country.

The ONLY fair way is that people who didn't take out a loan, or those who paid off their loans, don't end up paying for loans of others.

quote:

Originally posted by chellim1:

quote:

If I loan you money and you don't pay it back, I paid the debt.

That's all well and good if the lender can afford to absorb the loss. He essentially makes a gift.
But if the lender is bankrupted by the loan... is it really paid?

“There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt”

You're missing my point. The debt in the end is always paid. It doesn't just go away. "Making it a gift" still pays off the debt. The lender in this case is the American taxpayers.

**********

Son of a bitch!

Biden announces student loan handout as national debt soars

Biden will cancel up to $20,000 in student loan debt for certain Pell Grant recipients

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

quote:

The lender in this case is the American taxpayers.

And if America itself is destroyed by the debt?


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

When I think of giving money to some pink-haired, face pierced, idiot with a student loan for a Gender Studies degree, I just get angrier. How did you THINK you were going to earn money for your student loan. BTW, I’m just as angry with colleges that have degree programs like that.

Is the forgiveness of this student loan a taxable event?

https://hotair.com/jazz-shaw/2...ss-briefings-n491877

White House Press Secretary Karine Jean-Pierre has not held an on-the-record press briefing since August 9 . . . and nobody in the White House press corps or general public seems to be all that bothered by that. (Apparently democracy dies in darkness, unless it’s August vacation season.) The lack of complaints probably says something about the news value of these briefings, where Jean-Pierre contends the U.S. economy is stronger than ever, that the U.S. Supreme Court took an “unconstitutional action” by overturning Roe v. Wade, and that she has a hard time keeping up with Biden’s boundless energy level and stamina.

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.