Poopy Joe's giant middle finger to responsible Americans

[Ralph Wiggum]

Joe Biden Announces Decision to Forgive up to $20,000 in Student Debt per Person

President Joe Biden announced his final decision to forgive up to $20,000 in student debt for Americans making less than $125,000 a year.

The president announced details of his plan on social media, citing his “campaign promise” to give “working and middle-class families breathing room” on student loans.



The president will forgive debts of up to $20,000 dollars for students who went to college on Pell grants and $10,000 for students who did not receive Pell grants.

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

https://www.breitbart.com/politics/2022/08/24/joe-biden-announces-decision-to-forgive-up-to-20000-in-student-debt-per-person/

 

[Eupher]

This is SharterJoe's final nail in his own figurative coffin. This, more than anything except perhaps "reparations", separates him from the very Americans who pay his salary.

This "announcement" isn't worded properly. The U.S. President doesn't "forgive" any kind of debt. What SharterJoe has done is interfere with the financial affairs of Americans (and others) who have entered into a financial transaction for the purpose of paying for an education. He's horned in trying to buy votes. And he's utterly alienated himself from the rest of America who have paid for their own education.

[SVPete]

My family are such suckers!

I paid off my student loan during Carter's Presidency.

My eldest earned an AA and owes another family member a few thousand $$, which the eldest is paying off (the sequence of events is more complicated, but the twin points are that no government loans were involved, and the debt is being paid, probably before the end of 2022).

My middlest earned a BS in Business with a combination of two years JC tuition instead of 4 years of university tuition, scholarships/grants (no loans!), living at home, living frugally, and working a PT job. Zero debt, government or family.

My youngest earned an AA with a combination of JC tuition, living at home, living frugally, and working a PT job. Zero debt, government or family. My youngest also earned the equivalent of a BA at a university in another country with a full-ride scholarship that included enough for housing. Zero debt, government or family.

  My family are such suckers!

[Eupher]

Potential thread derailment -

I fully realize many Americans feel compelled to pay for their children's education. It's a noble thing -- provide for one's family through their final formative years. Mom and Dad have to work hard to make that happen and I guess it makes them feel good. Question is, what does that do for the kid?

My take is simply this -- if a kid wants an education, he'll do what's necessary to make it happen. That won't depend on Mom or Dad or the government or anybody else.

That process of providing for one's own education is an education all by itself.

What frequently happens is this -- an education handed to a kid isn't appreciated and tends to be squandered. That is, until the kid realizes TANSTAAFL.

Full disclosure -- the Army paid for most of my BA. My parents weren't involved, no student debt, no loans, just a lot of expensive textbooks that aren't even worth burning anymore.

Back to SharterJoe and his halfassed attempt to buy votes. 

[Ptarmigan]

Somebody Has to Pay for Student Loan Forgiveness
https://schiffgold.com/key-gold-news/somebody-has-to-pay-for-student-loan-forgiveness/

President Biden is expected to announce student loan forgiveness on Wednesday (Aug. 24). The plan will reportedly cancel $10,000 in student loan debt for anybody making less than $125,000 per year.

A lot of people think this is like waving a magic wand — poof — the debt is gone. But somebody has to pay and that somebody is the American taxpayer.

Nothing the government does is free. Ultimately, student loan debt forgiveness will add to the already massive budget deficit. That means Uncle Sam will have to borrow more money that taxpayers will have to repay, either in higher taxes or the inflation tax.

According to the budgetary model created by the Wharton Business School at the University of Pennsylvania, student loan forgiveness will cost between $300 billion and $980 billion over the 10-year budget window, depending on the amount forgiven and the income caps included in the plan.

The college debt does not just magically disappear. We all have to pay for it.

[Ptarmigan]

Americans already reacting to Biden's student loan handout plan: 'Highly suspicious'
https://www.foxnews.com/lifestyle/americans-bidens-student-loan-handout-plan-suspicious

President Biden on Wednesday announced a student loan handout plan that essentially would use taxpayer money to pay off up to $10,000 of student debt per borrower making less than $125,000 per year.

That means Americans may be footing a nearly $300 billion bill if Biden goes through with the reported plan — plus extends a repayment pause to next year.

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, according to the latest federal data.

The U.S. federal debt is projected to nearly double the size of the economy by 2051, slowing economic growth and raising the risk of a fiscal crisis, the Congressional Budget Office said in late July, as FOX Business reported.

Long read. Worth reading.

[Eupher]

The final figure per SharterJoe is $20,000. Lots of wailing and gnashing of teeth by those who believe they were sold out (heh), but the fact that SharterJoe came up with ANY figure is the final nail in the coffin for Joe (figuratively, of course -- I don't want our NSA and FBI friends to think I would do SharterJoe harm -- perish the thought).

Joe now knows he's a one-term shithead president, and he's perfectly fine with that. After all, Barry is calling the shots.

[DefiantSix]

...final nail in the coffin for Joe (figuratively, of course -- I don't want our NSA and FBI friends to think I would do SharterJoe harm -- perish the thought).

If you and I aren't on the "watch list" for at least a dozen alphabet agencies already, then not genuflecting anytime #JoeThePedophile_{piss be upon him} is referenced in a post isn't going to make a difference, and we should really, really be ashamed of ourselves.

[Eupher]

If you and I aren't on the "watch list" for at least a dozen alphabet agencies already, then not genuflecting anytime #JoeThePedophile_{piss be upon him} is referenced in a post isn't going to make a difference, and we should really, really be ashamed of ourselves.

I truly do not wish any harm upon him or others. Been consistent about that over the years. I would like him to just GTFO and go home to mommy in his basement or nursing home, wherever they can change his Depends most often.

I'm not worried about NSA or any of the turds -- but I am not wishing their attention upon me either.

[CollectivismMustDie]

I'm sure Americans will understand why plumbers and electricians and factory workers will be paying the educational debt of harvard grads.

[Texacon]

I'm sure Americans will understand why plumbers and electricians and factory workers will be paying the educational debt of harvard grads.

That's one of the biggest problems I see with this.  They aren't offering anything to anyone who borrowed money to get vehicles/tools/training for the trades.  NOT that the government has ANY business canceling legal debts and forcing the American taxpayer to pony up, but I'm talking about how they're distributing the money.

Education costs money whether you're buying a 1 ton pickup to put a welding machine on or going to college.

The second thing that irritates me about this; how many of those people were nothing more than professional students who were taking bullshit classes just to hang out at college as long as they could so they didn't have to enter the workforce?  How many of them actually passed the classes the rest of us are now going to have to pay for?

And finally, I was always told you go to college so you could make a decent living.  Why are these people tens of thousands, and in some cases hundreds of thousands in debt, and still making less than $125k?  I never went to college ... well I took 7 hours when I was in my 30's, but it wasn't my cup of tea, and I make over $125k.

And finally, finally, I rented houses to some college folks (not all of them youngsters) who were using their student loan money to pay rent!  They didn't want to work so they took out more money to pay for their rent, utilities, and other things.  THAT is what Joe is forcing the American taxpayer to pay for.

How many of these parasites who are getting the loan 'forgiveness' are not paying ANY federal tax due to the tax bracket they're in?  That Antivaxhunter over at DU had a post that said he/she was in debt for $165k in student loans, but can't work due to being disabled.  WTF?!

KC

[Ptarmigan]

Biden's student loan handout to cause spike in college tuitions, experts say
https://www.foxbusiness.com/politics/bidens-student-loan-handout-cause-college-tuitions-spike-experts-say

President Biden's student loan handout will cause already soaring college tuition costs to spike even further, according to multiple economy and education experts who spoke with FOX Business on Wednesday.

Americans are poised to foot a nearly $300 billion deal with Biden’s announcement Wednesday to cancel $10,000 for each student loan borrower, $20,000 for borrowers who received Pell Grants, and extend a repayment pause through Dec. 31, 2022.

The handout only applies to borrowers earning less than $125,000 a year, and undergraduate loan borrowers can cap repayment at 5% of their monthly income, Biden said.

College tuition is going to rise. It has been rising.

The handout is also expected to cause college tuition prices to rise and add to the inflation crisis, several experts told FOX Business.

"Students will likely feel liberated to borrow more money on the assumption of future loan forgiveness, and universities will take advantage of the additional borrowing by raising tuition," said Brian Riedl, a senior fellow in budget, tax and economic policy at the Manhattan Institute. "This is pretty similar to the fact that historically 60% of all student aid increases have been captured with tuition hikes, and this will be treated like an increase in student aid moving forward, which suggests that 60% will be countered by tuition hikes."

Riedl was referring to the so-called "Bennett Hypothesis" that was tested in 2015 by the Federal Reserve Bank of New York, which determined that increases in subsidized loans resulted in tuition hikes of up to 60 cents on the dollar and unsubsidized loans led to tuition hikes of up to 15 cents on the dollar.

Riedl said Biden’s student loan handout will further encourage students to overborrow.

[Ptarmigan]

3 Unintended Consequences of Student Loan 'Forgiveness'
https://fee.org/articles/3-unintended-consequences-of-student-loan-forgiveness/

Given American voters’ penchant for delivering divided government, it might seem strange that Democrats were able to wrest control of the White House and both houses of Congress in the 2020 election. And while there will clearly be a power-sharing agreement in the Senate, the Democrats find themselves in an enviable position, one that they have used to great effect in the past.

The last time a Democratic President had majorities in both houses of Congress, we saw Barack Obama take control of the legislative agenda to push the Affordable Care Act through. The ACA passed with the vote of only one Republican, Ánh Quang “Joseph” Cao, in the House (though the Democrats didn’t need his vote), and without any Republican support in the Senate. Not often does one party dominate the political landscape such that it can pass legislation at will, but the few examples that exist provide a telling look at what a united government might be expected to yield in our own time.

We have seen a number of big-ticket pieces of legislation since 1935, laws that have changed the very fabric of American political life by empowering the federal government well beyond its constitutional limitations. In addition to the ACA in 2010, Social Security (1935) and Medicare (1965) were also implemented when Democrats had control of both the White House and Congress.

Given the results of the recent election, it should come as no surprise that we’re poised for the next big expansion: student debt forgiveness, a promise Joe Biden made frequently as he campaigned for the presidency. Like the big ideas that came before it, this idea will cost us more than we can afford from day one, and far more than its proponents will admit. Biden’s plan as currently envisioned would cost over $300 billion. But that’s just this year. The plan will set in motion unintended consequences that will doubtlessly persist for generations.

College tuition has been rising.

First, next year’s crop of new students will—understandably—demand that their loans be forgiven too. And so will those of the year after that, and so on. This program will quickly become a sort of college UBI, where the government just hands out $10,000 to every college student. Some argue that if this results in a better educated populace, then it’s worth the cost. But it won’t result in a better educated populace; it will result in a whole bunch of students majoring in things the market doesn’t value, and another batch simply taking a four-year vacation on the taxpayer’s dime. Heretofore, graduates knew they needed marketable skills in order to repay their college loans. But when student loans are forgiven as a matter of course, graduates bear no cost for wasting our collective resources by studying things the market doesn’t value, or by not studying at all.

Second, colleges and universities will respond to this new reality by raising tuition commensurately. Tuition and fees were a pretty constant 18 to 19 percent of family income from the 1960s until 1978. In 1965, the federal government started guaranteeing student loans. In 1973, Congress established Sallie Mae and charged it with providing subsidized students loans. And by 1978, tuition and fees had started a steady march to 45 percent of family income today. When the government makes it less painful for students to borrow, whether by guaranteeing, subsidizing, or forgiving loans, it takes away some of the pain of student borrowing, which makes it easier for colleges and universities to raise tuition.

Third, expect many taxpayers to cry foul. Homeowners will quite sensibly wonder why the government is not forgiving their mortgages. After all, student loans add up to about $1.4 trillion, while American mortgages total more than $16 trillion. If relieving students from the burden of their debts is a good idea, it should be an even better idea to relieve homeowners of theirs.