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During record low interest rates. Saving $80/mo isn't exactly life changing if you're paying $500/mo on $50k in loans. Better than nothing, but where is the ren
by humaniania 7y ago
During record low interest rates. Saving $80/mo isn't exactly life changing if you're paying $500/mo on $50k in loans. Better than nothing, but where is the rent and mortgage relief? Suspension of evictions?
- Mountain_Skies 7y agoHow could the Federal government suspend evictions? Foreclosures, sure, but tenancy laws are typically state or local.
- deleted 7y ago[deleted]
- sitkack 7y agoMake a temporary federal law that overrides local laws. The federal government can basically do anything it wants. It is only because it is so gracious that it lets states have any laws at all.
- briandear 7y agoThe 10th Amendment specifically limits the federal government’s power.
- freepor 7y agoI agree that the Supreme Court has basically torn up federalism, but technically rent is not interstate commerce.
- awayfromhomenow 7y agothere was a case where the USSC ruled that growing food on your own land for your own consumption was interstate commerce, and forced the farmer to stop. Never underestimate the ability of political justices to contort the Constitution.
- jhauris 7y agoThe federal government does have to at least make it seem like they are using a constitutional basis for law. Otherwise it could be nullified by a legal challenge, as it seems is happening with the ACA.
- Aeolun 7y agoIt seems to me that if the federal government requests this, states will follow. Hell, who wants to be the governor that said no if Trump suggests you suspend evictions.
- kube-system 7y agoThere's always a workaround. Use the 16th amendment: charge a stupidly huge tax for every eviction during the emergency period. Done.
- allovernow 7y agoThat's a hard call to make. IIRC income and land taxes were each supposed to be temporary funding solutions for wars and such. On the other hand Trump had the right idea eliminating bloat but he went about it in the worst way. That way we'd be less likely to end up with more permanent taxes if this drags on.
- kube-system 7y agoThere are a few federal tenancy laws currently. Presumably, they'd add another. Think the case would make it through SCOTUS before the emergency is over?
- WillPostForFood 7y agoIt doesn't need to make it through SCOTUS to be blocked. Just need one friendly federal judge.
- WalterBright 7y agoThat's only 1.9% interest. Are you really paying that little?
- prpl 7y agoI am, I have some at 0.65% I got a discount after 48 months of payments, a discount for autopay, and some of the loans are from 2003-2005
- jackson1442 7y agoStudent loans? It's truly sickening to me that some people (you included) are paying 15-year-old loans on education.
- t-writescode 7y agoThe common rate for my mom's student loans are nearly 7%. So are mine (edit: mine are 6.5%), but she has something like 140k in student loans, and I only had about 30k... so I've nearly paid mine off, she will never probably pay hers off.
- specialist 7y agoThat's debt bondage. David Graeber's book Debt: The First 5000 Years has historical accounts of what happens when debt gets out of proportion. Also, among the things I learned from Michael Lewis's Against The Rules podcast, which has an episode on student loans, that our modern consumer financing was enabled by overturning the historical ban on usury debt. https://atrpodcast.com/episodes/the-seven-minute-rule-s1!1c964 https://atrpodcast.com/episodes/the-seven-minute-rule-s1!1c9...
- KyleBrandt 7y agoDepending on the type of loan, and when it was taken, the interest rates on student loans very greatly. If you have some that were low interest due to timing or subsidizing (0% interest in some cases), it can make sense to pay the loans slowly and invest or save money instead. So the age of the loans isn't a reliable predictor of their burden.
- etxm 7y agoLol. This is America.
- tssva 7y agoThe president has no authority to suspend evictions or provide mortgage relief.