5 ms·

Biden to Announce Decision on Student Loan Debt, Affecting Millions of Borrowers

8 points by Vaslo 4y ago

alexb_ 4y ago
https://archive.ph/bQTon https://archive.ph/bQTon
megaman821 4y ago
I don't think this is good policy and I also don't think this is good politics. What is thought process here? Give a handout to a portion of your base that doesn't really turnout to vote and give Republicans something meatier to get their base off the couch to vote.
sn0w_crash 4y ago
What is the incentive for paying off my loans if others are getting them cancelled? I’m happy for them, but I might as well stop sending payments.
- smt88 4y ago
  Most of the beneficiaries of this decision will be people who went to for-profit scam "colleges" like ITT Tech (many of which have now shut down for essentially being fraudulent enterprises).
  - frumper 4y ago
    Those students look to be better served by this settlement https://www.forbes.com/sites/adamminsky/2022/08/05/court-grants-preliminary-approval-for-6-billion-in-student-loan-cancellation-under-landmark-settlement/amp/ https://www.forbes.com/sites/adamminsky/2022/08/05/court-gra...
- yuppie_scum 4y ago
  Let us know what happens
Bostonian 4y ago
This is not legal -- this is effectively an appropriation of money, which must be done by Congress.
- frumper 4y ago
  Sounds like a political power play then. Should republicans sue to stop it? Not sure if that’s good optics to pursue.
  - google234123 4y ago
    Republicans don’t need to sue, just find some tax payer advocacy group to do the lawsuit
    - frumper 4y ago
      It's likely they wouldn't be found to have standing. Congress would need to be apart of the lawsuit, but that could be as little as one person elected to congress.
edoggie 4y ago
Love how people complain about helping out to citizens, but when it's the money for the military industrial complex, no amount is too much.
- hindsightbias 4y ago
  SCOTUS taught us that corporations are people, and they’re not poor people, so they’re good.
  - edoggie 4y ago
    ha
WheelsAtLarge 4y ago
This was a great idea previous to the COVID related $7+ trillion addition to the national debt. The national debt went from about $23 trillion to about $30 trillion in less than 3 years. Now we'll be adding more to it. If all the 45 million get a break then that's 45 mil * 10k = 1/2 trillion, about. It's nuts. https://www.usdebtclock.org/ https://www.usdebtclock.org/ I'm all for it but the administration needs to figure out how to pay for it. Adding to the national debt will increase inflation, making things worse for everybody in the long run.
- google234123 4y ago
  Transferring 250b to a group will cause inflation to rise since they will increase their consumption and total output will likely not rise. Inflation impact probably some fraction of a percent which Is 100 to 200$ for a home
kyleblarson 4y ago
College is already free: https://www.benefits.va.gov/giBill/ https://www.benefits.va.gov/giBill/

8 points by Vaslo 4y ago

https://archive.ph/bQTon https://archive.ph/bQTon

I don't think this is good policy and I also don't think this is good politics. What is thought process here? Give a handout to a portion of your base that doesn't really turnout to vote and give Republicans something meatier to get their base off the couch to vote.

sn0w_crash 4y ago

What is the incentive for paying off my loans if others are getting them cancelled? I’m happy for them, but I might as well stop sending payments.

smt88 4y ago
Most of the beneficiaries of this decision will be people who went to for-profit scam "colleges" like ITT Tech (many of which have now shut down for essentially being fraudulent enterprises).
- frumper 4y ago
  Those students look to be better served by this settlement https://www.forbes.com/sites/adamminsky/2022/08/05/court-grants-preliminary-approval-for-6-billion-in-student-loan-cancellation-under-landmark-settlement/amp/ https://www.forbes.com/sites/adamminsky/2022/08/05/court-gra...
yuppie_scum 4y ago
Let us know what happens

Bostonian 4y ago

This is not legal -- this is effectively an appropriation of money, which must be done by Congress.

frumper 4y ago
Sounds like a political power play then. Should republicans sue to stop it? Not sure if that’s good optics to pursue.
- google234123 4y ago
  Republicans don’t need to sue, just find some tax payer advocacy group to do the lawsuit
  - frumper 4y ago
    It's likely they wouldn't be found to have standing. Congress would need to be apart of the lawsuit, but that could be as little as one person elected to congress.

edoggie 4y ago

Love how people complain about helping out to citizens, but when it's the money for the military industrial complex, no amount is too much.

hindsightbias 4y ago
SCOTUS taught us that corporations are people, and they’re not poor people, so they’re good.
- edoggie 4y ago
  ha

WheelsAtLarge 4y ago

This was a great idea previous to the COVID related $7+ trillion addition to the national debt. The national debt went from about $23 trillion to about $30 trillion in less than 3 years. Now we'll be adding more to it. If all the 45 million get a break then that's 45 mil * 10k = 1/2 trillion, about. It's nuts. https://www.usdebtclock.org/ https://www.usdebtclock.org/ I'm all for it but the administration needs to figure out how to pay for it. Adding to the national debt will increase inflation, making things worse for everybody in the long run.

google234123 4y ago
Transferring 250b to a group will cause inflation to rise since they will increase their consumption and total output will likely not rise. Inflation impact probably some fraction of a percent which Is 100 to 200$ for a home

kyleblarson 4y ago

College is already free: https://www.benefits.va.gov/giBill/ https://www.benefits.va.gov/giBill/