5 ms·

The government isnt providing assistance. This is transferring debt people willingly took on to get a college degree, to people who did not go to college. Loo

The government isnt providing assistance. This is transferring debt people willingly took on to get a college degree, to people who did not go to college. Look, I am not trying to be rude and I am trying to be gentle when I ask this: Where do you think the 'assistance' the government is going to provide comes from?

toomuchtodo 4y ago
This transfers the debt to the top income earners who pay federal income tax into the general fund. The bottom 60% of Americans, 100 million households, pay no federal income tax. https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-no-federal-income-taxes-in-2020-tax-policy-center-says.html https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-... > Look, I am not trying to be rude and I am trying to be gentle when I ask this: Where do you think the 'assistance' the government is going to provide comes from? The wealthy and high earners? I pay substantial federal income tax, and I’m not too bent out of shape about this. I’m more concerned about waste going forward, not financial relief for my fellow citizen. The need for this debt would’ve never existed if state and federal funding for higher education had not slowly been withdrawn leaving students primarily to shoulder the cost burden (although I’m mindful of unchecked college spending and the need for cost controls due to the inelastic demand). https://www.usnews.com/education/best-colleges/paying-for-college/articles/2019-11-04/why-is-college-so-expensive https://www.usnews.com/education/best-colleges/paying-for-co...
- OrangeMonkey 4y ago
  - toomuchtodo 4y ago
    Employers don’t require a mortgage or a credit card for you to get a job that pays wages above the poverty line. They do require a degree with no economic exposure to that requirement. > Lets at least be honest: "I like this but it means janitors / construction workers / hard working immigrants pay for the college of people who didnt." Only if they have a federal income tax burden. That’s honesty, not the moral hazard you’re attempting to invoke. And it wouldn’t have been any different if that had paid slightly higher taxes previously to contribute to higher ed costs without the loans being originated. I myself did not attend college, and yet, I will pay towards this forgiveness through my federal income taxes. I like (efficiently purposed) taxes, with them I buy civilization.
bastawhiz 4y ago
Money went from the government's big pool of money to a thing the government decided was a good idea. That's literally how all government spending works. We can collectively decide through our system of democracy that education is a good thing and that the single largest source of unsecured debt is probably worth addressing and not have the argument of "but it doesn't affect that group of people." If you want to get incensed about uneven distribution of wealth, get angry that the tax rate for the highest earners is the lowest it's ever been (and no, debt forgiveness doesn't benefit them). It's also naive to think that relieving debt from the middle class won't benefit the economy in some way. America's middle class goes to college. It's hard to argue that consumers having more money to spend won't drive economic growth.
- OrangeMonkey 4y ago
  What is your stance on "canceling" mortgage and credit card debt? Like college debt, it was taken on willingly and its hard to argue that consumers having more money to spend won't drive economic growth.
  - bastawhiz 4y ago
    Those kinds of debt can be escaped. Sell your home and buy a new one. Declare bankruptcy. Student loan debt is taken on by literal children with no credit with the promise of a good job and cannot be escaped under really any circumstances. Saying "well you just shouldn't have gone to college" is blaming kids for decisions their parents ultimately made.

toomuchtodo 4y ago

This transfers the debt to the top income earners who pay federal income tax into the general fund. The bottom 60% of Americans, 100 million households, pay no federal income tax. https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-no-federal-income-taxes-in-2020-tax-policy-center-says.html https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-... > Look, I am not trying to be rude and I am trying to be gentle when I ask this: Where do you think the 'assistance' the government is going to provide comes from? The wealthy and high earners? I pay substantial federal income tax, and I’m not too bent out of shape about this. I’m more concerned about waste going forward, not financial relief for my fellow citizen. The need for this debt would’ve never existed if state and federal funding for higher education had not slowly been withdrawn leaving students primarily to shoulder the cost burden (although I’m mindful of unchecked college spending and the need for cost controls due to the inelastic demand). https://www.usnews.com/education/best-colleges/paying-for-college/articles/2019-11-04/why-is-college-so-expensive https://www.usnews.com/education/best-colleges/paying-for-co...

OrangeMonkey 4y ago
- toomuchtodo 4y ago
  Employers don’t require a mortgage or a credit card for you to get a job that pays wages above the poverty line. They do require a degree with no economic exposure to that requirement. > Lets at least be honest: "I like this but it means janitors / construction workers / hard working immigrants pay for the college of people who didnt." Only if they have a federal income tax burden. That’s honesty, not the moral hazard you’re attempting to invoke. And it wouldn’t have been any different if that had paid slightly higher taxes previously to contribute to higher ed costs without the loans being originated. I myself did not attend college, and yet, I will pay towards this forgiveness through my federal income taxes. I like (efficiently purposed) taxes, with them I buy civilization.

bastawhiz 4y ago

Money went from the government's big pool of money to a thing the government decided was a good idea. That's literally how all government spending works. We can collectively decide through our system of democracy that education is a good thing and that the single largest source of unsecured debt is probably worth addressing and not have the argument of "but it doesn't affect that group of people." If you want to get incensed about uneven distribution of wealth, get angry that the tax rate for the highest earners is the lowest it's ever been (and no, debt forgiveness doesn't benefit them). It's also naive to think that relieving debt from the middle class won't benefit the economy in some way. America's middle class goes to college. It's hard to argue that consumers having more money to spend won't drive economic growth.

OrangeMonkey 4y ago
What is your stance on "canceling" mortgage and credit card debt? Like college debt, it was taken on willingly and its hard to argue that consumers having more money to spend won't drive economic growth.
- bastawhiz 4y ago
  Those kinds of debt can be escaped. Sell your home and buy a new one. Declare bankruptcy. Student loan debt is taken on by literal children with no credit with the promise of a good job and cannot be escaped under really any circumstances. Saying "well you just shouldn't have gone to college" is blaming kids for decisions their parents ultimately made.