Joe Biden’s Student Loan Plan Already Looks Like A Loser

19FortyFive ^ | 8/31/2022 | W. James Antle

[whyilovetexas111]

Rolling out a new student loan forgiveness program surely was a better thing for President Joe Biden to be talking about than the anniversary of the Kabul airport bombing that same week, but it hasn’t gone as swimmingly as the White House might have hoped.

One of former President Barack Obama’s top economists was scathing in his assessment of the plan, as Jason Furman blasted it as “reckless” and “[p]ouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning. Economists are still debating its inflationary impact a week later.

[Raycpa]

I have 70k in student loans. The 10k forgiveness leaves me with 60k. The little discussed other piece is a payment plan that is based on 5% of discretionary income which also lowers the amount of discretionary income.

Long story short under the new rules for repayment I estimate I only have to pay 8k on the 60k left over.

My total forgiveness will work out to 62k.

[ProtectOurFreedom]

Our oldest is 35 and would be great friends with your daughter. Ours also knows exactly how everybody should live, what public transportation they should use, what type of car they should drive, what food they should eat, the distance from their high rise by the railroad tracks to their job, etc. Ugh.

The irony is she and her fiancé bought a suburban ranch house and did extensive updating throughout and are now redoing all the landscaping. She’s morphed into a good suburban woman.

[Attention Surplus Disorder]

“So far no one has filed suit over it...

To my limited but nonzero understanding of the legalities, this presents a very sticky problem. To wit:

Nobody can functionally (meaning; not immediately thrown out of court) bring suit unless and until they can show they were harmed. And even if their taxes go up or their broccoli costs more, or both, it’s going to be devilishly hard to show that A caused harm B to party C.

The USSC is a court of appeal. That means that a suit has to go through a lower court and (in crude terms) one or the other party is dissatisfied by the lower court’s finding. Well, if any such suit cannot get to/through a lower court, it can’t get to the USSC.

Honestly, I do not see how, eg; by what mechanism this loan amnesty gets countermanded. True, anyone with a functioning brain understands it’s unconstitutional as it’s a spending bill that did not originate in the House. But we do not have functioning brains making these kinds of edicts.

[caww]