Posted on 06/04/2024 9:09:15 PM PDT by SeekAndFind
A recent Tweet by Elizabeth Warren and a short rebuttal to her inspired this post. Let’s take a look at the Tweet and my 10 reasons.
There is something about this "cancel" student debt bill that just feels *deeply* unfair to me.
Why have taxes from plumbers & electricians go towards paying the unpaid bills of college & masters grads?
I wish we were building a safety net for ppl in poverty with the $167B. https://t.co/lSJE5Psde1 — Michelle Tandler (@michelletandler) May 28, 2024
It is unfair to those who sacrificed to pay off their student loans and it’s unfair to those who foot the bill.
It is an upward transfer of wealth. The plumber pays for someone else’s college education.
It encourages going to college when there might be better choices such as learning a trade. And It creates incentive to take on new student loans.
It is blatant election year bribe to college students and college graduates.
It creates creates a moral hazard for college administrators to sell useless degrees creating another overhang of new student debt.
It creates a moral hazard for students who might feel that their debt should be forgiven in the future
It subsidizes poor decision-making such as majoring in useless degrees including gender studies, anthropology, archeology, art history, music, culinary arts, fashion design, philosophy, etc.
The president has no power to forgive student loans. Doing so creates another precedent for presidential rule by decree. This is too big a financial decision not to involve Congress. The current student loan program was authorized by Congress and contains no such authority to the president.
Biden is openly flouting the Supreme court, another dangerous precedent.
Free money is highly inflationary.
Everything this president does is inflationary. Yet, Biden and economists refuse to admit this.
January 11, 2024: Is Inflation Down? That’s What President Biden Says
February 20, 2024: The CBO Revised the Cost of Biden’s Energy Policies Up by $466 Billion
April 12, 2024: How the Inflation Reduction Act Failed to Reduced Electricity Costs in Pictures
May 11, 2024: What’s the Inflation Rate Under Biden vs 7 Previous Presidents?
Any Questions?
I left out a key point.
As a Senator Biden sponsored a law that made it so student debt could not be discharged in bankruptcy.
Then he was buying donations from the big banks who run their credit card operations out of Delaware.
Now he is buying votes.
Unfair, but Republicans have folded, said nothing, done nothing. Why?
Wait until Credit Card Debt Cancellation comes, and it will.
I had 8000 dollars of student debt in 1985. In today's dollars about 24000. I paid it all off actually ahead of time. Now as a taxpayer Joe Biden tells me I should pay off the debts of students!
FJB and the horse he rode in own. His horse's name is "Election Fraud." My debt was a good investment. I was broke the last two years of pharmacy school. My debt bought me a good degree with an immediate high paying job. The social science majors had crap jobs when they graduated and debt.
A question and an idea.
Should student loans be forgiven, will the amount forgiven be counted as income for tax purposes? This is what happens when you negotiate with credit card companies to have your balance decreased. If you had $20K of debt forgiven, it is reported to the IRS as income for the tax year.
The idea is to have student loan debt forgiven in exchange for military service. You took out loans to get you through 6 years of college. 6 years in the military will wipe the slate clean.
In both instances I am hoping for these college grads to feel a bit of pain. As I read here on FR, “Stupid should hurt.”
I have saved enough for my grandchildren’s college. Will loan forgiveness become permanent? If so I will encourage them to take loans. Then I could use my money for something more fun, like a mid-engine Corvette or a place in Hawaii. My guess is the phrase “loan forgiveness” will disappear the day after the election.
“It is unfair to those who sacrificed to pay off their student loans and it’s unfair to those who foot the bill.”
I want to know how I can do it. I paid enough in taxes to receive this “benefit.” Don’t get me wrong, I pay my student loan debt, but I do not understand how people are getting their student loan debt canceled or reduced.
Yup!
Same ol' "wealth redistribution", where taxpayers take on the debts of the parasites, and banks don't lose a dime.
This crap is no different than paying "government employees", after the money runs out of the budget, and they get "back pay", for doing NOTHING.
They paid government employees to stay home, while working folks were locked down during Covid, too. Same with taxpayers funding cheap labor for the business sector, aka, the Major Political Donors.
Elimination of competitive fossil fuel that was shutdown to push the big donors' interest in "green energy", via TAXPAYERS, once again, having their pockets picked to line the pockets of those "global warming" investors.
As long as the money keeps being printed, and the EBT's filled every month, no one cares.
When the money runs out (and it will), then we'll start thinning the herds of parasites, via good ol' fashioned local justice.
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