Posted on 02/18/2021 2:40:17 AM PST by Libloather
Progressives denounced President Joe Biden's refusal to support an effort to cancel $50,000 in student loan debts for individuals on Wednesday.
Biden said that he "will not make that happen" when confronted with a demand to back the effort during Tuesday's CNN town hall event, reasoning that he is in favor of some forgiveness for those who went to public schools but does not support eliminating debt for "people who have gone to Harvard and Yale."
**SNIP**
Schumer and Warren reintroduced a Senate resolution that urges Biden to back the plan to cancel $50,000 of debt on February 4, after having first introduced the legislation last year during the administration of former President Donald Trump.
"The Biden administration has said it is reviewing options for cancelling up to $50,000 in student debt by executive action, and we are confident they will agree with the standards Obama and Trump used as well as leading legal experts who have concluded that the administration has broad authority to immediately deliver much-needed relief to millions of Americans," the senators wrote on Wednesday.
"An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans," they continued. "Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy."
Biden has indicated that he prefers Congress to take the first steps toward passing any plan to cancel student loan debt, although he has not entirely ruled out attempting to enact his own $10,000 debt cancellation plan using an executive order. An executive order to cancel the debt would almost certainly be met with legal challenges.
(Excerpt) Read more at msn.com ...
Let the progressives pay their student debts like everybody else has had to. Just like aoc, quick to spend other people”s money, they are too lazy to work for a living,
So if you partied for 3 years at college, got drunk every night, went on spring breaks, pulled a low GPA, and didn’t graduate, but racked up $50k in debt, I need to pay for it?
Biden to the college students: “Your job in the revolución is over. See Ya!”
Add to it....you didn’t exactly go and get yourself a degree that holds value (like electrical engineer, or chemist).
The general problem with Joe’s thought process and his handlers...a lot of people went and did the stupid route (having $80k in debt) and then worked their butt off to pay it off in ten years. So they are sitting there now...age 45, and pretty hostile over their effort to do the right thing, and bunch of losers standing there with jobs that can’t possibly end this economic mess for at least 25 years.
Joe might have been able to write some tax credit here....where the stupid-idiots could claim for each year they paid off part of their loan, they got $2k in tax credit. It wouldn’t amount to much but at least it didn’t aggravate the non-degree crowd like they are now.
I don’t see any of this ending in a positive manner at this point. Too many deep debt folks.....too many idiots with degrees of marginal value....too many regular working-class folks without degrees....and a political mess without any solution.
Seems like we are moving out of Shock and Awe and into reality when the Dems are going to be fighting each other big time.
Helicopters to start dropping cash next week?
JoeJoe gotsa plan. De plan boss de plan.
Right. And if the universities themselves were on the hook for it — as they should be — , you might see them charging different tuition rates for an engineering degree as opposed to a women’s studies degree.
ROTF!!!
I have one word for the people who thought Deep State would deliver on this: suckers.
How about car loans,home improvement loans?
I only had about $15,000 in student loans and it took until my mid 30’s to pay it back. If I had it to do over, I would not have gone to college. I think I had ONE class that taught me something, the rest was silly, Leftist crap.
How about abolishing Congress ? Look at the cash we can save there
You would be correct in a normal world...but the whole college management game is like some cash-cow requiring a bunch of zero-value educators and college staff people to be hanging around. It’s almost like a movie-production group which has sixty people who do nothing to add value to the movie being produced.
At some point in the next two or three years...I see some southern state walking into the midst of the mess, and conducting a full audit. They’ll clear the ‘table’ and let 20-percent of the zero-value lecture-guys go, and trim off half the college support folks (maybe even contracting this out for half-the-price). Once this starts...other states will follow, and college cost will drop by 30 to 40 percent, with worthless degrees declared for what they are.
“too many regular working-class folks without degrees”
Not to nit pick you but currently I am a working class folk that currently does not have a degree though I work in the IT field and have many certifications, I didn’t know that was an issue on here.
This should count as income, so they can pay taxes on the “gift.”
None of these economically illiterate dopes ever do a cost/future value analysis.
“If I incur an up front cost of $100K, what is the future benefit? Will I break even?...”
Here is a question: If my $50k student loan is forgiven, isn’t that imputed income and therefore a taxable event?
“Seems like we are moving out of Shock and Awe and into reality when the Dems are going to be fighting each other big time.”
Yes, the inner circle machinations of the Politboro will be vicious. It’s starting with the taking out of King Cuomo II of New York who was getting too powerful and therefore a threat to the puppet masters. He was useful while Trump was in office as a foil to Trump but now he can be squished like a soggy canoli.
Trump and others on the right can lie low for awhile as the Politboro members in-fight and the machine weakens.
College debt absolution was a false promise dangled over the youth in exchange for their loyalty. It will never come to fruition because it was never a real policy plan in the first place.
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