Posted on 11/19/2020 7:17:40 AM PST by SeekAndFind
Being president is pretty much the same as being a magician. You’ve seen magicians who wave a magic wand and can make an elephant disappear? Well, presidents can wave a magic pen and make tens of billions of dollars in cash disappear.
The only difference is presidents don’t usually wear a pointy hat.
In the last decade or so, presidents have become experts at the disappearing money trick. They’ve also gotten very good at making money magically appear. Maybe instead of an election, we should hold auditions for the best magician in the country.
As most of us were taught when we were young, to err is human, to forgive is divine. Millions of Americans erred in taking on hundreds of thousands of dollars in student loans. If they were planning to be tech entrepreneurs or Wall Street lawyers, it was reasonable to assume they could eventually pay those loans back.
But many ended up with jobs where it would take them decades to repay. Student loan debt has now reached $1.7 trillion, so Joe Biden wants to take the divine way out of this mess and forgive tens of billions of dollars in student loans.
Schumer, D-N.Y., said Biden should enact plan that he laid out earlier this year alongside Sen. Elizabeth Warren, D-Mass., under which the president could use executive authority to immediately cancel up to $50,000 of student debt per borrower. Biden has called for forgiving $10,000 in student loan debt as part of a broader coronavirus relief package.
“Getting rid of student debt,” Schumer said during an interview with The Ink. “I have a proposal with Elizabeth Warren that the first $50,000 of debt be vanquished, and we believe that Joe Biden can do that with the pen as opposed to legislation.”
(Excerpt) Read more at pjmedia.com ...
If we were not talking the survival of our country, I’d find it hilarious seeing just how crazy it’s going to be for Biden to navigate the looney democrat party.
I paid off my own loans as a matter of personal responsibility.
1st they spit in the face of those who immigrated legally. Now they want to spit in the face of those who paid off their student loans. The Libs appear to be willing to do almost anything to ‘buy’ votes.
No loan forgiveness for indoctrination costs.
This is total BS! I paid off my own student loans years ago (along with my wife’s) and also saved saved saved for my kid’s college so he wouldn’t have to start his adult life saddled with college loan debt. I’m not a big “this isn’t fair” guy because I know life isn’t fair, but I call BS on this “free money” giveaway.
This is just money for whites who will make more money over their lifetime than those without a college degree.
Some smart GOP politician should come up with the idea of ONLY paying off the student loans of people of color—no whites or asians (since, according to the Democrats, asians are white when it come to education).
Watch the Democrats squirm.
Undergrad students
White: 53%
Hispanic: 21%
Black: 15%
Asian: 8%
Grad students
White: 61%
Hispanic: 14%
Black: 12%
Asian: 11%
FYI, most college loan money is owned by grad students.
How about prosecuting the massive fraud that exists within the student loan program? DACA’s and other children of illegals by the thousands, who have used loan proceeds authorized only for tuition, to instead purchase pickup trucks and lawn maintenance equipment and leaf blowers and tattoos and gold necklaces and gym memberships. Huh, how about that one, Mr. Schumer?
FWIW, folks like you, who took personal responsibility for their student loans. KUDOS, for paying them back.
Wonder what the percentage of borrowers are going to hold off paying their loans and become suckers of the other sort?
“Getting rid of student debt,” Schumer said...
ELIMINATING STUDENT LOAN DEBT BY FIAT = TRANSFERRING STUDENT LOAN DEBT TO GENERAL REVENUE TAXPAYERS since about 85% of outstanding balances are federally guaranteed. The debt is not eliminated, it is merely transferred. It’s a zero sum game, either the student/borrower pays or the taxpayer does.
So, you take a burden that was matched to the borrowers who received the personal benefit of an education and you spread it among the folks who have responsibility of federal income tax liability.
Right.
It is not a zero sum game to all those other people paying for Chucky’s generosity he certainly isn’t paying for.
I don’t want it to happen, but gotta admit there is a piece of me that says go for it. Reward the spoiled and entitled on the backs of those that chose to work, join military, or actually paid for the 4 plus years of commie indoctrination. Enrage a few more souls. These elitist think it was all about Trump, just needed to rig an election to stop it. As Trump would say, we’ll see.
If Trump does succeed in taking back the election they stole from him the housecleaning should include getting rid of the Education administration and outlaw the teachers union. Those worthless beings don’t do a damn thing anyway but corrupt our children. Revamp Welfare guidelines, do away with handouts. No more free lunches. Outlaw lobbyists or limit them to bare bones servicing entities. There is so much dead weight to abolish and change in these next four years in which are probably the Republicans last before the Left eventually finds a way to F us for good.
sigh - this proposal does not eliminate the debt. It merely transfers the debt from the individual to the public. It burdens those who have not and will not receive any benefit with the cost. To force someone to pay for something that they did not receive is theft.
I wonder how any of the poor widdle waifs who need rescue now lived in a nice apartment or campus housing, ate out, drank booze and maybe even took drugs while in college in addition to handing money over to those indoctrinating them?
Why didn’t Chuck Schumer ask for home and car and all other loans get paid off.
If your going to play utopia you have to be all in.
Gee, Chuckie, why not forgive all mortgage loans while you’re at it!!!!
If student loans will be forgiven, why should any parent or grandparent give to a 529 plan?
And that's what caused the problem in the first place. Lenders were willing to lend to people who shouldn't get a loan an couldn't otherwise. Also the law that prevents student loans from being discharged in banruptcy further limited lender risk. Basically might as well give it to whoever asks and gain another serf. Colleges were quick to figure this out and that's when tuition took off.
Government created the problem so obviously they solution is more government.
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