Posted on 06/05/2022 5:41:17 AM PDT by Rummyfan
President Joe Biden has said he's "taking a hard look" at canceling hundreds of billions of dollars in student loan debt—a decision his advisers believe would be "a complete disaster" for the Democratic Party in the midterms.
"There are a lot of people very close to the president who privately understand that this is a complete disaster for them," the Washington Post‘s James Hohmann said on the Bulwark Podcast. The president's aides have attributed the political misjudgment to influence from leftwing Democrats including Sen. Raphael Warnock (Ga.) and Georgia gubernatorial candidate Stacey Abrams. Both are seeking high turnout from the party's base in the Peach State, where they say an electoral block of former graduates from HBCUs could tip the scales.
"They just don’t get it because they haven’t spent time in the WOW counties or in Apple Valley, Minnesota," Hohmann said, referring to toss-up districts on the outskirts of Milwaukee, Wis., and Minneapolis. "The president is being pulled really hard by these woke leftists who … believe it’s all about the base."
Biden canceled $5.8 billion in student loan debt on Wednesday for former students of Corinthian Colleges, a bankrupted for-profit chain of postsecondary-degree schools. Last week, the White House also floated loan forgiveness of $10,000 per student borrower. The debt forgiveness would add $245 billion to federal government debt, according to the Committee for a Responsible Federal Budget.
The top 40 percent of wage earners hold the majority of student debt. Of student-debt holders between the ages of 25 and 40, the top 40 percent bears half of the total debt, meaning the richest young adults carry the most.
(Excerpt) Read more at freebeacon.com ...
I have no problem with forgiving student loans—as long as every nickle is clawed back from the colleges and universities that got the money.
I want my home mortgage forgiven.
i wonder what happens to tuition if student debt is forgiven
free can be very expensive
I busted my rear end to pay mine with several part time jobs.
I want a free house and a pony.
First I have heard that he cancelled anything-—Where was this hiding?
Besides-—what does this do to the BALANCE SHEETS of the BANKS?????
IS every penny of those loans going to be INCOME to those who got such cancellations???
[free can be very expensive]
That’s what these idiots who salivate over this and other “free” perks don’t understand...
Whatever it takes.
That’s a big part of the problem right there, it’s free money to these colleges. They are the parties who should be underwriting student loans and have skin in the game.
I worked several part time jobs to do college without loans, except a small
one from my parents. Grueling to say the least.
When your rival is in the process of destroying himself, don’t get in the way. There is a rhythm to these things.
Things will come apart and go SPLAT! quickly enough. Then the adults left remaining in the room may go about picking up the pieces.
It was probably in the Ukraine give-a-way, every other Democrat goody was.
I have two ponies. I may give you one, but let me tell you, those cute parasites can eat some serious feed and hay. And don’t even talk about the bedding they go through when they stay in the barn every night so that the coyotes don’t get them.
As others have said, free can be expensive.
That’s like saying welfare loses votes-come on.
The debt forgiveness would add $245 billion to federal government debt, according to the Committee for a Responsible Federal Budget.
—
First it was the FedGov bailout of the big banks during the financial crisis on ‘08. There was no penalty on the banks for having written NINJA loans. A grand total of 1 banker went to jail.
Now it’s going to be the bailout of colleges and universities whose profligate spending then pushed them to encourage students to take on massive debt; debt in many cases for garbage degrees with no actual value in the real world. The colleges and universities encouraged this debt disaster, let them forgive and payoff the loans.
President Joe Biden has said he’s “taking a hard look” at canceling hundreds of billions of dollars in student loan debt—a decision his advisers believe would be “a complete disaster” for the Democratic Party in the midterms.
So they’ll wait until after the midterms!
Ok then, I’ll settle for 10 acres and a modest house. When can we close on that?
The IRS considers forgiven debt to be income and taxes it.
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