Posted on 08/25/2022 1:58:18 AM PDT by ChuckR163
There is no economic benefit here. They were not paying them anyway so they are not now going out and putting down payments on cars or houses. Like a firm buying it’s preferred stock back with borrowed money. The balance sheet moves the amount from equity to debt. No other change in its business except future borrowing will cost higher interest.
When the news showed squint eyes talking about this last evening I became so enraged my wife clicked off the TV. I told her I am hopefully too old to be here for the recasting of our nation after bankruptcy but I feel awful for our descendants who will be impoverished third world people after it. Unfortunately most of them are too naive to consider it.
“School loans” ????
How much of these “school Loans” was spent on parties, vacations, cars, concert tickets, movies and other entertainment, Chinese junk sold by Amazon, booze and dope?
100 out of 100 plumbers, carpenters, roofers, mechanics and garbage men say they don’ want the government to force them to pay for this wealth redistribution to the elites and wealthy.
To the so-called rich, there are no recessions and no inflation. The elite manipulate the politicians who screw the middle class, the masses.
“Responsible people who paid off their loans will also get punished.”
or never got a loan by working their way through school.
It’s insanity upon insanity
Will this have long term effects on their credit ratings? Can’t look too good if you couldn’t (wouldn’t?) make payments..
I went on the Vietnam era GI Bill which paid about $120/mo I think. Also worked full time at night at a truck stop. Paid as I went and accumulated no debt.
After graduating, married, etc, helped them through college and they graduated with no debt. So, I’m thinking along with opportunity cost of lost investments on all the money spent over the past fifty plus years I’m owed at least a million dollars. Think I’ll recoup a single penny? Thinking not, lol 😂!
Btw, just wondering; if I understand Biden’s EO correctly, it will pay up to $20K on Pell Grants. Pell Grants are not loans, they are gifts. There’s no requirement to pay back Pell Grants. So, who gets this money?
Their major complaint seems to be interest and “predatory lending”.
Fed to the rescue for a problem they made?
Robbing selected Peter to pay for collective Paul.
(h/t Rudyard Kipling)
I have a family member heavily in debt and he uses his "tax refund" each year to take his family on a vacation. He tells me it's the one time each year that he can splurge and he looks forward to that check like some people look forward to Christmas. He even adjusts his W-4 withholdings to maximize his annual refund.
This is how many people think.
I’ve said the same thing for years.
Reparations would only result in a temporary spike in the prices of drugs, OE 800, Newports, and 22” rims. Oh, and the production of 3 or 4 million Rap Demo CDs...
Both my kids hold degrees from A & M. Both, approximately 20 years later, are regularly paying down their loans 20 years (approximately) after they graduated. Both, though conservative generally, would like to see Biden forgive their loans. We “respectfully” disagree. It’s hypocrisy of the highest order.
Both my kids hold degrees from A & M. Both, approximately 20 years later, are regularly paying down their loans 20 years (approximately) after they graduated. Both, though conservative generally, would like to see Biden forgive their loans. We “respectfully” disagree. It’s hypocrisy of the highest order.
There should be NO Government Loan Guarantees, period.....the Government has no money; it’s the TAXPAYERS that are the source of the Revenue, in all cases. BANKS are the beneficiaries of ALL Government-backed Taxpayer commitments, and their control is limitless. Let the banks be out the money for foolish lending to non-payers (whether it’s mortgages, business loans, or student loans, or the Green Energy/Global Warming Scam).
They will get nice tans in Cancun...
It’s not just sheeple. It’s MAGA folks too. Had coffee with a friend last night. Looks as if he’s on the precipice of bankruptcy #3. Bleeds MAGA.
Biden is taking a wrecking ball to societal values and our economy.
Why do the democrats continue to reward bad behavior? It’s like putting Miracle-grow on weeds.
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