Thank God the actual fucking backbone of this country (the educated) are finally getting a (tiny by comparison) hand out instead of just corrupt, slimy ass corporations (for once).
this post was submitted on 14 Jul 2023
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To be perfectly fair like most lower middle class kids are pushed into college by their parents. Rich kids don't have much debt.
Just got the email about the cancelation to the student loan forgiveness today. Sad days.
still not sure why the executive branch thinks it can make fiscal policy decisions, that's the responsibility of the legislative branch
If the legislative has delegated the execution of certain fiscal policy to the executive, and given the executive certain bounds within which it can operate on that fiscal policy, then the executive is within its prerogative to do so.
The legislative branch has been abdicating power to the executive for some time due to its own consistent deadlock. I don't think that's a good thing, but it does mean the executive often ends up with some limited purse string control.
if it has... has it? news to me
Yes, that's in the text is the heroes act that the supreme court failed to read properly and wrote their dumb ass majority decision about.
I'd recommend reading about the majority decision and the dissent from Kagen.
he could just wipe it out, but yaknow, he’d rather do what his big donors want. instead he throws a bone just to try to win votes.
The supreme court blocked Biden's attempt at loan forgiveness two weeks ago
Well, they blocked his weak sauce attempt to forgive some of the debt, with a heavy dose of means testing to not forgive too much.
Biden has full authority through the 1965 Higher Education Act to wipe out all the student loan debt entirely. He could do that today. Of course he chooses not to / pretends he isn’t aware of this. What do you expect from Biden, who single-handedly brokered the deal in the 90s to make it impossible to declare bankruptcy due to student loan debt?
Correct. Republicans just do whatever the fuck they want, law be damned.
The democrats always pussy-foot and are like “we tried the bare minimum and it didn’t work, sorry! 🏳️🌈”
I want just one democrat who tries some of the fuckshit that republicans do all the time.
I assume you've been living under a rock?... Biden tried to unilaterally wipe out a ton of student loans and it was blocked by a court ruling.
Dude these kinds of people will never be satisfied by literally anything short of Biden personally appointing himself king and doing their personal bidding.
He really could. Move all funding for record up keep to other departments. After a period of time the data would be so broken that lawyers could make the argument that the debt can no longer be serviced since no one knows what is owned.
Biden is definitely an institutionalist so he would never go about it that way.
I privatized my predatory government loan and am getting no handouts because I made the fiscally responsible decision. Only irresponsible people get relief. How fair is that?
My grandfather died from polio before the vaccine was created, how fair is that?
Not a fair comparison at all. Polio can’t resurrect the dead and fix its past mistakes. The government can. I paid the predatory rate for years before getting smart about it. It kept me from generating wealth and drove me deeper into debt due to the lack of free cash flow. The government made its money back on my loan and was just profiting off of me for years to come. Not a fair system. When they said the loans would turn on again the first time, I pulled the trigger on a lower interest private loan. The damage was already done though. They owe me a check if everyone else gets money wiped away.
Well maybe you weren't as smart as you think you were. Seems like the smart play would have been a defer all those payments until right now. That's what the smart people are doing.
You made your own mistakes deal with them
That isn’t really a winning move either honestly. At least I dropped my interest rate 5%. The problem is that any scenario trying to provide relief is heavy-handed and doesn’t consider all circumstances. Just because I am in a better place now doesn’t negate the damage that was done by not being able to pay much of my principal for many years due to the predatory 8% interest rate. They do need to make it up to people who realized that turning the loans back on and only helping some people was going to screw over the rest. I found some relief, but it was after being swindled by my government for almost 10 years and still having just about the full amount of my loan left to pay off. They sell you on the idea that higher education will land you a job that can pay the loans off in no time, but that really wasn’t the case. I’ve finally gotten to a good salary, but had to endure unnecessary financial constraints. Definitely not having kids. Can’t afford that for sure. If we are going to provide welfare, better not pick and choose poorly. I’d argue that providing me with more free cash flow is better than someone with a low income job. We shouldn’t subsidize lack of motivation or irresponsible procreation by people that can’t afford it. The idea that someone without a job can have kids and get welfare for it and I can’t get that same benefit due to my salary so can’t have kids is sickening. I’d be more interested in UBI for all than fucking over people by playing favorites with taxpayer money. I am not a charity.
I was about to respond to the points you were making in your prior paragraph, but you saved me a lot of time.
I’d argue that providing me with more free cash flow is better than someone with a low income job.
There it is. How surprising in your careful analysis its your specific circumstances that should benefit over those that have less than you, possibly living in poverty or those that have more than you.
We shouldn’t subsidize lack of motivation or irresponsible procreation by people that can’t afford it.
Ohhh, you need to be careful with this line of thinking. You're defining that higher income is the one metric for determining whether someone is worthy to receive benefits. By your own measure, as you listed here:
I’ve finally gotten to a good salary, but had to endure unnecessary financial constraints.
....and....
Definitely not having kids. Can’t afford that for sure.
... you took on irresponsible debt that made you poor, and you can't afford kids. By your measure you'd be irresponsible in procreating. By your own measures we should be giving money to people that are less irresponsible more motivated to receive benefits. Your logic argues that benefits would be wasted on you because of your past choices and income. Now, I don't buy into any of that.
I believe in quite a few areas of spending that benefits both everyone, and specific groups in certain circumstances which we are able to target with laws or regulation to affect positive change. That includes benefits you likely qualify for, but not to the exclusion of everyone else just because you don't benefit.
The government loan was predatory. Was too young to understand the implications of the decision and had no baseline data to judge other than some examples that they provided as to what the salary expectations of someone coming out of the school would be and how long it would take to pay off the loan based upon that. Lo and behold, the government examples were totally unreasonable. The whole thing was a scam by the government in cahoots with higher institutions. Universities are extremely expensive because they know the government will fund the loans. I would have rather the government said no to me than offering a loan that was the equivalent of taking on 100k in credit card debt. People that say that the government protects you by taking their loans are full of it. The government makes sure their loans supersede bankruptcy. You are right that everyone’s circumstances are different. I do feel that certain people are less deserving in the same way you feel that I am. The only thing that would be fair is to treat everyone equally. Fiscal liberals want equity over equality and that’s kind of annoying because it creates classes of people. If we go that route, expect there to be criticism that some classes are not as worthy. I don’t agree with that, but if you are not going to treat everyone equally, then let’s have fun deciding who is worthy enough of my tax money. In my opinion people who pop out babies with no remorse shouldn’t get handouts.
The government can resurrect the dead?
In a manner-of-speaking. The government can correct its past mistakes and make people whole again.
People who got taken advantage of with no resources to help themselves are getting help, that's a good thing. I'm not getting anything out of it, but someone else is, and my upper lip is stiff. Maybe you should consider that.
Yeah but if it doesn't help me then it's bullshit and is a waste of time. Why is the main focus of government and society not to make my singular life better? It's bullshit.
/s obviously lol
Ah, yes, everyone remember the golden rule: "Got mine, so fuck literally every other human being in a worse situation."
"Waah waah, nobody was nice to meeeee, so fuck everyone ELSE, because I'M an adult!"
predatory government loan
privatized ... fiscally responsible
Man, I know things are über fucked in the US, but WTF is this nonsense?
It’s the truth. I went from a nearly 8% interest government loan that was presented to me as a normal thing to do and something that I would be able to afford with a good job to a 3% private loan. I should have done it years earlier, but didn’t really know any better until the government took much more money than the loan was worth. The system is fucked.
People agree to take out loans in order to boost their education level and income later. However, these aren't like a normal loan, where there is a physical asset securing the loan, so to make them work they cannot be discharged via bankruptcy. Some people find this idea predatory. However, it's a core part of what makes them work at all. Otherwise, one could load up on the student loans, get their degree, declare bankruptcy, then go out into the job market with the boosted income and not pay back what they borrowed.
During periods of very low interest, it can also be fiscally responsible to replace the loans with fixed-rate lower interest ones. During covid, this was pretty popular since interest rates were rock bottom.
Trust me bro, it's not like we're all over here getting handouts and eating ice cream. 99% of us haven't gotten shit.
The government bails out companies and banks all the time for their poor fiscal choices and no one even blinks. But if they bail out something not a corporation and roughly middle class looking, then it causes an uproar.
Did you read the article? This was only for income driven plans on a path to forgiveness. If you had that and refinanced anyway, that’s on you.
I think privatizing your loans was the irresponsible decision lol. Why in the world would you give up gov loan protections even if the average interest rate is a bit lower
You made a stupid decision and you're paying for it. What do you want, some free socialism? Would you be here bitching if your gambit paid off? If you've got a hard on for the private sector you could have stolen some free tax dollars with a PPP loan like the other Republicans.
Being a good little cog in a bad system isn't something you should be congratulating yourself about.
Debt systems are extractive and produce little net benefit to society, propping them up to expand the suffering because you didnt get sick or hit by a car or whatever is some peanut brained anti-human shit.
I took a very different track with mine. I recognized that federal loans had more options for hard times than private loans and made the fiscally responsible decision to not refinance mine with a private company. So only people who were responsible enough to consider that the government is more likely to protect you than a for-profit money grabbing predatory private loan servicer are getting relief.
Ask all the people who privatized their ppp “loans.”
Life isn’t always fair, but relief for other people is still good. I’ve never taken a loan. None of kids did. We all paid out of pocket. I still support this.
That's not what the plan was though. Last time I checked it would even help those who paid everything off. I'm wondering which news sources you follow to not have noticed that bit.
Also, having policies that make millions of people suffer, what effect might it have on living conditions of everyone? If a few make a bad decision it is on them, if millions made a bad decision it'll be a problem for society. It could be ignored, but it'll still effect society.
If we halt progress whenever it comes too late to help everyone, we'll never have progress.
People with no risk tolerance crying when risk pays off, the finest of wines to my risk tolerant palate 🤌
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