Why does Biden keep pushing free handouts for college?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just stop it with student loans. Pay what you owe and agrees to payback like an adult. Yet again Biden is trying to give free handouts. And what does it do to solve the actual problem? Absolutely nothing. He gives a handout now and what happens 5 years from now when a new crop of students have debt? Yet another free handout will be expected because nothing has been done to address actual costsl. What a pathetic attempt at trying to buy votes with taxpayer money.

You mean like the PPP loans taken by most of the GOP? Or how about those bailout loans to the banks during the GFC? It's only handouts when it's the poor and middle class. Maybe just give them the option of filing bankruptcy so at least they can discharge these debts rather than be stuck with them for life. And let's be honest, you boomers are the biggest takers with your hands out your whole life.

What problem does Biden's loan forgiveness solve?

Pretty much none, because 5 years from now the same problem happens again. The PPP loans prevented the Great Depression 2.0. The bank bailouts WERE LOANS and actually were paid back with interest. Taxpayers made profit, lol.

The PPP loans were rife with fraud, much of which was perpetuated by the GOP and its backers. What problems did the Trump tax cuts solve? None, except to reward his supporters, and it was paid for by blue cities and states. Cynically, this is no different than those tax cuts so you don't really have a place to criticize. You just don't like the fact that the other party is doing it and it doesn't benefit you. Typical boomer.

The PPP occurred during a catalysmic event, dum dum. Sure, there was fraud, but it also helped many businesses survive and the Great Depression 2 from happening. There was no time to make sure everything was perfect during PPP when the country was staring down the barrel of a massive recession that could have caused 40% unemployment.

You didn't answer the second part of the response because you don't have one. You just don't like the fact that it doesn't benefit you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because back in the day, for all the boomers who tried, education was really cheap and there was little reason to take out a loan because you could usually work your way through college if you were motivated. Now, that's all but impossible.

Yeah, that's because of the stupid govt and Democrats' wonderful idea that everyone should go to college backed by the govt guarantee of unlimited credit with zero risk becise uncle Sam would always pay.

What happens when there is infinite credit handle out and risk is removed because the govt backs everything? You make a massive bubble. Colleges know they can keep raising tuition to pay for more highly paid admins and country club facilities because students will always be able to keep getting loans, courtesy of the govt.

Except Federally subsidized loans are capped, moron. And this plan addresses students who have experienced hardship and have been paying student loans for undergrad since 2005 and graduate school since 2000. I think it's more than reasonable to assist folks that have had student loans outstanding for close to 20 years and no ability to discharge them in bankruptcy.

DP here. I don't mind this, but only if it's hand in hand with strict regulations on loans going forward, and policies attempting to lower the cost of college for all Americans.

[Anonymous]

Anonymous wrote:Just stop it with student loans. Pay what you owe and agrees to payback like an adult. Yet again Biden is trying to give free handouts. And what does it do to solve the actual problem? Absolutely nothing. He gives a handout now and what happens 5 years from now when a new crop of students have debt? Yet another free handout will be expected because nothing has been done to address actual costsl. What a pathetic attempt at trying to buy votes with taxpayer money.

It is indeed a vote buy tactic but you'd be wrong to throw Biden under the bus as if vote buy tactics are something new in politics. It's what they do and with 50 years of political experience under his belt, Biden knows how and when to do it. You'll recall the renewed focus on student debt cancellation a few months prior to the 2022 midterms. Trump's tax break to wealthy corporate donors was in the same vein as a payback to his 2016 campaign donors. If such tactics weren't a part of our political landscape, we'd prioritize spending our social dollars on universal pre-K and other programs to help disadvantaged kids at early developmental ages. Investing in our young children that need help the most doesn't fit into our current political world because they have no vote to buy. This is an undeniable truth that hurts.

[Anonymous]

Anonymous wrote:This is the equivalent of tax cuts for the wealthy. Why not let the Democrats be Santa Claus too?

Democrats promise former students that he will help them with their college loans. Fatty Orange expressly promise billionaires (in Margo Largo) that he will not increase their taxes. This voter will side with the students.

[Anonymous]

Anonymous wrote:These debt forgiveness just drives up the cost of college, they need to stop subsidizing college to force the costs to go down they are way too high

The cost of colleges have been rising steeply long before debt forgiveness was a thing. One has nothing to do with the other.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just stop it with student loans. Pay what you owe and agrees to payback like an adult. Yet again Biden is trying to give free handouts. And what does it do to solve the actual problem? Absolutely nothing. He gives a handout now and what happens 5 years from now when a new crop of students have debt? Yet another free handout will be expected because nothing has been done to address actual costsl. What a pathetic attempt at trying to buy votes with taxpayer money.

You mean like the PPP loans taken by most of the GOP? Or how about those bailout loans to the banks during the GFC? It's only handouts when it's the poor and middle class. Maybe just give them the option of filing bankruptcy so at least they can discharge these debts rather than be stuck with them for life. And let's be honest, you boomers are the biggest takers with your hands out your whole life.

What problem does Biden's loan forgiveness solve?

Pretty much none, because 5 years from now the same problem happens again. The PPP loans prevented the Great Depression 2.0. The bank bailouts WERE LOANS and actually were paid back with interest. Taxpayers made profit, lol.

The PPP loans were rife with fraud, much of which was perpetuated by the GOP and its backers. What problems did the Trump tax cuts solve? None, except to reward his supporters, and it was paid for by blue cities and states. Cynically, this is no different than those tax cuts so you don't really have a place to criticize. You just don't like the fact that the other party is doing it and it doesn't benefit you. Typical boomer.

The PPP occurred during a catalysmic event, dum dum. Sure, there was fraud, but it also helped many businesses survive and the Great Depression 2 from happening. There was no time to make sure everything was perfect during PPP when the country was staring down the barrel of a massive recession that could have caused 40% unemployment.

I thought people like you were opposed to socialism?

[Anonymous]

Funny how republicans weren't crying and complaining when Trump was shoveling tens of billions of federal money out the door to farmers: https://www.politico.com/news/2020/07/14/donald-trump-coronavirus-farmer-bailouts-359932

[Anonymous]

Anonymous wrote:Funny how republicans weren't crying and complaining when Trump was shoveling tens of billions of federal money out the door to farmers: https://www.politico.com/news/2020/07/14/donald-trump-coronavirus-farmer-bailouts-359932

Or the fact that residents of most Red States are more reliant on social security than residents of other states.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just stop it with student loans. Pay what you owe and agrees to payback like an adult. Yet again Biden is trying to give free handouts. And what does it do to solve the actual problem? Absolutely nothing. He gives a handout now and what happens 5 years from now when a new crop of students have debt? Yet another free handout will be expected because nothing has been done to address actual costsl. What a pathetic attempt at trying to buy votes with taxpayer money.

If you actually read what he is doing, you wouldn't call it free handouts for college

These are people who have more than paid back their loans, but because of the way they are structure, they end up with a liability that is many x the value.

So for example, if they took out a $20,000 loan, they might be paying the note for 10 years and have paid $30,000 back, but still owe. So no, they are not getting a free handout.

Maybe read up a little before expressing faux outrage.

That's how interest works.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just stop it with student loans. Pay what you owe and agrees to payback like an adult. Yet again Biden is trying to give free handouts. And what does it do to solve the actual problem? Absolutely nothing. He gives a handout now and what happens 5 years from now when a new crop of students have debt? Yet another free handout will be expected because nothing has been done to address actual costsl. What a pathetic attempt at trying to buy votes with taxpayer money.

You mean like the PPP loans taken by most of the GOP? Or how about those bailout loans to the banks during the GFC? It's only handouts when it's the poor and middle class. Maybe just give them the option of filing bankruptcy so at least they can discharge these debts rather than be stuck with them for life. And let's be honest, you boomers are the biggest takers with your hands out your whole life.

What problem does Biden's loan forgiveness solve?

Pretty much none, because 5 years from now the same problem happens again. The PPP loans prevented the Great Depression 2.0. The bank bailouts WERE LOANS and actually were paid back with interest. Taxpayers made profit, lol.

The PPP loans were rife with fraud, much of which was perpetuated by the GOP and its backers. What problems did the Trump tax cuts solve? None, except to reward his supporters, and it was paid for by blue cities and states. Cynically, this is no different than those tax cuts so you don't really have a place to criticize. You just don't like the fact that the other party is doing it and it doesn't benefit you. Typical boomer.

The PPP occurred during a catalysmic event, dum dum. Sure, there was fraud, but it also helped many businesses survive and the Great Depression 2 from happening. There was no time to make sure everything was perfect during PPP when the country was staring down the barrel of a massive recession that could have caused 40% unemployment.

I thought people like you were opposed to socialism?

No, no, no. You got it all wrong. It's only socialism when someone else benefits from a government policy - tax cuts, debt forgiveness, direct corporate or personal financial support through TARP or PPP loans or farm loans. When it's Social Security, Medicare, Medicaid, almost all of the non-salary benefits of working for the military, insurance or any government funded policy under a Republican administration, it's definitely not socialism. That's earned benefits right there.

[Anonymous]

OP, You really have an issue with people who have been paying their loans in good faith for 20 or 25 years having their probably relatively small balances forgiven? You must have a tiny stone heart and want people to stay in debt until they die. Sheesh.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just stop it with student loans. Pay what you owe and agrees to payback like an adult. Yet again Biden is trying to give free handouts. And what does it do to solve the actual problem? Absolutely nothing. He gives a handout now and what happens 5 years from now when a new crop of students have debt? Yet another free handout will be expected because nothing has been done to address actual costsl. What a pathetic attempt at trying to buy votes with taxpayer money.

If you actually read what he is doing, you wouldn't call it free handouts for college

These are people who have more than paid back their loans, but because of the way they are structure, they end up with a liability that is many x the value.

So for example, if they took out a $20,000 loan, they might be paying the note for 10 years and have paid $30,000 back, but still owe. So no, they are not getting a free handout.

Maybe read up a little before expressing faux outrage.

That's how interest works.

Most of these people took jobs in things like social work, education, healthcare (not doctors) that are generally of high societal value but low pay. Maybe instead of the current system, the government should provide 1% loans to people who want degrees in those areas that are low paying but high need.

[Anonymous]

I was against it until I saw the John Oliver piece on the student loan industry and the forgiveness issue. It will change your mind once you hear the stories and hear how these companies are horrific.

[Anonymous]

Anonymous wrote:I was against it until I saw the John Oliver piece on the student loan industry and the forgiveness issue. It will change your mind once you hear the stories and hear how these companies are horrific.

DP...here is said piece

Worth the watch.

[Anonymous]

Anonymous wrote:I was against it until I saw the John Oliver piece on the student loan industry and the forgiveness issue. It will change your mind once you hear the stories and hear how these companies are horrific.

And they're not allowed to discharged the loans in bankruptcy, unlike just about any other debt. I'd be all for allowing these folks to start over if they could amend the bankruptcy code as well. Right now, this is about the only way to allow these folks to get out of these debts.