Sen. Chuck Schumer and Sen. Liz Warren just proposed forgiving $50,000 in student debt

[Anonymous]

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Anonymous wrote:I am a Dem and am a adamantly opposed to student loan forgiveness. Pay your debts.

OK, “Dem.”

Oh, can’t have your fellow Democrats thinking for themselves, can we?

You can thing whatever you want.
I understand being pissed if you’ve already paid them
Off. True question: are you also pissed about The unemployment bonuses?

I am also a democrat and I don't agree with student loan forgiveness. I am actively anti-student loan forgiveness. I also don't agree with the unemployment bonuses. I don't see why people should get more money on unemployment then they made working. Unemployment should have been increased to match their average weekly salary, up to the $600 week.

I don’t agree with social security/ Medicare for rich people like you - where can I sign up to deprive you of such socialism?

You do know that people pay for Medicare that covers little and have to pay for at least three other policies to get reasonable medical coverage.

If taxpayers give away $1 to anyone, it's socialism, or so I am told.

[Anonymous]

For all y’all who say it’s not fair for those who worked hard to pay off their debt:

You DO realize that you will benefit from this too, right? More money going back into the economy. More millennials will buy homes, raise families, start businesses and grow the tax base on which YOU can retire.

Would you rather retire in a good economy in which everyone’s standard of living is better, or “teach them a lesson about fiscal responsibility” at the expense of more austerity for everybody?

The caveat here is that of course we can’t just keep on forgiving everything for everyone. We need massive, transformational tuition reform.

[Anonymous]

Anonymous wrote:I have no problems with increasing tax credits for loan payments. I have no problem with interest free loans. I have no problem with increasing funding for programs involving volunteer work serving your country in exchange for debt relief. Flatout giving away free money doesn't teach anyone anything of value. Not only does that include student borrowers, but universities learn no lessons for controlling costs because the govt will just step in and take on borrower debts. No one held a gun to anyone's head and made them take out a loan. Payback what you owe. I paid back huge amounts of money I owed because I signed a contract. So can everyone else. What's next, paying off peoples' FHA mortgages for free?

I agree with in general, but I think we need to think about how to help those who need help. The student loan problem is an issue because you can no longer discharge your student loan debts in bankruptcy. When K was in school, people were declaring backruptcy as soon as they graduated, wiping out all their debts. I did not do this, I paid my loans but allowing others not to was unfair to me. So they ended that option, but created a new kind of unfairnes. So I say we meet in the middle. Lets say you have to pay your loans in for the first 5 10 years out of school. If your income is below the national average for college students 10 years out, you get full or partial forgiveness depending on how low it is. If you are working in the public sector, you also can get partial forgiveness.

[Anonymous]

Anonymous wrote:For all y’all who say it’s not fair for those who worked hard to pay off their debt:

You DO realize that you will benefit from this too, right? More money going back into the economy. More millennials will buy homes, raise families, start businesses and grow the tax base on which YOU can retire.

Would you rather retire in a good economy in which everyone’s standard of living is better, or “teach them a lesson about fiscal responsibility” at the expense of more austerity for everybody?

The caveat here is that of course we can’t just keep on forgiving everything for everyone. We need massive, transformational tuition reform.

Problem is that those benefits are indirect and unmeasurable, but I know exactly how much I lost in paying off loans. It may not be rational to worry about that, but people do it anyway.

[Anonymous]

Anonymous wrote:For all y’all who say it’s not fair for those who worked hard to pay off their debt:

You DO realize that you will benefit from this too, right? More money going back into the economy. More millennials will buy homes, raise families, start businesses and grow the tax base on which YOU can retire.

Would you rather retire in a good economy in which everyone’s standard of living is better, or “teach them a lesson about fiscal responsibility” at the expense of more austerity for everybody?

The caveat here is that of course we can’t just keep on forgiving everything for everyone. We need massive, transformational tuition reform.

Why not just provide direct stimulus to everybody under 40 who made less than $100k last year? A "youth payment". That would stimulate the economy too. There are a lot of ways to dump money out of a helicopter.

[Anonymous]

Do the rich elite have student loans? No.

Do the rich elite make money off student loan interest? Yes.

Will rich elite lobby President Trump or Biden to give poor people immediate forgiveness? Never.

Recall Biden’s “bold” forgiveness idea is you pay for 20 (!) years and if you’re still poor, the rest is forgiven. Womp, womp.

[Anonymous]

If senate dems were genuinely serious about this (and I contend they're not, they're all rich out of touch multi-millionaires themselves, with the same Wall Street donors and lobbyists in their ears), they would marry this $50K forgiveness to support for Trump's scotus nom. Because Trump may win in November, and if he does, he will have zero interest or motivation in any student forgiveness. So the only leverage they'll have for the next five years is right now. And Trump's scotus nom *is* going to get through, so what is the point of posturing for cameras for the next 6 weeks? All for nothing; pointless theatre while Main Street sinks deeper.

[Anonymous]

NEW … WILL THIS GET TRUMP’S INTEREST? … SCHUMER and Sen. ELIZABETH WARREN (D-Mass.) will announce this morning that they are introducing a resolution that would allow TRUMP to cancel up to $50,000 in federal student debt for all borrowers.
https://www.politico.com/newsletters/playbook/2020/09/17/the-pelosi-bailout-plan-490355

Schumer and Warren’s bill pdf -- over 9 million out of 43 million are currently in default
https://www.politico.com/f/?id=00000174-9b5b-d59c-a174-df5f0b960000

[Anonymous]

[Anonymous]

Anonymous wrote:Is this going to retroactively also include the good folks who paid off their loans on their own?

+1. I have always said that after the polio vaccine was discovered, all the people who suffered from polio before should have been compensated.

[Anonymous]

Anonymous wrote:Is this a negotiating tactic or just a DOA headline grab? I think the average student debt is only $30,000.

It's Chuck feeling the pressure from AOC, who's going to primary him in 2022. If it's just a hot air "headline grab" it further fuels AOC, who will label him a do-nothing establishment dinosaur.

https://en.wikipedia.org/wiki/2022_United_States_Senate_election_in_New_York

[Anonymous]

Anonymous wrote:Interest free loans. Done

Too easy. But I agree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is this going to retroactively also include the good folks who paid off their loans on their own?

+1. I have always said that after the polio vaccine was discovered, all the people who suffered from polio before should have been compensated.

That’s a valid point if they had a choice, which they didn’t. You’re rewarding those who made bad choices and penalizing the responsible people, why is that hard to get?

[Anonymous]

Anonymous wrote:If senate dems were genuinely serious about this (and I contend they're not, they're all rich out of touch multi-millionaires themselves, with the same Wall Street donors and lobbyists in their ears), they would marry this $50K forgiveness to support for Trump's scotus nom. Because Trump may win in November, and if he does, he will have zero interest or motivation in any student forgiveness. So the only leverage they'll have for the next five years is right now. And Trump's scotus nom *is* going to get through, so what is the point of posturing for cameras for the next 6 weeks? All for nothing; pointless theatre while Main Street sinks deeper.

You do realize that much of their staff consists of underpaid college graduates, right?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is this going to retroactively also include the good folks who paid off their loans on their own?

+1. I have always said that after the polio vaccine was discovered, all the people who suffered from polio before should have been compensated.

That’s a valid point if they had a choice, which they didn’t. You’re rewarding those who made bad choices and penalizing the responsible people, why is that hard to get?

Because you’re completely illogical? If someone gets a graduate degree and the economy collapses because of the Great Recession or COVID or they get cancer or they get hit by a bus - what bad choice did they make exactly? Things happen beyond one’s control on occasion, unless you think you’re God...