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

[Anonymous]

Anonymous wrote:No free stuff.

At a bare minimum, service to your country should be required. It could be in the form of 1000 hours or more of volunteer work on the weekends and evenings.

How much community service are fat cat execs doing for their trillions in PPP and other bailout paper?

[Anonymous]

Another idea. I took a government position so they will pay off my student loan debt. It would be a wash if I got loan forgiveness.

[Anonymous]

I read the 6 page resolution -- https://www.politico.com/f/?id=00000174-9b5b-d59c-a174-df5f0b960000 -- can someone explain how exactly this $1 trillion write-off is "paid"? I was under the impression Obama used this same fed student loan portfolio to help fund Obamacare? And I also believe the interest on this portfolio is one of the government's largest money makers. Hypothetical: Trump signed this tomorrow, what's the fall out when all that revenue vanishes?

At 5%, that's $50bn a year in vig alone, plus principal.

[Anonymous]

College tuition costs too damn much

And our national debt isn’t that big, so why not?

[Anonymous]

I read the resolution and it says “all borrowers,” which means this is more-so a giveaway to professional class — lawyers, doctors, dentists, teachers, and MBAs — than it is to poor and low middle income borrowers with community college and undergraduate university debt.

The average undergraduate alum owes nowhere near $50,000 in fed loans, but nearly every JD, MD, dentist, etc. has $50,000+ in loans. Including those post-bachelor’s borrowers also at least doubles the price tag of this cancellation.

[Anonymous]

Not means tested, not a serious resolution.

[Anonymous]

Touche.

[Anonymous]

Taxes aren’t optional, loans are.

[Anonymous]

Anonymous wrote:Taxes aren’t optional, loans are.

I'm pretty sure taxes are optional for the wealthy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Taxes aren’t optional, loans are.

I'm pretty sure taxes are optional for the wealthy.

This. $750 a year for our greatest prez ever!

[Anonymous]

[Anonymous]

Anonymous wrote:NP. I would support a program that gives some student loan assistance or even forgiveness to SOME people. Like those who never should have started college at all, or those who elect to do valuable but lower paid jobs (teachers, etc), but not those who could and did make "feel good" choices. By that I mean people who went to expensive LACs, majored in something fluffy, and now "work" as activists or other similar fluffy/feel good jobs (or don't actually work, by choice). I ALSO mean people who have advanced degrees and GREAT jobs and lifestyles who have just chosen to take their time paying back their loans (for example, law firm partners with two homes, lovely vacations, fancy cars, terrific paid help).

I understand that would require a program that would be expensive to run because it requires analysis. I just think we cannot continue to give money away -- to anyone -- it doesn't teach people to make good decisions and be accountable for the consequences.

hmm ok but why should law firm partners/Oncologists etc pay 40 percent their income in state/fed/property tax while real estate tycoons who make billions of dollars pay $0- $750, even jeff bezos and Bill Gates only pay 21 percent of their income in taxes. what is the logic of that- successful entrepreneurs are already getting financially rewarded by the free market , why should they pay proportionally less in taxes then a physician or an engineer or a professor?

[Anonymous]

Anonymous wrote:

Anonymous wrote:NP. I would support a program that gives some student loan assistance or even forgiveness to SOME people. Like those who never should have started college at all, or those who elect to do valuable but lower paid jobs (teachers, etc), but not those who could and did make "feel good" choices. By that I mean people who went to expensive LACs, majored in something fluffy, and now "work" as activists or other similar fluffy/feel good jobs (or don't actually work, by choice). I ALSO mean people who have advanced degrees and GREAT jobs and lifestyles who have just chosen to take their time paying back their loans (for example, law firm partners with two homes, lovely vacations, fancy cars, terrific paid help).

I understand that would require a program that would be expensive to run because it requires analysis. I just think we cannot continue to give money away -- to anyone -- it doesn't teach people to make good decisions and be accountable for the consequences.

hmm ok but why should law firm partners/Oncologists etc pay 40 percent their income in state/fed/property tax while real estate tycoons who make billions of dollars pay $0- $750, even jeff bezos and Bill Gates only pay 21 percent of their income in taxes. what is the logic of that- successful entrepreneurs are already getting financially rewarded by the free market , why should they pay proportionally less in taxes then a physician or an engineer or a professor?

NP. We are giving money away to the Uber wealthy. We give it away by accepting predatory conditions and enabling their lack of contribution and public accountability. A pledge is nice but policy and political will is more powerful. To change anything you have to force the hand of the 1% to contribute. That means potentially backing away from their contributions and advances in other areas. Who is supporting policy that allows corporations to pay no contribution in taxes to our US deficit, while still taking bailout payments and shorting the system? It’s bull.

[Anonymous]

I'm reading most Americans really struggling did not finish college. 42% of all federal borrowers do not have a bachelor's degree? Overwhelming majority of the defaults are non-grads who owe $5,000 to 15,000, likely on the margins working poverty-tier jobs with no ability to pay it down.

Biden's forgiveness plan won't relieve these saps of their debts until after 20 years? That's just sad.

[Anonymous]

Did this come up tonight?