Why is Biden extending the student loan repayment pause?

[Anonymous]

Reward deadbeat losers by all means and you’ll see the results at the ballot box in November. Back to back buffoon presidents…..well done America!!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The US is not a meritocracy. If it were, a STEM major from a random university would get the same or better job opportunities than someone with a social science degree from an Ivy that they were admitted to as a legacy.

Engineers coming out of college make more than social science majors.

Yes, on average they do. But it depends... like implied originally a social science major from an Ivy can easily make their way into many very high paying jobs almost immediately if they want to. But that isn't because the system isn't a meritocracy. It's because many of those ivy social science majors are actually very intelligent and talented.

Engineering degrees are not that valuable, and STEM education overall is hugely oversold. I have an engineering degree. It was never that useful.

You will never convince me that a sociology or women’s and gender studies degree is harder than a STEM degree from basically anywhere. SO MANY talented kids go unnoticed because of the recruiting practices you’re supposedly fine with.

Lots of recruited athletes in sports no one cares about, donor kids and legacies gliding into elite consulting firms. Meanwhile the first Gen kid who paid their own way to get a physics degree with a high GPA from “podunk state” is forgotten.

Does it matter if it's harder? Just because something is harder doesn't mean the person engaging in that something is any good. Engineering is sold as some great thing but reality is it is a pathway to a lifetime of middle class irrelevance. We have more than enough STEM graduates in this country, by all reasonable accounts. The politicians push STEM because it sounds good and is better than pushing people into the careers that made them wealthy, like law.

Haha. I am a PhD engineer and totally agree that STEM is oversold and leads to middle class, middle manager duldrums. However, I know a bunch of engineers who are brilliant and are fine with that. I also know a bunch of kids coming out of school expecting to make 100k plus and lead huge projects with no experience. At the end of the day, engineering is like any other field, you have to differentiate yourself to do well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Pay what you owe. Unemployment is near where it was pre-pandemic. There are literally no more excuses for these freebies. Do you know why there's inflation? Because there is too much money everywhere. Making people pay what they owe is one way to reduce too much consumption that's driving so much inflation. That may be an unpopular view, but it's true. US household wealth and savings has exploded during the pandemic due to multiple stimuli and huge amounts of money printing. Time to take money out of the system and make people pay their bills.

The household wealth that has exploded is the boomer household wealth. Boomers don't owe student loans because the Great Generation adequately funded public universities. Of course the boomers then cut funding for those very public universities and gave themselves a tax cut.

It isn’t just “boomers” - I hate that term - that will rebel against cancellation of debt. It is gen X who have paid 20 of their 30 years of loans during more than one economic down turn without pause. It is those who have kids who are saving like crazy and wondering why. It is those who couldn’t/didn’t go to college. It is those who chose to go to a cheaper college or worked their way through school. This is a death sentence for any president that pushes this through. I can only imagine the commercials of young women in bikinis on the lawn of some fancy school with the line “this is the debt you are paying for” while they show the blue collar worker schlepping away. Biden would be an idiot to pass this and think he has any chance at re-election.

[Anonymous]

maremart wrote:If they can bail out banks and airlines, offer huge corporate tax breaks, and cut taxes for the wealthy, what's wrong with doing the same for working professionals? I don't have a problem with it.

Push me here, but aren’t corporate bailouts about savings 100ks of jobs and major pieces of the American economy? I’ve never perceived bailing out American Airlines or General Motors as wanting to save corporate fat cats. Way more about trying to avoid economic catastrophe.

Thoughts?

[Anonymous]

Anonymous wrote:Reward deadbeat losers by all means and you’ll see the results at the ballot box in November. Back to back buffoon presidents…..well done America!!!

Yes prosperty gospel bullshit for the win!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Pay what you owe. Unemployment is near where it was pre-pandemic. There are literally no more excuses for these freebies. Do you know why there's inflation? Because there is too much money everywhere. Making people pay what they owe is one way to reduce too much consumption that's driving so much inflation. That may be an unpopular view, but it's true. US household wealth and savings has exploded during the pandemic due to multiple stimuli and huge amounts of money printing. Time to take money out of the system and make people pay their bills.

The household wealth that has exploded is the boomer household wealth. Boomers don't owe student loans because the Great Generation adequately funded public universities. Of course the boomers then cut funding for those very public universities and gave themselves a tax cut.

It isn’t just “boomers” - I hate that term - that will rebel against cancellation of debt. It is gen X who have paid 20 of their 30 years of loans during more than one economic down turn without pause. It is those who have kids who are saving like crazy and wondering why. It is those who couldn’t/didn’t go to college. It is those who chose to go to a cheaper college or worked their way through school. This is a death sentence for any president that pushes this through. I can only imagine the commercials of young women in bikinis on the lawn of some fancy school with the line “this is the debt you are paying for” while they show the blue collar worker schlepping away. Biden would be an idiot to pass this and think he has any chance at re-election.

The bolded isn't possible anymore.

Also, this narrative that all college students are lazy freeloaders is really rich.

[Anonymous]

Anonymous wrote:

maremart wrote:If they can bail out banks and airlines, offer huge corporate tax breaks, and cut taxes for the wealthy, what's wrong with doing the same for working professionals? I don't have a problem with it.

Push me here, but aren’t corporate bailouts about savings 100ks of jobs and major pieces of the American economy? I’ve never perceived bailing out American Airlines or General Motors as wanting to save corporate fat cats. Way more about trying to avoid economic catastrophe.

Thoughts?

I was ok with bailing out the car manufacturers because I saw the need to ensure that their supply chain remained intact due to national security interests.

Geithner foaming the runway for 10M foreclosures ???
And then my banker lecturing me about the moral hazard of refinancing my loans ?

The Republican 2017 tax cuts ??? Who benefited from those ? If you did the analysis I’d say it was folks with net worths north of 25M.

Hedge funds with their carried interest bullsh$t ? Until they lose money and then just shut down the fund.

You don’t see a pattern ?

And Romney crying about forgiving a token amount of student loans ?

There’s a reason we have division in this country and because of these policies along with the globalization policies that have eviscerated our middle class.

But if we keep up with the disinformation campaigns maybe the plain folk won’t realize what happening.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

maremart wrote:If they can bail out banks and airlines, offer huge corporate tax breaks, and cut taxes for the wealthy, what's wrong with doing the same for working professionals? I don't have a problem with it.

Push me here, but aren’t corporate bailouts about savings 100ks of jobs and major pieces of the American economy? I’ve never perceived bailing out American Airlines or General Motors as wanting to save corporate fat cats. Way more about trying to avoid economic catastrophe.

Thoughts?

I was ok with bailing out the car manufacturers because I saw the need to ensure that their supply chain remained intact due to national security interests.

Geithner foaming the runway for 10M foreclosures ???
And then my banker lecturing me about the moral hazard of refinancing my loans ?

The Republican 2017 tax cuts ??? Who benefited from those ? If you did the analysis I’d say it was folks with net worths north of 25M.

Hedge funds with their carried interest bullsh$t ? Until they lose money and then just shut down the fund.

You don’t see a pattern ?

And Romney crying about forgiving a token amount of student loans ?

There’s a reason we have division in this country and because of these policies along with the globalization policies that have eviscerated our middle class.

But if we keep up with the disinformation campaigns maybe the plain folk won’t realize what happening.

Just an FYI re: the bolded, if you refinance federal loans into private via SOFI, for example, you lose access to Public Service Loan Forgiveness, Income Based Repayment, Pay As You Earn, and the current interest repayment pause.

[Anonymous]

There are pockets of really low-income areas in the US, far from any major city or good jobs. And you could say, why don't they just move? Well, the answer is that them selling their house that is worth $60k in 2022 and saving up their $60,000/year household income isn't going to get them very far trying to move to a jobs-rich area like NoVA, NYC, or even Chicago. Globalization, and a lack of economic adaptation Annihilated the rust belt. My hometown, which was once one of the most populous and prosperous municipalities in the United States, had an average household income of $56,000, as of the 2020 census. The per-capita income is roughly half that. The median income there is even lower. Regardless, they are not participating in the modern economy. Now you see why people use student loans to desperately escape such a place (I fortunately do not have any loans now).

So back to the topic of college pricing. The factory jobs are gone, and they are never coming back. College, whether a liberal arts one or trade one, or military are basically the only viable options for most people. And trade school isn't free!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:“Forgiveness” is a very misleading word with student debt. Nothing disappears. The debt, including interest, still has to be repaid. What changes is who pays. The person who made the commitment, signed the note and received the benefits is relieved of the responsibility. The debt is shifted to people who had nothing to do with the commitment and received none of the benefits. Does this sound fair to you?

Good luck in the midterms, Democrats. You will need it.

I have been saying this for months.

It is "Redistribution of debt." So tired of the euphemisms the Democrats use to "sell" crappy policies.

Actually they’re attempting to purchase votes with their crappy policies.

This, exactly. It’s a blatant attempt to vote grab. Hopefully Americans are smarter than this.
DP

[Anonymous]

If even $100 of my debt gets forgiven then they have my vote (and my gratitude).

[Anonymous]

Anonymous wrote:If even $100 of my debt gets forgiven then they have my vote (and my gratitude).

Isn't that kind of like saying whoever gives you a $100 will get your vote?

[Anonymous]

Anonymous wrote:There are pockets of really low-income areas in the US, far from any major city or good jobs. And you could say, why don't they just move? Well, the answer is that them selling their house that is worth $60k in 2022 and saving up their $60,000/year household income isn't going to get them very far trying to move to a jobs-rich area like NoVA, NYC, or even Chicago. Globalization, and a lack of economic adaptation Annihilated the rust belt. My hometown, which was once one of the most populous and prosperous municipalities in the United States, had an average household income of $56,000, as of the 2020 census. The per-capita income is roughly half that. The median income there is even lower. Regardless, they are not participating in the modern economy. Now you see why people use student loans to desperately escape such a place (I fortunately do not have any loans now).

So back to the topic of college pricing. The factory jobs are gone, and they are never coming back. College, whether a liberal arts one or trade one, or military are basically the only viable options for most people. And trade school isn't free!

Trade school is cheaper and usually faster than traditional college and usually provides a practical education in which a job is readily available.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are pockets of really low-income areas in the US, far from any major city or good jobs. And you could say, why don't they just move? Well, the answer is that them selling their house that is worth $60k in 2022 and saving up their $60,000/year household income isn't going to get them very far trying to move to a jobs-rich area like NoVA, NYC, or even Chicago. Globalization, and a lack of economic adaptation Annihilated the rust belt. My hometown, which was once one of the most populous and prosperous municipalities in the United States, had an average household income of $56,000, as of the 2020 census. The per-capita income is roughly half that. The median income there is even lower. Regardless, they are not participating in the modern economy. Now you see why people use student loans to desperately escape such a place (I fortunately do not have any loans now).

So back to the topic of college pricing. The factory jobs are gone, and they are never coming back. College, whether a liberal arts one or trade one, or military are basically the only viable options for most people. And trade school isn't free!

Trade school is cheaper and usually faster than traditional college and usually provides a practical education in which a job is readily available.

And is hard on the body and almost never results in quite high of an income as professional jobs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are pockets of really low-income areas in the US, far from any major city or good jobs. And you could say, why don't they just move? Well, the answer is that them selling their house that is worth $60k in 2022 and saving up their $60,000/year household income isn't going to get them very far trying to move to a jobs-rich area like NoVA, NYC, or even Chicago. Globalization, and a lack of economic adaptation Annihilated the rust belt. My hometown, which was once one of the most populous and prosperous municipalities in the United States, had an average household income of $56,000, as of the 2020 census. The per-capita income is roughly half that. The median income there is even lower. Regardless, they are not participating in the modern economy. Now you see why people use student loans to desperately escape such a place (I fortunately do not have any loans now).

So back to the topic of college pricing. The factory jobs are gone, and they are never coming back. College, whether a liberal arts one or trade one, or military are basically the only viable options for most people. And trade school isn't free!

Trade school is cheaper and usually faster than traditional college and usually provides a practical education in which a job is readily available.

And is hard on the body and almost never results in quite high of an income as professional jobs.

Hard on the body?
I know plumbers and mechanics who make a pretty damn good living. Better than some "professionals" I know.