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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I work so hard to put my kids thru college.  They went to state colleges because that is what we could afford.  Why are we now responsible for the debt of people who spent more than they should have.  [/quote]

The “debt” is really just an obligation to the federal government.

The US government can theoretically forgive liabilities owed at any time and it does not affect taxes, spending, etc. This is the definition of funny money. The federal government created money out of thin air, gave it to the university, and the student promised to pay it back. If it’s canceled, it’s as if it never excisred from a budgetary standpoint.

It’s just another form of fiscal stimulus.[/quote]

Well put.[/quote]

Great, so the thousands of dollars of REAL money that I have so far paid for my kids’ college will be reimbursed to me, right?  Because there’s nothing “funny” at all about the sacrifices our family (and so many others) have already made in order to pay off our student loans and those of our children.  I expect to be fully reimbursed if this goes through.[/quote]

1. was the money you put aside taxed? did you get state deductions for these amounts?
2. if not a 529, did you use a savings account (most American dont even have 1 much less with enough to pay for college) because then you made money off of money
3. What sacrifices- no meals? no car- bus only? or do you mean no European or Caribbean vacations?

Student loans have daily compounding interest. Cant even compare what you paid to what someone owes. [/quote]

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