Biden's student loan forgiveness

[PC2]

Do you know how the economy works? Where do you think that $1.7t freed up goes?

Most of it will just go out of the hands of the top 10% who earned it so it can go to degree holders who made a mistake by misjudging their future earnings. All that does is tell people that if they make a mistake in life then they can make other people pay for it.

Biden said he's considering $10k per loan(~$300bil total) so if you're not happy with that then take it up with him.

You know what it may go to... babies... something the country is in need of.

Too many educated Millenials hate the idea of having kids. They'll just use the saved money to buy a new iPhone, organic food, and the latest eco-products. It'd be better to give parents huge tax breaks that save them money.

[Edge-]

Too many educated Millenials hate the idea of having kids. They'll just use the saved income to buy a new iPhone, organic food, and the latest eco-products. It'd be better to give parents huge tax breaks that save them money.

Have you ever wondered why they may not want to have kids?

[bladeXcrasher]

Have you ever wondered why they may not want to have kids?

You sure you want to ask them that question?

Being poor and having kids is the conservative way, 'Murica!

LOL

[Kathandira]

Too many educated Millenials hate the idea of having kids. They'll just use the saved money to buy a new iPhone, organic food, and the latest eco-products. It'd be better to give parents huge tax breaks that save them money.

Most of the millennials I know would use the extra money to pay off other debts, or save to buy a home, or invest in maintaining their car. Or even afford health care.

Not frivolous luxuries.

[cubby]

Biden is now looking into the legality of forgiving $50,000 student loan debt across the board.

[PC2]

Biden is now looking into the legality of forgiving $50,000 student loan debt across the board.

He has to say that because people like Schumer specifically put out that number. He already implied he could do $10k and that's not anymore illegal or legal than $50k so he already knows the legality is the same in either case and the number is subjective based on however much he personally wants to spend on a niche issue like student loans.

[GreenJesus]

Compared to you conservatives and your fetish for making people go into more debt, sure, it's night and day.

Maybe the solution is not to think about how to pay for college using tax dollars, but instead to think about why universities cost so much in the first place. If they want government support, they will need to either reduce tuition or reduce costs. No reason why tuition has increased so much and outpaced inflation at the rate it has. Colleges need to look at their budgets and figure out a way to make it more affordable. Cut overhead, reduce the scope, cut athletic budget or something, and just focus on education. Otherwise, colleges will keep raising their tuition as long as government just forgives the student debt anyway. There needs to be restrictions out on universities that take advantage of government student loans or debt forgiveness funded by tax payers and raise tuition.

[Kaleredar]

Too many educated Millenials hate the idea of having kids. They'll just use the saved money to buy a new iPhone, organic food, and the latest eco-products. It'd be better to give parents huge tax breaks that save them money.

So? It goes straight back into the economy. What do you care what they spend it on?

And easing people's economic anxieties will maybe incentivize them to have children, instead of sticking them in debt for no reason.

[Logwyn]

Biden is now looking into the legality of forgiving $50,000 student loan debt across the board.

I think Biden wants Congress to pass it simply due to the fact that giving people loan forgiveness of 50k counts as 50k+ income when tax times comes. That could push people into brackets that they have not had money taken out for and/or given them debt owed the IRS.

[Felya]

I think Biden wants Congress to pass it simply due to the fact that giving people loan forgiveness of 50k counts as 50k+ income when tax times comes. That could push people into brackets that they have not had money taken out for and/or given them debt owed the IRS.

How would that work? What benefit does it serve Biden? Just a general... wtf... to this post...

[PC2]

I think Biden wants Congress to pass it simply due to the fact that giving people loan forgiveness of 50k counts as 50k+ income when tax times comes. That could push people into brackets that they have not had money taken out for and/or given them debt owed the IRS.

It doesn't make any sense to count it as income.

This whole thing is about taxes and popularity and not legality... I read an article that said $50k is 18% less popular than $10k. Which you might you think an 18% decrease in popularity is not huge but it is when a lot of those people are the wealthier people who will have to pay for it and they have the most sway in society. If Democrats in Congress eat that decrease in popularity then that means Biden doesn't have to, so obviously he wants Congress to do it where as Democrats in Congress want Biden to do it.

[Felya]

Yes obviously it's about taxes and popularity and not legality... I read an article that said $50k is 18% less popular than $10k. Which you might you think an 18% decrease in popularity is not huge but it is when a lot of those people are the wealthier people who will have to pay for it and they have the most sway in society. If Democrats in Congress eat that decrease in popularity then that means Biden doesn't have to, so obviously he wants Congress to do it where as Democrats in Congress want Biden to do it.

Can either one of you explain how this increases tax returns and how that benefits Biden? It’s like ya’ll are looking for some hidden reason for Biden to do this, but those reasons don’t make any sense.

- - - Updated - - -

https://www.marketwatch.com/story/le...rt-11603844181

Landers forgave Trump 287 million in debt... alone... that’s 5740 student loans being forgiven, with him paying 750$ in taxes. Ya’ll are fighting over crumbs...

[PC2]

Can either one of you explain how this increases tax returns

It costs the government money which means higher taxes at some point.

and how that benefits Biden?

It's a trade-off between getting popularity with progressives and people with student loan debt and not pissing off too many other people by too much. $10k is safe, $50k isn't.

[Felya]

It costs the government money which means higher taxes at some point.

How does the need to increase taxes benefit Biden? Also, that’s not what this lunacy, that you agreed with, means:

50k counts as 50k+ income when tax times comes

It's a trade-off between getting popularity with progressives and people with student loan debt and not pissing off too many other people by too much. $10k is safe, $50k isn't.

If he is doing the unsafe thing... while also doing it to increase taxes... uhm... what?

[cubby]

I think Biden wants Congress to pass it simply due to the fact that giving people loan forgiveness of 50k counts as 50k+ income when tax times comes. That could push people into brackets that they have not had money taken out for and/or given them debt owed the IRS.

I think Biden wants Congress to pass it for a few reasons, not the least of which is the tax burden incurred by those who benefit from loan forgiveness. The fact that Biden is making it known he's looking into this at $50k is interesting. I'm cautiously hopeful.

- - - Updated - - -

Can either one of you explain how this increases tax returns and how that benefits Biden? It’s like ya’ll are looking for some hidden reason for Biden to do this, but those reasons don’t make any sense.

If you're asking how the loan forgiveness increases tax returns, it's because the IRS would consider the amount forgiven income, and it would have to be reported on people's tax returns, and their tax debt would go up.

https://www.marketwatch.com/story/le...rt-11603844181

Landers forgave Trump 287 million in debt... alone... that’s 5740 student loans being forgiven, with him paying 750$ in taxes. Ya’ll are fighting over crumbs...

Agreed - it's ridiculous what people will ignore and then conversely get outraged about. Loan forgiveness is a no-brainer. Would literally help everyone who needs help and fuck those that don't.

[PC2]

How does the need to increase taxes benefit Biden? Also, that’s not what this lunacy, that you agreed with, means:

I don't know how to explain it other than to say it's a trade-off. He benefits when he makes some people happy by spending money on them but then pisses off other people since everybody knows the government must eventually balance the books.

If he is doing the unsafe thing...

He hasn't done very much yet except he spent a couple billion on disabled people in debt and victims of predatory loans. Easy cases. He's still trying to figure out what is safe and prudent.

while also doing it to increase taxes... uhm... what?

He's not specifically doing it to increase taxes it's just a byproduct of his personal ideology and the need to have the consent of the people who put him in power.

Also in terms of doing more or less as president he may not want to expand the power of the presidency by too much since that can have unforseen consequences in the future.

[cubby]

Yes obviously it's about taxes and popularity and not legality... I read an article that said $50k is 18% less popular than $10k. Which you might you think an 18% decrease in popularity is not huge but it is when a lot of those people are the wealthier people who will have to pay for it and they have the most sway in society. If Democrats in Congress eat that decrease in popularity then that means Biden doesn't have to, so obviously he wants Congress to do it where as Democrats in Congress want Biden to do it.

If could also be about doing the right thing. Student debt is a serious issue that affects millions. Forgiving it would help everyone and hurt almost no one.

[Rennadrel]

You wouldn't need loan forgiveness if there was actually state and federal regulations on tuition costs. It's absolutely insane how much Americans are paying for joke degree programs. If you want to make money in this world, it's in computer sciences, engineering and trades everything else that isn't STEM might as well be a grift.

[cubby]

I don't know how to explain it other than to say it's a trade-off. He benefits when he makes some people happy by spending money on them but then pisses off other people since everybody knows the government must eventually balance the books.

Another interesting tact on this is that if he makes Congress do it, it probably won't happen. Enormous political capital would have to be spent to pass it, and even then it might not happen. If Biden could just EO $50k away, it would be done, and probably forgotten by most in a few weeks/months.

As people have pointed out, it affects a statistically small percentage of americans, but to those americans, it would be a major benefit that would help the entire economy.

- - - Updated - - -

You wouldn't need loan forgiveness if there was actually state and federal regulations on tuition costs. It's absolutely insane how much Americans are paying for joke degree programs. If you want to make money in this world, it's in computer sciences, engineering and trades everything else that isn't STEM might as well be a grift.

While I agree tuition costs are ridiculously high, most good+ college and university four-year degree programs aren't jokes. University is a terrific experience, one that should be shared by anyone who wants it.

[PC2]

If could also be about doing the right thing. Student debt is a serious issue that affects millions. Forgiving it would help everyone and hurt almost no one.

Yes Biden is also trying to do the right thing according to his ideology. That's a part of it. Not everything is about cynicism and popularity even though politicians do always have to think about the next election.

It won't help everyone though, the minority of people who pay most of the taxes wouldn't get more than they lost.