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Writing Off Student Debt

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Posted By: DW626, 8/30/2022 6:14:16 AM

President Biden’s plan to forgive student debt is clear: most students will get a $10,000 debt reduction, while lower-income students will be eligible to double the amount (an element that went unmentioned inmost reports). Biden’s August giveaway adds half a trillion dollars to the federal government’s debt deficit by some estimates. It’s easy to be generous with other people’s money. Conservatives raise the issues of cost, value, inflation and economic impact. Liberals were happy with the move but disappointed by the amount forgiven.

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Reply 1 - Posted by: F15 Gork 8/30/2022 6:35:07 AM (No. 1262932)
No more debt, responsibility or accountability.....are we a great country or what?
4 people like this.

Reply 2 - Posted by: cor-vet 8/30/2022 8:25:58 AM (No. 1262988)
If they want to cancel student debt, let the socialist colleges that have done such a great job indoctrinating them, just cancel the $10,000. Call it a 'teaching' moment!
3 people like this.

Reply 3 - Posted by: RussZilla 8/30/2022 9:20:21 AM (No. 1263033)
Why not home mortgage forgiveness?
5 people like this.

Reply 4 - Posted by: lakerman1 8/30/2022 9:23:48 AM (No. 1263040)
The Savings And Loan crisis was handled by taking the governnment baulout payments 'off budget.'
2 people like this.

Reply 5 - Posted by: Strike3 8/30/2022 9:52:29 AM (No. 1263081)
This debt forgiveness idea is so stupid that it puzzles me why supposedly intelligent writers choose it as a topic.
2 people like this.

Reply 6 - Posted by: bighambone 8/30/2022 10:05:35 AM (No. 1263104)
As poster #3 mentioned, is Biden’s cancelling of federal student loans a foretaste of Biden before the 2024 election cancelling federally insured home mortgages for all low income people, those with incomes under $125,000.00, to buy votes in that election?
0 people like this.

Reply 7 - Posted by: bad-hair 8/30/2022 10:07:42 AM (No. 1263109)
Did you do 15 hours a week of class time ? Sounds like easy money. Did you actually graduate ? The beneficiaries of Biden's (our) largesse don't have degrees and are not paying back their loans anyhow.
1 person likes this.

Reply 8 - Posted by: thatsomewhereplace 8/30/2022 10:18:14 AM (No. 1263128)
Don't they (student loaners) have to pay income taxes? If so...
1 person likes this.

Reply 9 - Posted by: MDConservative 8/30/2022 10:27:11 AM (No. 1263138)
So what? We blew $14 TRILLION in COVIDS emergency spending on stimulus, PPP, Operation Warp Speed and other expenditures. Hardly a peep about the national debt (it rose 50 percent) or inflation. Now it's nitpicking...a few hundred billion here, another TRILLION there. Ev Dirksen said pretty soon it became "real money"...except it doesn't - and never has. In fact, none of it is. It's printed or borrowed and has no intrinsic value. Inflation is the debtor's friend as much as low interest. It's all manageable...eventually becoming pennies on the dollar repayment. It's the American way!
0 people like this.

Reply 10 - Posted by: Starboard_side 8/30/2022 12:14:27 PM (No. 1263261)
Under what controlling legal authority does a President have to do such an act? What they want is to have it go to the Courts, it will take years, and it will be settled since those impacted would not be paying on such debt during that time. Sounds like the DACA memo strategy. Won't the IRS view this loan forgiveness as income and subject to taxes due?
3 people like this.

Reply 11 - Posted by: bigfatslob 8/30/2022 12:33:52 PM (No. 1263285)
If it's not too late to get on student loan forgiveness wagon I would like to have a student loan so I can use it to pay off my home mortgage, then get the debt forgiven. Joe Biden is a moronic buffoon, but this is Rice who made this discission.
1 person likes this.

Reply 12 - Posted by: paral04 8/30/2022 1:33:37 PM (No. 1263365)
Not only will these debtors be four flushers but they will also set the goal for those who come after. How about forgiving mortgage amounts up to $50K? That would be nice. And fine free wine at Happy Hour every day would be nice.
1 person likes this.

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