Which makes you wonder why the FBI had to perform an illegal investigation act against Trump…could there be more ? Time will tell , as recent as 2018 you would say there is no evidence.. I suppose in time that may be transparent
That’s awesome great news, whoever is in charge deserves a lollipop and a slap on the back because we know it’s not Biden however..
Up to $20k in student debt cancellation for all federal loans. @Reeko I am thinking this is the Walker shimmy I was looking for.
This loan forgiveness is BS. It's pretty much permanent forbearance right now because NO ONE is paying their student debts. Politicians buying votes is not uncommon, but it should still be called out. Top economist Larry Summers recommends a way for Biden to forgive trillions in student debt—and it echoes what Sen. Elizabeth Warren says A day after criticizing any effort by the Biden Administration to forgive student loan debt, former Treasury Secretary Larry Summers has offered an alternative. “I think the best way to relieve student debt would be to allow it to be discharged in bankruptcy,” he wrote Tuesday on Twitter. “I’d support this reform.” That means that people with student debt could discharge it by successfully filing for personal bankruptcy. Currently legal under chapters 7 and 13 of the U.S. Bankruptcy Code, insolvent individuals can restructure their debts, albeit at some personal cost, such as suffering a hit to their credit scores. Summers added that bankruptcy “would also penalize other private creditors, unlike government debt relief that would in part subsidize them. President Joe Biden is expected to announce his student loan debt relief plan Wednesday that could forgive $10,000 of student debt per borrower for those who make less than $125,000 annually. Changes to enforcement of the Bankruptcy Code is unlikely to be included in the plan. Summers, a former Treasury Secretary under Bill Clinton and a top economic advisor to Barack Obama, has been a vocal critic of the Biden Administration. Just yesterday, on Twitter, he warned that student debt relief could contribute to inflation. Summers has no official role in the Biden Administration. But he is said to have helped save the president’s climate change and health agenda by swaying a key senator to support the Inflation Reduction Act. Summers, now a Harvard University economics professor, isn’t the only person who’s advocated for student-loan cancellation through the bankruptcy process. There’s also his former Harvard colleague, Sen. Elizabeth Warren. “Nearly impossible” to get rid of student debt through bankruptcy Before becoming one of the two Democratic senators from Massachusetts, Warren spent most of her career as a law professor studying why American families fall into debt and become broke. Her plan to fix the U.S. bankruptcy system, in particular, was a principal reason she got into politics. In the mid-2000s, Warren had a “Bankruptcy Blog” where she consistently wrote about these issues for Talking Points Memo, or TPM, a political news and opinion website. In 2008, before running for Senate, she advised Obama on the bailout and came up with the idea for the Consumer Financial Protection Bureau. In campaigning for the presidency in 2020, Warren argued that the bankruptcy system makes it “nearly impossible” for many Americans to get rid of debt. She blamed Congress and the courts for making it increasingly difficult to discharge student debt as part of the process. If Biden gets this reform done, he deserves major credit for untangling a mess that started in the 60s. Will Discharging Student Loans In Bankruptcy Get Easier? Biden Administration Sends Mixed Messages
It is a certainly a very strong political carrot for democrats. I think that we are headed down a road to essentially having debts from student loans forgiven and I suspect we are going to see Republicans even back off their complaints about it by the 2024 Presidential Election. Almost nothing large scale or defining can happen politically in the USA political sphere because we are so divided. There is no reason that urban planning, transportation planning and infrastructure isn't something everyone supports. We are letting growth just die as a result. The tax code, student loans and a handful of other topics are widely known to be broken and no one can do anything about it.
As a conservative, student loan forgiveness in some form was something I actually supported. However I do not like this structure and I think it's messed up. First, the income threshold to qualify is terrible. Professionals making over $125K are the ones most likely to have crippling high 5 figure and 6 figure debt from graduate schools - this is the group that needs debt forgiveness the most. Either everybody should get an amount forgiven, or none. What will happen now is higher earners wont have any debt forgiven, and will be subsidizing the debt forgiveness for lower earners (socialism much?). 2nd, $10K is nothing, if you are going to forgive enough debt to actually make a difference in people's monthly cash flow, it needs to be like $50K.
There's also an issue of dummies going to for-profit universities racking up over 30k/yr tuitions for worthless ITT Tech / Devry degrees. Too lousy for state (great education with exceptional value). Too proud for community (even better value for critical core electives). Makes them resort to selling used hair gel on ebay...
I disagree. Those who need forgiveness the most are those who took out relatively modest amounts for a year or two of schooling, dropped out (for whatever reasons) and weren't able to parlay their incomplete education into jobs paying much more then minimum wage. This is a common story for a lot of people from poor backgrounds. This relief really helps some of our most vulnerable. $10,000.00 in student loan debt might not sound like a lot to some people but when you're making a very modest income and can barely afford to live, it's a massive burden. Wiping out $10K in student loan debt or $20k in student loan debt for those most vulnerable is something I am of in favor of the most.
I like how this helps the most vulnerable as I explained above but it doesn't deal with any of the underlying issues. We're going to be in this exact same spot in 2-5 years.
looks like Penn Wharton calculated that folks like you need to pull out your checkbook and write out a $2000 check to Uncle Sam to cover the relief that those more fortunate than you will be receiving https://budgetmodel.wharton.upenn.edu/issues/2022/8/23/forgiving-student-loans https://www.ntu.org/foundation/deta...t-cancelation-could-average-2000-per-taxpayer
Nook you might be my favorite leftist on this forum. Well we don’t always agree but I respect that you use common sense And I can tell you’re thinking independently much more so than others which think one party can do no wrong.. I know it feels like we’re on different sides but the reality is we are supposed to be on one team while we may not agree with the methodology we’re still on one team so there should be things we can agree on
I have a lot of respect for you too. The democrats can certainly do many things wrong, and have. I have voted for republicans in the past as well. This is a message board, I am sure we would have a lot of things in common.
Very unfair unfortunately… I had a political science teacher in college that told me everything I need to know about politics: he said There’s always going to be winners and losers, You will never make everyone happy no matter what…There is always going to be unfairness no matter what… Politics is simply who gets what ..when they get it ..how they get it and where they get it.. Having said that I hope they do something in consideration for those that pay off their debt somehow especially recently with the Covid issues during college years
No relief. They are looking at it from the macro level and not the micro level. The argument is that student loan debt overall is so large that it is negatively impacting the economic growth. I can deal with not getting any relief for what I have paid, it happens all the time in life and government expenditures. However they need to figure out how to avoid it happening again.
