How does it raise awareness of loans? People are either mad about or agree with the loan forgiveness. They wonder why others disagree. They look up loan practices. They find out about how various types of loans work. Those from the government and the more predatory lenders. They tell two friends and they tell two friends and they tell two friends and so on and so on. Will everyone do that? Of course not. But it is a start in raising awareness. Once people are aware of the scams, the scams go away, at least until they can be modified or changed. There aren't too many people falling for the Nigerian price emails these days.
I heard someone mention this and have to agree Biden has been to this point the best president in my lifetime, policy-wise. Out of Clinton, Bush, Obama, Trump, Biden. It's really the progress of time that's led to the Dem party agendas getting better, but Biden hasn't done too much to stand in the way of a number of positives that have been brought to his tables, so props for that.
The infrastructure deal, the American rescue plan, pact act, safer communities act, chips act, inflation reduction act, and heroes act have a number of policies I appreciate and am hopeful will help improve and progress life for the average American. Also appreciate finally pulling the US from Afgan. It's not a high bar, it's not over, and there obviously hasn't been the time to see the results from many of these acts, but a lot of policies have passed under him that are encouraging for me.
I mentioned this in another thread and it’s my understanding also. I agree too though it does feel like a stretch. This might be all legal and survive court challenges but it does show how flexible an “emergency” can be.
I think there's probably some reticence among the courts to block this after the backlash from overturning Roe v Wade (especially before an election). The other thing to note is that Trump did something very similar when he spent FEMA funds to build immigration detention centers. It seems like presidents get broad discretion around what constitutes an emergency.
Hate to always be the one to harp about the Bush years, but John Yoo and Cheney really paved the road for broad usages with emergency powers. A nebulous forever war like Terror abroad could be used to justfy REDACTED here while REDACTED doesn't even know what REDACTED or why REDACTED can do about REDACTED. Kept us safe yerp.
Not only that, but each of those Presidents had larger Congressional majorities to work with. Biden has done it with a tiny majority in the House and 50/50 Senate. Pelosi and Schumer deserve a ton of credit as well for keeping their caucuses together.
Yes, Americans are getting what they wanted by electing "moderate Biden" as I'm sure his reputation and cred for working across the aisles as Senator and VP is still in tact. I'm very interested in how they're getting the "AOC wing" to zip it while letting Manchin hog the spotlight. Maybe it's because there's perception that Manchin was "right" regarding killing BBB due to "inflation fears"? Or maybe it's as simple as speaking up before upcoming electoral bloodbath is like being the last person seen at the scene of a crime. In a relative sense, progressives got a lot of what they wanted in the first reconcilliation bill + Cares Act II. Might not be the end-all to reverse twump, but we can't get what we want at the first swipe.. Anyways, there needs to be a balance where Biden should get credibility for passing legislation (albeit compromised due to the 50/50 Senate) while playing up the looming threat of an unchecked Congress. "Unchecked" in the sense that Congressional deadlock will defeat any Democrat progress despite the initial gains through simple majorities won from procedural loopholes like budget reconciliation. Otherwise, Dems will begin to sleep again while fearing "too Progressive" policies that....uhhh make Americans weak and lazy.
Looks like Penn Wharton has adjusted their numbers. Pull out your checkbooks again. https://budgetmodel.wharton.upenn.edu/issues/2022/8/26/biden-student-loan-forgiveness excerpt: Summary: President Biden’s new student loan forgiveness plan includes three major components. We estimate that debt cancellationalone will cost up to $519 billion, with about 75% of the benefit accruing to households making $88,000 or less. Loan forbearance will cost another $16 billion. The new income-driven repayment (IDR) program would cost another $70 billion, increasing the total plan cost to $605 billion under strict “static” assumptions. However, depending on future IDR program details to be released and potential behavioral (i.e., “non-static”) changes, total plan costs could exceed $1 trillion. Key Points We estimate that President Biden’s proposed student loan debt cancellation alone will cost between $469 billion to $519 billion over the 10-year budget window, depending on whether existing and new students are included. About 75% of the benefit falls to households making $88,000 or less per year. Loan forbearance for 2022 will cost an additional $16 billion. Under strict “static” assumptions about student borrowing behavior and using take-up rates within existing income-based repayment programs, the proposed new IDR program will cost an additional $70 billion, increasing total package costs to $605 billion. However, depending on future details of the actual IDR program and concomitant behavioral changes, the IDR program could add another $450 billion or more, thereby raising total plan costs to over $1 trillion. These details require future study. more at the link
Yep. I was hoping for broader forgiveness but if you’ve been following the news they’ve been wiping out tons of loans for those attending predatory schools and for those in PSLF. I am also disappointed we didn’t continue the monthly additional child tax credit payments. Those were a game changer to eliminating child poverty. Now if we could get a public OPTION (did you see that my Republican friends? It’s a choice not Socialism) to opt into Medicare before 65 then Biden is hands down best President of my lifetime. I can’t count how many 50-60 something’s I know who complain that they can’t retire because they need the health insurance. I guess they are fighting the good fight by working until magically Socialism is acceptable at 65…..
Holy cow...another potential ~450 mil just because not all the details are clear yet. 1T in failures or deadbeats rolled up in one. WTF happened there. I'd be more pissed if wall street and other industries didn't get bailed out every 10 or so years. No way will banks or the college lobby allow this obligation shift towards them on the prospect of reforming bankruptcy procedures. What's another unfunded 1.5T of bag holding for Uncle Sam out of 30T anyways. **** like this makes me more convinced a Global Reset conspiracy theory floating among Cons and fintwit is coming in our near future. You bail out everything until you can't, then pivot hard towards financial repression.
I like the idea that forgiving student loans is somehow tax payers opening their checkbooks, it isn't. These predatory loans created a bunch of fictional income in "compounding interest" which squeezes the borrowers, who have absolutely no recourse. Now that nonsense goes away. If these loans were setup like they should be, where there was actually risk involved in who you were loaning your money too and for what they were studying, the market would weed out 100k gender study degrees organically.
republicans always like to conveniently forget when pointing out how much relief student loan is gonna impact the taxpayers that a good portion of these folks are also taxpayers themselves. Bailouts aren't always applied to everyone. When business PPP loans, disaster relief. and tax cuts to the rich were done, u didn't hear the students btching about how its gonna impact the taxpayers. students are americans also.
Not real Americans though. They are woke elitists that want destroy the country by letting the gays and browns take over
One, the PPP loans were made because of a government created problem (COVID restrictions). Two, the people with the PPP loans bear the bulk of the tax burden. The students that are receiving the loan forgiveness pay much less. For some reason the people that pay the least taxes are always b****ing and moaning about how the people who pay the most taxes don't pay enough.
Sweden initially didn't have much of any restrictions but their economy contracted about as much as their neighbors' which did much more restrictions. 1.2M US health sector jobs were lost during just the month of April at the very start of the pandemic. The root cause is this: humans were fearful of a new unknown virus and reduced their mobility, staying home when they can. Gov restriction or not, people weren't going to risk their health for elective procedures or leisure activities. Those two sectors were hit hard early on.
