There’s just no truth to that at all. It’s a consumer spending stimulus bill in design. Cutting the student debt of working young people would dramatically stimulate the market as that monthly household free revenue would almost always go back into our economy which helps everyone. If you just do something like give tax breaks to C-Corps or billionaires, that just doesn’t stimulate the economy in the same way like Trumps tax bill. A cancellation of student debt would look more like the Obama stimulus package that did things like give the 8k first time homebuyer credit. I’m a firm believe in a bottom or middle up economy rather than trickle down. Republicans give multi trillion dollar giveaways to try and stimulate the economy too. So the question really is what stimulates the economy more... the middle class consumer spending or trickle drown economics??? If you believe middle class consumer stimulus is important that student debt is a fair debate to have I terms of a delivery vehicle for that stimulus. Is it “FAIR” to those who worked our butts to pay off ours??? Not really but neither was the Trump 2017 tax cut that left me with a higher annual tax increase personally (most saw a small cut but mine went up). Stimulus is needed. That’s a fact. Im fine with it going to student debt because I know the alternative will probably benefit me less. These next couple years all we really are asking for is an open mind on areas to stimulate the economy that do not involve trickle down economics that pretty much everyone not super wealthy is fed up with.
Cutting student debt will make college more expensive for other people by essentially putting more money in the system without additional supply.
If we can look back at history, when America was great, we had the highest number of educated people per capita. Germany, Japan, Korea and China built their poverish countries by paying for the education of their people. If we really want MAGA, education is the key and government needs to assist. This is the investment we need to make.
The whole student loan/debt and higher education crisis is something Biden won’t be able to EO away. It’s going to require major legislation. Maybe the biggest in a lot of our life times. Even if Biden has the authority to wipe all current federal loans that still leaves private loans and doesn’t address the new loans students will be taking out every year moving forward. Biden wiping federal student loans will be massively controversial.
Would free education fix this? There was a point in time in US history that universities were considered NON PROFIT.
I am definitely against any blanket amnesty program cos Idont think anyone should have the luxury to study a silly course and/or at a useless college at the expense of tax payers. But I am open to targeted programs that subsidize for those who study needed courses (like STEM) and/or decide to work in areas of need (like rural healthcare). It could be in the form of a matching contribution towards loan repayment directly from the government or through the employer. Current loan system needs to be overhauled though, and I think that should be done first before dealing with existing debts.
I also think easy access to loans has allowed many schools to get away with over priced programs and student to be cavaler in their choice of programs and schools.
Most people don't need to go to college. I think we need more trade schools like Germany. If schools don't get students jobs then they shouldn't be allowed to get federal money. Also schools should get rid of many degrees or make them ineligible to get loans for.
That's a crock of ****. https://bebusinessed.com/history/hi... old as,to about $4 per hour in today’s money. Minimum Wage Increases Over the Years October 1938 (FDR): $0.25/hr ($4.15/hr in 2014 dollars) October 1939 (FDR): $0.30/hr ($5.05/hr) October 1945 (Truman): $0.40/hr ($5.20/hr) January 1950 (Truman): $0.75/hr ($7.29/hr) March 1956 (Eisenhower): $1/hr ($8.61/hr) September 1961 (Kennedy): $1.16/hr ($8.97/hr) September 1963 (Kennedy): $1.25/hr ($9.56/hr) February 1967 (Johnson): $1.40/hr ($9.80/hr) February 1968 (Johnson): $1.60/hr ($10.75/hr) May 1974 (Nixon): $2/hr ($9.49/hr) January 1975 (Ford): $2.10/hr ($9.13/hr) January 1976 (Ford): $2.30/hr ($9.47/hr) January 1978 (Carter): $2.65 ($9.51/hr) January 1979 (Carter): $2.90/hr ($9.34/hr) January 1980 (Carter): $3.10/hr ($8.80/hr) January 1981 (Carter): $3.35/hr ($8.62/hr) April 1990 (Bush): $3.80/hr ($6.82/hr) April 1991 (Bush): $4.25/hr ($7.30/hr) October 1996 (Clinton): $4.75/hr ($7.08/hr) September 1997 (Clinton): $5.15/hr ($7.51/hr) July 2007 (GW Bush): $5.85/hr ($6.61/hr) July 2008 (GW Bush): $6.55/hr ($7.12/hr) July 2009 (Obama): $7.25/hr ($7.80/hr) At its best it equated to $10.75 an hour in todays money ..... and I don't think that's taking anyone out of poverty. It's always been "entry level" wage.
I agree 101% .... Thing is , people see a college education as a means to an end - but often it doesn't work out that way. You look back to the 40's & 50's .... College was the best and brightest or the wealthy. You didn't need a degree to reach middle class , you just had to work long and hard. Who the hell wants to do that ?! But no one is really "striving to be middle class" .... everyone wants to be in the upper crust. That's the dream that drives this machine. Problem here is very few ever reach that pinnacle of success .... but everyone believes they need a college education to get there. Then gubmint gets involved and subsidizes many , the numbers increase and businesses want college educations for literally everything from the dog catcher to the janitor .... while the education institution continues to jack up the costs .... Its this silliness that drives the education machine. Everyone doesn't need to go to college .... We need more options than that. The equivalent of trade schools and union education of the past. The education I got as a union fitter was job specific , much more in depth and more useful than anything I learned in 4 years of college ....
Not if qualifiers are put on the federal government ensuring student loans. For too long student loans have been a money grab for schools and lenders alike. Qualifiers can certainly be put in.
This is what Bidden has on his website for student loan forgiveness. More than halve payments on undergraduate federal student loans by simplifying and increasing the generosity of today’s income-based repayment program. Under the Biden plan, individuals making $25,000 or less per year will not owe any payments on their undergraduate federal student loans (which is money that the American gov't collected from me and other hard-working Americans) and also won’t accrue any interest on those loans. Everyone else will pay 5% of their discretionary income (income minus taxes and essential spending like housing and food) over $25,000 toward their loans. This plan will save millions of Americans thousands of dollars a year (at the cost of other Americans like me, as I work hard to pay for someone else's college education). After 20 years, the remainder of the loans for people who have responsibly made payments through the program will be 100% forgiven (which means that the American gov't will collect taxes from hard-working citizens in order to literally give it to others). Individuals with new and existing loans will all be automatically enrolled in the income-based repayment program, with the opportunity to opt out if they wish. In addition to relieving some of the burden of student debt, this will enable graduates to pursue careers in public service and other fields without high levels of compensation. Biden will also change the tax code so that debt forgiven through the income-based repayment plan won’t be taxed (which places a greater tax burden on middle class Americans). Americans shouldn’t have to take out a loan to pay their taxes when they finally are free from their student loans. Make loan forgiveness work for public servants (you mean, public employees? It's not like they don't collect a paycheck). Public servants do the hard work that is essential to our country’s success – protecting us, teaching our children, keeping our streets clean and our lights on, and so much more. But the program designed to help these individuals serve without having to worry about the burden of their student loans – the Public Service Loan Forgiveness Program – is broken. Biden will create a new, simple program which offers $10,000 of undergraduate or graduate student debt relief for every year of national or community service, up to five years (sure! everybody gets some money! It's FREE! FREE MONEY!). Individuals working in schools, government, and other non-profit settings will be automatically enrolled in this forgiveness program; up to five years of prior national or community service will also qualify. Additionally, Biden will fix the existing Public Service Loan Forgiveness program by securing passage of the What You Can Do For Your Country Act of 2019. Biden will ensure adjunct professors are eligible for this loan forgiveness, depending on the amount of time devoted to teaching.
More trade schools will not produce the quality of labor force that is required to deal with a technologically advanced world. As technology advances, most trade school skills will be rendered obsolete by robotics, computerization and AI
We'll still need plumbers/electricians/mechanics for a long time. Certain functions within accounting departments, medical care (radiology, diagnosis), law etc will be easier to automate.
The point is that number of such people required will decrease (not increase) over time and thus it is pointless to create more trade schools for dying skills. As an example, the introduction of garbage disposal units as reduced the frequency of clogged kitchen sinks and thus reduced the demand for plumbing services. Why then should we be planning to train plumbers at a higher rate?
