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Biden wants student debt cancellation: Schumer

Discussion in 'BBS Hangout: Debate & Discussion' started by GreatOne1978, Nov 7, 2020.

  1. fchowd0311

    fchowd0311 Contributing Member

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    I think so. How many Anericans in their free time read dry and dense reading material and then proceed to write 20 page analytical papers orginzating their thoughts on said reading material in their own time outside a classroom environment?

    We need more Americans to practice this stuff because as a nation we are losing introspective critical thinkers largely due to disrespect of higher education. The founders didn't want an educated public just because of jobs. An educated public makes better decisions as a group.
     
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  2. Xerobull

    Xerobull You son of a b!tch! I'm in!

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    Chicken-egg. It sucks because of the entire police culture and police-prison industrial complex. What you're saying is that it's a job for dumb thugs. It should be a prestigious job. Put high requirements on it, bump up the pay and get more qualified people. Quality over quantity. Revise laws surrounding non-violent crime, adding in more civil penalties.

    There are example countries out there. We don't have to reinvent the wheel.
     
  3. s3ts

    s3ts Member

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    On the video, 6:48, he says most of the time you're going to pay 30% tax. Again, WHO IS DOING THIS.

    Again, where the hell do you live? In TX, at 10.22/hr, that's 1588/mo income after tax.

    Who is getting paid 10.22/hr and paying 30% tax??

    Fine: Looking at single bedroom, on average being $730, that translates to 46% being spent on rent earning 10.22/hr in TX.

    Halve it by getting a dependable roommate. Also, get married.

    Don't spend 150/mo on a phone plan and bus rides. Live close to work.

    I did all of this back in college, there's no problem w/ any of this.

    Also, I don't know who only works 40hr work-weeks. I probably work 50 hrs/week at minimum.
     
  4. fchowd0311

    fchowd0311 Contributing Member

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    The average EFFECTIVE tax rate for the bottom 50% of wealth earners is 24%. The median salary is 33 grand.

    That average effective rate for the bottom 50% is going to include people who pay little to no taxes due to being under the poverty line. So that means the people closer to the actual 50% line which means they are approximately close to median salary of 33 grand are probably paying more than 24%. So it's somewhere between the range of 24-30 percent in effective rates when you include local, state and federal taxes for the median income earners in this country. That range doesn't change the conclusions much because even when the youtuber increased "affordable" to above the recommendation if 30% of your income in housing, no states were still in the green.

    There is a reason why new homeownership rates are at record lows for people under 40. There is a reason why more and more people over the age of 25 are still living with parents or a sibling to ease the burdens of housing.

    Every time you reply you are providing evidence that you aren't sincerely watching the video and make your conclusions after watching 5 minutes. Disagree with me all you want but don't make statements about content you haven't finished seeing. Again, I suggest you watch all of it.
     
    #144 fchowd0311, Nov 9, 2020
    Last edited: Nov 9, 2020
  5. jiggyfly

    jiggyfly Member

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    Is this even possible anymore?

    I think you might need to see what it cost to go to school these days and the cost of housing in those areas.

    I could be wrong though.
     
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  6. jiggyfly

    jiggyfly Member

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    Thats not how it works and is kind of a utopian look at what people will do.

    I am for some form of debt relief but my real issue is with the cost of college but let's not fool ourselves to think students are gonna be better educated by any of this.
     
  7. rockbox

    rockbox Around before clutchcity.com

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    I'm not saying it's a job for dumb thugs. There are plenty of good cops that are smart. However, if you made the investment to get a 4 year degree, you generally have better options than to take a job being a cop and dealing with thugs, domestic disputes, and drunks during their worst moments. It's just not an attractive job for people who have degrees.
     
  8. jiggyfly

    jiggyfly Member

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    Halve a 1 bedroom apt?

    Nobody actually has a 150 mo phone plan anymore or they are just dumb.

    You don't get to choose to live close to work and what price to pay for lodgings, this was a really weak argument and things have probably changed a lot since you where back in college.
     
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  9. geeimsobored

    geeimsobored Contributing Member

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    There are people that still do it but its really hard. When I lived in North Dakota and Western Minnesota, you could still find instances of it. Tuition/fee costs in North Dakota and Minnesota are still under 10000 a year for most schools (and can go as low as 6000 a year depending on the school). The problem is that the flagship schools in the area (University of Minnesota and University of Wisconsin) operate in an entirely different universe and charge triple the cost. Also housing and general cost of living is really cheap in all of these areas while it is expensive in St Paul and Madison.

    A reasonable number of kids in rural Minnesota go work on a farm or somewhere like the Bobcat factory over the summer (and sometimes during the school year). You can make a surprising amount of money that way and those types of jobs make way more than your minimum wage barista job in the city.

    I should also note that working while going to school (even if it doesn't come close to paying the bills) feels like the norm at schools in rural parts of the state which is something I really appreciated seeing.
     
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  10. Duncan McDonuts

    Duncan McDonuts Contributing Member

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    Critical thinking is important, but a four-year program in the humanities with lots of debt isn't necessary to develop those skills. If we had an overabundance of resources, sure, let's fund it. But since we don't and have to min-max our taxes, let's focus on what's the best ROI.
     
  11. fchowd0311

    fchowd0311 Contributing Member

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    Yes I believe it's worth the return on investment. I believe 80 grand is an inflated price for any education even the best stem lord education. I a better informed public is always beneficial. We have too many citizens easily swayed by click bait and memes. Any four year degree that makes you read and write a lot is going to help prevent you falling into that trap as those type of people are more intellectually curious and actually have more patience to read full length articles.

    I'm all for increasing the sovereign debt to decrease consumer debt. In the long run, this decreases sovereign debt as you'll eventually generate more tax revenue from unburdened consumers.
     
  12. Duncan McDonuts

    Duncan McDonuts Contributing Member

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    We'll agree to disagree then. I don't think my taxes are worth an expensive liberal arts degree if that person will barely contribute financially back to society.

    I'll agree that tuition increases are out of control in this country. Most state schools are gonna be around $15-20k per year. Double that for private schools. It was half that 20 years ago. We haven't even added room and board along with other expenses. Let's start the legislation at tuition and work on student debt after.
     
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  13. fchowd0311

    fchowd0311 Contributing Member

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    They'll contribute. Plenty of proffesions prefer people with extensive reading and writing skills which these non tech degrees provide. Providing cheap education for these fields means that they can have their careers and not be burdened by debt while also having a larger portion of constituents that are less prone to things like disinformation propaganda. It's always a good thing in society to have a larger percentage of people who are less prone to click bait and meme propaganda. As a society we make better decisions with more intellectually curious people willing to read a lot.

    Let's not pretend that sociology grads make lower than the median income.
     
    #153 fchowd0311, Nov 9, 2020
    Last edited: Nov 9, 2020
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  14. Nook

    Nook Member

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    We are on the same wave length. They can forgive existing student loan based on various income formulas or length of payments or many other things. It would stimulate the economy.

    As for future federal loans, they can do many different things including affordability of the school, percentage of job placement, make then non profits, require they use a percentage of their endowments... etc.
     
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  15. rockbox

    rockbox Around before clutchcity.com

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    We are better served putting the money in vocation training such as nursing, auto repair, Network systems, etc. Not everyone is made for college so we shouldn't be pushing kids there.
     
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  16. Nook

    Nook Member

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    It depends on where you are a cop and how long you are a cop. I have several relatives in law enforcement and they live a quality middle class existence with a pension and other perks.
    What is with you and “get married”? Do we as a society really want people getting married so there is a second income and tax breaks? That seems very short sighted. Not to mention 30-40 years ago a father made enough to support his wife and children. That is a fundamental change, the number of employment hours in a household nearly doubled.

    There are some things that are easier now, credit is easier to get in many cases. However overall, from an economic perspective it isn’t easier than in the past; especially for the working class and the upper middle class (which is largely gone).
     
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  17. Duncan McDonuts

    Duncan McDonuts Contributing Member

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    Sociology majors pretty much start at median.

    https://www.visualcapitalist.com/visualizing-salaries-college-degrees/
    https://www.google.com/search?q=med...4j0i22i30l3.2287j0j7&sourceid=chrome&ie=UTF-8

    Median salary isn't very good when your debt is triple that. There are better salaries with other education opportunities and comparable ones without that debt.
    No argument there. Those trades are good alternatives to a college education for some.
     
  18. fchowd0311

    fchowd0311 Contributing Member

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    The problem isn't the salary as a 23 year old making a entry salary in their field at 40 grand should be enough. It isn't enough because of the cost of that education which we all agree is far too expensive, the cost of modern housing and the cost of healthcare.
     
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  19. fchowd0311

    fchowd0311 Contributing Member

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    I think the public should fund people's current debt regardless of their major because that is a economic stimulus better than any corporate bail out due to the velocity of money.

    However that bailout of debt isn't the solution to lower costs for future students. I acknowledge that's an entirely seperate solution that @Nook has been discussing. I want to cost of a Liberal arts degree to be significantly lower.

    What I do find odd is that I believe in most public colleges, a sociology major has the same tuition as a engineering major which doesn't make sense in my opinion as engineering ciriculum requires more expensive equipment for training purposes. A sociology degree should be inherently cheaper.
     
  20. jiggyfly

    jiggyfly Member

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    Good to see it is still possible and every state should have those types of options.
     

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