Biden wants student debt cancellation: Schumer

It would piss off the people who benefitted from the loan cancellation in the first place (the minority), but it would please the people who didn't benefit from the loan cancellation (the majority).

Why are you getting mad at me when you're the one who misused the word "tax"?

By now, haven't we learned that polls are untrustworthy?

 

Either you are a troll or you are up Trumps ass whining how this election was stolen.

 

I'm actually neither. I simply wanted to have a good faith discussion about cancelling student loans. Unfortunately, it looks like that won't be coming from you.

 

Troll it is.

 

I'm sorry you're so narrow-minded that you fail to see that large segments of the population would have a problem with student loan cancellation.

I'm not surprised though. You don't even know what a "tax" is.

 

It’s a solid troll I’ll give ya that.

 

Adults who have paid off their student loans. Adults who are almost done paying off their student loans. Adults who went to trade school because college was too expensive. Adults who didn't go to college because it was too expensive. Why would any of these groups support student loan cancellation?

Going further, what about older adults concerned about the solvency of social security? Would they support a massive bailout to young, able-bodied workers?

A student loan bailout would benefit white adults more than any other demographic, right? How well do you think that would sit with minorities?

And to poor people, this would be another example of the rich getting richer.

UBI makes a lot more sense than a student loan bailout.

 

Because believe it or not most Americans are not selfish pricks who only care about themselves. Most people realize that other people need help and college debt is insane. There are plenty of minorities that go to college and have taken on massive amounts of student debt. We need to get out of the business of saying **** you got mine. I get that YOU do not want student debt relief for millions of Americans, but that does not mean your opinion is the popular one. Polls have shown you are wrong.

 

There's no way to tell if it is or isn't, but one thing is very clear. UBI helps everyone in a modest way while student loan bailouts help relatively few in a massive way. It's blatantly unfair, and you're kidding yourself if you think that's lost on everyone.

And I think you're wrong. I think most Americans would have big problems with the government giving student debt bailouts. After all, who doesn't have debt? Why is student loan debt more deserving of a bailout than mortgage relief? Or credit card relief? What about car note payments?

Also, student loan bailouts don't address the underlying issue of expensive higher education.

There are plenty of minorities who have student loan debt, but wouldn't you agree that the majority of student loan debt belongs to white adults?

Again, polls have proven themselves to be untrustworthy. After all, wasn't Biden supposed to win in a landslide? When I bet on him, the odds were -180. Those are landslide odds.

 

This dude gets it.



As someone who went the extra mile to pay off his student loan debts early, I am a bit miffed at the idea of missing the forgiveness boat, but this is reaching crisis levels of necessary. However, it would be a failure to do this and then stop. Secondary education as a market/commodity needs to be re-tooled entirely. If someone has the smarts and gumption to go get vocational training or education (non-humanities), we should pay for that, full stop. We can work out how to incorporate the arts & humanities into the picture later, but this stuff is a no-brainer otherwise.

 

Relax at your tax rates, the cost to you will be next to nothing. Quit supporting the propaganda of trickle down economics which has failed for 40 years.

 

You can always count on the working class to be completely outraged at other members of it getting benefits that they do not get, while enjoying and gladly receiving benefits that other members of the class might not get.
E.g outrage at indebted students getting a break on their student loans, while they take advantage of tax breaks for their inherited money, their house notes, their 401 (k's) their medical savings accounts, home office, self employed business lunches etc.

All the while, of course, the outraged are often unaware the enormous subsidies and breaks given to those much much higher up the food chain who own the media that fans their resentment of others in the working class getting a break or a benefit.

 

1. Sorry man, I've been there. Early bird does NOT get the worm with government aid. It's there for the irresponsible.

2. Agreed, loan forgiveness is a temporary band-aid solution without long-term college industrial-complex reform. There's a place for BA degrees (Marketing, web design, etc) but basket-weaving doesn't really do much for our society or economy. There has to be a payback on investment.

 

DEM needs to message this carefully. I haven't a clue why I would support this. What's the benefit? Keep it simple. Because it's very unpopular to someone that doesn't get it (I don't).

 

Well some day you might have kids or close relatives and maybe the economy might not be so hot sometimes and if you care about them , hopefully, you might see them struggling and decide to help them. Maybe the kids happened to choose the wrong stem career that was down for the five years after they first graduated and they largely lost the advantage on the job market they had a reasonable expectation of having.

Do some reading on what has happened career wise for folks who graduated in say geology right in the teeth of one of the periodic oil busts for instance.

 

There is an old law from WW II that allows for the Secretary of Education, the executive office, to forgive student loans guaranteed by the Feds, which in relatively recent years have now backed almost all student loans, even most of the so called "private loan". Bernie Sanders was the first I heard of this power and statute.

 

Very cool, did not know this. Thanks for explaining.

 

That message isn't going to work. Personal choice and responsibility. DEM needs to work on better messaging.

The economy is held down by predator student loans at the tune of 2T. It's a moral responsibility to lift that. I'm just making up crap here.

 

Not actually true but I am agreement with you on everything else.

Student loan debt and race
The racial disparities in outcomes for student loan borrowers start with the need to borrow. More black and Hispanic students took out loans for undergraduate and graduate school than whites, according to the National Center for Education Statistics. Black and Hispanic students also borrow more on average and were more likely to be unemployed four years after graduation.

Just how much more of the debt burden are black students taking on? Four years after graduation, black students held an average of almost $53,000 in student loan debt, nearly twice as much debt as their white counterparts, the Brookings Institute found. And black college graduates are more likely to default, with 7.6 percent falling behind on payments as opposed to only 2.4 percent of white graduates. These numbers are supported by an analysis that found default rates double in black-majority zip codes.

It should be noted that there are limitations in collecting race-level data. The U.S. Department of Education doesn’t typically track borrowers by race, and neither do credit bureaus, which are prevented from doing so by the Equal Credit Opportunity Act. As such, a clear picture of racial disparities in the student loan debt crisis is difficult to obtain. But current research makes it apparent that student loan debt has a higher price tag for black and Hispanic students, and black and Hispanic graduates were more likely to report very high levels of stress from education-related debt, according to the NCES.

 

Um WUT?

You gonna have to elaborate on this.