Student Loan Forgiveness from the Left is Bribing Voters with their own money
Let me get this straight...I went to school, took out loans, paid them off myself, got a good job, and now I have to pay for those that didn't to get bailed out? Not only did I have to pay mine, and they won't have to pay theirs, but I will effectively have to pay theirs for them!
Most of you will likely agree with me. We made sacrifices, we chose to take a hard path in order to be rewarded with a good career, rather than kids that slacked off, chose fake degrees, and didn't even take a serious approach at making themselves a real career.
Now, in order to get votes before the midterms, the Left will move to just bribe Americans with the "here's 10k!" that they never should've even lent them in the first place.
Strong civilizations, successful cultures cannot operate this way. Before someone says "Oh, we're just taking care of our own" How? If we need to take care of our own why don't we just cut taxes? How come raising taxes is never seen as hurting our own? But you steal my small, hard-earned income and then these powerful billionaires that are supposed to represent us use it to cement themselves in power via votes.
I just don't think you can give a fuck anymore.
I agree to the extent that i have to get past the whole loan thing from a personal perspective. What we have to give a fuck about is the buying votes piece
At this point I'm just hoping this is the last damage they can do before the midterms. It's hard to look at anything this admin has done and argue that it is going to benefit any lower/middle class citizens in the next 3-5 years. I am just hopeful Republicans can retake both houses and nothing gets done from '23-'24.
The irony of passing the "Inflation Reduction Act" which is supposed to reduce the deficit by $100bn over ~4 years and then the next week forgiving loans that will add ~$300bn-~$900bn to the deficit is hopefully not lost on anyone (besides the blind sycophant Biden fanatics).
"The Penn Wharton Budget Model out of the University of Pennsylvania estimated in an analysis released Tuesday that forgiving student loan debt would cost between $300 billion and $980 billion over 10 years."
I pray this is the last damage they can do. My real anger comes from the fact that I know this will win them votes, and give them a better chance in November. Thats so wrong, in so many ways.
This administration, in less than 2 years, has set us back decades with their spending, regulation, and foreign policy. Everything they do makes it harder for everyone except for the 0.1% and the government bureaucrats.
Inflation is sky high yet all they can do is spend more
Hate to break it to you champ. But none of these dudes give a shit about me or you. Left, right, left, .. oh look 2024 it’ll be the rights turn again.
It’s all theatrics. Every single presidency has ushered in a new period of wealth redistribution to the top
Weird how the right and the left (sports teams, I know) made sure debtors can’t declare BX on their student loans, just like any other debts.
If they’re stupid enough to take the risk of loaning 200k to a basket weaver, then that should be their problem
I agree, they never should've lent the money but....its our money!
Really curious how people who are against student loan forgiveness feel about carried interest tax treatment. I have a sense their sense of "fairness" suddenly vanishes without a trace.
Sorry not nearly as abreast my tax code as I should be, but isn't it taxed at just a long term holding tax rate of 20%?
Seconded
I am sure the PE/HF guys that have carried interest, make a few hundred grand (at least) and have paid their student loans back (if applicable) are probably not for student loan forgiveness. It's pretty safe to assume they were in a good place to pay back their loans unlike the underwater basket weaving major from the Southern University of Northern Pottsdam, NY. (FWIW I say F them both)
Not understanding what you're saying here, can you expand on this?
Both are relatively low-impact moves to overall budget / fiscal policy (carried interest would have raised $14bn / year, or a couple weeks of another brushfire war in the Middle East) where the central theme is fairness - is it fair that PE partners and HF managers get preferred tax treatment, even if taxing them at the rate of normal income would have little practical effect?
Similarly, cancelling $200bn of student debt is another low cost initiative (especially when you discount future payments for time, inflation, and defaults) that seems to have struck a nerve around the theme of "fairness" - is it fair for people who have already paid their loans or people who never took them out to forgive people who currently have loans? Again, the actual practical impact of forgiving $200bn on a fiscal basis is extremely low given the long amortization schedules of these things (average borrower takes 20 years to pay back their loans).
The intuitive answer would be no, neither is really fair. But I would bet a good percent of users on this site would fight like hell to protect carried interest tax treatment and loudly complain about student loan forgiveness.
Another example would be Trump’s policy towards farmers. He fucked them over in his trade wars and then started throwing ridiculous amounts of money at them to keep them in business. Of course almost all the money went to very wealthy landowners.
It’s crazy, they’re perfectly doing these kinds of policies when the rich or the military are involved. But they always run out of money when it comes to regular people.
https://www.nytimes.com/2020/10/12/us/politics/trump-farmers-subsidies…
Why is your name what it is?
oy vey
You're 100% right but at this point I've stopped caring to some extent. This administration is even more incompetent than the once preceding it & it certainly doing more damage to the country
Just focus on yourself & what you can control -- and keep a parachute out to another country ready. No need to pull it now but who know how much worse things will get in a few decades (trust me, it can always get worse)
Yea, thats fair. Just have to take care of business on your own end, in your own life, and do what little you can to change these politicians (vote)
To be specific, it's them bribing the upper middle class with the blue collar worker's money. If you come from a blue collar background always remember - progressives fucking hate you.
Yea, that's absolutely correct. They don't want anything to do with blue collar or below
Let’s see. We waste 800 billion every single year on weapons. We had a 1.7 trillion tax cut, 100 percent of which went to the deficit, that somehow ended hiking the taxes of everyone on here. And another one that was even worse passed by Bush. We had an 800 billion “paycheck protection program” which was almost entirely pocketed by company owners. In comparison, the student loan forgiveness will cost around 300 billion, expensive but nowhere as bad.
I get complaining about government spending but how come the American right wing is 100% silent when the government blows much much more money on the ultra rich or bombing people? They are deficit hawks for the middle class and the poor but spend way beyond their budget on the rich or the military.
Do you have to immediately make every single issue into why the political right is the problem? You didn't even address the core topic - this student loan forgiveness.
We will never agree on right versus left as a whole. Lets just be specific to each topic then and maybe we can find common ground there
It’s not the perfect solution, it’s a band aid. A better solution would work on the larger problem of college affordability.
But the Republicans in this country have been obstructing any progress on this issue. Bush cut regulations in the early 2000s that led to the creation of for profit scam schools screwing over students even more. Obama shut most of them down, but Trump got them growing again unfortunately. So since half the politicians of this country have no interest in solving the problem and instead are actively making it worse I am happy with this stopgap solution.
Dude wtf? Seriously? We have multiple posters here who identify as conservative / right of center who have said that the military budget is too big, myself included. I've posted on multiple threads about this but let me post here as well -- we should cut our military budget in half (i.e. maintain a military presence in Americas and Western Europe for national security reasons, leave Middle East / APAC) and funnel the savings towards our education system
We don't have to turn every argument into 'yeah but what the other party is guilty too.' We get it, the right wing is not perfect. But this is a major current issue and we're saying -- as anyone with a brain can agree with -- that this proposal is merely shifting the burden of upper middle class woke liberals into lower class folks & is a major FU to all the people who have scrounged for years to pay back their debt honestly
I’m just putting it in perspective. We spend much more money on far more useless things such as the military and if you’re going to complain about taxpayer dollars going to waste, fix the most wasteful things first.
For example if your solution was put into place over the next ten years then we would have around 4 trillion saved. We could pay for Biden’s student loan forgiveness and have 3.7 billion left over, and still have a very large military.
You do realize that Obama bombed the fuck out of people too and Biden is pretty much an OBiden clone of Obama right?
Thoughts on this:
?
No man, all conservatives are just Bush in 2002. Didn't you know that? And all liberals are super smart down to earth peace loving for the people. This will continue until the end of time.
If you question this you will be banned from all social media and your bank account frozen
This is such stupid commentary. The 2017 TCJA contributed to a booming economy that was crushed by Covid policies. Tax receipts did not fall in 2018 or 2019; they kept growing. The PPP program was put in place because the govt forced private businesses to shut down in a deranged and failed attempt to stop Covid. Are you saying that it would have been just for the govt to force businesses to close at gun point and let millions of businesses fail?
How's the weather in Tel Aviv?
How's the weather in Methville Alabama?
Aspernatur eaque magni blanditiis quaerat et molestias nemo magni. Ducimus dolorem ut quas placeat quia est perferendis. Dignissimos optio rem deserunt recusandae. Vel voluptates ut eum aspernatur voluptate qui qui voluptas. Dignissimos perspiciatis voluptas voluptatibus velit saepe consequatur itaque. Rem quidem inventore et dolor iure a perspiciatis. Deleniti sunt veniam culpa totam architecto voluptatem mollitia.
Laborum in officiis dignissimos non est vero. Exercitationem veniam quam omnis error quas at. Est et animi rerum veniam minima perspiciatis iste. Eum dolor numquam animi sunt sunt maiores.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Ratione sit esse aliquid iure atque est amet. Voluptates nobis assumenda quos similique fugit id doloremque. Quia laudantium officia sed suscipit dolores architecto.