7 States Sue Biden Over Loan Forgiveness Plan

[Ray From Cleveland]

We have already covered this. Society benefits from doctors, engineers, teachers, etc also.

Society benefits from all of our labor from garbagemen to doctors. Doctors will be doctors no matter who pays for it.

 

[Ray From Cleveland]

Must cost a fortune. Paying out of pocket?

And they make that back plus a profit just like any other investment.

 

[multivita-man]

Nothing wrong? You mean, other than being unconstitutional?

I meant in the ethical, economic, and political sense. Legally, I agree that the EO is probably on shaky ground, and I would say that even if the court had more liberal justices on it.

The order is far from perfect but the intended impact comes from a good place, IMO. It doesn't result in more taxes, just less revenue.

 

[pknopp]

So you can't show me his authority do to this. You know why? He doesn't have it. Spending has to originate in Congress. This is straight from the Constitution, but you don't know shit about that.

If the courts decide that, all he has to do is take it from elsewhere.

 

[pknopp]

Once again, show me where in the Constitution the govt has the authority to do either.

Trump did it with the farmers..........I'd be happy getting that money back.

 

[Ray From Cleveland]

I would probably agree that many of the people getting the relief probably don't need it, which is my problem with the EO in its current form. But I see nothing 'wrong' with giving distressed borrowers a chance to reduce their burden. I'd settle for just letting them discharge it in bankruptcy, which they can't do with student loan debt.

The payoff goes to people making up to 100K a year or 200K for married couples. Why should some poor slob making 30K a year pay for that?

 

[pknopp]

Hey stupid, cities compete for these facilities. That's the free market.

I'm not surprised you are completely clueless when it comes to such things.

There are no free markets anywhere.

 

[pknopp]

I didn't ask if it was your problem. I asked you why those loans went bad.

It's okay i you don't know the answer, but trying to dodge the question just makes you look sad and pathetic...

They went bad because the banks made the loans and for various reasons people were not able to pay them back.

Not my problem.

No, it's really not. And, like every other thing you say, you're unable to demonstrate how what you say is true...

We have covered this endlessly. That GM made bad decisions was no more my problem than you claiming students did.

 

[Nostra]

Trump did it with the farmers..........I'd be happy getting that money back.

Once again you avoid my post to whine about Trump. Show us where the authority is in the Constitution to do either.............or continue to tap dance and deflect.

 

[pknopp]

Society benefits from all of our labor from garbagemen to doctors. Doctors will be doctors no matter who pays for it.

Just the same as Bezo's will build his headquarters either way.

 

[Nostra]

There are no free markets anywhere.

Your dumbass opinion doesn't matter, Simp.

 

[pknopp]

Once again you avoid my post to whine about Trump. Show us where the authority is in the Constitution to do either.............or continue to tap dance and deflect.

If it's there for one, it is the other.

 

[Ray From Cleveland]

If the courts decide that, all he has to do is take it from elsewhere.

So where does Biden purport to get the authority to do this and will his legal justifications hold up in court?

The Biden administration says it has the authority to unilaterally cancel student loan debt under the terms of the Higher Education Relief Opportunities for Students (HEROES) Act of 2003. According to President George W. Bush, who signed the act into law, it "permits the Secretary of Education to waive or modify Federal student financial assistance program requirements to help students and their families or academic institutions affected by a war, other military operation, or national emergency." Basically, the HEROES Act was designed to let the executive branch ameliorate the student loan situations of service members fighting the war on terror.

Will Biden's student loan debt cancellation plan hold up in court?

The president is invoking a post-9/11 expansion of executive power to justify his student loan forgiveness plan.

reason.com

 

[Nostra]

Just the same as Bezo's will build his headquarters either way.

And he had cities competing with each other to bring his HQ to their town. Free market at work.

 

[Nostra]

If it's there for one, it is the other.

More pathetic tap dancing.......as expected and predicted.

 

[pknopp]

And he had cities competing with each other to bring his HQ to their town. Free market at work.

Nowhere in a free market do taxpayers get put on the hook.

 

[Canon Shooter]

They went bad because the banks made the loans and for various reasons people were not able to pay them back.

I own a beach house in Ponte Vedra, Florida. I bought it two years ago for $1.2 million. The monthly mortgage on it is a little north of $7,000. I'm fortunate to be in a position where I can do that. That said, if I suddenly decided, due to some "various reason", that I could no longer pay that mortgage, would it then be fair to forgive that loan, allow me to keep the house, and pass the cost of that loan on to the American taxpayer?

Because I don't think it would be, yet that's fundamentally the same scenario as exists with the student loans...

Not my problem.

Well, if Biden has his way it will be your problem because you're going to be on the hook to pay for those loans...

We have covered this endlessly. That GM made bad decisions was no more my problem than you claiming students did.

Despite your obvious desire for it to be so, GM has zero relevance in this discussion...

 

[Blues Man]

Nowhere in a free market do taxpayers get put on the hook.

Except for college loans right?

 

[multivita-man]

The payoff goes to people making up to 100K a year or 200K for married couples. Why should some poor slob making 30K a year pay for that?

I'm not convinced that anyone's paying anything extra for federal debt relief. I suppose you could argue that a) there might be some inflationary pressure as a result of people having more money to spend, and b) taxes may be raised in the future to compensate for the lost revenue. However, both of these are unknowns at this point.

 

[multivita-man]

I own a beach house in Ponte Vedra, Florida. I bought it two years ago for $1.2 million. The monthly mortgage on it is a little north of $7,000. I'm fortunate to be in a position where I can do that. That said, if I suddenly decided, due to some "various reason", that I could no longer pay that mortgage, would it then be fair to forgive that loan, allow me to keep the house, and pass the cost of that loan on to the American taxpayer?

Because I don't think it would be, yet that's fundamentally the same scenario as exists with the student loans...




Well, if Biden has his way it will be your problem because you're going to be on the hook to pay for those loans...



Despite your obvious desire for it to be so, GM has zero relevance in this discussion...

The lender can repo the house and sell it. The borrower can also declare bankruptcy. Student loan borrowers get their wages garnished and their penalties add up to the point where they have no chance of paying it off. It becomes debt slavery. I believe in moral hazard myself but a financial mistake shouldn't be permanent indentured servitude.