I don't like the American taxpayer being on the hook for someone's poor decision to take on college debt that they couldn't afford...
We're "on the hook" in terms of lost revenue. I understand the principle you're advocating (fiscal discipline), and I agree with it.
I think we have fundamental differences of opinion and belief on how best to address that issue. I would rather deal with the problem of student loan debt at the front end and give some* of these borrowers - the ones who really need it - some relief on the back end. By "front end", I mean deal with the student loan bubble by doing the following:
* We should stop repeating the lie that academia is the key to life in the middle class - that might have been try a couple of decades ago, but not now. I'd rather fund trade schools and apprenticeships. They're cheaper and would fill holes in the labor market faster.
* In line with that, we need to hold the schools themselves accountable. If they can't get at least half their enrollees and borrowers to graduate, then they don't get access to taxpayer money to disburse to the students.
* Students themselves need to basically demonstrate and make the case they qualify for the loans. They should be required to do more than just get a 2.0 average a GED; they should write something like a business plan to determine whether they get the loan.
On the back end, yeah, Biden overdid this shit - a lot. I'm all for bailing out certain types (i.e., someone who flunked out of law school, med school, or an MBA program for non-disciplinary reasons). I'm not for bailing out someone who has less than $50K in debt and is already earning a full-time income.
We gain nothing. In fact, we suffer for it.
I'm just wondering how people here feel about the tax cuts that Trump and the GOP passed back at the end of 2017. As I said, Biden's relief EO, flaws aside, isn't an additional spending program; it's just a decrease in revenue. At some point, either spending will have to get cut or taxes will have to be raised to deal with it. The estimated impact (according to the Wharton School of Business) is up to $900 over 10 years. BY comparison, the Trump tax cuts cost nearly $ 2
trillion.
Did you support this? If so, why support the latter and not the former? It has the same economic impact - actually worse.