Cancelling Student Debt is Highly Regressive

[Anomalism]

Blaming everyone else for your own failures. This is classic liberal leech teachings. You took out the loan. Pay the note. It's your responsibility. Not mine.

I'm not blaming anybody for any problem of mine. I'm doing just fine.

 

[Admiral Rockwell Tory]

Why are they trying to pay for college out of pocket?

Again, I was responding to a poster that said his dad did it out of pocket as a shelf stocker. I took that as him implying that such a thing could still be done today, but that's not the case. That not being the case also adds to the point I'm making. It's harder today than it was back then. His dad was able to pay for college with a minimum wage job. I imagine a lot of young people wish they could do that today.

Yes, it still could be done today. I have 3 employees that work full time and go to college at night. They don't go to Harvard of course.

 

[Anomalism]

Yes, it still could be done today. I have 3 employees that work full time and go to college at night. They don't go to Harvard of course.

They are paying for their degrees out of pocket in addition to supporting themselves financially? They must be making pretty good money because even state colleges can cost over 10k/yr these days.

Will you at least admit that it is much, much harder to do so today?

 

[Admiral Rockwell Tory]

Yes, it still could be done today. I have 3 employees that work full time and go to college at night. They don't go to Harvard of course.

They are paying for their degrees out of pocket in addition to supporting themselves financially? They must be making pretty good money.

Will you at least admit that it is much, much harder to do so today?

That depends on what what you call "good money" now doesn't it?

They are called roommates. Every one of them has one that goes to school.

 

[LordBrownTrout]

Blaming everyone else for your own failures. This is classic liberal leech teachings. You took out the loan. Pay the note. It's your responsibility. Not mine.

I'm not blaming anybody for any problem of mine. I'm doing just fine.

My apologies. Not meant to you personally, just the ones who can't take responsibility or accountability for their own actions

 

[Anomalism]

That depends on what what you call "good money" now doesn't it?

They are called roommates. Every one of them has one that goes to school.

Has college gotten more and more difficult to afford in recent decades?

 

[Toddsterpatriot]

That depends on what what you call "good money" now doesn't it?

They are called roommates. Every one of them has one that goes to school.

Has college gotten more and more difficult to afford in recent decades?

Of course.
Unlimited Federal student loans have allowed colleges to raise prices with no fear of reducing demand.

 

[bendog]

It is a transfer of wealth to the richest people in society and should not be done.

View attachment 423955

I don't do twitter, but how can it be "a transfer of wealth?" A transfer of wealth involves taxing one person and "giving" a benefit to another. Undoubtedly, loan forgiveness is of more benefit to those with more loans. In theory its more of a tax cut in effect because it would provide an unfunded benefit, but it benefits the middle class.

First of all, a gop senate is not going to allow a bill to pass. McConnell just won't hold a vote, so it's really just theory. Assuming a loan is held by a private lender, wouldn't the govt have to reimburse the holder of the debt?

Congress could forgive "federally held" loans.

Lastly, there is a theory that Biden could use executive action. There is a "law" that gives the Dept of Educ power to do it, but .. in theory … congress must authorize expenditures. Although Trump simply used money appropriated for totally unrelated purposes to build the teeny tiny portion of this wall that got built.

Generally I'm worried about the arm of the dem party that thinks people who pay less in taxes need the most benefit. The Gop benefits the top 1% and .1%. All you have to do is look at the Ga senate races to see that. But what's so wrong with the dems actually benefiting the next 19%?

 

[Toddsterpatriot]

I don't do twitter, but how can it be "a transfer of wealth?" A transfer of wealth involves taxing one person and "giving" a benefit to another. Undoubtedly, loan forgiveness is of more benefit to those with more loans.

Children of the wealthy with loans for law school, medical school etc would benefit greatly.

Children of the poor, who didn't attend college, wouldn't benefit at all.

In theory its more of a tax cut in effect because it would provide an unfunded benefit, but it benefits the middle class.

Upper and middle class benefit......

 

[Unkotare]

... people like you are going to have to realize I'm right about this. ...

^^^^^^^ typical democrat

 

[bendog]

I don't do twitter, but how can it be "a transfer of wealth?" A transfer of wealth involves taxing one person and "giving" a benefit to another. Undoubtedly, loan forgiveness is of more benefit to those with more loans.

Children of the wealthy with loans for law school, medical school etc would benefit greatly.

Children of the poor, who didn't attend college, wouldn't benefit at all.

In theory its more of a tax cut in effect because it would provide an unfunded benefit, but it benefits the middle class.

Upper and middle class benefit......

View attachment 424342

I'm not sure I've heard about "full cancellation." What I recall noise about is like 30K max.

But I don't see that the dems have anything to apologize for if they push for policy that would give a benefit of 30K max for higher educ. Personally, I think it needs to be limited to people who actually earn a degree in a defined number of years. But that's just me. I see plenty of "poorer" kids who take out loans for 3 years of community college with no intention of getting a degree or paying back the money.

 

[Toddsterpatriot]

I don't do twitter, but how can it be "a transfer of wealth?" A transfer of wealth involves taxing one person and "giving" a benefit to another. Undoubtedly, loan forgiveness is of more benefit to those with more loans.

Children of the wealthy with loans for law school, medical school etc would benefit greatly.

Children of the poor, who didn't attend college, wouldn't benefit at all.

In theory its more of a tax cut in effect because it would provide an unfunded benefit, but it benefits the middle class.

Upper and middle class benefit......

View attachment 424342

I'm not sure I've heard about "full cancellation." What I recall noise about is like 30K max.

But I don't see that the dems have anything to apologize for if they push for policy that would give a benefit of 30K max for higher educ. Personally, I think it needs to be limited to people who actually earn a degree in a defined number of years. But that's just me. I see plenty of "poorer" kids who take out loans for 3 years of community college with no intention of getting a degree or paying back the money.

I'm not sure I've heard about "full cancellation."

That's mostly from the morons on the far left.

 

[Admiral Rockwell Tory]

That depends on what what you call "good money" now doesn't it?

They are called roommates. Every one of them has one that goes to school.

Has college gotten more and more difficult to afford in recent decades?

This is NOW, dumbass.

 

[Anomalism]

That depends on what what you call "good money" now doesn't it?

They are called roommates. Every one of them has one that goes to school.

Has college gotten more and more difficult to afford in recent decades?

This is NOW, dumbass.

Woosh...

 

[Admiral Rockwell Tory]

That depends on what what you call "good money" now doesn't it?

They are called roommates. Every one of them has one that goes to school.

Has college gotten more and more difficult to afford in recent decades?

This is NOW, dumbass.

Woosh...

Is that the sound of you farting?

 

[danielpalos]

Cancelling student debt does not bring down tuition costs.

 

[theHawk]

It is a transfer of wealth to the richest people in society and should not be done.

View attachment 423955

Bwahahaha, the banks won’t allow it.

Now ultra-Trump hater Toro has to push the Agenda of the big banks because this is the real platform of the Democrook Party. God you people are pathetic.

 

[ThisIsMe]

Sure, I can agree that there is wasted potential in people who may not have the opportunity to attend college, but generally people with potential find a way, be it grants or internships.

How do you reconcile giving one person a leg up because they have potential, but then the guy who may not be very bright just has to tough it out in the trenches? Again, take this too far and you are in danger of being elitists.

I understand where you are coming from, but things get muddy when you want to take from some people (which includes the less fortunate) and give to other people (which includes the most fortunate).

I think it will be easier for more people to get more educated if we find a way to mitigate or remove the financial burden placed on individuals seeking higher education. I think in the future there won't be much room for uneducated people to be useful in the workforce. We're moving towards automated truck driving among other things; it's not going to stop. Many low skill jobs are going to go away. I think to deal with that we will have to start seriously looking at things like UBI. Society will descend into turmoil if we have millions of people with no way to make a living.

If we're actually going to stay ahead of China in the next 100 years people like you are going to have to realize I'm right about this. Getting as many Americans as educated as possible is paramount to the continuation of our global dominance. Will everybody be worth the investment? No, of course not, but we can't let that get in the way of what we need to do.

The way to make college more affordable is to get government influence out of it. I mean, part of the reason college is so expensive today is because of all of these government subsidies. Heck, college says "shoot, government is guaranteeing these loans, so, we can raise our prices, and were guaranteed to get paid. Its a win win for us!"

If a college is told that they are going to get paid no matter what, what do you think is going to happen? Also, let's not forget that when it comes to spending, holding people accountable, handling budgets, and wasting money, government has a very bad track record.

 

[Toddsterpatriot]

It is a transfer of wealth to the richest people in society and should not be done.

View attachment 423955

Bwahahaha, the banks won’t allow it.

Now ultra-Trump hater Toro has to push the Agenda of the big banks because this is the real platform of the Democrook Party. God you people are pathetic.

Bwahahaha, the banks won’t allow it.

Why would the banks be against the Feds writing off debt owed to the Feds?

 

[Toro]

It is a transfer of wealth to the richest people in society and should not be done.

View attachment 423955

I don't do twitter, but how can it be "a transfer of wealth?" A transfer of wealth involves taxing one person and "giving" a benefit to another. Undoubtedly, loan forgiveness is of more benefit to those with more loans. In theory its more of a tax cut in effect because it would provide an unfunded benefit, but it benefits the middle class.

First of all, a gop senate is not going to allow a bill to pass. McConnell just won't hold a vote, so it's really just theory. Assuming a loan is held by a private lender, wouldn't the govt have to reimburse the holder of the debt?

Congress could forgive "federally held" loans.

Lastly, there is a theory that Biden could use executive action. There is a "law" that gives the Dept of Educ power to do it, but .. in theory … congress must authorize expenditures. Although Trump simply used money appropriated for totally unrelated purposes to build the teeny tiny portion of this wall that got built.

Generally I'm worried about the arm of the dem party that thinks people who pay less in taxes need the most benefit. The Gop benefits the top 1% and .1%. All you have to do is look at the Ga senate races to see that. But what's so wrong with the dems actually benefiting the next 19%?

Because those are loans guaranteed by the taxpayers, of whom more than 70% do not have a college education, and of whom most taxpayers will earn less than those earning a college degree.

By canceling the debt, it is a transfer of wealth from the taxpayer to the college degree recipient.

Democrats should not be in favor of transferring wealth upwards.