Cancelling Student Debt is Highly Regressive

[Thinker101]

Biden has endorsed canceling $10,000 in federal student debt per borrower through legislation, and insisted that chipping away at the $1.7 trillion in loan debt held by more than 43 million borrowers is integral to his economic plan. But Democratic leaders, backed by the party’s left flank, are pressing for up to $50,000 of debt relief per borrower, executed on Day 1 of his presidency.

Many economists, including liberals, say higher education debt forgiveness is an inefficient way to help struggling Americans who face foreclosure, evictions and hunger.

The Brookings Institute found that almost 60 percent of America’s educational debt is owed by households in the nation’s top 40 percent of earners, with an annual income of $74,000 or more.

Yep, nothing like helping those poor/hungry/destitute folks that are ONLY making $74,000/year.

Student Loan Cancellation Sets Up Clash Between Biden and the Left

 

[Moonglow]

It has not been clarified if the debt reduction is for only federal loans or private also to be included.

 

[candycorn]

Biden has endorsed canceling $10,000 in federal student debt per borrower through legislation, and insisted that chipping away at the $1.7 trillion in loan debt held by more than 43 million borrowers is integral to his economic plan. But Democratic leaders, backed by the party’s left flank, are pressing for up to $50,000 of debt relief per borrower, executed on Day 1 of his presidency.

Many economists, including liberals, say higher education debt forgiveness is an inefficient way to help struggling Americans who face foreclosure, evictions and hunger.

The Brookings Institute found that almost 60 percent of America’s educational debt is owed by households in the nation’s top 40 percent of earners, with an annual income of $74,000 or more.

Yep, nothing like helping those poor/hungry/destitute folks.

Student Loan Cancellation Sets Up Clash Between Biden and the Left

Its another half measure that is probably going to happen.

Precisely what Biden is going to be famous for...incremental moves when we need radical monumental changes.

 

[Thinker101]

Biden has endorsed canceling $10,000 in federal student debt per borrower through legislation, and insisted that chipping away at the $1.7 trillion in loan debt held by more than 43 million borrowers is integral to his economic plan. But Democratic leaders, backed by the party’s left flank, are pressing for up to $50,000 of debt relief per borrower, executed on Day 1 of his presidency.

Many economists, including liberals, say higher education debt forgiveness is an inefficient way to help struggling Americans who face foreclosure, evictions and hunger.

The Brookings Institute found that almost 60 percent of America’s educational debt is owed by households in the nation’s top 40 percent of earners, with an annual income of $74,000 or more.

Yep, nothing like helping those poor/hungry/destitute folks.

Student Loan Cancellation Sets Up Clash Between Biden and the Left

Its another half measure that is probably going to happen.

Precisely what Biden is going to be famous for...incremental moves when we need radical monumental changes.

Yep, must be tough living on $74,000/year.

 

[candycorn]

Biden has endorsed canceling $10,000 in federal student debt per borrower through legislation, and insisted that chipping away at the $1.7 trillion in loan debt held by more than 43 million borrowers is integral to his economic plan. But Democratic leaders, backed by the party’s left flank, are pressing for up to $50,000 of debt relief per borrower, executed on Day 1 of his presidency.

Many economists, including liberals, say higher education debt forgiveness is an inefficient way to help struggling Americans who face foreclosure, evictions and hunger.

The Brookings Institute found that almost 60 percent of America’s educational debt is owed by households in the nation’s top 40 percent of earners, with an annual income of $74,000 or more.

Yep, nothing like helping those poor/hungry/destitute folks.

Student Loan Cancellation Sets Up Clash Between Biden and the Left

Its another half measure that is probably going to happen.

Precisely what Biden is going to be famous for...incremental moves when we need radical monumental changes.

Yep, must be tough living on $74,000/year.

Biden's move is a half=measure that won't make much difference.

 

[Lesh]

Biden's move is a half=measure that won't make much difference.

It'll make a big difference to folks struggling to pay off that debt and to the economy that will have all that money freed up and flowing through it

 

[Thinker101]

Biden has endorsed canceling $10,000 in federal student debt per borrower through legislation, and insisted that chipping away at the $1.7 trillion in loan debt held by more than 43 million borrowers is integral to his economic plan. But Democratic leaders, backed by the party’s left flank, are pressing for up to $50,000 of debt relief per borrower, executed on Day 1 of his presidency.

Many economists, including liberals, say higher education debt forgiveness is an inefficient way to help struggling Americans who face foreclosure, evictions and hunger.

The Brookings Institute found that almost 60 percent of America’s educational debt is owed by households in the nation’s top 40 percent of earners, with an annual income of $74,000 or more.

Yep, nothing like helping those poor/hungry/destitute folks.

Student Loan Cancellation Sets Up Clash Between Biden and the Left

Its another half measure that is probably going to happen.

Precisely what Biden is going to be famous for...incremental moves when we need radical monumental changes.

Yep, must be tough living on $74,000/year.

Biden's move is a half=measure that won't make much difference.

I'm sure it'll make some difference when Biden reaches out to increase your taxes to cover the expense. And it'll make some difference when those that receive also receive an increased tax bill for that $10,000 income.

 

[Thinker101]

Biden's move is a half=measure that won't make much difference.

It'll make a big difference to folks struggling to pay off that debt and to the economy that will have all that money freed up and flowing through it

You mean those that are ONLY making $74,000/year...dumbass.

 

[Lesh]

Biden's move is a half=measure that won't make much difference.

It'll make a big difference to folks struggling to pay off that debt and to the economy that will have all that money freed up and flowing through it

You mean those that are ONLY making $74,000/year...dumbass.

Where are you getting THAT from shithead?

 

[Thinker101]

Biden's move is a half=measure that won't make much difference.

It'll make a big difference to folks struggling to pay off that debt and to the economy that will have all that money freed up and flowing through it

You mean those that are ONLY making $74,000/year...dumbass.

Where are you getting THAT from shithead?

WTF, didn't you read the post, didn't you read the link, can you read...dumbass.

 

[candycorn]

Biden's move is a half=measure that won't make much difference.

It'll make a big difference to folks struggling to pay off that debt and to the economy that will have all that money freed up and flowing through it

The figure needs to be $50,000; not $10,000.

We need to take the SS system and flip it on its head when applied to education. With social security, you pay in for your working life and then get paid back when you retire. For education, we need to do the following:

• Average ten of he closest public college and universities to get a figure of how much it costs for you to attend a public college/university. Meaning that if you're in San Antonio, UTSA's costs per semester hour (plus books and standard fees) is (for the sake of argument) $100 per hour. UT Austin is $200 per hour. SW Texas State in San Marcos is $150 per hour. Austin Community College is $80 per hour. etc... Whatever the average is ($132.50), you get that much times 60 which is the standard number of semester hours for two years of college ($7,950 in our example).
• You take that $7,950 and decide what you want to do with it as far as education goes. If you want liberal arts, great. Two years paid for. If you want to use it to learn a trade....great...that money is applied to learning the trade. If you're already into your career and want to elevate your prospects by becoming bilingual or learning another discipline in your field...it helps....you may not need all $7,950. If you want to take an art appreciation class or history lectures just because you like art or history...you can do that. If you want to take nothing but dodgeball classes for 10 years...cool.
• When you start earning a living or if you're earning a living already, you start paying back the money you used via payroll deduction. Most will have decades to pay it back so the payments can be really small. The $7950 in our example, over 10 years (26 pay periods per year) is $31.00 or so per pay period or about $15.50 per week). Add some interest to that and jack it up to $35 per pay period. But usually people work for about 40 years of their lives at various jobs.

The $10K will help some. But we need to get radical.

 

[candycorn]

Biden has endorsed canceling $10,000 in federal student debt per borrower through legislation, and insisted that chipping away at the $1.7 trillion in loan debt held by more than 43 million borrowers is integral to his economic plan. But Democratic leaders, backed by the party’s left flank, are pressing for up to $50,000 of debt relief per borrower, executed on Day 1 of his presidency.

Many economists, including liberals, say higher education debt forgiveness is an inefficient way to help struggling Americans who face foreclosure, evictions and hunger.

The Brookings Institute found that almost 60 percent of America’s educational debt is owed by households in the nation’s top 40 percent of earners, with an annual income of $74,000 or more.

Yep, nothing like helping those poor/hungry/destitute folks.

Student Loan Cancellation Sets Up Clash Between Biden and the Left

Its another half measure that is probably going to happen.

Precisely what Biden is going to be famous for...incremental moves when we need radical monumental changes.

Yep, must be tough living on $74,000/year.

Biden's move is a half=measure that won't make much difference.

I'm sure it'll make some difference when Biden reaches out to increase your taxes to cover the expense. And it'll make some difference when those that receive also receive an increased tax bill for that $10,000 income.

Neither of which are likely to happen.

 

[Lesh]

WTF, didn't you read the post, didn't you read the link, can you read...dumbass.

An October analysis by the Brookings Institution found that almost 60 percent of America’s educational debt is owed by households in the nation’s top 40 percent of earners, with an annual income of $74,000 or more.

You're talking predominantly about households with 2 earners (averaging 37K each) and have a mountain of college debt.

Ands it ignores the well over 40% of households making less (often far less) than that.

Looks a little different when you put it that way

 

[SassyIrishLass]

My husband and I paid off our loans.... do we get a refund?

 

[Lesh]

My husband and I paid off our loans.... do we get a refund?

Go back to school. Trump U didn't do much for you

 

[SassyIrishLass]

My husband and I paid off our loans.... do we get a refund?

Go back to school

I wasn't asking you, Lush

Get on topic shitstain

If you morons can't pay your fckn bills don't demand we do you fckn broke joke

 

[Lesh]

My husband and I paid off our loans.... do we get a refund?

Go back to school

I wasn't asking you, Lush

Get on topic shitstain

If you morons can't pay your fckn bills don't demand we do you fckn broke joke

Awww...she's triggered.

Sowy snowflake

 

[SassyIrishLass]

My husband and I paid off our loans.... do we get a refund?

Go back to school

I wasn't asking you, Lush

Get on topic shitstain

If you morons can't pay your fckn bills don't demand we do you fckn broke joke

Awww...she's triggered.

Sowy snowflake

Answer...why should we pay?

Go stupid again I'll report your broke joke ass...like you do

 

[Lesh]

My husband and I paid off our loans.... do we get a refund?

Go back to school

I wasn't asking you, Lush

Get on topic shitstain

If you morons can't pay your fckn bills don't demand we do you fckn broke joke

Awww...she's triggered.

Sowy snowflake

Answer...why should we pay?

Go stupid again I'll report your broke joke ass...like you do

Since you made yourself a topic...how much loan did you pay off and how much do you make?

That better sweetie?

 

[SassyIrishLass]

My husband and I paid off our loans.... do we get a refund?

Go back to school

I wasn't asking you, Lush

Get on topic shitstain

If you morons can't pay your fckn bills don't demand we do you fckn broke joke

Awww...she's triggered.

Sowy snowflake

Answer...why should we pay?

Go stupid again I'll report your broke joke ass...like you do

Since you made yourself a topic...how much loan did you pay off and how much do you make?

That better sweetie?

None of your business, asshole. The fact is we repaid ours....now why should we pay yours?

This will be interesting.... you're already floundering