Federal court declares Biden's "student loan forgiveness" scheme illegal

[Ray From Cleveland]

Dementia seems unaware that today's America is hollowed out industrially. "Too many in college" would match the IQ and promiscuity inside the average democrat mind as it scans the horizon looking for things to molest.

When I was in school in the 70's, if our class of 30 had 5 people attend college, that was a lot. Since then our population has grown and now half of my old class (or more) would have attended college today.

Therefore it's become almost unaffordable for many and they have to take out ridiculous loans to achieve their goals. In other words, the more government helps, the more kids will go to college, and the higher the costs will be.

The left likes to take a bad situation and make it worse.

 

[Red Front]

Our federal government funds itself through taxation. When taxation doesn't cover spending, we need to borrow that money. That's how China became our largest lender. As long as we can maintain interest payments on the money we borrowed, we are safe and can even borrow more. If we can't pay the interest rate on the money we borrow, yes, we are in default and nobody from that point lends us a dime.

So unless something drastically changes, we will hit that point, it's only a matter of when, and we can't allow the Democrats to use wasteful spending to get us there faster with vote buying.

The US federal government doesn't fund itself with taxes. State and local governments fund themselves with taxation and from what they receive from the federal government. The exclusive issuer of a sovereign currency creates the money, hence doesn't need anyone else to issue or create it.

China doesn't lend a penny to the United States it simply purchases bonds with the dollars it earns through the sale of its products. Rather than keeping those dollars in a savings or checking account it purchases American bonds and earns a modest dividend. Our federal government will always have dollars to meet its obligations so you're wrong. It's impossible for the US federal government to run out of dollars. It will never become insolvent.

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[Ray From Cleveland]

The US federal government doesn't fund itself with taxes. State and local governments fund themselves with taxation and from what they receive from the federal government. The exclusive issuer of a sovereign currency creates the money, hence doesn't need anyone else to issue or create it.

China doesn't lend a penny to the United States it simply purchases bonds with the dollars it earns through the sale of its products. Rather than keeping those dollars in a savings or checking account it purchases American bonds and earns a modest dividend. Our federal government will always have dollars to meet its obligations so you're wrong. It's impossible for the US federal government to run out of dollars. It will never become insolvent.

If that were the case Social Security would not be in trouble like all our other social programs. We'd be able to retire at 60 with full Medicare benefits, another program deep in trouble.

 

[Red Front]

If that were the case Social Security would not be in trouble like all our other social programs. We'd be able to retire at 60 with full Medicare benefits, another program deep in trouble.

Good, you're waking up in a good way. When I say "wake", I'm not referring to it in the wet-bread "leftist" sense of being "woke", because that's all bullshit. You're actually asking a good question. The answer is that much of what you're hearing on FOX and MSNBC on the economy and our monetary system is wrong. These politicians, whether they're Republican or Democrat always ask the question "How Are We Going To Pay For That?", when it comes to spending on social programs like Social Security or Medicare, or on modernizing our antiquated, collapsing infrastructure. Spending money on laying a high-speed, cross-country rail system (i.e. bullet trains) is a threat to the fossil fuel industry. They want you to drive your car.

They will always ask that question because they represent the interests of a certain class of people who don't want the US government doing anything significant that might cut into their profits. So they fearmonger and pretend that the US federal government is running out of dollars and it's going to have to raise taxes on everyone. That's a lie. They never ask "Who Is Going To Pay For That" when it comes to spending tens of billions of dollars on weapons or on subsidizing the fossil fuel industry or big pharma. They will never ask the question "Who Is Going To Pay For That?" , when they're bailing out the "too big to fail" bankers and insurance companies. They only ask that question when it's for your Social Security or Medicare.

That question is only asked when it's a social program or a project that will spend heavily on building public infrastructure. Any spending on the average Joe, the working class is seen as a threat because they don't want the government appearing as a source of good or a necessary social institution for development and improving people's lives. The big money ruling class, wants the private sector to get all of the glory and handle everything that way they can stop legislation that will cut into their profits and determine how the government spends its money. The big money ruling class wants to control your government and your mind. It's called crony capitalism. Cronyism.

The US federal government will never run out of dollars, because it is the exclusive issuer of the currency. Just like the score keeper in a foodball game can't run out of points to give the winning team. Can that score keeper arbitrarily give one team a trillion points? Yes, but it would destroy the game. Can the US issue as much money as it wants, without restraint? Yes BUT , it would destroy the economy. So what defines the budgetary limits of the US federal government? Our GDP (Gross Domestic Product). The nation's production capacity determines how much money the US federal government can create or "print".

So what is our current budget? It's way below what it could be without creating inflation. The "redline" or red-zone is above our GDP. Do you get it? The US federal government will never run out of dollars and it doesn't need taxes or anyone to fund it. Taxes at any level of government are really only for the purpose of maintaining the value of the dollar. If you have to pay your taxes in dollars, then that raises the value of the dollar and also increases production. You have to work, produce in order to generate an income to pay for your property taxes and all of the permits, and licenses, and tolls and...etc.

All of that is in dollars, so it increases the value of the dollar and forces all of us to produce. To get a job, to start a business. etc. Don't drink their Kool-Aid, nor drink mine, just do a bit of research and you'll prove this to yourself. The US federal government doesn't need you or I to fund it. Watch this video:

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[Red Front]

I originally posted the long version of the following video. Here is the one that gets to the point quickly.

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[skye]

 

[skye]

The Rats needed the votes.....and the idiotic students fell for it.

Hopefully they know better now.

 

[billyerock123]

I know exactly how it works, I also know that the ultimate court is the Supreme were Dementia will never get away with this because it violates our separation of powers clause in the Constitution. But to be honest I don't think he's going to pursue it, at least for now. He only wanted to put on a show to buy votes which he was successful at doing. But you know how Democrats are. Once they get what they want out of you, they throw you in the used heap pile.

How is it "bullshit"?

your whole post is based on inaccurate statements ... I have no idea who you are talking about... it does not violate the separation of powers at all ... that is total bullshit ...who is not going to pursue it ??? who wants to put on a show ??? how is this person you are talking about buying votes
??? could it be the people are the ones who can see what is being done ... could it be they saw the plan set up for them to file is being still done ??? could it be that they are all still filing because the democrats have gone to the court of appeals to reverse this texas judge's waste of courts time ... you are so blind you can't see what's going on around you ... you just spew the local conspiracy theorist bull shit

 

[billyerock123]

View attachment 727068

And the Republicans are trying to take it away just like they do to everyone ... they tried to take your health care, now they are trying to take your medicare and social security too... but like everything we Dems do we take it to the courts and reverse ever republican plan to make the people of this country
suffer ... oh please show use where he ever said he promised forgiveness ... what he said was he was going to get some debt reduction ... he did that and the republicans filed suit to block it ??? please oh, foolish one with the ridiculous picture here show us where he didn't do what he said he was going to do ... the debt reduction isn't over ... they are filing suit against your judge and the republicans who is trying to stop it ...

 

[billyerock123]

No Veggie Joe deficit? Yeah, you know what you are talking about.

What a clown.

The amount by which spending exceeds revenue, $1.38 trillion in 2022, is referred to as deficit spending.

Fiscal Data Explains the National Deficit

Check out @FiscalService Fiscal Data’s new national deficit page! #NationalDeficit

fiscaldata.treasury.gov

put you in your place ... you can't refute my post .... you just come back with a pathetic right-wing coward's response ... I get it you're stupid...

 

[Nostra]

put you in your place ... you can't refute my post .... you just come back with a pathetic right-wing coward's response ... I get it you're stupid...

Sure you did, Sport.

You claimed your Vegetable Messiah isn't running a deficit, and I brought the Govt's numbers showing his deficit is $1.3 TRILLION this year alone.

I don't know how I will ever recover.

 

[billyerock123]

Sure you did, Sport.

You claimed your Vegetable Messiah isn't running a deficit, and I brought the Govt's numbers showing his deficit is $1.3 TRILLION this year alone.

I don't know how I will ever recover.

doesn't take much skippy ... when you're stupid like you are it's as easy as snapping my fingers Mr. step and fetch it

 

[Nostra]

Dimtard math:

$1.3 TRILLION = 0

 

[Ray From Cleveland]

And the Republicans are trying to take it away just like they do to everyone ... they tried to take your health care, now they are trying to take your medicare and social security too... but like everything we Dems do we take it to the courts and reverse ever republican plan to make the people of this country
suffer ... oh please show use where he ever said he promised forgiveness ... what he said was he was going to get some debt reduction ... he did that and the republicans filed suit to block it ??? please oh, foolish one with the ridiculous picture here show us where he didn't do what he said he was going to do ... the debt reduction isn't over ... they are filing suit against your judge and the republicans who is trying to stop it ...

You can't sue a judge. All you can do is file an appeal and have another court up the road hear the case again.

Yes, the Republicans are fighting this and I hope they fight it until the end. If the government is going to forgive people on their school loan, then I want the same amount taken off my mortgages. That's only fair. Of course with Democrats it has nothing to do with fairness, it has to do with putting us further into debt to stay in power via vote buying.

 

[Ray From Cleveland]

your whole post is based on inaccurate statements ... I have no idea who you are talking about... it does not violate the separation of powers at all ... that is total bullshit ...who is not going to pursue it ??? who wants to put on a show ??? how is this person you are talking about buying votes
??? could it be the people are the ones who can see what is being done ... could it be they saw the plan set up for them to file is being still done ??? could it be that they are all still filing because the democrats have gone to the court of appeals to reverse this texas judge's waste of courts time ... you are so blind you can't see what's going on around you ... you just spew the local conspiracy theorist bull shit

It's real simple. Get a copy of the US Constitution and read it: all appropriations (that means spending) originates in the House. That's it. A US President cannot spend money without their approval.

Yes, vote buying. If I'm a person paying on my student loan, and I vote Democrat, I may get 10 to 15K erased off my student loan. If I vote Republican, they will make sure that doesn't happen. Gee, what's the choice here when I vote?

Last election the demographics were released. 63% of the younger voters (age 18 to 29) voted Democrat while only 35% voted Republican. Gee, now why is that? It's most likely that those 18 to 29 are repaying their student loans, that's why.

 

[billyerock123]

Dimtard math:

$1.3 TRILLION = 0

Can’t stand the fact little mis snow flake we get it you’re stupid

 

[billyerock123]

It's real simple. Get a copy of the US Constitution and read it: all appropriations (that means spending) originates in the House. That's it. A US President cannot spend money without their approval.

Yes, vote buying. If I'm a person paying on my student loan, and I vote Democrat, I may get 10 to 15K erased off my student loan. If I vote Republican, they will make sure that doesn't happen. Gee, what's the choice here when I vote?

Last election the demographics were released. 63% of the younger voters (age 18 to 29) voted Democrat while only 35% voted Republican. Gee, now why is that? It's most likely that those 18 to 29 are repaying their student loans, that's why.

Yeah they can little mrs. Snow flake
Student loan borrowers are now waiting indefinitely to see if they'll receive debt relief under President Joe Biden's student loan forgiveness program after a federal judge in Texas struck down the program Thursday, declaring it illegal.

The Department of Justice immediately appealed to the 5th US Circuit Court of Appeals. But that case will have to play out before the Biden administration can cancel any federal student loan debt under the program.

While the Biden administration has faced several legal challenges to the student loan forgiveness program since it was announced in August, the ruling on Thursday is the most significant setback thus far -- prompting the Department of Education to stop accepting applications for debt relief.
Biden's program was already on hold due to a separate legal challenge before the 8th US Circuit Court of Appeals, but the administration had continued accepting applications, having received 26 million to date.

Under the rules of the program, eligible low- and middle-income borrowers can receive up to $10,000 of federal student loan forgiveness and up to $20,000 in cancellation if they also received a Pell grant while enrolled in college.

The legal road ahead is murky, but it could take many months for the issue to be resolved.

The Texas decision "makes it more likely that the issue will ultimately go to the Supreme Court, though it is still too early to say," said Abby Shafroth, staff attorney at the National Consumer Law Center.

Four days after the Texas decision, the 8th US Circuit Court of Appeals dealt another legal blow to Biden's program, granting a request for a preliminary injunction sought by plaintiffs in a separate lawsuit. The November 14 ruling does not change the status quo for borrowers since the program was already halted.

What happens now for borrowers?​

Borrowers will have to wait for the government's appeal to the 5th Circuit Court to play out. While it can be tough to follow all the various legal challenges, borrowers can subscribe for updatesfrom the Department of Education and check the Federal Student Aid website for further information.

It could take months for the court to issue a final ruling. If it overturns the Texas lower court's ruling, then the Biden administration could begin canceling student debt.

Initially, the Biden administration said that it would start granting student loan forgiveness before payments are set to resume in January after a years-long pandemic pause.

But Thursday's ruling in Texas puts that timeline in jeopardy.

"For the 26 million borrowers who have already given the Department of Education the necessary information to be considered for debt relief -- 16 million of whom have already been approved for relief -- the Department will hold onto their information so it can quickly process their relief once we prevail in court," said White House press secretary Karine Jean-Pierre in a statement Thursday.

"We strongly disagree with the District Court's ruling on our student debt relief program," she said.

What are the legal arguments?​

What The Biden administration has argued that Congress granted the secretary of education the power to broadly discharge student loan debt in a 2003 law known as the HEROES Act, which was passed in the wake of the September 11 terrorist attacks.

The government's lawyers argue that the law allows the secretary to discharge debt in an event of a national emergency, including the Covid-19 pandemic.

But the Texas federal judge found that the law does not provide the executive branch clear congressional authorization to create the student loan forgiveness program.

"The program is thus an unconstitutional exercise of Congress's legislative power and must be vacated," wrote Judge Mark Pittman, who was nominated by then-President Donald Trump.

"In this country, we are not ruled by an all-powerful executive with a pen and a phone," he continued.

The Texas lawsuit was filed by a conservative group, the Job Creators Network Foundation, in October on behalf of two borrowers who did not qualify for debt relief.

One plaintiff did not qualify for the student loan forgiveness program because her loans are not held by the federal government and the other plaintiff is only eligible for $10,000 in debt relief because he did not receive a Pell grant.

They argued that they could not voice their disagreement with the program's rules because the administration did not put it through a formal notice-and-comment rule making process under the Administrative Procedure Act.

"This ruling protects the rule of law which requires all Americans to have their voices heard by their federal government," said Elaine Parker, president of Job Creators Network Foundation, in a statement Thursday.

The advocacy group was founded by Bernie Marcus, a major Trump donor and former Home Depot CEO.

 

[Nostra]

Can’t stand the fact little mis snow flake we get it you’re stupid

Um, you claimed Biden has no deficit, Simp.

I actually brought a link. A link from the Govt saying Biden has a $1.3 TRILLION deficit.

Not sure why you think anyone is buying your dumbassery.

 

[Ray From Cleveland]

Yeah they can little mrs. Snow flake

If a snowflake means wanting to abide by the US Constitution, and not have our tax dollars wasted on vote buying, then yes, that's me, snowflake and proud of it.