RUMOR - Biden to announce cancellation of student debt

[KillerGoose]

CNBC

Wall Street Journal

Washington Post

The decision is expected tomorrow. Note, the rumor is that he will announce cancellation of $10k student debt for borrowers that earn less than $125k per year. This isn't 100% certain, though, so take it with a grain of salt. 

[CKwi88]

Not crazy about handouts, especially for people at that income level, but hell, its probably a drop in the bucket compared to corporate welfare in this country so have at it.

[*Nately120*]

I assume this is a damage control move on the part of the Biden team since he's getting knocked for not being progressive enough by his voters while the other side is already mad at him for doing stuff like this even though he hasn't done it yet.

[StoneTheCrow]

I wonder if this would sway voters in the middle who have spent thousands and thousands paying off their debt.

[Arturo Bandini]

(08-23-2022, 04:51 PM)StoneTheCrow Wrote: I wonder if this would sway voters in the middle who have spent thousands and thousands paying off their debt.

My grampa did WWII and that's not because he did it that he wanted me to go in a war by myself.

BTW, schools and universities are almost free around there. It's just a shocker that people had to be in debt for decades to just ... learn things.

I hope we'll got a live cam to Betsy Devos' tears if Biden does that.

PS : Believe it or not, I was paid to get my degree.

[*Nately120*]

(08-23-2022, 05:04 PM)Arturo Bandini Wrote: My grampa did WWII and that's not because he did it that he wanted me to go in a war by myself.

BTW, schools and universities are almost free around there. It's just a shocker that people had to be in debt for decades to just ... learn things.

I hope we'll got a live cam to Betsy Devos' tears if Biden does that.

PS : Believe it or not, I was paid to get my degree.

Right wrong or otherwise, it has to be amusing watching Americans freak out over getting a portion of what other countries have highly comped or free.

[Arturo Bandini]

(08-23-2022, 05:13 PM)Nately120 Wrote: Right wrong or otherwise, it has to be amusing watching Americans freak out over getting a portion of what other countries have highly comped or free.

What is truly hard to understand is people who are not wealthy advocating that it is normal to give half of your monthly money to billionnaires and people who dont need any penny.

[StoneTheCrow]

(08-23-2022, 05:04 PM)Arturo Bandini Wrote: My grampa did WWII and that's not because he did it that he wanted me to go in a war by myself.

BTW, schools and universities are almost free around there. It's just a shocker that people had to be in debt for decades to just ... learn things.

I hope we'll got a live cam to Betsy Devos' tears if Biden does that.

PS : Believe it or not, I was paid to get my degree.

Cool. I still wonder how it’s going sway the group of people I mentioned.

[Arturo Bandini]

(08-23-2022, 05:30 PM)StoneTheCrow Wrote: Cool. I still wonder how it’s going sway the group of people I mentioned.

The good reaction would be to go to the crooks who makes student loans with giant rates and get their money back. 

[SunsetBengal]

$10k, really?? Everyone knows that I am pretty damn far from being a progressive, but $10K? If the administration wants to do something about the predatory student loan industry, they should go a little bigger than $10K per borrower.

[treee]

Hopefully the cap interest rates too.

[*Nately120*]

(08-23-2022, 05:30 PM)StoneTheCrow Wrote: Cool. I still wonder how it’s going sway the group of people I mentioned.

Can You define them a bit better?  Plenty of people who have paid thousands and thousands on their student loans are still thousands and thousands away from paying them off. 

My wife has paid off her BA and I have an MA im still paying off.  It'll be interesting to see if she resents me if this goes through. 

[StoneTheCrow]

(08-23-2022, 06:00 PM)Nately120 Wrote: Can You define them a bit better?  Plenty of people who have paid thousands and thousands on their student loans are still thousands and thousands away from paying them off. 

My wife has paid off her BA and I have an MA im still paying off.  It'll be interesting to see if she resents me if this goes through. 

Swing voters who have paid off a debt. I’m not saying it will affect their vote, I’m wondering aloud IF it would be something that does.

[*Nately120*]

(08-23-2022, 06:34 PM)StoneTheCrow Wrote: Swing voters who have paid off a debt. I’m not saying it will affect their vote, I’m wondering aloud IF it would be something that does.

Interesting.  The democrats were too late forgiving student loans to benefit me so I'll vote for the side that never wanted to do it. 

It's possible.  We are a spiteful society.  If I cant have it, nobody can. 

[CKwi88]

(08-23-2022, 06:51 PM)Nately120 Wrote: Interesting.  The democrats were too late forgiving student loans to benefit me so I'll vote for the side that never wanted to do it. 

It's possible.  We are a spiteful society.  If I cant have it, nobody can. 

I'm sure slaves who died in bondage/escaped were cursing Abe Lincoln.

Or that women who never got to vote were super pissed about their descendants enjoying that right. 

[KillerGoose]

(08-23-2022, 06:51 PM)Nately120 Wrote: Interesting.  The democrats were too late forgiving student loans to benefit me so I'll vote for the side that never wanted to do it. 

It's possible.  We are a spiteful society.  If I cant have it, nobody can. 

We are quite spiteful. I have a great relationship with my MIL, but she said something the other day that I found fascinating. The topic of this debt relief was brought up and she said she was against it because “I didn’t get that luxury. I had to work my butt off and pay it all back. Why should someone else get their debt erased when I didn’t?”

[*Nately120*]

(08-23-2022, 07:06 PM)KillerGoose Wrote: We are quite spiteful. I have a great relationship with my MIL, but she said something the other day that I found fascinating. The topic of this debt relief was brought up and she said she was against it because “I didn’t get that luxury. I had to work my butt off and pay it all back. Why should someone else get their debt erased when I didn’t?”

Yep, I can understand feeling that way to an extent but to let that dictate how you want to see people treated going forward seems a bit much.

I told the wife about this and she said "That's nice...doesn't matter to me but that's nice to hear."  She also added that in all fairness interest rates were lower when she took out loans 20 years ago for college, so there is a bit of perspective on her part.  Clearly, a jerkbutt like me would have to marry a logical and understanding woman.

When it comes to stuff like this I always picture a group of kids and a cake.  If the kids have no cake they're probably in an OK mood, but as soon as you bring the cake into the equation and dole it out suddenly they're all more focused on how much cake everyone else has rather than the cake in front of them.  Suddenly everything is unfair and everyone is whining and you wish you never brought the damn cake home in the first place to this bratty ass kids because god knows your old man didn't bring cake home when he was done with his triple shift at the ultra-dangerous steel plant, by cracky!


Or just watch any episode of Forensic Files and there is a 50% chance the case boils down to "So and so killed so and so because he didn't want so and so to have so and so."

[StoneTheCrow]

(08-23-2022, 06:59 PM)CKwi88 Wrote: I'm sure slaves who died in bondage/escaped were cursing Abe Lincoln.

Or that women who never got to vote were super pissed about their descendants enjoying that right. 

ITT: Taking down Hitler and freeing the slaves are on par with letting some people off the hook on a debt they knew they would be expected to pay off.

[*Nately120*]

(08-23-2022, 07:34 PM)StoneTheCrow Wrote: ITT: Taking down Hitler and freeing the slaves are on par with letting some people off the hook on a debt they knew they would be expected to pay off.

$10k isn't exactly letting people off the hook, though.  

People are allowed to be all butthurt about this if it goes through, but I'd wager if you have your loans paid off you probably also had the luxury of lower tuition rates and interest rates than some of the other people who are "lucky enough" to get this relief did.  

It's hard to believe until I think about it, but I was done with college when people who are now going into college were being born...I'm probably old and outta touch.

[StoneTheCrow]

(08-23-2022, 07:39 PM)Nately120 Wrote: $10k isn't exactly letting people off the hook, though.  

People are allowed to be all butthurt about this if it goes through, but I'd wager if you have your loans paid off you probably also had the luxury of lower tuition rates and interest rates than some of the other people who are "lucky enough" to get this relief did.  

It's hard to believe until I think about it, but I was done with college when people who are now going into college were being born...I'm probably old and outta touch.

I’m not one who’s butthurt about this (I dont think you were referring to me), as I haven’t looked into what the ripple effects will be because of it…I was just posing a question.

¯\_(ツ)_/¯