Where's the debt relief for everybody else?

[WarGamer]

This is a link to a news story on Yahoo Finance. The author isn't a rightwing extremist, he's a regular contributor on MSNBC, CNN and NPR.

Some of it I like... some I disagree with but I promise it's educational and interesting to read.

https://finance.yahoo.com/news/wheres-the-debt-relief-for-everybody-else-161544802.html

The votes aren’t there for Congress to pass a debt-relief law, and Democrats need every advantage they can get heading into this year’s midterm elections. So Biden is holding his nose while signing a debt-relief executive order likely to face legal challenges. Biden has also extended a moratorium on student-debt repayment for the eighth time since March 2020, when Congress first enacted a repayment pause as part of the COVID-relief CARES Act. That pause now extends to Dec. 31.

Forgiving $10,000 of debt will wipe out all money owed for about 12 million borrowers and reduce the balance for about 30 million others. But it will cost the government about $300 billion in foregone revenue, according to the Penn Wharton Budget Model. That will add to budget deficits and more or less zero out the $275 billion in deficit reduction included in the so-called Inflation Reduction Act that President Biden signed less than two weeks ago.

[FoxNewsSucks]

1. One hopes they are aware of this,

and planned a counter for the shitstorm Fox, Hate Radio and Fecesbook are about to unleash.

I've seen a couple really good ads on TV in the last few weeks that listed Biden/Democratic accomplishments and warned what republicons intend. I was surprised and happy to see them, we're gonna need a lot more like it.

[WarGamer]

3. The good news is...

I think the GOP midterm propaganda push has been weak as hell...

I've talked to family and friends in AZ and NV and they say the ads are weak and don't even aggressively go after weak points.

[Eliot Rosewater]

2. I say forgive ALL of this type debt and let the rich pay for it, and no it wont give me a penny

but I dont care, because I am a


L
I
B
E
R
A
L

[msongs]

4. opponents are ranting and the ungrateful people who wanted more are ranting. sounds like Joe

got the right balance point

[WarGamer]

5. And idea that I posted a long time ago...

I suggested INSTEAD of a targeted student loan giveaway...

do this:


Call it the Great American Dividend.

$10,000 for every American making under $100k/year.

Use it however you wish, pay off a student loan, start a new business, allow it to be 100% stuffed into an IRA... use it as a down payment on a new Tesla... or even let the gov't roll it into increased SS payments for your future.

Fairness.

https://www.merriam-webster.com/dictionary/fairness

the quality or state of being fair

especially : fair or impartial treatment : lack of favoritism toward one side or another

[KentuckyWoman]

6. I have no debt.

Where's mine?

I am not serious. Oh sure, I have no debt and likely won't ever again if I can keep this car long enough.

But this is not actually about the debt. It is about the general welfare of America. An educated workforce with enough money to build a family and save for the future is a good thing. The whole society benefits.

It won't solve it all but will help.

[WarGamer]

7. It won't solve it all but will help.

Indeed it will... for some

[blue neen]

8. How is this possible?:

"Biden has also extended a moratorium on student-debt repayment for the eighth time since March 2020"?

He didn't take office until January of 2021.

[WarGamer]

9. the moratorium has been extended 8x...

The author should have added a word or two indicating that not all were signed by Biden.

[blue neen]

10. The wording is very misleading.

It should be rewritten, IMHO.

[texasfiddler]

11. Trump was OK withholding help for blue states.

GOP was just fine with that. I don’t care anymore. Whatever helps the Democrats.

[mjvpi]

12. Paying for higher education sure changed after Reagan.

[WarGamer]

13. I remember $35 per credit hour in the 80's

Tuition, books, fees... less than 1k/semester IIRC

[mjvpi]

14. I remember $120/month Blue Cross health insurance payments around then.

Some parts of society should not be run on a "for profit " basis.

[WarGamer]

15. ouch...

[Ferrets are Cool]

18. Yeah, I remember mine being 28 a quarter hour.

Those were the days. I never had to have any loans to pay for it, thank goodness.

[live love laugh]

16. "...cost the government about $300 billion in foregone revenue..." which will go into the economy.

[crud]

17. And probably generate a lot more than it costs in the long run

and the taxes from the increased economic activity will help cover the cost...all kinds of benefits to society...kids will be better taken care of...less suicides...less poor health outcomes...less domestic abuse...better nutrition...happier beautiful people in our world.

[PufPuf23]

20. The root problem of student loan debt is the money grubbing student loan "industry"

and the way above inflation of higher education costs to consumer.

I have an MBA from Haas Business School (Cal, otherwise known as UC Berkeley), Class of 1987 (graduated age 34).

I paid iirc about $1200 per year in student fees / tuition for 2 years or less than $2500 total.

Look at current costs for Haas, a public university.

http://mba.haas.berkeley.edu/admissions/costs-and-financial-aid

Current cost for student fees and tuition alone is $67,424 for a CA resident or about $135,000 for the two year program.

University more than ever is a filter to divide the haves from the have nots

[WarGamer]

21. +1000 true...

[ecstatic]

22. How does the pause work? Does it mean I can hold off on payments until December?

I only owe about 1650 now, and I have 135 set to go out on autopay tomorrow! If I can stop that payment and wait for my balance to be cleared, that would be great!

[Sympthsical]

23. Correct

A pause on payments has been extended from Aug. 31st to Dec. 31st.