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Started By
Message
Student loan relief contributing to 27% jump in projected federal budget deficit
Posted on 6/20/24 at 7:39 am
Posted on 6/20/24 at 7:39 am
quote:
The federal budget deficit will hit $1.9 trillion this fiscal year, according to an updated projection released Tuesday by the Congressional Budget Office. That’s 27% – or $400 billion – larger than the agency estimated in February.
Looking longer term, the nation’s debt will approach $57 trillion in fiscal year 2034, nearly $2.5 trillion higher than previously projected, as spending on Social Security, Medicare and interest payments soar and revenues fail to keep pace. The growing imbalance is expected to loom large over upcoming congressional budget and tax battles.
Most of the spike in the fiscal 2024 deficit stems from four factors that are expected to boost projected spending. The largest is a $145 billion increase due to changes the Biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some accrued interest for millions of borrowers. The latter has yet to be finalized but could take effect as soon as this fall.
LINK
There are a few on the OT who had their loans forgiven and admitted to it in a thread I made a while back. I wonder if these people realize the money has to come from somewhere and all this will do is keep inflation chugging along.
Work harder today so Biden can buy some more votes with your money, guys!
17
Posted on 6/20/24 at 7:51 am to stout
What happened to SFP's post? Did it get deleted?
Posted on 6/20/24 at 7:53 am to stout
Apparently discussing the actual law behind this is wrong?
quote:
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service.
Posted on 6/20/24 at 8:02 am to SlowFlowPro
quote:
signed into law by President George W. Bush
The letters they are sending out say "The Biden-Harris Administration has forgiven your loans"
That's all people will see and that's who gets the credit in the minds of the freeloaders when in reality it's more evidence that neither party GAF about balancing the budget or inflation.
Posted on 6/20/24 at 8:52 am to stout
That is correct. Neither Major US political Party is committed to reducing inflation or drastically reducing federal spending.
TRUMP is the Outsider that we need. Sadly, I do not believe that he will have another term in office as POTUS. I'm very much unable to envision any scenario in which any incumbent Dem POTUS is not re-elected. Our country is quite far gone now, down the path of Radical Leftist indoctrination, and our electoral system is now controlled by the same Leftists that are indoctrinating us.
TRUMP is the Outsider that we need. Sadly, I do not believe that he will have another term in office as POTUS. I'm very much unable to envision any scenario in which any incumbent Dem POTUS is not re-elected. Our country is quite far gone now, down the path of Radical Leftist indoctrination, and our electoral system is now controlled by the same Leftists that are indoctrinating us.
Posted on 6/20/24 at 8:56 am to stout
Biden hasn't actually forgiven student loan debt he just uses already in place programs and takes credit for it
Posted on 6/20/24 at 8:57 am to Champagne
quote:
Neither Major US political Party is committed to reducing inflation or drastically reducing federal spending.
True.
quote:
TRUMP is the Outsider that we need.
Posted on 6/20/24 at 9:02 am to stout
I'm hoping to be forgiven in a few months. Spent 10 years in a government job making less money to qualify.
Posted on 6/20/24 at 9:04 am to gasbaw
Why didn't you just pay off your loan over a 10 year period?
Posted on 6/20/24 at 9:04 am to SlowFlowPro
quote:
working full-time in public service.
So you can show all the loan forgiveness is from folks working for the government?
Posted on 6/20/24 at 9:05 am to Pelican fan99
quote:
Why didn't you just pay off your loan over a 10 year period?
For the same reason people use the tax code to their advantage. Who is out there paying money that they don’t have to pay under the rules?
Posted on 6/20/24 at 9:07 am to Indefatigable
You took the loan out you should pay it back you bum. He worked a job for less pay for 10 years to get it forgiven. That is crazy
Posted on 6/20/24 at 9:08 am to SlowFlowPro
quote:
The Public Service Loan Forgiveness (PSLF) program
They are forgiving many loans that are outside this program.
Posted on 6/20/24 at 9:08 am to Pelican fan99
quote:
You took the loan out you should pay it back you bum. He worked a job for less pay for 10 years to get it forgiven. That is crazy
That is the terms of the public service forgiveness program(s).
Posted on 6/20/24 at 9:09 am to Indefatigable
quote:
Who is out there paying money that they don’t have to pay under the rules?
I've known a couple of people who could have declared bankruptcy and chose not to and repaid every single debt they had. Some people have the character to do that, some don't.
Posted on 6/20/24 at 9:11 am to Pelican fan99
quote:
He worked a job for less pay for 10 years to get it forgiven.
But is it really less pay when you figure out the fact that you get a huge loan forgiven?
I have had this argument before. Say you take a $10K yearly pay cut vs the private sector but in the end you get $100K forgiven then you didn't take a pay cut at all.
Posted on 6/20/24 at 9:15 am to Flats
quote:
I've known a couple of people who could have declared bankruptcy and chose not to and repaid every single debt they had. Some people have the character to do that, some don't.
Sounds idiotic to me, or a calculated choice to not ruin their credit and finances because they saw that things would get better.
Posted on 6/20/24 at 9:16 am to SlowFlowPro
quote:
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service.
While this law may allow for the forgiveness of debt by defining who qualifies, I would think that Congress would still need to approve the funding for it each go ‘round, otherwise one bill could approve future spending in perpetuity.
Posted on 6/20/24 at 9:18 am to stout
Elections have consequences, especially stolen ones.
Seems to me that the Executive cannot, on its own, take actions that materially increase the public debt.
But, what do I know?
Seems to me that the Executive cannot, on its own, take actions that materially increase the public debt.
But, what do I know?
Posted on 6/20/24 at 9:32 am to udtiger
quote:
Seems to me that the Executive cannot, on its own, take actions that materially increase the public debt.
But, what do I know?
Nobody follows "the rules" anymore. Not the US Govt, not the American people, not anybody. We have no rules. We have no culture. We have no character. We have no morals. All we have is Nihilism.
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