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re: 17 state attorneys general call for canceling $50K in student loan debt
Posted on 2/19/21 at 11:48 am to HailHailtoMichigan!
Posted on 2/19/21 at 11:48 am to HailHailtoMichigan!
quote:
What exactly do you think the govt does with the money it receives?
You act like it is burned or something
So now conservatives are gonna argue that the government spends money better than the people?
2
Posted on 2/19/21 at 11:49 am to Jbird
When did state attorneys general become federal policy makers?
Posted on 2/19/21 at 11:49 am to Jbird
How is this an attorney general issue?
Clearly just signalling.
Clearly just signalling.
This post was edited on 2/19/21 at 12:14 pm
Posted on 2/19/21 at 11:50 am to Jbird
Before this is over, I am guessing minority students will have a portion cancelled, but no one else.
Posted on 2/19/21 at 11:51 am to SammyTiger
No, not at all.
The critical difference is that college students chose to take out loans.
They knew the details when they signed
The critical difference is that college students chose to take out loans.
They knew the details when they signed
Posted on 2/19/21 at 11:52 am to SammyTiger
quote:
I am Pretty into at least the idea of canceling interest on government loans.
It would provide a huge relief to borrowers.
On a $50k loan for 10 years at the federal backed rate of 6.8% apr, that's roughly $140 a month. That's not huge at all.
quote:
You have a whole generation of people paying hundreds a month to the government that they could be spending in the economy. And that’s not just to repay taxpayer dollars.
Do you not get simple economics? Opportunity cost ring a bell? A borrower using that money is costing more than just the principal.
Posted on 2/19/21 at 11:52 am to SammyTiger
quote:
I am Pretty into at least the idea of canceling interest on government loans.
frick all that. We are treating Americans like babies who cant take care of themselves. Our society will crumble if we lose personal responsibility for voluntary financial obligations and contracts. What would be the incentive to make careful choices regarding future loans to pay for overpriced educational institutions? If you provide any relief for student loans, it will just be a massive windfall to the already bloated, crooked, and mostly obsolete educational institutions across the country. Most people get degrees that mean absolutely nothing and provide no real value for them to earn more in the workforce. People need to make better decisions and stop getting English degrees with debt. Period.
Posted on 2/19/21 at 11:53 am to HailHailtoMichigan!
quote:
No, not at all.
The critical difference is that college students chose to take out loans.
They knew the details when they signed
Student loans are a contract and the generally can be amended by the parties.
If the government chooses to forgive interest tell my why that’s a bad thing? Tell my why that’s worse than any over selective tax cut?
Posted on 2/19/21 at 11:54 am to Jbird
quote:I feel obliged to say this every time I see this in print. The debt doesn't get cancelled. It gets paid by someone else.
17 state attorneys general call for canceling $50K in student loan debt
Posted on 2/19/21 at 11:55 am to SammyTiger
Student loan interest will never come back. At least on the loans already issued. And I’m sure payments will be suspended well past the September 2021 deadline. Both sides have been perfectly fine with suspending interest and payments and, by not actually forgiving the debt, they get to continue to use it as a political hot potato during every election cycle.
I fully expect the remaining balance of my loans to just sit there for years to come before they ever make me make payments again
I fully expect the remaining balance of my loans to just sit there for years to come before they ever make me make payments again
Posted on 2/19/21 at 11:56 am to SammyTiger
quote:
If the government chooses to forgive interest tell my why that’s a bad thing?
Someone is going to have to pay for that.
quote:Without a corresponding decrease in expenditures, it is nothing more than liberal pie in the sky, feels driven handouts with no way to pay for it.
Tell my why that’s worse than any over selective tax cut?
Posted on 2/19/21 at 11:57 am to oldskule
quote:
Pay EVERY STUDENT LOAN......Current and past!
They could do it if they didn't launder...I mean give money to other countries.
Posted on 2/19/21 at 11:57 am to fjlee90
quote:Are tater tots a viable substitution? If so, forge my signature on that petition too.
And I call for roughly 250k in mortgage debt cancellation.
No particular reason. None at all.
I also want some waffle fries.
Posted on 2/19/21 at 12:00 pm to SammyTiger
quote:
So now conservatives are gonna argue that the government spends money better than the people?
Well in this case yes - why would we want to give the same idiots who thought running up 6 figures of debt for worthless degrees more money?
Posted on 2/19/21 at 12:01 pm to LNCHBOX
quote:
Without a corresponding decrease in expenditures, it is nothing more than liberal pie in the sky, feels driven handouts with no way to pay for it.
So tell my why that’s different than any other tax cut?
How often are they accompanied by a huge decrease in expenditures?
How often do they apply to everyone?
So we cut taxes for business justifying it by saying “ well they can hire more eomployees and those employees will buy things and that will all trickle down”
We can’t provide meaningful relief to working class people who will then spend that money in the economy? We can start trickle down farther down the line?
Posted on 2/19/21 at 12:01 pm to gthog61
quote:
Well in this case yes - why would we want to give the same idiots who thought running up 6 figures of debt for worthless degrees more money?
They aren’t GIVING them the money. They’re just taking less.
And the point is that person will go out and spend that money.
Posted on 2/19/21 at 12:04 pm to SammyTiger
quote:
So tell my why that’s different than any other tax cut?
Tax cuts can have benefits such as decreased operating costs which lead to lower prices, more jobs, higher wages, etc which can then lead to a more robust economy.
Your idea eliminates interest on loan payments with no such benefits. As you claim, this would be a huge relief, which means these borrows are just scraping by to pay their bills, so no infusion into the economy would be expected.
This of course assumes that you will be consistent, which I'm not really expecting.
Posted on 2/19/21 at 12:06 pm to CGSC Lobotomy
Well they can pay for it then.
Posted on 2/19/21 at 12:13 pm to Jbird
How is this even relevant to the job duties of a state attorney general?
Posted on 2/19/21 at 12:13 pm to LNCHBOX
quote:
Your idea eliminates interest on loan payments with no such benefits. As you claim, this would be a huge relief, which means these borrows are just scraping by to pay their bills, so no infusion into the economy would be expected.
So if you’re just scrapping huh paying bills and a student loans payment and then your student loan payment is lessened built a large percent you wouldn’t have more money to spend?
Oh right, of course you would.
You listed “higher wages” as part of your pros for tax cuts. And the benefit to the economy is that people have more spending money. More money beyond their basic needs. And that’s exactly what this would do for millions of people.
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