$300 Billion in student loan "forgiven".... how generous

[Srgt. Hulka]

We paid 100% of my son’s school. He finished college debt free.
We paid, after scolarships, 100% of my daughter’s college. She will graduate debt free. However, her degree is in animal science/pre-vet. She is a senior this year. Next year she will go to LSU for veterinary medicine. After four years of that, she will have a student loan debt of around $200,000. Thats retarded. There’s no way I can pay that off. I expect her to get a job, and pay that shit off as soon as possible. Will the taxpayers pay that off? No. Do I expect them to? Of course not. But we know, and she knows, what she’s getting into.
I am, however, open to any private donations.

 

[Bigfatcock]

We paid 100% of my son’s school. He finished college debt free.
We paid, after scolarships, 100% of my daughter’s college. She will graduate debt free. However, her degree is in animal science/pre-vet. She is a senior this year. Next year she will go to LSU for veterinary medicine. After four years of that, she will have a student loan debt of around $200,000. Thats retarded. There’s no way I can pay that off. I expect her to get a job, and pay that shit off as soon as possible. Will the taxpayers pay that off? No. Do I expect them to? Of course not. But we know, and she knows, what she’s getting into.
I am, however, open to any private donations.

She’d be better off being a plumber. What is the average yearly pay for her field?

 

[hlee]

She’d be better off being a plumber. What is the average yearly pay for her field?

She could always start a YouTube channel and do dumb stuff with guns. Worked for another vet i know about…

 

[pineoak]

Vet school is harder than medical school for humans.

Congrats to your very academically gifted daughter.

My kids are going to be plumbers, HVAC technicians, handymen. Just is.

 

[Bigfatcock]

Vet school is harder than medical school for humans.

Congrats to your very academically gifted daughter.

My kids are going to be plumbers, HVAC technicians, handymen. Just is.

They will be rolling in money and laughing at the underwater basket weavers.

 

[brianf]

We paid 100% of my son’s school. He finished college debt free.
We paid, after scolarships, 100% of my daughter’s college. She will graduate debt free. However, her degree is in animal science/pre-vet. She is a senior this year. Next year she will go to LSU for veterinary medicine. After four years of that, she will have a student loan debt of around $200,000. Thats retarded. There’s no way I can pay that off. I expect her to get a job, and pay that shit off as soon as possible. Will the taxpayers pay that off? No. Do I expect them to? Of course not. But we know, and she knows, what she’s getting into.
I am, however, open to any private donations.

this is exactly the issue at hand

started out debt free then going to a secondary school and hopefully finishing but with a large debt

if the 200k wasnt available via loans the vet market would be in need of employees

that would increase pay scale and or reduce the education $ needed


we have to be honest with the salary and salary cap with our decisions

with a masters there is a "average salary" depending on degree etc

being a vet there is a "average salary" as well


if the vet salary cannot eclipse the masters salary by 200k plus interest over X years (15 or less in my opinion) then legally she should not be allowed to receive federal loan money for vet school

if the theoretical pay scale is a ++, then money should be available

if not the country is knowingly investing in a negative return stock/item

and the student is purposely setting themselves up for failure/targeting a less profitable future

 

[pineoak]

Personally, I wish I'd taken out a boatload of student loans and gone to a party school like Arizona State...

(Sigh)

 

[pineoak]

Funny how you have to finish the college journey to have learned enough math to figure out that a $38k a year job will take 25+ years to pay off a $200k student loan for a master's degree in library science from a small private school.

(I have NO CLUE why my friend still wears her school sweatshirt from the institution mentioned above)

 

[LawnMM]

LOL buying votes????

The fucking retards who will have their student loans "forgiven" are die hard commies already... They dont need their vote bought....

I wonder if the 10K will count as income and then be subject to taxation?

Nothing suprises me anymore.

87,000 IRS agents say yes

 

[Bigfatcock]

I will always be grateful to my high school guidance counselor. His great wisdom passed on to me was “ You’re going to jail.”

Damn, I’m glad I didn’t go to college.

 

[Badjujuu]

Wait until 2028 when they'll start asking for mortgage forgiveness

 

[pineoak]

87,000 ARMED IRS agents say yes

There, fixed it for ya.

 

[LawnMM]

There, fixed it for ya.

If they're anything like the videos I'm not worried

 

[W54/XM-388]

So the Democrats promise big and then give nothing to all the blearly eyed young woke idiots voting for them.

I wonder how much celebrating the young woke starbucks workers with their masters degrees in uselessness are going to do before they realize they aren't included in this hand out?

Essentially the fine print says only government employees for the most part and only with specific rules.

I'm not sure if this will actually help the Democrats or hurt them because the government workers are already a lock step guaranteed block to vote Democrat, but there is probably enough time before the election for all the rest of the woke fools to find out this doesn't include them, which might make them a bit less eager to do anything possible to vote for the Democrats this election.

 

[Fig]

Honestly, this ontop of these psychofuckingmorons trying to enact another Iran, terrorist, billion dollar giveaway has me in a fugue state.

It's like Americas worst enemies are in complete control.

 

[Californio]

“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money”

-Alexis De Tocqueville

 

[stevieb92]

This administration is a case study in why you don’t elect paid-for socialists to run anything.

This is old news to many, but this administration wasn't elected. Just sayin...

 

[Fig]

So the Democrats promise big and then give nothing to all the blearly eyed young woke idiots voting for them.

I wonder how much celebrating the young woke starbucks workers with their masters degrees in uselessness are going to do before they realize they aren't included in this hand out?

Essentially the fine print says only government employees for the most part and only with specific rules.

I'm not sure if this will actually help the Democrats or hurt them because the government workers are already a lock step guaranteed block to vote Democrat, but there is probably enough time before the election for all the rest of the woke fools to find out this doesn't include them, which might make them a bit less eager to do anything possible to vote for the Democrats this election.

This is a payoff for all the criminality and attacks on Republicans, the American people, and the repudiation of our constitution by the permanent Deep State. The Democrats cannot give enough money to the bureaucracy in order to hide their treason and malfeasance.

 

[Alphatreedog]

It's sooooooooooooooo easy to be generous when you're using other peoples money.

 

[BigTex]

Lol 10k wouldn't even put a dent In my student loans even if I qualified for this bullshit. The poors win again.

 

[pineoak]

Watch video embedded in article.

The One Video Clip on Student Loan Forgiveness Republicans Should Run From Now ‘Til November

redstate.com

 

[Bullfrog08]

Does any of this matter anymore? We are already in massive decline as a country. They should just forgive all school debt at this point. Its all laughable at this point. The sooner the ship sinks the better. At least when we hit bottom, people will start to stand for what is right and moral, and not just bitch online.

 

[JR_77]

Whats the average dollar amount the IRS pulls in to the treasury for auditing families making less than $250K?

I bet it‘s somewhere between $10K-$15K. Old Joe is smiling handing out billions but big gov knows they will get a lot of that money back in future audits. Who knows the IRS may specifically target & audit anyone who applies for and receives this loan debt forgiveness.

This will justify in their head why they are hiring 87K new IRS agents. As we know big gov loves fishing expeditions.

 

[Bigfatcock]

Forgive all debt, and legalize prostitution. Go big or go home.

 

[Downzero]

Tell me you don't know (or care) what causes inflation, without telling me you don't know what causes inflation

Inflation is monetary. It sounds to me like you don't know or care what causes inflation. Fiscal policy has nothing to do with inflation. The fed could cripple the economy tomorrow and cause deflation if it had the will to do so. So-called economists claiming fiscal policy causes inflation are idiots.

I wish we could have a more nuanced conversation about student debt in this country, but all it takes is a scroll through this thread to see that is not possible. Everyone is diehard in the camp of "yes" or "no" instead of realizing that this is a structural and policy problem that needs to be solved or it is never going to go away; the current status quo is unsustainable.

$10000 in student loan forgiveness will do nothing for me, so I don't have any personal stake in this present situation, but I do get sick of major, complicated political disputes being resolved by one sentence headlines instead of serious policy solutions to serious policy problems.

 

[The D]

I will vote harder.

Your civic duty. For the social contract. Or some stupid shit

 

[The D]

Forgive all debt, and legalize prostitution. Go big or go home.

Let me max out a few credit cards first. I just need like a month or so

 

[Charger442]

Inflation is monetary. It sounds to me like you don't know or care what causes inflation. Fiscal policy has nothing to do with inflation. The fed could cripple the economy tomorrow and cause deflation if it had the will to do so. So-called economists claiming fiscal policy causes inflation are idiots.

I wish we could have a more nuanced conversation about student debt in this country, but all it takes is a scroll through this thread to see that is not possible. Everyone is diehard in the camp of "yes" or "no" instead of realizing that this is a structural and policy problem that needs to be solved or it is never going to go away; the current status quo is unsustainable.

$10000 in student loan forgiveness will do nothing for me, so I don't have any personal stake in this present situation, but I do get sick of major, complicated political disputes being resolved by one sentence headlines instead of serious policy solutions to serious policy problems.

The ONLY thing that causes inflation is government spending. That is the only thing. what is the difference between cancelling $10k in debt for someone who has $5K left to pay-off, and giving them a $500 "stimulus" for the next 12 months?

income to the government in repayment goes down, influx of money into the economy goes up. How can this NOT contribute to inflation?

i get its more nuanced but simplifying this down for discussion purposes.

 

[Charger442]

 

[theLBC]

finished up paying for my daughter's masters a few months after she graduated.
i could have had a lot of @TheHorta or @TheGerman type rich people shit if i let her start life in debt.

 

[Downzero]

The ONLY thing that causes inflation is government spending. That is the only thing. what is the difference between cancelling $10k in debt for someone who has $5K left to pay-off, and giving them a $500 "stimulus" for the next 12 months?

income to the government in repayment goes down, influx of money into the economy goes up. How can this NOT contribute to inflation?

i get its more nuanced but simplifying this down for discussion purposes.

Fiscal policy has nothing to do with inflation. "Inflation is always and everywhere a monetary phenomenon." Google that quote and read.

Any economist who says otherwise will always begin the conversation with "inflation is usually (or almost always) monetary" and then go onto explain their pithy reason why they think the current inflation is somehow an exception to a principle so plain and so basic that there really shouldn't be any exceptions.

But rather than explain to you how government spending has nothing to do with the price of money, I think it'd just be easier to turn the question on its head. Why do you think government spending causes inflation? Or, since you're probably just repeating what someone else told you, why do you think that's true?

The reason you're wrong is that an increase in government spending is, by definition, an increase in GDP (Y=C+I+G+NX). Maybe the government doesn't spend the money as prudently as your household would, but in order for their to be government spending, it has to buy goods and services. Whether it does so by buying toilet seats, tanks and rifles, or by buying labor from bureaucrats, the government's money doesn't just go poof into thin air. Things are produced by the government spending money--things that employ people and produce something. That the money came from a loan changes nothing. It's just like if you borrow money from the bank to buy a car. Yes, you incur a debt liability, but the car company receives cash and makes and gives you the new car in exchange. So it's not as if somehow output doesn't increase just because you borrowed the money to consume the results of that output. Maybe you have to cut your spending next month to make payments on that liability, but without your purchase, there would be no signal to the market to produce a new good, the car.

The same effect doesn't happen from what we commonly call "printing money" by expanding the money supply. Money that comes out of thin air chases the goods and services that are already out there. Eventually, there's no new cars or labor to buy, and people start charging more for those items, because there are too many dollars chasing too few goods, in a world where the increase in dollars out there necessarily causes there to be more dollars without a corresponding increase in output.

 

[wildcats]

Wait! and for those who think they are going to disagree with this fucked up bill,they have an extra 87,000 IRS mother fuckers to audit your taxes if they think and have reasonable suspicion that you are somehow cheating.

 

[brianf]

Wait! and for those who think they are going to disagree with this fucked up bill,they have an extra 87,000 IRS mother fuckers to audit your taxes if they think and have reasonable suspicion that you are somehow cheating.

just got hit with 5k state and 5k federal from 2018 return...and that is before the 87 got a desk lol

 

[wvfarrier]

Complete bullshit. The wife and I went without a lot of the joys of life to pay off ours.

 

[Fig]

Wait! and for those who think they are going to disagree with this fucked up bill,they have an extra 87,000 IRS mother fuckers to audit your taxes if they think and have reasonable suspicion that you are somehow cheating.

Lol. “Reasonable”. You obviously have not dealt with them before.

 

[Charger442]

The reason you're wrong is that an increase in government spending is, by definition, an increase in GDP (Y=C+I+G+NX). Maybe the government doesn't spend the money as prudently as your household would, but in order for their to be government spending, it has to buy goods and services. Whether it does so by buying toilet seats, tanks and rifles, or by buying labor from bureaucrats, the government's money doesn't just go poof into thin air.

this statement here negates most of your argument. i am not disagreeing with SOME of what you have said, but most of what you are arguing that forgiving student loans will not cause inflation, is not correct.

what good or service is the government buying by giving $10K to tens of millions of people? That does not contribute to GDP.

 

[wildcats]

Lol. “Reasonable”. You obviously have not dealt with them before.

.........and that's because i'm the idiot that always pays extra. and yes,i have dealt with them before...lol

 

[philly1010]

FJB FJB FJB FJB FJB FJB FJB FJB FJB FJB FJB FJB FJB FJB FJB FJB

...and his band of fucking IDIOTS!

Everybody sing along.

 

[Downzero]

this statement here negates most of your argument. i am not disagreeing with SOME of what you have said, but most of what you are arguing that forgiving student loans will not cause inflation, is not correct.

what good or service is the government buying by giving $10K to tens of millions of people? That does not contribute to GDP.

I don't know what consumers will spend their money on instead of spending it on student loans, but given that the marginal propensity to consume any dollar results in over 97 cents being spent on goods and services, that they will spend it is self-evidently obvious. The savings rate is at all-time lows at this point in history, and even when it was higher, people consumed the vast majority of their income. So the money will be spent and contribute to output, and given that output is defined as C+I+G+NX, that's not really saying anything or even arguing--it is an identity, just as 1=1.

So what goods or services? All of them. Homes, steaks, guns, whatever they wanted to spend them on. My student loans have been paused for 2 1/2 years, which I did not ask for or need because I had to go to work every single work day that entire time, and I can't even begin to tell you how many things are in my household that weren't there previously that absolutely would not be there but for that. I also saved a great deal of that money, far beyond what is normally observed in our economy, but most have not, and that spending resulted in productive output that printing money would not.

 

[Bigfatcock]

So…no interest for the last 2 1/2 years and you didn’t pay the loans?

 

[Downzero]

So…no interest for the last 2 1/2 years and you didn’t pay the loans?

No, I didn't pay the loans because I am on a forgiveness program that will wipe out the balance in a few years. There is no reason for me to even try to pay them as the balance is so high that I can never pay it anyway, especially not because I have forgone a huge amount of my income to be eligible for that forgiveness. In a sense I am "paying" the price by not quitting my job and taking the huge payraise that would be virtually automatic.

 

[Fig]

 

[babyguppy]

No, I didn't pay the loans because I am on a forgiveness program that will wipe out the balance in a few years. There is no reason for me to even try to pay them as the balance is so high that I can never pay it anyway, especially not because I have forgone a huge amount of my income to be eligible for that forgiveness. In a sense I am "paying" the price by not quitting my job and taking the huge payraise that would be virtually automatic.

at the end, you'll have to pay taxes on that (fyi) amount that gets 'forgiven'

 

[Fig]

“Phantom income”

 

[Downzero]

at the end, you'll have to pay taxes on that (fyi) amount that gets 'forgiven'

Nope, the program I'm on is tax-exempt and was passed by a bipartisan majority of Congress and signed into law by George W. Bush.

All loans are forgiven after 25 years no matter what, and that comes with a giant tax bomb. Were that to happen to me, given my balance, I would have to declare bankruptcy because it would result in a six figure tax bill that was due immediately.

If people actually understood the real situation and not just their simplistic understanding (like your assumption that the forgiveness would be taxable, which is contrary to law), I think people would look at this differently, but people refuse to think critically about this because they only focus on their own experience and not the entire reality of what is going on in the student loan system.

We are going to have an even more extreme crisis in 20 years if we don't fix this, just like we currently have with immigration after the 1986 amnesty.

 

[DarnYankeeUSMC]

A simple question. Where is the money to pay for this coming from? The government is already spending more than it intakes by over a trillion dollars a year. So where is this 300 billion dollars coming from?
You can type all the educated words that you want to. It's like a cat burying shit in a little box. Government spending money it doesn't have causes inflation. Somehow I think that you may agree with that bullshit that for every dollar the government spends is worth five dollars to the economy.

Fiscal policy has nothing to do with inflation. "Inflation is always and everywhere a monetary phenomenon." Google that quote and read.

Any economist who says otherwise will always begin the conversation with "inflation is usually (or almost always) monetary" and then go onto explain their pithy reason why they think the current inflation is somehow an exception to a principle so plain and so basic that there really shouldn't be any exceptions.

But rather than explain to you how government spending has nothing to do with the price of money, I think it'd just be easier to turn the question on its head. Why do you think government spending causes inflation? Or, since you're probably just repeating what someone else told you, why do you think that's true?

The reason you're wrong is that an increase in government spending is, by definition, an increase in GDP (Y=C+I+G+NX). Maybe the government doesn't spend the money as prudently as your household would, but in order for their to be government spending, it has to buy goods and services. Whether it does so by buying toilet seats, tanks and rifles, or by buying labor from bureaucrats, the government's money doesn't just go poof into thin air. Things are produced by the government spending money--things that employ people and produce something. That the money came from a loan changes nothing. It's just like if you borrow money from the bank to buy a car. Yes, you incur a debt liability, but the car company receives cash and makes and gives you the new car in exchange. So it's not as if somehow output doesn't increase just because you borrowed the money to consume the results of that output. Maybe you have to cut your spending next month to make payments on that liability, but without your purchase, there would be no signal to the market to produce a new good, the car.

The same effect doesn't happen from what we commonly call "printing money" by expanding the money supply. Money that comes out of thin air chases the goods and services that are already out there. Eventually, there's no new cars or labor to buy, and people start charging more for those items, because there are too many dollars chasing too few goods, in a world where the increase in dollars out there necessarily causes there to be more dollars without a corresponding increase in output.

Every dollar they spend that is not in a bank account and has to be borrowed causes inflation.

 

[wade2big]

You’re civic duty. For the social contract. Or some stupid shit

The social contract that no man alive ever agreed to or signed but is propaganda the powers that be cleverly inserted into the minds of “patriots.”

 

[wade2big]

finished up paying for my daughter's masters a few months after she graduated.
i could have had a lot of @TheHorta or @TheGerman type rich people shit if i let her start life in debt.

The gov will make sure she won’t be able to do the same for her children. I’m certain of it.

 

[theLBC]

The gov will make sure she won’t be able to do the same for her children. I’m certain of it.

at least she got a job before she even had the diploma.
we shouldn't be paying for useless degrees in gender studies...

 

[AngryKoala]

at least she got a job before she even had the diploma.
we shouldn't be paying for useless degrees in gender studies...

Someone needs to because they still can't figure it out.