And they pay well. No 4 year tuition. Minimal lost income. Etc. and honestly it's kind of a different way of life that can be appealing. I've talked to family about it and at 3 they are done for the day. They see what they've accomplished/results and don't take worry home. Of course this is generalizing but still
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anon_mlxxvlbug9dpa
Guest
Yep. Won’t get rich unless they open their own shop but they’ll be handsomely paid and get to enjoy their work.
Can you imagine giving up a year in Btown to start working? Sounds horrible.
No different than the PPP FRAUD, eh? Actually that was worse. Hundreds of billions in covid FRAUD. Maybe 1 trillion. Largest fraud in world history. Stolen from taxpayers. In comparison, this is a fly on the ass. No I'm not going to crab about it even if I disagree it policy wise. I also don't buy the inflation argument. People have been living without student loan payments for awhile now. If anything the restart is probably deflationary because I bet most folks are spending as if they no longer need to pay student loans. It's not a check for 10k.
Biden cancels $10,000 in federal student loan debt for most borrowers
President Joe Biden announced he will forgive $10,000 in federal student debt for most borrowers.www.cnbc.com
1. How does he have the power to do this? Under what law or Constitutional provision?
2. Isn't he just buying the votes of rich suburbanites (with taxpayer money) to the detriment of the working class?
For that matter what about the stimulus checks? Pure redistribution. Bribery.
He's saying those people that owe haven't just been sitting there saving it. They've been spending it already and contributing to the inflation.
I know, but the future money they will now be receiving hasn’t been spent, which will add some to inflation.
Biden cancels $10,000 in federal student loan debt for most borrowers
President Joe Biden announced he will forgive $10,000 in federal student debt for most borrowers.
1. How does he have the power to do this? Under what law or Constitutional provision?
2. Isn't he just buying the votes of rich suburbanites (with taxpayer money) to the detriment of the working class?
When a tough question gets asked... quickly change the subject and deflect!
Let's Go Brandon!
To clarify (receiving was a poor word choice). I think my wife will qualify. The 200ish dollars each month will go towards something else, rather than repaying the loans. That’s what I meant by the future money hasn’t been spent.
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anon_mlxxvlbug9dpa
Guest
Right, but hasn't that already been happening since there was an initial round of forgiveness and pause?
He's gutless and has caved to those in his party that lack common sense.
Biden sucks.
Yes, and it has already been accounted for. The debt forgiveness just increased demand for the future, which will add some new inflation. We didn’t add to the supply.
Inflation is a measure of change. If things stay the status quo , I don't see how there is "new inflation".
Think of the inverse. If everyone had to pay their student loan payments, what would happen with inflation? Go down? Go up? Nothing?
As for status quo, If it was 2% in 2022 and it’s 2% for 2023, then there was 2% new inflation. For example price went from 100 in 2021, 102 in 2022, 104 in 2023. I don’t know if this answers your question or not.
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It's a deflationary event. With payments restarting, people will have less to spend on goods and services.
Payments aren't starting until next year now. But Biden has promised this is the last extension..... honest!
I said I was neutral on the plan, here is the positive that makes me not be anti. While this article focuses on Blacks, it would be true of all poor people. Poor kids going to college create more debt and have fewer resources to catch up. They fall behind kids of means. $50,000 in debt would mean little to Gates' kids.
fivethirtyeight.com
The more I think of it, the more I wish we just reduced interest to 0. And I would prefer Congress work on the broader problem of education inflation. Being a one-time event, the help it provides is very limited as it will do nothing to help kids in school next year. So it isn't a brilliant plan changing the face of education, it also isn't the Custer at Little Big Horn disaster. It just is.
Canceling Student Debt Could Help Close The Wealth Gap Between White And Black Americans
UPDATE (Aug. 24, 2022, 12:17 p.m.): On Wednesday, President Biden announced that he planned to forgive $10,000 in student loan debt for Americans earning less t…
The more I think of it, the more I wish we just reduced interest to 0. And I would prefer Congress work on the broader problem of education inflation. Being a one-time event, the help it provides is very limited as it will do nothing to help kids in school next year. So it isn't a brilliant plan changing the face of education, it also isn't the Custer at Little Big Horn disaster. It just is.
To me it's amazing how people think they don't need to honor their commitments. There's not a person on here that would just say forget it if someone borrow $25,000 from them and then decided it was a bad idea to borrow the money in the first place.
The first car I ever bought and got a loan on was a mistake from the beginning but I paid it off. My son-in-law had approximately $80,000 in student loans when he got out of school 10 years ago but he paid all of them off
I've seen that too so I tell them I'm gonna finance and negotiate a deal and then pay cash because they never tell you up front (or the ones I've dealt with don't) that cash deals may cost more. Once they committed to a deal it's hard for them to back out of it.
McM is a good source for investing ideas.... just do the opposite of what he recommends
Biden cancels $10,000 in federal student loan debt for most borrowers
President Joe Biden announced he will forgive $10,000 in federal student debt for most borrowers.
1. How does he have the power to do this? Under what law or Constitutional provision?
2. Isn't he just buying the votes of rich suburbanites (with taxpayer money) to the detriment of the working class?
btw Nancy Pelosi agreed until she succumbed to far left stupidity as well
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anon_mlxxvlbug9dpa
Guest
It may or may not be far left stupidity. It’s certainly left side freak out over upcoming midterms.
Or stimulative. Though we've had plenty of stimulus already soooooooooooooooooooooooooo
Mitch Daniels has tried to keep costs down at Purdue and frozen tuition for several years. Purdue is not very glamorous, but I think he has been on the right track. He also has been working on virtual learning, reducing the time it takes to obtain degrees. Mitch's approach is to try to reduce the cost of education.I said I was neutral on the plan, here is the positive that makes me not be anti. While this article focuses on Blacks, it would be true of all poor people. Poor kids going to college create more debt and have fewer resources to catch up. They fall behind kids of means. $50,000 in debt would mean little to Gates' kids.
Canceling Student Debt Could Help Close The Wealth Gap Between White And Black Americans
UPDATE (Aug. 24, 2022, 12:17 p.m.): On Wednesday, President Biden announced that he planned to forgive $10,000 in student loan debt for Americans earning less t…
The more I think of it, the more I wish we just reduced interest to 0. And I would prefer Congress work on the broader problem of education inflation. Being a one-time event, the help it provides is very limited as it will do nothing to help kids in school next year. So it isn't a brilliant plan changing the face of education, it also isn't the Custer at Little Big Horn disaster. It just is.
This is not the experience of people I know in the trades. Yes, they make a decent living. But off at 3? Never. And typically working 6 days a week instead of 5. Often have hours that they are on call for 24-hour service calls (which do pay a premium, of course).
Am I missing that this extends into the future? I haven't read that borrowers in 2030 will get $10,000 foregiveness. Maybe the articles are incomplete?
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anon_mlxxvlbug9dpa
Guest
I worked with trades guys in my summers off from school and they/we were certainly off at 3. Every hour of OT is time and a half.
I wonder if you’re talking about HVAC or something not involved in big commercial projects. The nature of those businesses are more 6 days a week and I don’t know that it’s the same that we’re discussing. I’m talking about commercial-grade carpenters, electricians, plumbers etc that work for contractors. If they’re working late, it means they’re making big bucks.
my entire family are in construction and construction related work. they are all done at 3. monday through friday. up early. on the site by 7. off by 3
Appears to be a one time shot. Only thing I've seen going forward is a cap on payments at 5% of "disposable" income, whatever that means. Which is bogus unless the interest is next to nothing; payers wouldn't ever hit the principal at that rate.
That will end up being one of those pesky unintended consequences DC (read Pennsylvania ave) are well known for. People's payment can be super low, but you never get it paid off.
STOP helping Dem's, you are killing us.
It's all forgiven after 20 years anyway. 10 years if you work in the public sector.
To play devil's advocate, much of these outstanding loans will never be repaid anyways. As they say, you can't get blood from a stone.
Wasn't aware of that. So limiting the payments to 5% and stopping them at 20 years could very well end up saving people a bunch of money, especially those with high debt and poor incomes.
