Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'

[Hoodat]

I hesitate to ask because ya'll are far more knowledgeable....but wouldn't the CD holders be covered by FDIC insurance?

So the taxpayers would cover that....much like the case of the student loans (which I, just for the record am totally against.)

You are technically correct, although this wasn't a hypothetical that included bankruptcy and FDIC insurance.  But your point is spot on.  Someone does pay off the loss.  It is never harmlessly wiped off the books.  It will cost someone.

[Hoodat]

No, you asked who paid for it.  Look back over your own posts.

Aren't they the same?  The person paying for it incurs the cost.

I'm done, @Kamaji .  This is getting retarded.

[DefiantMassRINO]

Government is a less trustworthy issuer, guarantor, and counter-party in the Student Debt credit markets as a result.

The credit default swaps for student debt instruments will become more expensive / valuable.

The same crybabies will be whining about the lack of availability of student loans when private creditors stop buying student debt instruments.

[Kamaji]

Aren't they the same?  The person paying for it incurs the cost.

I'm done, @Kamaji .  This is getting retarded.

I quite agree that it's getting retarded.  And no, they aren't the same.

[Hoodat]

The same crybabies will be whining about the lack of availability of student loans when private creditors stop buying student debt instruments.

A government monopoly is the ultimate goal.  It blows my mind how leftists for decades have railed against monopoly power, yet are perfectly willing to hand the same power over to government.

The interest rate on my student loans (floating) was 2.34%.  I paid my loans off in less than 5 years.  This of course was before Obama.  After Obama was elected, they nationalized the student loan industry.  Instead of a borrower going to a lender to secure a government-backed loan, the lenders were cut out of the equation.  The government (i.e. the taxpayers) became the lender.  And with no lenders having to compete for business, that 2.34% rate I was paying disappeared.  It was replaced with the government monopoly rate of 6.8%.  And you wonder why students are struggling to pay down debt with rates that high?

[DefiantMassRINO]

So, the Student Debt loanshark is the Federal Government?  That means Elizabeth Warren is the villain. That's rich.

[Hoodat]

This was considered satire two years ago:

Hard-Working Plumber Looking Forward To Paying For His Neighbor’s Gender Studies Degree

Nov 17, 2020  ·  BabylonBee.com

PADUCAH, KY - With Democrats proposing the mass cancellation of student debt, successful Americans around the country are really looking forward to paying taxes to relieve the debt of people who purchased expensive yet useless college degrees. One local plumbing contractor, Sam Caughorn, is really looking forward to paying the tab on his neighbor's $89,000 gender studies degree.

"Listen, I'm just a plumber," he said. "I didn't go to college, but I work hard and support my family. I don't know about all that high-falutin gender stuff they teach in college, but I'm sure it must be important since it's so expensive! Happy to help out another person in need."

According to studies, there are millions of white girls working at coffee shops across the country while struggling under the crushing student debt they acquired by irresponsibly obtaining college degrees that gave them no marketable job skills. Benevolent politicians have proposed transferring all the wealth from trade workers and minority business owners to help indebted white girls with their student loans so they can still afford their daily latte and cat food expenses.

Local gender studies major Amber White is looking forward to having all her debt forgiven, thanks in part to the contributions of plumbers like Sam Caughorn. "I'm so thankful for the generosity of our Democrat leaders!" she said. "They really look out for the little folx. Also, down with capitalism and white men!"   .  .  .

https://babylonbee.com/news/hard-working-plumber-looking-forward-to-paying-his-for-his-neighbors-gender-studies-degree/

[Right_in_Virginia]

"Tucker Carlson breaks down why Biden forgiving student loan debt is a bad idea, and who benefits." (Video)

https://mobile.twitter.com/TPostMillennial/status/1562605125352448000

[Right_in_Virginia]

"Dan Bongino @dbongino GOES OFF over Biden cancelling student loan debt."  (Video)

https://mobile.twitter.com/TPostMillennial/status/1562580299581636608

[Right_in_Virginia]

Interesting question --- I wish it had been asked of someone with two working brain cells  ...

"Jean-Pierre is asked why the Biden admin didn't negotiate with banks to make sure student loans are interest-free or subsidized." (Video)

https://mobile.twitter.com/TPostMillennial/status/1562543495000334336

[Right_in_Virginia]

[Right_in_Virginia]

"Jonathan Turley thinks Biden's student debt forgiveness is unconstitutional"  (Video)

https://mobile.twitter.com/mrctv/status/1562511109369671681

[EdinVA]

Parents wonder: Does Biden's student debt handout include college loans taken out by moms and dads?

After President Biden announced his student loan handout plan on Wednesday, August 24, 2022, many parents immediately wondered about the status of the college loans they took out in their own names on behalf of their children.
Many moms and dads took out Parent PLUS loans, the federal loans available to parents of undergraduate students to handle college expenses not covered by financial aid.
Currently, at least 3.4 million Parent PLUS borrowers owe at least $87 billion, according to the Brookings Institute.

https://www.foxnews.com/lifestyle/parents-wonder-biden-student-debt-handout-include-college-loans-moms-dads

Great question....

[DefiantMassRINO]

Hello, 9-1-1.  I've just been mugged.  The assailant was a confused old man.

[Bigun]

"Jonathan Turley thinks Biden's student debt forgiveness is unconstitutional"  (Video)

https://mobile.twitter.com/mrctv/status/1562511109369671681

FWIW, I think Turley is 100% correct.

[Right_in_Virginia]

FWIW, I think Turley is 100% correct.

No worries .... the GOP's got this.   

[EdinVA]

No worries .... the GOP's got this.   

Mitch will stop it... 

[Right_in_Virginia]

Parents wonder: Does Biden's student debt handout include college loans taken out by moms and dads?

After President Biden announced his student loan handout plan on Wednesday, August 24, 2022, many parents immediately wondered about the status of the college loans they took out in their own names on behalf of their children.
Many moms and dads took out Parent PLUS loans, the federal loans available to parents of undergraduate students to handle college expenses not covered by financial aid.

Currently, at least 3.4 million Parent PLUS borrowers owe at least $87 billion, according to the Brookings Institute.

https://www.foxnews.com/lifestyle/parents-wonder-biden-student-debt-handout-include-college-loans-moms-dads

Paging President Rice, please pick up the white courtesy phone.

[mountaineer]

[Polly Ticks]

From Mike Rowe's Facebook page:

Mike Rowe
 
I work hard on this page, (not as hard as I could, perhaps, but pretty hard), to avoid the politics of the moment, and comment only on topics that impact the foundation I’m proud to run – a foundation that awards work-ethic scholarships to individuals who choose to forego an expensive, four-year education in favor of a skilled trade. When I do weigh in, I try to acknowledge both sides of the argument, and make my points with as much respect as I can muster. Today, however, I can see only one side. Today, I can find nothing to respect in the President’s decision to transfer billions of dollars in outstanding student loans onto the backs of those people my foundation tries to assist - the same people I’ve spent the last twenty years profiling on Dirty Jobs.

With that in mind, I’m not going to write the piece I just sat down to write. Instead, I’m going to share the attached article from Charlie Cooke, who writes better than I do, and shares my disdain for what just happened. If you share our disdain, then please, share this post as well. This decision is without question, the biggest pre-Labor Day slap in the face to working people I've ever seen.
----

BIDEN'S STUDENT-DEBT BONFIRE IS A CLASSIST MESSAGE TO THE UNCREDENTIALED: SCREW 'EM
By Charlie Cooke

A few moments before I sat down to write this piece, I opened the door to six guys in blue shirts who had come to my house to replace our air-conditioning units. The Florida weather being what it is, I’ve seen some of these guys work on our air conditioners before, and they’re as skilled and knowledgeable and conscientious and hard-working as you might expect. The company they work for, which is local to North Florida, was started by a guy who chose to forgo college in favor of taking out a small-business loan to strike out on his own. Most of the technicians who work for him didn’t go to college, either. They took a different path. And, well . . . what absolute chumps the president has just made of them for that!

Squirm if you like, but that’s the truth of the matter: As of today, the six air-conditioning technicians in my house are on the hook for college loans that were signed for, spent, and enjoyed by other people. Confirming the measure today, President Biden announced that any American who has both college debt they vowed to repay and an individual yearly income under $125,000 (or a family yearly income under $250,000) will be given up to $20,000 by the Treasury — which means by you, and by me, and by everyone else who pays taxes in America.

Why? Well, that’s the question.

The answer can’t be, “because that’s what the relevant law anticipates or requires.” As of yet, Congress has provided no authorization for the executive branch to arbitrarily write off some of the money that borrowers owe to taxpayers. As of yet, Congress has passed no rules that allow down-on-their-luck presidents to throw money at people for political gain. As of yet, Congress has given no instruction that if the president’s friends might like a little more cash, he can raid the Treasury to give it to them. Certainly, Congress has set up a loan program. But the deal there is rather simple, all told: First you borrow, and then you pay back what you borrowed. There is no mention of “forgiveness” days or of “help” or of rolling Chekhovian jubilees, and by pretending otherwise, President Biden is making a mockery of his oath to uphold the Constitution.

Another answer that won’t fly is, “To lower the cost of education.” As President Biden made clear today, this is a one-time deal, a lottery, a lightning strike. People who paid off their loans last week aren’t covered. People who will take out new loans after the policy has run its course aren’t covered. The problems in the system aren’t addressed. The colleges, and their endowments, are left unmolested. American culture’s increasingly credentialist presumptions aren’t altered. Within four years, overall debt will return to its present level. With the stroke of a pen, the already-fake deficit savings within the Inflation Reduction Act will be wiped out. This isn’t a reform. It’s not even pretending to be reform. It’s a contemptuous, abusive, unbelievably expensive shot in the dark — the net effect of which will be that fewer people correctly calibrate whether college is worth it, fewer colleges change their offerings to meet market demand, and, because this sort of executive giveaway will now loom large as a possibility, fewer people feel the need to save for college.

It seems so arbitrary. Why does Biden not want to do the same thing for loans on trucks owned by plumbers? Why not for mortgages — which, given how heavily it subsidizes them, the federal government clearly thinks are worthwhile? Why not for credit cards or auto payments or mom-and-pop credit lines? The answer, I’m afraid to say, is disgustingly classist: Because Joe Biden and his party believe that college students are better than everyone else. Because Joe Biden and his party believe that college students are of a finer cut. Because Joe Biden and his party prefer college students to you, and they think that those students ought to be rewarded for that by being handed enormous gobs of your money.

Electricians, store managers, deli workers, landscapers, waitresses, mechanics, entrepreneurs? Screw ’em. Sure, college graduates make more money than non-graduates, and their unemployment rate is lower, too. But non-graduates don’t have access to the president, so they don’t matter. They’re tradesmen, the riff-raff, the great unwashed. They’re background noise, dirty-handed types, second-classers. They don’t deserve $10,000 in debt reduction. What would they even do with it? Go hunting? Give it to their church? Their role is to subsidize the superior people, and the superior people go to college.

Why did Joe Biden do all this? That’s why. Why was this what Joe Biden chose to break his oath to achieve? That’s why. When it came down to it, good ol’ Scranton Joe sent cash from the sort of people he cynically pretends to care about to the sort of people he actually cares about: the privileged, accredited, self-dealing clerisy that his ever-dwindling political party now calls its base.

[Hoodat]

Perfect!

[Hoodat]

From Mike Rowe's Facebook page:

t seems so arbitrary. Why does Biden not want to do the same thing for loans on trucks owned by plumbers? Why not for mortgages — which, given how heavily it subsidizes them, the federal government clearly thinks are worthwhile? Why not for credit cards or auto payments or mom-and-pop credit lines? The answer, I’m afraid to say, is disgustingly classist: Because Joe Biden and his party believe that college students are better than everyone else. Because Joe Biden and his party believe that college students are of a finer cut. Because Joe Biden and his party prefer college students to you, and they think that those students ought to be rewarded for that by being handed enormous gobs of your money.

Electricians, store managers, deli workers, landscapers, waitresses, mechanics, entrepreneurs? Screw ’em. Sure, college graduates make more money than non-graduates, and their unemployment rate is lower, too. But non-graduates don’t have access to the president, so they don’t matter. They’re tradesmen, the riff-raff, the great unwashed. They’re background noise, dirty-handed types, second-classers. They don’t deserve $10,000 in debt reduction. What would they even do with it? Go hunting? Give it to their church? Their role is to subsidize the superior people, and the superior people go to college.

Spot on.  This is exactly how the elitist pricks that make up today's Democrat Party think.

[Wingnut]

Spot on.  This is exactly how the elitist pricks that make up today's Democrat Party think.

They can't even hide it without the media's help to spin it.

[mountaineer]

Amen, Mike Rowe and Charlie Cooke.

[Hoodat]

https://twitter.com/Johnny_Joey/status/1562514132150407168