Author Topic: Biden bails out 74k student loan borrowers with $5B in canceled debt  (Read 626 times)

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Offline mystery-ak

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 Published January 19, 2024 8:42am EST

Biden bails out 74k student loan borrowers with $5B in canceled debt
President Biden said he has canceled debt for public sector workers including teachers and firefighters

By Chris Pandolfo FOXBusiness


The Biden administration has approved an additional $5 billion in debt cancelation for roughly 74,000 student loan borrowers, the White House said in a statement Friday.

President Biden said many of the borrowers impacted by his latest student loan debt handout are public sector workers, like teachers and firefighters, who will have their debt erased after 10 years of public service. Nearly 30,000 borrowers impacted have been in repayment for at least 20 years "but never got the relief they earned through income-driven repayment plans," Biden said.

The latest round of student debt cancelation brings the total amount canceled under Biden to $136.6 billion for more than 3.7 million Americans, according to the Department of Education. It comes after the U.S. Supreme Court blocked Biden's initial student loan handout last year, which would have cost more than $400 billion.

"From Day One of my Administration, I vowed to improve the student loan system so that a higher education provides Americans with opportunity and prosperity – not unmanageable burdens of student loan debt," Biden said. "I won’t back down from using every tool at our disposal to get student loan borrowers the relief they need to reach their dreams."

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https://www.foxbusiness.com/politics/biden-bails-74k-student-loan-borrowers-5-billion-canceled-debt
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Offline Fishrrman

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Re: Biden bails out 74k student loan borrowers with $5B in canceled debt
« Reply #1 on: January 19, 2024, 10:33:52 pm »
I'll repeat what I posted a few days' back:

If Mr. Trump wins election, one of the first things his administration should do is SEND A BILL to every person who had his/her loan "cancelled" by the biden regime.

Cancel the cancellations !!

Offline sneakypete

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Re: Biden bails out 74k student loan borrowers with $5B in canceled debt
« Reply #2 on: January 19, 2024, 10:35:15 pm »
It's called "Buying votes",using other people's money.
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Offline berdie

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Re: Biden bails out 74k student loan borrowers with $5B in canceled debt
« Reply #3 on: January 19, 2024, 11:20:10 pm »
It's called "Buying votes",using other people's money.


Correct!

Offline Hoodat

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Re: Biden bails out 74k student loan borrowers with $5B in canceled debt
« Reply #4 on: January 20, 2024, 02:53:03 am »
That's $67k per person.
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Offline mystery-ak

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Re: Biden bails out 74k student loan borrowers with $5B in canceled debt
« Reply #5 on: January 21, 2024, 02:20:14 pm »
Biden’s slow trickle approach to student debt pleases no one except small slice of borrowers
By
Haisten Willis
January 21, 2024 5:00 am


President Joe Biden continued his slow rollout of student debt transfers Friday morning with the announcement that his administration will write off $5 billion worth of loans for 74,000 borrowers.

The White House touted the move as the president using “every tool at our disposal” to cancel student debt, yet the trickle approach has outraged conservatives who say the actions are illegal, while “forgiveness” advocates are urging the administration to go bigger.

“President Biden continues to defy the Supreme Court and Congress by forgiving yet another round of student debt,” Job Creators Network Foundation President Elaine Parker said. “His lawless actions make a mockery of the separation of powers and set a dangerous precedent that consolidates more power in the executive branch.”

Parker said college students are the “biggest losers of the move,” as colleges have been given a “blank check” to continue overcharging with the push. Conservatives also like to point out that any unpaid loans fall on the backs of taxpayers.

But the other side isn’t satisfied, either. Biden initially tried to cancel up to $20,000 in loans for anyone making less than $125,000 a year or up to $40,000 for married couples earning up to $250,000. The total price tag exceeded $400 billion but never went through, as the Supreme Court ruled it illegal.

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https://www.washingtonexaminer.com/news/2806207/biden-pleases-no-one-slow-trickle-approach-student-debt/
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Re: Biden bails out 74k student loan borrowers with $5B in canceled debt
« Reply #6 on: January 21, 2024, 02:41:21 pm »
It's called "Buying votes",using other people's money.
Exactly. Using your money and mine.
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Offline DefiantMassRINO

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Re: Biden bails out 74k student loan borrowers with $5B in canceled debt
« Reply #7 on: January 21, 2024, 03:14:14 pm »
Why do I have to pay my bills, and other people don't have to pay their bills?  It leaves me feeling like a chump.

 ////00000////

If "The Ant And The Grasshopper" was to be rewritten for modern times ...

1.) A Grasshopper gets elected President

2.) The Grasshopper uses Government to confiscate wealth (food, shelter) from the ants and redistribute it to the Grasshoppers for 'equity'.

3.) The Grasshopper demands the ants forfeit more of their earnings and savings because the ants have already spent their previous re-distribution from the Government.

4.)  The rich ants can afford to move to another domain that treats ant's earnings and savings better.

5.)  The middle-class ants can no longer afford to live in the Grasshopper's domain, and gradually migrate elsewhere.

6.)  Only grasshoppers and ants too poor to move remain in the Grasshopper's domain.

7.)  The Grasshopper runs out of ants' wealth to spend as his domain's economy and GDP shrink.

8.)  The Grasshopper demands that the ants' domains need to "pay their fair share" to the
Grasshopper's domain.

9.)  As a condition, the ants demand an audit of the Grasshoppers' government spending; the grasshopper protests saying there is no time for an audit; there's are emergencies and crisises afoot that demand immediate response, or else many grasshoppers may die during the cold winter.

10.)  The slim majority of ants' domains agree to help the Grasshopper's domain while the audit proceeds.

11.)  The audit shows that the Grasshopper spent his domain's wealth to build bike lanes, rail trails, wind farms, and solar panels - none of which contributed to growing the economy or GDP.

12.)  Conservative ant domains tell the Grasshopper domain to reap what they have sown.

13.)  Moderate and Liberal ant domains agree to unconditionally help the Grasshopper domain get through the Winter.

14.)  What was meant to be temporary assistance to help the Grasshopper's domain survive one Winter becomes an annual obligatiion.

15.)  Soon, more ants move away from Moderate and Liberal ant domains to Conservative ant domains.

16.)  The Moderate and the Liberal ant domains see their ant populations, GDP, and economies shrink.

17.)  The Moderate and the Liberal ant domains ask the Conservative ant domains for assistance.

18.)  The Conservative ant domains place a condition on their assistance to the other ant domains - the Moderate and Liberal ants domains must cease their subsidizing the Grasshopper Domain.

19.)  The Moderate and the Liberal ant domains ask, "Why?" - The Conservative Ants reply "Because it is your subsidization of the Grasshopper domain that has bankrupted you; we don't want to make the same mistake."

20.)  The Moderate and Liberal ant domains refuse that condition, and continue their subsidization of the Grasshopper domain.

21.)  When Spring arrives, the Conservative ant domain is thriving with a growing population, growing economy, and growing GDP.  The Moderate ant domain is in a recession.  The Liberal ant domain is in a depression.  The Grasshopper domain barely survived, thanks to the subsidies from the Moderate and Liberal ant domains.

22.)  The Grasshopper domain requests more assistance than ever; the Conservative ant domains refuse; the Moderate ant domains reduce their subsidies; the Liberal ant domains increase their subsidies.

23.)  The next Spring, the Conservative domains thrives; the Moderate ant domains are an pulling out of their recessions; the Liberal ant domains did not survive the Winter; the Grasshopper domain barely survived the Winter thanks to the generous subsidies from the Liberal ant domains.

24.)  The remaining ants call a congress to study what caused the Liberal ant domain to fail; they discovered that the Liberal ant domain failed because it double-downed on its subsidization of the failing Grasshopper domain.

« Last Edit: January 21, 2024, 04:21:55 pm by DefiantMassRINO »
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