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Author Topic: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'  (Read 5172 times)

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Online mystery-ak

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Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« on: August 24, 2022, 01:31:32 pm »
August 24, 2022 8:34am EDT
Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
Student loan handout plan elicits reaction from those who already paid off their debt — 'breaking contracts'

By Maureen Mackey | Fox News

President Joe Biden is today expected to announce a student loan handout plan that would essentially use taxpayer money to pay off up to $10,000 of student debt per borrower who is making under $125,000 per year.

That means Americans may be footing a nearly $300 billion bill if Biden goes through with the reported plan — plus extends a repayment pause to next year.

The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.

The U.S. federal debt is projected to nearly double the size of the economy by 2051, slowing economic growth and raising the risk of a fiscal crisis, the Congressional Budget Office said in late July, as FOX Business reported.

Many hardworking, play-by-the-rules Americans have diligently paid off their student loans as a matter of personal responsibility. They believe in taking care of their obligations; for them, it's the right thing to do.

"In general, I am skeptical of what the government does," Bruce Paulson of North Carolina told Fox News Digital this week, "and I would be highly skeptical of the government forgiving all or part of a student loan."

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https://www.foxnews.com/lifestyle/americans-bidens-student-loan-handout-plan-suspicious
   
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Offline DefiantMassRINO

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #1 on: August 24, 2022, 01:39:17 pm »
1.) This is a middle finger to everyone who goes to work every day and pays their bills on time.

2.) This could be an empty talking point that doesn't really help anybody because of the program's restrictions, limitations, qualifications, and application process.

Liberals tout many programs that "help" people, but they really don't because no one qualifies, or their applications are rejected multiple times before they are actually accepted.
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Offline Kamaji

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #2 on: August 24, 2022, 02:18:02 pm »
A nice fat giveaway to the rich.  The dems love to accuse the republicans of being "soft" on the rich, but then they go and enact these massive giveaways to the wealthy themselves.  The COVID payroll protection loans - another liberal idea - were also, by and large, giveaways to the rich.
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Offline Right_in_Virginia

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #3 on: August 24, 2022, 02:48:00 pm »
Biden plan is:
—up to $20K of debt cancellation for Pell grant recipients
— up to $10K for most other non-Pell borrowers
—all relief limited to individuals earning <$125K; families <$250K
—payment pause extended thru Dec 31


https://mobile.twitter.com/samstein/status/1562444217103704066
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Offline Right_in_Virginia

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #4 on: August 24, 2022, 03:28:50 pm »
Code of Vets
@codeofvets

I grew up in poverty in the mountains of NC. I ate out of a garden, lived in government housing, shopped at yard sales. I joined the Air Force. Earned my GI BILL. I attained 4 degrees and created my own version of the American Dream. I am not responsible for your student debt.



11:35 AM · Aug 23, 2022  Twitter for iPhone
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Offline Right_in_Virginia

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #5 on: August 24, 2022, 03:30:38 pm »
Matt Rinaldi
@MattRinaldiTX

Harvard has a $42 billion endowment. Yale’s is $31 billion. But Biden will tax truck drivers and plumbers to pay the student loans that built those empires.

7:27 PM · Aug 23, 2022·Twitter for iPhone
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Offline Right_in_Virginia

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #6 on: August 24, 2022, 03:33:26 pm »
2020:
"I've saved all my money. [My daughter] doesn't have any student loans. Am I going to get my money back?"

Warren: "Of course not."

"So you're going to pay for people who didn't save any money and those of us who did the right thing get screwed."  (Video)


https://mobile.twitter.com/realDailyWire/status/1562131578460987392
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Offline Right_in_Virginia

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #7 on: August 24, 2022, 03:46:08 pm »
Mark R. Levin
@marklevinshow

Pay your own damn loans. Ex-college students aren’t the only people with debt. And why should blue collar workers subsidize college graduates. And where’s Biden’s constitutional authority to forgive loans?

5:16 PM · Aug 23, 2022·Twitter for Android
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Offline Hoodat

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #8 on: August 24, 2022, 03:52:25 pm »
Quote from: Right_in_Virginia on August 24, 2022, 03:30:38 pm
Matt Rinaldi
@MattRinaldiTX

Harvard has a $42 billion endowment. Yale’s is $31 billion.

The interest alone on these endowments would pay the full tuition and board of every student at both of these institutions.
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Offline Bigun

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #9 on: August 24, 2022, 03:53:17 pm »
Most of the student debt is owed by the 13% who have a master's or PHD. They also vote Democrat overwhelmingly.  Is this beginning to make sense now?
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Offline Hoodat

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #10 on: August 24, 2022, 04:03:30 pm »
Quote from: Bigun on August 24, 2022, 03:53:17 pm
Most of the student debt is owed by the 13% who have a master's or PHD. They also vote Democrat overwhelmingly.  Is this beginning to make sense now?

It would be interesting to know the percentage of White House staffers who have over $10K in student debt.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

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Online rustynail

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #11 on: August 24, 2022, 04:29:29 pm »
If Our Joe can cancel debt why not  'cancel' the U.S. national debt?
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Offline Bigun

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #12 on: August 24, 2022, 04:50:53 pm »
Quote from: rustynail on August 24, 2022, 04:29:29 pm
If Our Joe can cancel debt why not  'cancel' the U.S. national debt?

No one can "cancel" debt, but it can be transferred. In this case, from those who incurred it to American taxpayers.
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"I wish it need not have happened in my time," said Frodo.

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- J. R. R. Tolkien

Offline Hoodat

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #13 on: August 24, 2022, 05:01:49 pm »
My mortgage now identifies as a student loan.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

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Offline Hoodat

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #14 on: August 24, 2022, 05:02:51 pm »
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-

Offline Hoodat

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #15 on: August 24, 2022, 05:05:35 pm »
Quote from: Bigun on August 24, 2022, 04:50:53 pm
No one can "cancel" debt, but it can be transferred. In this case, from those who incurred it to American taxpayers.

Exactly.  There is no such thing as 'debt forgiveness'.  It is merely an acceptance by one party that they will assume repayment of the debt of another.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-

Online mystery-ak

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #16 on: August 24, 2022, 05:05:46 pm »
Joe Biden Announces Decision to Forgive up to $20,000 in Student Debt per Person

Charlie Spiering 24 Aug 2022

President Joe Biden announced his final decision to forgive up to $20,000 in student debt for Americans making less than $125,000 a year.

The president announced details of his plan on social media, citing his “campaign promise” to give “working and middle-class families breathing room” on student loans.


https://twitter.com/POTUS/status/1562462774969581570

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https://www.breitbart.com/politics/2022/08/24/joe-biden-announces-decision-to-forgive-up-to-20000-in-student-debt-per-person/
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Offline Kamaji

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #17 on: August 24, 2022, 05:07:30 pm »
Quote from: Bigun on August 24, 2022, 04:50:53 pm
No one can "cancel" debt, but it can be transferred. In this case, from those who incurred it to American taxpayers.

Of course debt can be canceled.  The problem is that for the books to balance, there is a concomitant cancellation of an asset as well, and that is what will ultimately hit the US taxpayer because, with fewer assets, the government will have to raise taxes to make up for the lost assets. 
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Offline Kamaji

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #18 on: August 24, 2022, 05:09:02 pm »
Quote from: Hoodat on August 24, 2022, 05:05:35 pm
Exactly.  There is no such thing as 'debt forgiveness'.  It is merely an acceptance by one party that they will assume repayment of the debt of another.

No. If the creditor who holds the loan as an asset agrees to release the debtor from the obligation to repay, the debt is cancelled.  What keeps the books balanced is that the creditor loses an asset in the transaction as well. 
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Offline Hoodat

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #19 on: August 24, 2022, 05:11:21 pm »
Quote from: mystery-ak on August 24, 2022, 05:05:46 pm
Joe Biden Announces Decision to Forgive up to $20,000 in Student Debt per Person

This is insane.  So a person who received a 'free-money' Pell grant gets $10K additional money than someone who didn't receive a 'free-money' Pell grant?
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-

Offline Hoodat

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #20 on: August 24, 2022, 05:12:37 pm »
Quote from: Kamaji on August 24, 2022, 05:09:02 pm
No. If the creditor who holds the loan as an asset agrees to release the debtor from the obligation to repay, the debt is cancelled.

The creditor assumes repayment of the debt.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-

Offline Right_in_Virginia

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #21 on: August 24, 2022, 05:17:32 pm »
ICYMI .....

Quote from: Right_in_Virginia on August 24, 2022, 02:48:00 pm
Biden plan is:
—up to $20K of debt cancellation for Pell grant recipients
— up to $10K for most other non-Pell borrowers
—all relief limited to individuals earning <$125K; families <$250K
—payment pause extended thru Dec 31


https://mobile.twitter.com/samstein/status/1562444217103704066
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Offline Kamaji

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #22 on: August 24, 2022, 05:19:58 pm »
Quote from: Hoodat on August 24, 2022, 05:12:37 pm
The creditor assumes repayment of the debt.

No, the creditor does not.  The creditor foregoes repayment of the debt.
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Offline Right_in_Virginia

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #23 on: August 24, 2022, 05:23:23 pm »
Quote from: Kamaji on August 24, 2022, 05:07:30 pm
Of course debt can be canceled.

Can Biden cancel repayment of non-Pell grant money?
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Offline Kamaji

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Re: Americans already reacting to Biden's reported student loan handout plan: 'Highly suspicious'
« Reply #24 on: August 24, 2022, 05:24:31 pm »
Quote from: Right_in_Virginia on August 24, 2022, 05:23:23 pm
Can Biden cancel repayment of non-Pell grant money?

That is a completely different issue.
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