Democratic student loan forgiveness plan primarily benefits top earners

[Counselor706]

Sen. Chuck Schumer and other congressional Democrats have called on President Biden to cancel as much as $50,000 in federal student loans, but economists warned that such proposals primarily benefit those who are already well-off.

Citing a record $1.68 trillion national student loan balance, Democrats on Thursday urged Biden to use an executive order to forgive student loans, which Schumer called "a huge anchor on our entire economy."

"There's very little that the president could do with a flick of a pen that would boost our economy more than canceling $50,000 of student loans," Schumer said when he announced the resolution, which would forgive all debts for 36 million people, or roughly 80% of all student loan borrowers, according to CNBC.

But a report from the Federal Reserve released in September 2020 found that the majority of student loan debt, roughly 60%, is held by the top 40% of income earners, who account for about three-quarters of all loan payments. The lowest-income earners hold less than 20% of all federal student loan debt by comparison.

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[phrodeau]

That means college students end up earning higher incomes. Good argument for free tuition.

 

[CornusKousa]

That means college students end up earning higher incomes. Good argument for free tuition.

At the expense of the working class.

Good argument for the rich to pay their own fuckin' bills and keep their hands the fuck out of everyone else's pockets.

 

[YDB95]

People who look well-off on paper aren't always that way in reality. Statistics can't capture everything. And the prospect of running those bills up in the first place may well keep working class kids out of college - not a good thing unless you're a Republican trolling for uneducated voters.

 

[Philthy_Phil]

I hope Joe does it, the trumptard anger will be entertaining.

 

[LukSkyFokker]

That means college students end up earning higher incomes. Good argument for free tuition.

Of course, it's a good idea. Only a fucking dumb-dumb would "think" otherwise. There are so many more wasteful uses of our money by the government than educating the masses.

 

[BluesDriver66]

That means college students end up earning higher incomes. Good argument for free tuition.

Nope. It's better to leave Americans uneducated and give those skilled American jobs to foreign immigrants on HB1 visas or just outsource them. It really doesn't matter that Americans will have higher incomes, pay more in taxes, and raise the standard of living for all Americans. The important thing is poor people don't get freebies.

While I'm at it I'm extremely pissed poor people get to use STOP signs for free. Only people who pay taxes should be able to use STOP signs and traffic signals.

 

[CornusKousa]

Nope. It's better to leave Americans uneducated and give those skilled American jobs to foreign immigrants on HB1 visas or just outsource them. It really doesn't matter that Americans will have higher incomes, pay more in taxes, and raise the standard of living for all Americans. The important thing is poor people don't get freebies.

While I'm at it I'm extremely pissed poor people get to use STOP signs for free. Only people who pay taxes should be able to use STOP signs and traffic signals.

Look how upset leftist get when you suggest making people with money pay for their own shit.

 

[Noveiasil]

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[Bud_Spencer]

Look how upset leftist get when you suggest making people with money pay for their own shit.

It's all about privatizing one's gains while socializing the costs

 

[dan_c00000]

The Washington Examiner is a notoriously racist publication. I'm not shocked that you and racist bud find it's "reporting" credible.

Here's a good example of them claiming that for 8 years(!) all employment gains for women went to foreign born.

Yes, the Washington Examiner is literally claiming that any women who got a job between 2007 and 2015 was foreign born. So you go head and trust your openly xenophobic, racist, mathematically illiterate "news" source.

 

[CornusKousa]

It's all about privatizing one's gains while socializing the costs

Bunch of spoiled snobs...#BALKANIZE

 

[Bud_Spencer]

Bunch of spoiled snobs...#BALKANIZE

And the Examiner is raaaaayyyyyycccciiisssss. So sez Dan, the forum's brain trust.

 

[bellisarius]

OMG that devilish SFB Dan is at it again.

The Wash. Ex. is racist because.........................wait for it...............................

They publish data from the Federal Reserve and then he proves it by showing that those racist bastages also printed data from the Bureau of Labor Statistics!!!!!!!

What a stupid douche bag.

 

[Bud_Spencer]

They publish data from the Federal Reserve and then he proves it by showing that those racist bastages also printed data from the Bureau of Labor Statistics!!!!!!!

OMG!!!!11!!!1!!Eleven!!! That's like citing Die Sturner or whatever mag it is the Klan publishes (can the Klan even read?)!!

 

[Mukutur]

You can hate me! But I am an absolute opponent of Biden! His policy hinders the development of the greatest power in the history of mankind! For example, his policy towards emigrants (I'm not a racist, I'm fine with diasporas and national minorities) is ruining the US economy. In fact, Biden has a debt to the world powers, and especially to Russia, in the amount of more than a trillion dollars. This loan is very large in comparison with the turnover of the currency. Yes, the dollar is now the central currency, but everyone prefers to take loans in euros, and this says a lot!

 

[WillJ8787]

Source

A better way to do this is to require loan recipients to do service for the Country and public to get loan forgiveness.

Service(unpaid) volunteering for a designated period of time(hours)

 

[Rightguide]

Yep, how many poor people send their children to expensive colleges and universities? There's no way these student loans should be forgiven, either in whole or in part. It's immoral.

 

[icanhelp1]

Yep, how many poor people send their children to expensive colleges and universities? There's no way these student loans should be forgiven, either in whole or in part. It's immoral.

If they forgive college loans I wonder if they’ll grandfather back as far as the 80s, that’s when I finished paying mine off.