Posted on 08/24/2022 6:18:56 AM PDT by Red Badger
Biden is reportedly planning to cancel $10,000 in student loan debt per person for individuals making less than $125,000 per year.
Joe Biden is reportedly planning to cancel $10,000 in student loan debt per person for individuals making less than $125,000 per year, according to reports which say the announcement will be made on Wednesday.
Various outlets have reported on the potential move, with CNN claiming that the Biden administration is “leaning towards” the $10,000 forgiveness amount, and The Hill claiming the same along with an additional pause in student loan payments for roughly four months.
Bloomberg also reported that the White House is planning to make the announcement on loan forgiveness on Wednesday, but did not confirm the amount.
On Sunday, Biden administration Education Secretary Miguel Cardona stated that an announcement on student loan forgiveness would come “within the next week or so” before to the most recent pause on payments is set to end on August 31.
“From day one, we’ve been really focused on making sure we’re protecting our students and our borrowers…We’ve been talking daily about this, and I can tell you the American people will hear within the next week or so from the President and the Department of Education on what we’re going to be doing around that,” Cardona told NBC anchor Chuck Todd.
Should the administration go through with the reported forgiveness of $10,000 per person making under $125,000 annually, it would cost close to $300 billion, according to analysis by the Penn Wharton Budget Model released on Tuesday.
“The President will have more to say on this before August 31. As a reminder, no one with a federally held loan has had to pay a single dime in student loans since President Biden took office, and this Administration has already cancelled about $32 billion in debt for more than 1.6 million Americans — more than any Administration in history,” an unnamed White House official told CNN.
“President Biden should #CancelStudentDebt to: help narrow the racial wealth gap among borrowers, provide relief to the 40% of borrowers who never got to finish their degree, and give working families the chance to buy their first home or save for retirement. It’s the right thing,” tweeted Senator Elizabeth Warren (D-MA) on Tuesday.
Some conservatives have argued that the move is risky, unfair to taxpayers, and may worsen the inflation crisis.
National Review writer Charles Cooke described the plan as “illegal” and “indefensible in every conceivable way.”
“It’s immoral. It’s arbitrary. It makes inflation, the biggest issue we currently face, worse,” wrote Cooke. “It sends other people’s cash to the group with the lowest unemployment rate and the brightest prospects.”
No already passed law no tax on student loan reduction til 2025.
Wait until all those freshman see tuition increases over the next three years and beyond. Tuition forgiveness/assistance results in higher tuition. Where I come from, it is called inflation.
Idk. But if you took out the student loans before getting married your spouse is not responsible for the debt.
I think any cancellation of student debt will backfire with the millennials big time, not to mention the rest of the populace.
This would infuriate all the people who diligently paid their loans off. They will feel as though they got played for suckers for doing the responsible thing.
This would also infuriate all those who did not have the opportunity to go to college for whatever reason. Why should they be on the hook (with their tax dollars) to pay off student loans for some overprivileged kids?
What about those in the workforce who struggle to pay down their car loans, their mortgages, their credit card debts? How will it go over with them that Johnny next door, who still lives with his parents at age 30 and works part time at the Chipotles, gets his debt wiped out?
There are going to be a lot of people very angry if this happens. Am I the only one seeing it this way?
“”cancel $10,000 in student loan debt per person””
$10,000 today, $10,000 tomorrow, $10,000 next month - pretty soon it will add up to REAL MONEY! Stolen from a wise politician of yesteryear...
I heard a discussion about this (possibly Sunday on Howard Kurtz) and no one is making $125,000 coming out of college...waste of money to pay the kind of tuition required today and waste of taxpayer money to even allow such a thing as this but what can you do? It’s all democrats can think of - not real solutions to real problems. Just MONEY MONEY MONEY MONEY.
They need to tell us where OUR MONEY has solved anything they’ve proposed. Obamacare - greatest thing since sliced bread. Inflation Reduction Act - adjustments to fix Obamacare!!!!!
Concur.
Unjust enrichment occurs when Party A confers a benefit upon Party B without Party A receiving the proper restitution required by law. This typically occurs in a contractual agreement when Party A fulfills his/her part of the agreement and Party B does not fulfill his/her part of the agreement.
Unjust Enrichment is distinguished from a gift, as a gift is given without the reasonable expectation of receiving something in return. As such, when Party A gives Party B a gift, Party A has no legal recourse to receive something in return.
https://www.law.cornell.edu/wex/unjust_enrichment
Meanwhile, hundreds of billions, if not more than a trillion, in endowments go untouched.
Go figure.
It’s clearly stated in the legislation authorizing this expenditure... Oh, no legislation originating in the House? No legislation at all? Well, that is a problem. Time to arrest Trump to distract everyone.
Loan forgiveness. Is this not similar to having mortgage forgiveness and being taxed for the imputed income??
125K? I’ve never seen that number personally and managed to pay off whatever I owed for college long ago. The Bidet needs be removed.
Took me fourteen years to pay back my student loans.
Where’s my check?
————————————————————————————————————
I didn’t even go to college.
Why the F am I paying to forgive illegal loans for people with the highest wages and lowest unemployment?
That is what angers me th most!...............😡
Discrimination.
“This is all about the Dims trying to keep the millennials from turning against them in droves. Imagine how much they’d hate the Dims spending the rest of their lives paying off the debt for their worthless indoctrination brainwashing them to be good Dim voters.”
Remove 10k in student loans which will be a tax on the same students, while also ending the deferment program which will now force those same students to start paying back any loans over the 10K saved.
Yeah, this will end well.
Good question - what’s the offset? Remember the Constitution calls for an accounting to us....
Article I, Section 9:
No money shall be drawn from the Treasury but in consequence of appropriations made by law; and a REGULAR STATEMENT AND ACCOUNT OF THE RECEIPTS AND EXPENDITURES of all public money shall be published from time to time.
When was the last time we saw a Balance Sheet or Profit and Loss Statement from the US Government?
“”That is exactly why obumber federalized student loans.””
Remember when the genius Maxine Waters said that student loans needed to be taken out of the hands of private companies when it had already been done?
Then in 2025 look out? The new IRS agents should be well trained and experienced by then.
And carrying
I’m old enough to remember when college was affordable. That was before government $$, government rules and government regulations became the norm.
Think about how loyally the liberal arts majors vote Dim (obviously not including MBA holders where are technically liberal arts degrees). People with worthless college degrees because much of their college "education" was really Dim indoctrination, will learn to hate that indoctrination year after year after year if they have to pay for it year after year after year. The Dims can't let that happen. They need the indoctrinated to never take the red pill that comes from experiencing real life consequences of their devotion to the indoctrination. Having the gubment wipe away student loans breaks the indoctrinated from taking the red pill of reality.
The Dims aren't as worried about losing other voters as they are their loyal college indoctrinated voting bloc.
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