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Demise of Biden’s student loan handout rocks Twitter: ‘Its only purpose was to buy votes’

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1 hour ago, easilyscan said:

Yet another thread concerning student loan debt, with no one addressing the root cause.

Tuition rates far exceeding the normal rate of inflation over the past 40 years. Gasoline prices go up and Biden wants to put a windfall tax on the oil companies, but tuition rates run wild for decades and no politician(s) have the balz to address it. Adjusted for inflation, gasoline prices are actually down since the 80s.

Guess who is largely responsible for the rise in tuition being so steep the last few decades?  The government.  But tards think the government giving away money is the solution. 

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1 hour ago, Hardcore troubadour said:

Guess who you can thank for that? Come on , guess.  I dare you. I double dare you!!!

Crickets. Any of the rest of you Libtard losers care to take a stab? 

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15 minutes ago, Strike said:

Guess who is largely responsible for the rise in tuition being so steep the last few decades?  The government.  But tards think the government giving away money is the solution. 

Hit me in the head with a hammer, then politely give me Tylenol to help with the pain.  Thank you sir, may I have another?

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The Government creates student loans.  The Universities have Billion Dollar Endowments but charge huge fees to go to school because they know the government will give families loans.  Not much different than Bank of America giving low credit score people 500k home loans for homes they couldn't afford.  2008 anybody?

When crap hits the fan the government uses (or tries too) Taxpayer money to reset the whole ponzi scheme.  They want Joe and Jane Taxpayer to fund something they had no skin on in the game.  Fock you.  

An honest leader, one with any backbone and a heart would just make all the student loans zero interest.  But no, that doesn't move the needle as much in November....voting season.

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11 minutes ago, craftsman said:

Liberals are so stupid. 

 

14 minutes ago, Shooter McGavin said:

You're welcome, leach.

Defund the police!

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23 minutes ago, Shooter McGavin said:

You're welcome, leach.

And it’s leech, college boy. 

  • Haha 2

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Obviously the government provided easy access to loans and the college's greed led to college being $2k a semester when I went, late 80's, to $25k plus a semester now.  That's like a million percentage increase.  So forgiving $20k for so doesn't seem to unreasonable to me.  And education is what will ensure our country stays great so I'm cool with a small percentage of the loan being forgiven on our dime. 

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2 minutes ago, Hardcore troubadour said:

And it’s leech, college boy. 

It's okay, Daddy paid. 

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2 hours ago, craftsman said:

You called someone a "leach". :lol:

Like you?

17 hours ago, craftsman said:

We all knew what he was doing. Duping those voters who are younger career government leaches simply to gain their votes.

It's what liberals do. Scum of the Earth people overall. I hope all those voters feel like the losers they are right now.

'Biden got what he wanted and they got played for fools,' tweeted one user

 

Twitter users reacted to the news that a federal judge in Texas blocked President Biden’s student loan handout.

On Thursday, U.S. District Judge Mark Pittman ruled that Biden’s executive action was unconstitutional because Congress didn’t approve the sweeping plan. In fact, the judge claimed it was one of the largest executive branch overreaches in the "history of the United States."

As Fox Business reported, Pittman’s opinion on the ruling stated, "No one can plausibly deny that it is either one of the largest delegations of legislative power to the executive branch, or one of the largest exercises of legislative power without congressional authority in the history of the United States."

The handout, announced by Biden in August, was intended to provide upwards of $20,000 of student debt relief to borrowers making under $125,000 a year. According to the Congressional Budget Office, the plan would have cost American taxpayers over $400 billion.

Liberals on the platform expressed outrage over the ruling, while conservatives ridiculed Biden’s entire handout strategy as being a cynical ploy to garner Democratic votes for the midterms.  

The Federalist co-founder Sean Davis wrote, "Doesn’t matter to Biden. Its only purpose was to buy votes for last Tuesday."

 

https://www.foxnews.com/media/demise-bidens-student-loan-handout-rocks-twitter-only-purpose-was-buy-votes

 

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2 minutes ago, craftsman said:

Liberal says what? 🤪

You’re making fun of people for doing the same thing you did, dummy 

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3 minutes ago, TimHauck said:

You’re making fun of people for doing the same thing you did, dummy 

I seriously am not following anything you post. I'm not sure how to reply to all your copy/pasting. 

:dunno:

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Just now, craftsman said:

I seriously am not following anything you post. I'm not sure how to reply to all your copy/pasting. 

:dunno:

You called someone a “leach”

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8 minutes ago, TimHauck said:

You called someone a “leach”

 

2 hours ago, Shooter McGavin said:

You're welcome, leach.

I think you are mixing people up now. This is why I don't comprehend WTF you ever post. 

And the word "leach" is not what he intended to say. "Leach" is a verb. Not the noun 'leech' he was thinking he was using. 

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1 minute ago, craftsman said:

 

I think you are mixing people up now. This is why I don't comprehend WTF you ever post. 

Read what I quoted from you, dumbass

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4 minutes ago, TimHauck said:

Read what I quoted from you, dumbass

You just try to hard. Get some rest. 

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2 minutes ago, craftsman said:

You just try to hard. Get some rest. 

You don’t try hard enough 

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1 minute ago, Shooter McGavin said:

Try to hard?

:lol: 

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I surmise that this gambit will end with the legal ruling, as the President knew all along.

The Dems should be able to use this to their benefit still.

Bad news for the small group of people who would have benefited and good news for those who would have would up paying for it. 
 

Perhaps more important is that we all avoid the inflationary outcomes it would have contributed to. 
 

I doubt this feels very good the swath of entitled 20-30 year olds who emphatically believe things should just be given to them

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When the people find they can vote themselves money, that will herald the end of the republic."

Ben Franklin

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7 minutes ago, Baker Boy said:

When the people find they can vote themselves money, that will herald the end of the republic."

Ben Franklin

This is why everyone always promises tax cuts

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55 minutes ago, Baker Boy said:

When the people find they can vote themselves money, that will herald the end of the republic."

Ben Franklin

Why is every quote that sounds forefathery attributed to Ben Franklin?

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20 hours ago, Raven Fan said:

Obviously the government provided easy access to loans and the college's greed led to college being $2k a semester when I went, late 80's, to $25k plus a semester now.  That's like a million percentage increase.  So forgiving $20k for so doesn't seem to unreasonable to me.  And education is what will ensure our country stays great so I'm cool with a small percentage of the loan being forgiven on our dime. 

And how does this fix the problem? 

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1 hour ago, jerryskids said:

And how does this fix the problem? 

It doesn't.  I was just saying that it doesn't bother me if a small amount of loans were forgiven given how often the Federal government steps in band bails out businesses. 

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41 minutes ago, Raven Fan said:

It doesn't.  I was just saying that it doesn't bother me if a small amount of loans were forgiven given how often the Federal government steps in band bails out businesses. 

$500B is a small amount to you?  I find it quite large, especially without an accompanying plan to address the problem.

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50 minutes ago, jerryskids said:

$500B is a small amount to you?  I find it quite large, especially without an accompanying plan to address the problem.

Actually, the CBO says it could cost up to $400B over a 30 year period. Our defense budget for 1 year is $778B… just to put the numbers in perspective.

We need to do something to control college costs longer-term; should we look to the way countries like Germany do college? I doubt conservatives in America would like that, although it would solve a lot of problems.

The student loan forgiveness is only a band-aid, but a needed one for lots of people.

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11 minutes ago, dogcows said:

Actually, the CBO says it could cost up to $400B over a 30 year period. Our defense budget for 1 year is $778B… just to put the numbers in perspective.

We need to do something to control college costs longer-term; should we look to the way countries like Germany do college? I doubt conservatives in America would like that, although it would solve a lot of problems.

The student loan forgiveness is only a band-aid, but a needed one for lots of people.

True, It's $400B, but it is present value, not over 30 years:

Quote
  • After accounting for those suspensions, CBO estimates that the cost of student loans will increase by about an additional $400 billion in present value as a result of the action canceling up to $10,000 of debt issued on or before June 30, 2022, for borrowers with income below specified limits and an additional $10,000 for such borrowers who also received at least one Pell grant.

https://www.cbo.gov/publication/58494

And I don't think individuals making $125K, or married couples making $250K, need loan forgiveness.

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21 minutes ago, dogcows said:

Actually, the CBO says it could cost up to $400B over a 30 year period. Our defense budget for 1 year is $778B… just to put the numbers in perspective.

We need to do something to control college costs longer-term; should we look to the way countries like Germany do college? I doubt conservatives in America would like that, although it would solve a lot of problems.

The student loan forgiveness is only a band-aid, but a needed one for lots of people.

Sure, but a big beef about this way of helping the people, is it's helping people who statistically were already financially benefitted from that education.   I think people questioned if this was just the Dem version of selling something that helps the needed, but really it trickles up to the people who were probably fine.  Like jerry said above - are people making 100K or more people we should be targeting with these programs.  

Just spitballin', but if that money was really burning a hole in Joe's pocket, how about a cap way lower - like $60-70K.  Maybe they get the loan help, and instead of giving the other to the upper middle class, maybe figure something out to give payments to people to use for education to help them out of poverty?  Might have to be less, but $10-15K in either loan relief or credit for post-HS education of some sort?   

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13 minutes ago, jerryskids said:

True, It's $400B, but it is present value, not over 30 years:

https://www.cbo.gov/publication/58494

And I don't think individuals making $125K, or married couples making $250K, need loan forgiveness.

That is what the summary says, but if you open the letter:

Quote

Reduced cash inflows to the Treasury will increase the amounts that the federal government borrows over time. The effects on cash inflows—which are used to calculate the present values—will occur over roughly the next 30 years, as loan repayments will be smaller than they would have been otherwise (see Figure 1).

As for the income limit, $125K goes a lot farther in Alabama than in NYC. 

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Just now, dogcows said:

That is what the summary says, but if you open the letter:

As for the income limit, $125K goes a lot farther in Alabama than in NYC. 

Yes, the cash flows are over 30 years, but the NPV is $400M.  Your initial statement implied it was additionally less because it was spread over 30 years; that part is incorrect.

My daughter is looking to move to NYC when she graduates this spring; she won't make six figures (initially anyway) and she'll make it work.  Regardless, why give money to someone making $125K in Alabama?

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1 minute ago, jerryskids said:

Yes, the cash flows are over 30 years, but the NPV is $400M.  Your initial statement implied it was additionally less because it was spread over 30 years; that part is incorrect.

My daughter is looking to move to NYC when she graduates this spring; she won't make six figures (initially anyway) and she'll make it work.  Regardless, why give money to someone making $125K in Alabama?

From the CBO:

Quote

Accrual accounting records costs when goods are received or services are performed (rather than when they are paid for) and revenues when they are earned (rather than when actual payments are received). Under that accounting method, the estimated cost of budgetary activities is the sum of all cash flows associated with that activity, expressed in a single number called a present value. The present value depends on the rate of interest, known as the discount rate, that is used to translate future cash flows into current dollars. (Interest on the public debt is recorded on an accrual basis but not as a discounted present value.)

“Present value” does NOT mean $400B is spent this year to forgive the loans. It’s the sum of all the outlays over 30 years, added into one number.

They probably could have set a lower income threshold, or adjusted it based on cost of living for people based on where they live. But whatever number they picked, some would think it was too high and some would think it wasn’t high enough. 

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54 minutes ago, dogcows said:

From the CBO:

“Present value” does NOT mean $400B is spent this year to forgive the loans. It’s the sum of all the outlays over 30 years, added into one number.

They probably could have set a lower income threshold, or adjusted it based on cost of living for people based on where they live. But whatever number they picked, some would think it was too high and some would think it wasn’t high enough. 

You don't understand present value.  

Quote

The present value depends on the rate of interest, known as the discount rate, that is used to translate future cash flows into current dollars. 

They would have collected far more than $400B over the 30 years in cash flow, but the value of that sum of collections in today's dollars (present value) is estimated at $400B based on a presumed interest (discount) rate.  A dollar today is worth more than a dollar tomorrow; this is a basic tenet of finance.

 

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Perhaps the money would be better allocated to folks who did not agree to pay extravagant prices for an education?

If these people can receive this benefit why not people on the verge of foreclosure on their home. Yes they agreed to pay that amount knowingly and willingly…but gosh…it’s a lot of money and all 

 

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Only give it to kids who went to state schools. And only undergrads. PHD’s are wrecking the place. No need to pay for that. 

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24 minutes ago, RLLD said:

Perhaps the money would be better allocated to folks who did not agree to pay extravagant prices for an education?

If these people can receive this benefit why not people on the verge of foreclosure on their home. Yes they agreed to pay that amount knowingly and willingly…but gosh…it’s a lot of money and all 

 

I'm pretty sure the federal govt has spent a bunch of money on helping dumb people that bought sh1tty mortgages going back to 2008.

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47 minutes ago, Shooter McGavin said:

I'm pretty sure the federal govt has spent a bunch of money on helping dumb people that bought sh1tty mortgages going back to 2008.

Not sure.

I know the government fostered the environment for sh!tty mortgages, and the banks happily catered to them...and when it went south those same banks, not unlike these infantilized 20/30 years olds demanded savior....while they continued to foreclose on those taxpayers bailing them out.

Gee, now that you mention it, given that context why wouldn't people expect to be bailed out as well eh?

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