Trump admin will seize wages, pensions, tax refunds to repay student loans: 'Debt cannot be wiped away'

[Hawkeye21 2,380]

2 minutes ago, Maximum Overkill said:

Medical debt? 

I would much rather see that forgiven.

[Maximum Overkill 1,739]

Just now, Hawkeye21 said:

I would much rather see that forgiven.

As it should be. You don't choose medical debt, it chooses you. 

[jerryskids 6,554]

1 hour ago, The Real timschochet said:

 

Second, people should ask themselves whether or not this sort of draconian collections, if actually carried out, will help or hurt our economy. I have a pretty strong feeling that it will be very very bad, given the fact that these same young people are the ones we are relying on to purchase new homes as well as other investments. 

You are probably correct.  I would expect that the persona of the average person in this debt is someone with poor financial acumen, combined with little ability to postpone short-term gratification.  They are the people who, when their credit card maxes out, think the solution is to get another one.  As such, they buy a lot of stuff, much of which they don't need.  But yes, such purchases stimulate the economy.   

[jbycho 580]

15 minutes ago, The Real timschochet said:

Me: I can’t argue fairness. Of course forgiving these loans isn’t fair. But it makes good business sense. 
 

You guys: But it’s NOT FAIR!! 

Yeah, not holding adults accountable is great business sense. 

Look at me, I'm Tim guy the business man. Lalalaaaas...

[supermike80 1,799]

59 minutes ago, The Real timschochet said:

This is the problem: you’re looking at it emotionally. So do most people. 

I strongly believe that forgiving almost all student loans would be the best possible investment we could make into our economy: far far more productive than the tax cuts Trump is trying to push through. It would stimulate the housing industry which is the key to everything else. But this is an argument based on reason and business- it’s got nothing to do with fairness and what people deserve. I can’t argue with those emotional topics. 

This is just the wrong way to look at it.  Those students who got their loans forgiven will take mortgages....and then want THOSE forgiven.  Not to mention they will over extend themselves figuring there will be a bailout somewhere down the line.  This teaches those taking loans absolutely nothing and will make the problem worse not better.

 

[supermike80 1,799]

35 minutes ago, Hawkeye21 said:

I could get on board with getting rid of the interest but that's about it.  

I'm actually OK with being able to bankrupt out of it.  But you gotta go in front a judge and prove insolvency.  Then maybe.   The rest?  Nope.

Since Timmy thinks forgiving student debt is good for the economy.  Why not all debt?  Car loans next...Why not, then they can buy a house.

This logic is absurd to me

[MDC 7,120]

“Debt cannot be wiped away” - POTUS who declared bankruptcy six times.  

[purdygood 333]

36 minutes ago, Hawkeye21 said:

I could get on board with getting rid of the interest but that's about it.  

I agree with this.  My cousin went to college for 7 years to get a Doctorate and owes like $100K+ because she wanted to go to a private religious University.  She ended up getting a job that has nothing to do with her degrees. It's holding her back, but her choices.

[Hardcore troubadour 14,915]

So if the economy suffers, it’s because people had to pay back their loans. I agree.  Thanks Tim, I’ll keep it in mind. 

[iam90sbaby 2,472]

1 hour ago, RaiderHaters Revenge said:

how is it draconian, pay your debts

jeezus christ dude you support the IRS

 

 

He’s a good bot

[The Real timschochet 6,402]

11 minutes ago, supermike80 said:

I'm actually OK with being able to bankrupt out of it.  But you gotta go in front a judge and prove insolvency.  Then maybe.   The rest?  Nope.

Since Timmy thinks forgiving student debt is good for the economy.  Why not all debt?  Car loans next...Why not, then they can buy a house.

This logic is absurd to me

Because you see it as an absolute rule. It isn’t. Of course forgiving all debt makes no sense. I’m not for that. I’m for forgiving it in this instance. 

Using your logic if someone suggested cutting taxes then you would counter with why not cut ALL taxes down to zero? Thats just silly. Sometimes it makes sense to cut taxes, sometimes it makes sense to forgive debt. There’s no general rule and no fairness. It just depends on the situation. 

[supermike80 1,799]

6 minutes ago, The Real timschochet said:

Because you see it as an absolute rule. It isn’t. Of course forgiving all debt makes no sense. I’m not for that. I’m for forgiving it in this instance. 

Using your logic if someone suggested cutting taxes then you would counter with why not cut ALL taxes down to zero? Thats just silly. Sometimes it makes sense to cut taxes, sometimes it makes sense to forgive debt. There’s no general rule and no fairness. It just depends on the situation. 

Thats a terrible analogy.   I see your point, but that isn't bolstering your opinion.

[Tree of Knowledge 1,697]

Debtors Prison in El Salvador.  

[Nomad99 699]

At one time, I managed a call center for a multi location car dealership. We worked with a lot of bad credit people & used a lot of sub-prime banks that would loan on these people. I did a lot of credit checks.....verifying employment, earnings, bankruptcy discharges etc. The worst student loan delinquencies I came across in 5 years doing it were doctors/nurses & lawyers. A lot of other student loan debt is held by people that spent a lot of money on a poor choice of what to major in & are not making enough in that field or the field they had to settle on. Forgiving bad behavior & bad decisions is not the answer. 

[supermike80 1,799]

21 minutes ago, Nomad99 said:

At one time, I managed a call center for a multi location car dealership. We worked with a lot of bad credit people & used a lot of sub-prime banks that would loan on these people. I did a lot of credit checks.....verifying employment, earnings, bankruptcy discharges etc. The worst student loan delinquencies I came across in 5 years doing it were doctors/nurses & lawyers. A lot of other student loan debt is held by people that spent a lot of money on a poor choice of what to major in & are not making enough in that field or the field they had to settle on. Forgiving bad behavior & bad decisions is not the answer. 

But but but..Timmy thinks these people who made bad debt decisions are going to be homebuyers that will always pay their mortgages.   It isn't their fault.  They are just under the pressure.   Once they are forgiven their bad debt, in many cases due to stupid financial decisions, they will immediately become modest credit worthy folks.

We need people who can't properly handle debt buying homes.   That worked out super well in 2008.  Why not set it up again?

[Hawkeye21 2,380]

I'm sure most of you will find this guy annoying but I really enjoy watching his shows.  He tears into morons who have gotten themselves into debt at an early age and tries to help them.  It's crazy how clueless people can be when they have all the info and help available at their fingertips now.

https://www.youtube.com/@CalebHammer

[Engorgeous George 2,123]

3 hours ago, The Real timschochet said:

I forgive leases all the time. During Covid I lost an entire year of rent. Some other landlords I know refused to renegotiate terms and the result of that is that now they have vacancies and I do not. These things depend on circumstances, there are no set rules except try to look at the big picture. 

So you are reluctant to admit the obvious point by citing to the rare exception and not the rule.  Let's look at it another way.  You want that loan 'forgiveness" so that the young and privileged can purchase homes thereby spuring the economy.  What you neglect to admit is that those privileged kids certainly get to spur the economy, but the money with which they are doing so is money transferred from others, others who would have invessted or spent equally spurring the economy.  You pretend this is an increase in money supply and productivity.  It is not.  It is simply spending from a different group, a group that has not earned the right to spend and who has learned poor lessons in responsibility." have 

[weepaws 3,152]

Don’t do the crime, if you cannot pay.  

[Engorgeous George 2,123]

3 hours ago, The Real timschochet said:

Some of you trying to lecture me about business is both amazing and amusing to me. 

It is amusing to us that you never follow through with a full analysis, stopping from addressing the obvious based upon your desire to pick winners, winners you support politically and philosophically while ignoring all others.

[Engorgeous George 2,123]

3 hours ago, The Real timschochet said:

This is the problem: you’re looking at it emotionally. So do most people. 

I strongly believe that forgiving almost all student loans would be the best possible investment we could make into our economy: far far more productive than the tax cuts Trump is trying to push through. It would stimulate the housing industry which is the key to everything else. But this is an argument based on reason and business- it’s got nothing to do with fairness and what people deserve. I can’t argue with those emotional topics. 

You also cannot argue that the money would be spent, some in housing upgrades and renovations, some in the auto industry, some in arts and leisure.  Your analysis stops prematurely becasue you are the one with the emotional issue.

[The Real timschochet 6,402]

19 minutes ago, Engorgeous George said:

So you are reluctant to admit the obvious point by citing to the rare exception and not the rule.  Let's look at it another way.  You want that loan 'forgiveness" so that the young and privileged can purchase homes thereby spuring the economy.  What you neglect to admit is that those privileged kids certainly get to spur the economy, but the money with which they are doing so is money transferred from others, others who would have invessted or spent equally spurring the economy.  You pretend this is an increase in money supply and productivity.  It is not.  It is simply spending from a different group, a group that has not earned the right to spend and who has learned poor lessons in responsibility." have 

Well first I dispute the idea that it’s some sort of direct transfer. We are a society that subsidizes private entities all the time- so much so that seems hypocritical, or absurd, to focus on this one subsidy. 
 

Second you continue to focus on issues of justice, which is not my concern. You claim that these people have not “earned the right” and have “learned poor lessons.” Have oil companies “earned the right” to the billions of dollars we give them every year? Have the corporations like Elon Musk’s “learned poor lessons?” Frankly I don’t care if they have or haven’t. I am not for cutting off the oil companies or Musk so long as it benefits us. That is my sole concern. So if you want to argue that forgiving student loans would not benefit American society as a whole that’s one thing; I disagree and we can debate that point. But if you’re going to continue to argue that we shouldn’t do it because it’s unjust or unfair or they “haven’t earned the right” I’m going to continue to point out that this is both irrelevant and hypocritical (unless you are in favor of cutting off ALL government subsidies and a purely libertarian society- I can respect that position.) 

[The Real timschochet 6,402]

25 minutes ago, Engorgeous George said:

You also cannot argue that the money would be spent, some in housing upgrades and renovations, some in the auto industry, some in arts and leisure.  Your analysis stops prematurely becasue you are the one with the emotional issue.

Sorry if I wasn’t clear. I would like to tie loan forgiveness directly into home ownership. This has been proposed before by the National Association of Realtors. You can replace your student loan with a first mortgage on a home. 

[The Real timschochet 6,402]

Here is a brief summary of what I have in mind from the NAR: 

https://www.nar.realtor/student-loan-debt

[iam90sbaby 2,472]

8 minutes ago, The Real timschochet said:

Sorry if I wasn’t clear. I would like to tie loan forgiveness directly into home ownership. This has been proposed before by the National Association of Realtors. You can replace your student loan with a first mortgage on a home. 

That’s almost as retarded as you 

[iam90sbaby 2,472]

My parents paid for all my school and I didn’t need to take out loans, but if I did I wouldn’t have expected for the debt to be forgiven 

[SaintsInDome2006 375]

I disagreed with what Biden did or even that he had the legal power to do it but man are there going to be endless lawsuits over this. The US government is going to spend millions and years litigating it.

[Mark Davis 338]

18 minutes ago, The Real timschochet said:

Sorry if I wasn’t clear. I would like to tie loan forgiveness directly into home ownership. This has been proposed before by the National Association of Realtors. You can replace your student loan with a first mortgage on a home. 

I understand why the realtors would be for it, I understand why both you and I as property owners of rentals would be for it.  And let me be clear that this would benefit me personally in that regard.  So if this forgiveness did happen even if I don't like it, I guess I'll take the benefit.  But there's zero doubt it would inflationary to prices. I do want to ask though, aren't you concerned that would artificially prop up and inflate the housing market along the lines of some of the low qualification standards ushered in by Clinton and later on we would suffer the washout from it?  

It also strikes me if I were a welder, an electrician, a barber, or just someone who had some parental help as I worked my way through school that I'd probably be bitter not only at the loan forgiveness, but also that for me to now buy a property I'm going to have to pay more because the market is going to be inflated by this forgiveness.  The price those people pay is beyond a fairness or sense of justice.  The market by it's nature will force them to pay more for housing as well as a result.

I think some of this is why you've seen some realignment politically towards Trump from black and Hispanic men.  There's no doubt we still have  a racial divide, but to some, we have an even larger class divide.

[The Real timschochet 6,402]

4 minutes ago, Mark Davis said:

I understand why the realtors would be for it, I understand why both you and I as property owners of rentals would be for it.  And let me be clear that this would benefit me personally in that regard.  So if this forgiveness did happen even if I don't like it, I guess I'll take the benefit.  But there's zero doubt it would inflationary to prices. I do want to ask though, aren't you concerned that would artificially prop up and inflate the housing market along the lines of some of the low qualification standards ushered in by Clinton and later on we would suffer the washout from it?  

It also strikes me if I were a welder, an electrician, a barber, or just someone who had some parental help as I worked my way through school that I'd probably be bitter not only at the loan forgiveness, but also that for me to now buy a property I'm going to have to pay more because the market is going to be inflated by this forgiveness.  The price those people pay is beyond a fairness or sense of justice.  The market by it's nature will force them to pay more for housing as well as a result.

I think some of this is why you've seen some realignment politically towards Trump from black and Hispanic men.  There's no doubt we still have  a racial divide, but to some, we have an even larger class divide.

These are all reasonable concerns. Even so I think the good outweighs the bad. 

[jbycho 580]

50 minutes ago, The Real timschochet said:

These are all reasonable concerns. Even so I think the good outweighs the bad. 

You all are stupid. 

[Alias Detective 1,389]

The collateral on student debt is a sliver of their future income. 
 

If it was a mortgage or car loan or boat loan or beach house loan they all have collateral.  Education does not.  Weaseling out of the debt is typical for spoiled millennials like 90,s baby.

[5-Points 3,386]

1 hour ago, The Real timschochet said:

Sorry if I wasn’t clear. I would like to tie loan forgiveness directly into home ownership. This has been proposed before by the National Association of Realtors. You can replace your student loan with a first mortgage on a home. 

Cool. So we can also forgive home loan debt so I can buy a couple of new cars and a new RV. Right? I'm stimulating the economy after all. 

[jbycho 580]

2 hours ago, The Real timschochet said:

Sorry if I wasn’t clear. I would like to tie loan forgiveness directly into home ownership. This has been proposed before by the National Association of Realtors. You can replace your student loan with a first mortgage on a home. 

They can't pay their low interest school loans, so let's pay them off and then  saddle them with a mortgage that they will not pay and wait to be relieved of. 

What's next? Government pays off their homes and gives them retirement savings and benefits? 

Tim guy business dude is a genius. 

What a freaking idiot tim guy is. 

[shadrap 220]

2 hours ago, The Real timschochet said:

Sorry if I wasn’t clear. I would like to tie loan forgiveness directly into home ownership. This has been proposed before by the National Association of Realtors. You can replace your student loan with a first mortgage on a home. 

cripes, can't believe you just doubled down on dumb. 

[BudBro 173]

2 hours ago, The Real timschochet said:

Sorry if I wasn’t clear. I would like to tie loan forgiveness directly into home ownership. This has been proposed before by the National Association of Realtors. You can replace your student loan with a first mortgage on a home. 

This would make a $400k loan into $500k.  That would exceed the value of the home.  No bank would make that loan.  NAR kinda lost any credibility they may have had when they took the L on the commissions lawsuit without a fight.

[jbycho 580]

1 hour ago, BudBro said:

This would make a $400k loan into $500k.  That would exceed the value of the home.  No bank would make that loan.  NAR kinda lost any credibility they may have had when they took the L on the commissions lawsuit without a fight.

That Tim guy is simply stupid. He's lost in life. 

[Engorgeous George 2,123]

3 hours ago, The Real timschochet said:

Sorry if I wasn’t clear. I would like to tie loan forgiveness directly into home ownership. This has been proposed before by the National Association of Realtors. You can replace your student loan with a first mortgage on a home. 

You would like to direct the transfer of wealth from those who have produced it to those who have not.  When I talk about fairness I talk about not being robbed for the benefit of the robber and the detriment of the robbee.  You make the claim that robbery is good for the economy.  I make the claim that it is bad, that allowing wealth to go to the non-productive and penalizing the productive leads to less production, less wealth.  You then seem to want to butress your illogical position by saying that a special interest group likely to benefit from the transfer supports the robbery.  I'm sure those realtors do, just as I am sure that gangs support crimes committed by their members.

 

You are a fine example of a liberal arts educated progressive living in an echo chamber.  You have had your beliefs reinforced so strongly you cannot see beyond them or even realize that there is a beyond. you claim to be well read and yet youdon't understand what you read.  You remind me of the character Otto from A Fish Called Wanda.  In arguing he is above animals in intelligence he boasts that he is because animals do not read the philosophy of Niechzte.  Wanda points our that they might but that they simply do not understand it.  

 

I have found in life that those of subaverage intelligence don't percieve that they are.  Some believe themselves to be quite intelligent .  Sadly they lack the intelligence to even assess their own shortcomings.

[The Real timschochet 6,402]

20 minutes ago, Engorgeous George said:

You would like to direct the transfer of wealth from those who have produced it to those who have not.  When I talk about fairness I talk about not being robbed for the benefit of the robber and the detriment of the robbee.  You make the claim that robbery is good for the economy.  I make the claim that it is bad, that allowing wealth to go to the non-productive and penalizing the productive leads to less production, less wealth.  You then seem to want to butress your illogical position by saying that a special interest group likely to benefit from the transfer supports the robbery.  I'm sure those realtors do, just as I am sure that gangs support crimes committed by their members.

 

You are a fine example of a liberal arts educated progressive living in an echo chamber.  You have had your beliefs reinforced so strongly you cannot see beyond them or even realize that there is a beyond. you claim to be well read and yet youdon't understand what you read.  You remind me of the character Otto from A Fish Called Wanda.  In arguing he is above animals in intelligence he boasts that he is because animals do not read the philosophy of Niechzte.  Wanda points our that they might but that they simply do not understand it.  

 

I have found in life that those of subaverage intelligence don't percieve that they are.  Some believe themselves to be quite intelligent .  Sadly they lack the intelligence to even assess their own shortcomings.

Lol. 
Your description of me might pertain to other, more “woke” topics. But in this case I’m thinking like a realtor and a businessperson, because I am one. 
 

I do appreciate the sub average intelligence part. I sure hope that I can someday, perhaps with your help, rise at least to mediocrity. Smirk. 

[jbycho 580]

3 minutes ago, The Real timschochet said:

Lol. 
Your description of me might pertain to other, more “woke” topics. But in this case I’m thinking like a realtor and a businessperson, because I am one. 
 

And you are really stupid.

[The Real timschochet 6,402]

1 minute ago, jbycho said:

And you are really stupid.

Well..:I don’t like to compare. Not necessary to insult you. 

[jbycho 580]

1 minute ago, The Real timschochet said:

Well..:I don’t like to compare. Not necessary to insult you. 

Your business training has 100% failed you.