Biden rejects Schumer/Warren proposal to cancel $50K student loan debt

Bruceleeroy · Feb 17, 2021

I love how many people were hanging on to this being a real possibility. I had people waiting to qualify for a house because - "I want to wait till my student debt will be forgiven here soon" No my friend I'm sorry that's not how it works. Though you entered into a binding contract when you lack the brain power or education to understand what it was and thought you were going to be making 6 figures by now. It's no ones fault but your parents, maybe guidance counselor and assuredly yours that you find yourself in your current predicament of waiting for some holy powerball equivalent bailout

collige · Feb 17, 2021

Sandstar said:
Your summery is incredibly disingenuous. He's testified in front of congress about Student aid, and he's on the editorial board for NASFAA.

He is:
1. Not a lawyer
2. Works for an LLC called Saving for College which aims to provide tools to "meet the challenge of increasing college costs"
3. Not a lawyer

Forgive me if I'm a little bit suspect of his motivations here. None of the bios I saw actually mentioned when and how he testified, so I tried to actually find that info and the only appearance in front of Congress I could find was in 2008. I can't find any connection between him and NASFAA either, but he does call his Forbes Contributor articles "papers".

On a lighter note though, he also offers a Student Aid Policy Magic 8 Ball that may be useful for this thread

(I had no idea it was gonna say this I swear)

moblin · Feb 17, 2021

absolutely unsurprised that a lot of people who claimed to support Sen Warren in her bid for the presidency are now loudly arguing that a core plank on her policy platform is stupid, illegal, unworkable, racist, and anti-poor.

antonz · Feb 17, 2021

The problem with AOC saying they have the Majority Leaders support is that's exactly what Biden is saying they do. Congress do your job. Schumer and them should be drafting a bill.

Geode · Feb 17, 2021

Rockets said:

Ok, how about Congress do something then? Give me my $2000 and pay off some of my mortgage too. I need that as well. What's the hold up?

Aurica · Feb 17, 2021

Bruceleeroy said:
I love how many people were hanging on to this being a real possibility. I had people waiting to qualify for a house because - "I want to wait till my student debt will be forgiven here soon" No my friend I'm sorry that's not how it works. Though you entered into a binding contract when you lack the brain power or education to understand what it was and thought you were going to be making 6 figures by now. It's no ones fault but your parents, maybe guidance counselor and assuredly yours that you find yourself in your current predicament of waiting for some holy powerball equivalent bailout

You sound like a very cruel person.

CherryWoodFuton · Feb 17, 2021

If Biden isn't down well then Schumer should put his money where his mouth is an get the House to introduce a debt forgiveness bill. I doubt Biden has the balls to veto that

sphagnum · Feb 17, 2021

Bruceleeroy said:
I love how many people were hanging on to this being a real possibility. I had people waiting to qualify for a house because - "I want to wait till my student debt will be forgiven here soon" No my friend I'm sorry that's not how it works. Though you entered into a binding contract when you lack the brain power or education to understand what it was and thought you were going to be making 6 figures by now. It's no ones fault but your parents, maybe guidance counselor and assuredly yours that you find yourself in your current predicament of waiting for some holy powerball equivalent bailout

Ok cool, who cares. Go write to your senator and the president demanding that they do something about forgiving student loan debt.

Zultima · Feb 17, 2021

The system needs to be fixed first, otherwise it'll just happen again. In fact, simply doing this would make it even worse in future because it introduces the mindset "I'll get a bunch of debt because the government will pay it off for me..." furthermore schools ironically will charge more they know the government might pay them off if the borrowers can't, it just introduces moral hazard into the equation. The debt should be forgiven when a plan is also in place to limit loan interest and the cost of education.

hachikoma · Feb 17, 2021

Geode said:
Ok, how about Congress do something then? Give me my $2000 and pay off some of mortgage too. I need that as well. What's the hold up?

Biden, apparently.

Imperfected · Feb 17, 2021

There is nothing more terrifying to the American voter than the thought of helping someone on accident.

Sandstar · Feb 17, 2021

collige said:
He is:
1. Not a lawyer
2. Works for an LLC called Saving for College which aims to provide tools to "meet the challenge of increasing college costs"
3. Not a lawyer

Forgive me if I'm a little bit suspect of his motivations here. None of the bios I saw actually mentioned when and how he testified, so I tried to actually find that info and the only appearance in front of Congress I could find was in 2008. I can't find any connection between him and NASFAA either, but he does call his Forbes Contributor articles "papers".

On a lighter note though, he also offers a Student Aid Policy Magic 8 Ball that may be useful for this thread

(I had no idea it was gonna say this I swear)

Sounds like your reply is "it doesn't count because I don't want it to." That's fine. We're done.

gogosox82 · Feb 17, 2021

i see we are back to using bootstraps arguments again

hachikoma · Feb 17, 2021

Zultima said:
In fact, simply doing this would make it even worse in future because it introduces the mindset "I'll get a bunch of debt because the government will pay it off for me..."

we do it for investment funds why not for my friends and community members

discotheque · Feb 17, 2021

hachikoma said:
ok lets do that too

imo we should push for a UBI and a student debt cancellation policy that wouldn't effectively amount to another tax cut for rich people

Jeremy · Feb 17, 2021

jcs said:
There's no ethical dilemma about student loan forgiveness. I paid my loans like anyone else and wouldn't be upset if my friends gets their paid off. You'll get some loud people complaining, but oh well. Better than not doing it at all. Simple policy always works better than adding asterisks and means testing.

Truth.

Any other argument is bad faith or merely selfish.

Ultimately, it would offer major macroeconomic stimulus that the entire economy would feel the benefit from. It's not even a question of individual winners and losers, imo.

Nude_Tayne · Feb 17, 2021

Bruceleeroy said:
I love how many people were hanging on to this being a real possibility. I had people waiting to qualify for a house because - "I want to wait till my student debt will be forgiven here soon" No my friend I'm sorry that's not how it works. Though you entered into a binding contract when you lack the brain power or education to understand what it was and thought you were going to be making 6 figures by now. It's no ones fault but your parents, maybe guidance counselor and assuredly yours that you find yourself in your current predicament of waiting for some holy powerball equivalent bailout

Forgive me for not being born in a country that doesn't cripple people with debt for getting a higher education.

AppleMIX · Feb 17, 2021

samoyed said:
So? I advocate, from time to time, for a direct wealth tax, why would I care about how much money they get if I'm planning to tax it back anyway.

Sure, I want to tax the wealthily too but I don't see a reason give rich people money just so we can take it away later.

Anyways I have to get going to work. It was fun.

acheron_xl · Feb 17, 2021

iaproject said:
Cancelling student debt is an important step toward addressing the staggering racial wealth gap in the US.

reparations would be the best step.

Look at this debate about the difference between two relatively small numbers and try to imagine for even a millisecond something the scale of reparations actually happening.

Bruceleeroy · Feb 17, 2021

sphagnum said:
Ok cool, who cares. Go write to your senator and the president demanding that they do something about forgiving student loan debt.

I don't think you read my post if you're insinuating that I'm in the party of - Write your senator to forgive student loan debt

davepoobond · Feb 17, 2021

Imperfected said:
There is nothing more terrifying to the American voter than the thought of helping someone on accident.

this, basically. If he passed this by EO you can guarantee Biden is a one term president and President Ted Cruz comes in and reinstates your debt just as fast and puts you in an self-emigration cage while he's at it

BabyMurloc · Feb 17, 2021

The guiding principle of a lot of old people seems to be, "better a million people go hungry than a single person get something undeservedly".

The root of a lot of problems, that one.

sphagnum · Feb 17, 2021

Bruceleeroy said:
I don't think you read my post if you're insinuating that I'm in the party of - Write your senator to forgive student loan debt

I understood your post and I don't care. Go write to your senator and the president and tell them to cancel student loan debt.

Polyh3dron · Feb 17, 2021

Never forget.

New York Magazine - Biden Is Planning an FDR-Size Presidency | ResetEra

electroshockwave · Feb 17, 2021

Bruceleeroy said:
I love how many people were hanging on to this being a real possibility. I had people waiting to qualify for a house because - "I want to wait till my student debt will be forgiven here soon" No my friend I'm sorry that's not how it works. Though you entered into a binding contract when you lack the brain power or education to understand what it was and thought you were going to be making 6 figures by now. It's no ones fault but your parents, maybe guidance counselor and assuredly yours that you find yourself in your current predicament of waiting for some holy powerball equivalent bailout

Fuck this attitude.

Bruceleeroy · Feb 17, 2021

sphagnum said:
I understood your post and I don't care. Go write to your senator and the president and tell them to cancel student loan debt.

Lol might want to power down, do some deep breathing exercises and call it a night. You're brain isn't your friend right now

electroshockwave said:
Fuck this attitude.

Does it hurt so much more because it's the truth?

Cels · Feb 17, 2021

i'm cool with student loan forgiveness. no reason biden can't do the 50k right now.

other reforms must follow of course because otherwise we'll just need to forgive loans again in a few years for the next cycle of college grads.
lawmakers have to do something to curb the skyrocketing costs of higher education, which many feel isn't a choice due to credential creep in the job market. student loans as currently constructed also place all the risk on the borrower, because they're essentially nondischargeable in bk.

also, if student loans are going to be forgiven in some amount they should also do something for people who paid off their student loans too. someone who decided to live a more austere lifestyle to be able to throw more money at their loans shouldn't be left out.

sphagnum · Feb 17, 2021

Bruceleeroy said:
Lol might want to power down, do some deep breathing exercises and call it a night. You're brain isn't your friend right now

How about you do something useful?

samoyed · Feb 17, 2021

AppleMIX said:
Sure, I want to tax the wealthily too but I don't see a reason give rich people money just so we can take it away later.

samoyed said:
This is why I support universal policies over targeted policies. Ducks a lot of the crab bucketing. Targeting works great in magic policy wonk Christmas land where everyone is perfectly rational and transactions are frictionless but not in an actual flesh and blood democracy.

Means tesing is bad because it introduces a friction into a system and history has shown the US state is very bad at managing this particular kind of friction. If they were as good at policy Rube-Goldberg machines as they thought they were I would not believe the things I do, but they're not.

BabyMurloc · Feb 17, 2021

Another reason why Biden won't do it - the guiding principle of American politics is that capitalism is an inherent good. Canceling debt for the common folk would mean acknowledging that capitalism doesn't serve their interest. It's an existential issue for someone as steeped in capitalist ideology such as Biden.

gogosox82 · Feb 17, 2021

Bruceleeroy said:
Lol might want to power down, do some deep breathing exercises and call it a night. You're brain isn't your friend right now

Does it hurt so much more because it's the truth?

might help if you actually said something truthful

Bruceleeroy · Feb 17, 2021

Nude_Tayne said:
Forgive me for not being born in a country that doesn't cripple people with debt for getting a higher education.

The idea that you have to go to college to break into a higher income of living is the biggest fallacy there is.

oofouchugh · Feb 17, 2021

Same shit different Dem. I'm sure the next one will be good though right.

ZeroDotFlow · Feb 17, 2021

Bruceleeroy said:
I love how many people were hanging on to this being a real possibility. I had people waiting to qualify for a house because - "I want to wait till my student debt will be forgiven here soon" No my friend I'm sorry that's not how it works. Though you entered into a binding contract when you lack the brain power or education to understand what it was and thought you were going to be making 6 figures by now. It's no ones fault but your parents, maybe guidance counselor and assuredly yours that you find yourself in your current predicament of waiting for some holy powerball equivalent bailout

Nice, and here comes the liberals with the Republican-esque bootstraps argument.

You know that's a great way to get people to turn out in 2022 and 2024. By blaming them for the systemic failures of the various American systems.

Redcrayon · Feb 17, 2021

This discussion was generating a high number of reports temporarily locked while we looked at those and the thread. As the OP has been banned, it will remain closed.

Biden rejects Schumer/Warren proposal to cancel $50K student loan debt

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