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Genuine question - do you have any links to studies/data on the sources of the current inflation? Genuinely curious how much of it is fiscal policy vs monetary policy vs supply chain issues vs price gouging.
You seem to be putting most of the blame on fiscal policy (the various stimulus packages from COVID).
Realistically I think it must be a mix of factors - the stimulus stuff would have some effect, as well as the Fed being slow to raise interest rates, but I feel like you aren't attributing enough to the other factors. Mainly major, persistent supply issues, price gouging, and more recently the Ukraine/Russian War. I doubt COVID fiscal policy is driving inflation more than those other factors, but I haven't actually seen any studies.
Yeah, but isn't it fucked up that the expectation is to spend the prime years of your youth working your ass off every waking hour, and living on a shoestring budget, for a chance at success without being buried in debt most of your life?
Also republicans think he can do it.
Romney, Colleagues Introduce Bill to Stop President Biden from Cancelling Student Loan Debt
Senator Romney led his colleagues in introducing the Student Loan Accountability Act, legislation to prohibit the Biden Administration from cancelling student loan debt at the expense of millions of Americans who chose to not go to college or worked diligently to pay off any student debt.www.romney.senate.gov
"Despite bipartisan opposition and dubious legal authority,"
No, they don't.
And there are lawyers/etc that say he cant do it. It's never been tried so there is no clean consensus.Senators/house representatives/lawyers saying he can do more obviously lies. Random poster saying Biden can't do it 100% accurate though.
Like I said the Biden admin obviously thinks they can do more otherwise the memo would be released.
Also republicans think he can do it.
Romney, Colleagues Introduce Bill to Stop President Biden from Cancelling Student Loan Debt
Senator Romney led his colleagues in introducing the Student Loan Accountability Act, legislation to prohibit the Biden Administration from cancelling student loan debt at the expense of millions of Americans who chose to not go to college or worked diligently to pay off any student debt.
Anything can get thrown out in court especially nowadays, the $10,000 could too. At least trying to do more would show that they care and are actually trying to do something bold and helpful.
Thinking 10k isnt "actually trying to help" when it will wipe 33% of peoples debt and and wipe most of it for about another 20%...
I honestly wasn't expecting him to do it, and I'm still not going to believe it until I see the money gone from my loan. It would be a big help for me, but I would also accept him indefinitely pausing payments at this point.
If something is already clearly illegal they don't have to make a new law making it double illegal.
Edit: Them trying to introduce the law is an admission that they are worried it is legal.
Nelnet is your student loan servicer. The federal government still owns your debt.
10,000 has never been tried either so there is no clean consensus for that either. It's impossible to have a consensus without actually doing something, so this argument is pointless until they actually do it, but ceding ground from the beginning is idiotic.
Any arguments against forgiving all or 50,000 or whatever other amount can be used against 10,000.
Sure, do this and make all student loans interest free. Have them be able to be discharged by bankruptcy.
Maybe not interest free... But something very low. Like 1-2%. No way should federal loans be so goddamned high, that's insane.
And yes, they should be like any other loan. Since higher education is just another business selling you a product at this point it's only fair to be treated like any debt would.
No them introducing a law is a political maneuver. There are plenty of cases where laws are redundant.
You'd think they would use harsher words then
If it was so clearly illegal.
The realization that 10k just isn't enough of a solution and time. If this is done in conjunction with lowering interest rates, fixing PSLF (he promised many things one of which was lowering the percentage paid each month in IBR), etc, then its better. Time wise, we are now dealing with insane inflation, costs, etc. 10k today just isn't what it was a few months ago.
538 - Biden Has Lost Support Across All Groups Of Americans — But Especially Independents And Hispanics News
He needs to start enacting policies he ran on. Like 10k student loan forgiveness, for example.www.resetera.com
So you wanted Biden to enact 10k loan forgiveness in the past, and called for him to do this in a thread about his failing poll numbers. Judging from the context of the thread, it's clear this suggestion was made as a way for him to recover support with Americans. Then when he is in the process of enacting the 10k forgiveness that you wanted him to do, you're now saying it's a joke. If something is a 'joke', it would be hard for a 'joke' to recover support with Americans.
What changed?
Do you mean the literal boomer parents who could work a part time job and pay tuition on their own no sweat? Or who didn't go to college but could still support a family of five with two cars and a house working down at the plant? Or perhaps the next generation who had a harder economy, but are still pushing hard for their kids to attend college because they see no other way and now that they can't support the whole family with house and two cars on one job at the factory, see federal student loans as the answer?
Sure, school counselors might suggest an alternative to university today with the way things are now, depending on the student. But they also beat that college drum. They have kids fill out the FAFSA. Hell, I've seen them argue that student athlete's grades should be doctored so that they can keep playing in order to get a scholarship because that's their only chance to make it in the world. That is, college.
They are not words someone thinking it's legal would use. The Democratic argument is that it's unclear and that getting something done is better than trying and getting it reversed.
Do you think Democrats thought lynching was legal in 2021? Is that why they passed an anti-lynching bill in 2022?
Just ignore all the quotes about from the senators talking about how unfair and inflationary it would be.
If it was clearly illegal there is nothing to worry about inflation wise or fairness wise since it would instantly be struck down.
The Democratic argument is a lot more nuanced then that. Progressives in general think full cancellation is doable. Some centrists Dems like Schumer think at least 50,000 is doable.
Why the hell is 10,000 the limit where it won't get reversed this is such a dumb argument, why is not 15,000 or 11,000 or 10,001 or 9,995. Why the hell is 10,000 so special other then it was what Biden was eventually forced to promise during the election.
We know the makeup of the supreme court...
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Do you think this statement on the anti-lynching bill is evidence that Cory Booker believed lynching was legal before its passage? He shouldn't talk about racist violence since people would still be prosecuted without the bill passing?
As House Passes Anti-Lynching Act, Booker, Scott Introduce Companion Bill in Senate to Make Lynching a Federal Crime | U.S. Senator Cory Booker of New Jersey
<p ><b><span >Washington D.C. -- </span></b><span >Today, U.S. Senators Cory Booker (D-NJ)<span > </span>and Tim Scott (R-SC)<span > </span>introduced legislation to make lynching a federal crime. Booker and Scott, along with then-Senator Kamala Harris, first launched their effort to make...
www.booker.senate.gov
The GOP proposal to stop Biden from cancelling loans is a political statement. You are treating it like some legal statement or precedent.
The progressive position relies on a strict literal reading of one sentence in the law which suggests the Secretary has virtually unlimited power to modify debt, obviating the rest of the law which defines their limited power to do so. It's actually a very not-progressive argument (I think textualism and progressivism are incompatible), but I agree that if you are going to declare the power to forgive loans, what difference does it make how much? There isn't a law that says the President can forgive 10k but not 50k or any other value
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The argument I have read is that the admin can use discretionary funds already with the DoE (the same way trump was able to build some of the wall). When he gets over a certain amount he would need to get the money from congress.
538 - Biden Has Lost Support Across All Groups Of Americans — But Especially Independents And Hispanics News
He needs to start enacting policies he ran on. Like 10k student loan forgiveness, for example.
So you wanted Biden to enact 10k loan forgiveness in the past, and called for him to do this in a thread about his failing poll numbers. Judging from the context of the thread, it's clear this suggestion was made as a way for him to recover support with Americans. Then when he is in the process of enacting the 10k forgiveness that you wanted him to do, you're now saying it's a joke. If something is a 'joke', it would be hard for a 'joke' to recover support with Americans.
What changed?
Truly amazing.
Right, this has been my complaint. Forgiveness now is not a bad thing, but it just means we'll be in the same mess as a country in 5-10 years. Hell, it might be even worse by then if this forgiveness encourages more kids to take out loans on the hope they'll have a once-in-a-lifetime forgiveness.
That's the funny thing about expectations: once you meet them, suddenly they become "the bare minimum." Not just in politics, but in all things in life.538 - Biden Has Lost Support Across All Groups Of Americans — But Especially Independents And Hispanics News
He needs to start enacting policies he ran on. Like 10k student loan forgiveness, for example.
So you wanted Biden to enact 10k loan forgiveness in the past, and called for him to do this in a thread about his failing poll numbers. Judging from the context of the thread, it's clear this suggestion was made as a way for him to recover support with Americans. Then when he is in the process of enacting the 10k forgiveness that you wanted him to do, you're now saying it's a joke. If something is a 'joke', it would be hard for a 'joke' to recover support with Americans.
What changed?
As Biden administration leans toward $10,000 in student loan forgiveness, advocates push back
Advocates expressed anger and disappointment on Friday in response to news that the Biden administration is leaning toward $10,000 in student loan relief.
I don't think the DoE has a discretionary budget that big.
And that would make 0 sense though for it to be exactly $10,000, if they only have a set amount of money then it would change based on exactly how many people are getting loans forgiven and then it would be end up being random number like $10,031.56.
I'd like to point out that to my knowledge y'all are the only country with actual student debt forgiveness coming up
In Canada a country ten times smaller, our left party, who will never win a federal election, ran on 20k... that's only 2 times less than this for again a country ten times smaller from a party who knows they'll never have to actually do it.
In Canada a country ten times smaller, our left party, who will never win a federal election, ran on 20k... that's only 2 times less than this for again a country ten times smaller from a party who knows they'll never have to actually do it.
I definitely agree, but I feel like you have to attack this backwards like this if you have any hopes of actually getting the elections you need to address the core problem. It already feels like people are just BEGGING for a reason to not vote, and more importantly for a reason to encourage others not to vote as well. You kind of have to swing it this way first to hold on to as many people as you can. 33% of people having their remaining balances wiped out is effective for sure despite not being 100%.
Maybe just maybe if it happens on top of the current climate we avoid a total wipeout in these midterms and have a stronger shot in 24. Its a long shot but its the best path IMO, so Im on board.
One step at a time.
This isn't true. You can have high expectations and meet those expectations. You can expect something to happen and be happy that it did. You are only disappointed when your expectations were already really low and that low expectation was met. If you had a low expectation of what Biden was actually able to do then it's totally reasonable to be bummed when that minimum was met. Perhaps in the back of your mind you hoped something politically would exceed your expectations for once.
I'm with you on this. Progress is progress and even "attacking it backwards" as you said is progress.
I gotta get something off my chest.
Is this GREAT? No.
Should it be more? Absolutely.
Is anybody expecting anyone to worship at the Temple of Biden over this? Not that I've seen, and certainly not my ass.
But the people genuinely arguing that "nobody's going to feel this," "this is worthless," etc?
I'm thrown. Honestly.
Because I don't have to look very far at all, at all, to see people who are going to be massively helped by this.
Is this GREAT? No.
Should it be more? Absolutely.
Is anybody expecting anyone to worship at the Temple of Biden over this? Not that I've seen, and certainly not my ass.
But the people genuinely arguing that "nobody's going to feel this," "this is worthless," etc?
I'm thrown. Honestly.
Because I don't have to look very far at all, at all, to see people who are going to be massively helped by this.
If Nelnet loans still count as federal why was I unable to qualify for latest payment relief? Tried to get it but I was not in the included list.
I'll take 10k off. That's about half of my remaining student debt. After finishing under grad and grad schools, I had accumulated like 140k+ in student loans. Over the last 20-ish years since that time, I've managed to pay the principal down to about 20k. If you account for both principal and interest paid thus far, I've probably paid out 250k+ in that time frame for my student loans. So, I empathize with everyone having to pay a lot of student loan debt. And I absolutely wouldn't be mad about them wiping out more debt for the younger folks more recently out of school or graduating now.
This level of student debt forgiveness has never been done before
I only have like $8k left so that's good for me. If it actually does wipe out 1/3 of all student debt, without needing to deal with passing legislation, then that's great as an initial step. Obviously, the ultimate goal should be free tuition at any public university.
general, then go for larger and larger rounds of debt forgiveness/education reform in the future.
A decade ago we got the ACA and now all the political leaders on the Dem side publicly support either nationalizing the health insurance industry or at least offering a public option.
No idea what to make of this double-helix Gallup poll regarding healthcare though:
news.gallup.com
I'm guessing it just means that people liked it a lot when it was theoretical, disliked it when it had a rocky roll-out, and now like it again that they're actually using it and seeing conservatives try to take it away.
I do wonder if this could be a baby step. Like forgive $10k now, show the positive impacts it has on economic outcomes for both the borrowers and society in
general, then go for larger and larger rounds of debt forgiveness/education reform in the future.
A decade ago we got the ACA and now all the political leaders on the Dem side publicly support either nationalizing the health insurance industry or at least offering a public option.
No idea what to make of this double-helix Gallup poll regarding healthcare though:
Healthcare System
What would you say is the most urgent health problem facing this country at the present time? [Open-ended] Do you think it is the responsibility of the federal government to make sure all Americans have health care coverage, or is that not the responsibility of the federal government?
news.gallup.com
I'm guessing it just means that people liked it a lot when it was theoretical, disliked it when it had a rocky roll-out, and now like it again that they're actually using it and seeing conservatives try to take it away.
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Is it? I'm not saying all Democrats in Congress think like that, but the safe seats of people who are worth many millions, sure seems like it. There are a number of Democrats in Congress presently who engage in insider trading.
i dont have student debt, i just have regular ole debt, and i know people who have both debt and student debt
if i could have 10k scrubbed from my debt id be in a much better position than i am today, and the folks i know feel the same
even if it doesnt clear all of someones student debt, there's still a lot of folks where this could make the possibility of finally going debt free seem within reach
It's definitely fucked up. But us immigrants also have to deal with worst shit than "losing" our youth to working. That's why we immigrated in the first place. We have bigger problems we're facing.
I'll admit it's fucked up, but it's a fine line to toe of where a person should work for it as well. It shouldn't be given for free.
My sister had younger friends she warned against staying in dorms considering they were less than 30 minutes from uni.
She warned them that it wasn't worth it with the loans they would take on and they never listened. Now, they're an extra $80k in debt just because they dormed all 4 years. That was something they knowingly took on and now they're having trouble paying for it.
They're not intentionally throwing elections by forgiving the largest amount of student ever, forgiveness that will lift 33% out of debt entirely and provide a reduction of nearly all to 25% to an additional 42+%
53% or so will be debt free or nearly so and an additional 22% will see reduction ranging from debt cut in half to debt reduced by 25%
It's fine if you want to push for more and continue the fight for relief
It's entirely detached from fucking reality to believe this is an act of intentional self sabotage because they all secretly want to hand over power to the Republicans for tax breaks.
I went to college in 2007. Lived on campus for only two years. $2300 each semester for the first year, $3400 each semester for the second year. And those were lower end dorms. Not crazy, but not cheap. I wanted the experience and thought I'd be making $60K-$70K once I graduated.
The economic recession (that we never truly recovered from) was in 2008. I do not feel like my opportunities were as good as they should've been by the time I graduated in 2012. Contracting/temp jobs were a big thing back then. At one point I worked in health insurance and saw young people get hired and fired like nothing.
A lot of us will admit that maybe we shouldn't have gone to college right away, or shouldn't have taken on additional costs. It's all hindsight bias. We're told to own a situation that wasn't 100% in our control.
I've been paying my loans for over a decade. A lot of them are private, so I'm stuck with them no matter what. I'll own it, but I'll also recognize why some people just want some relief. If all college grads were making $100K then there'd be no call for student debt cancellation.
There are job postings out there that require a bachelor's and/or master's degree and pay less than $20 per hour. It's ridiculous, especially when the costs of goods and housing are only going up. People may have signed up for the education but they didn't sign up for an economic shellacking.
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Thank you, I thought I was losing my mind for a second.
Some of y'all are fucking dickheads, good Lord.
I'm sure this will help a lot of people, but after having numbers like $50,000 being thrown around I cannot help but feel disappointed...
I'm still gonna owe an ungodly amount... :(
I'm still gonna owe an ungodly amount... :(