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Thread: President Joseph Biden

  1. #471
    All Star Sour Masher's Avatar
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    Quote Originally Posted by heyelander View Post
    Oh, for sure... I guess I would like to make that a rare occurrence by mitigating the other problems rather than the default. No reason to tack on a shitty credit score on top of everything else right from the start of your life.
    All good points--your initial list was spot on. This is a ham-fisted, incomplete response that does nothing to solve the underlying issues that you raise. But fully admitting that, I also don't get how angry it makes people on the right when we subsidize way more in corporate welfare. Despite this not really solving the issue, it does give a lot of relief to millions in debt. And full disclosure, this does not help me or anyone in my family, so this half-hearted "defense" of this move is not motivated by self-interest.

    I agree, this move was not the right way to approach this problem. It's just that the numbers suggest this wiped a whole lot of debt from millions, many of whom have been paying for so long that they have paid back their initial loans twice over already. It wasn't the right solution, or even close to it, and maybe the same amount of money could have been used for a better solution, but it was something. I get tired of the way the right weaponizes welfare for the poor when they are so eager to engage in it for the ultra-rich. I wish politicians on both sides spent their energy actually working on real solutions to these problems. But since that will not happen, I see this move as better than nothing, and at least it has gotten people thinking and talking about some of the underlying issues. Who knows, maybe real solutions will come eventually.
    Last edited by Sour Masher; 09-20-2022 at 06:52 PM.

  2. #472
    MVP The Feral Slasher's Avatar
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    Quote Originally Posted by Sour Masher View Post
    All good points--your initial list was spot on. This is a ham-fisted, incomplete response that does nothing to solve the underlying issues that you raise. But fully admitting that, I also don't get how angry it makes people on the right when we subsidize way more in corporate welfare. Despite this not really solving the issue, it does give a lot of relief to millions in debt. And full disclosure, this does not help me or anyone in my family, so this half-hearted "defense" of this move is not motivated by self-interest.

    I agree, this move was not the right way to approach this problem. It's just that the numbers suggest this wiped a whole lot of debt from millions, many of whom have been paying for so long that they have paid back their initial loans twice over already. It wasn't the right solution, or even close to it, and maybe the same amount of money could have been used for a better solution, but it was something. I get tired of the way the right weaponizes welfare for the poor when they are so eager to engage in it for the ultra-rich. I wish politicians on both sides spent their energy actually working on real solutions to these problems. But since that will not happen, I see this move as better than nothing, and at least it has gotten people thinking and talking about some of the underlying issues. Who knows, maybe real solutions will come eventually.
    i mostly agree with you. Heyelanders's post was good. Unfortunately, those are all problems that no one in power thinks are actually problems, or want to fix. Or they have incentive to not fix. Just like our health care system. So this small measure will actually help some people, which is good.

  3. #473
    Administrator revo's Avatar
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    Quote Originally Posted by heyelander View Post
    I think student loan debt is a huge issue for the country, and I think this is the stupidest bandaid we could have come up with. It's a near useless soundbyte that solves next to nothing. Pretty pissed about it.
    Interesting. I wouldn't personally benefit from it yet supported it big time. Then I spoke to my sister and nephew (who's a junior in college) and he told me the $10k would now enable him to go for his Masters degree. My sister still has student loan debt from 20 years ago and also was pretty thankful.

  4. #474
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    https://www.whitehouse.gov/briefing-...-need-it-most/ link to the fact sheet for the student loan relief.

    This was nuanced, carefully structured to make meaningful impact well beyond the 10k, 20k relief for pell grant recipients, with near 90 percent of debt cancellation going towards borrowers whose earnings are under 75k a year. Personal note, I am old, and paid off my student loans within 10 years after college.My wife took 3 decades to pay off, and in total paid original loan off almost 3 times over with interest. This one act cancels the full remaining balance of some 20 million people.

    But the key and most important aspect, was Biden removed negative amortization from student loans.
    "Cover the borrower’s unpaid monthly interest, so that unlike other existing income-driven repayment plans, no borrower’s loan balance will grow as long as they make their monthly payments—even when that monthly payment is $0 because their income is low." Millions of people who have paid for decades, inc seniors who have paid their loan over multiple times but cant make headway on amount owed, and who had zero hope of ever paying off loans, can now breathe. This is no small thing, and this is a structural game changer way beyond the easy to state 10k, 20k for pell relief.

    Racial disparity addressed, this stat from fact sheet "The student debt burden also falls disproportionately on Black borrowers. Twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt." is entirely due to low income people making payments for decades but the interest never allowing debt to be paid off. Kill Negative amortization, if those who just had their lives freed up with this relief vote, and can now have a chance of building towards a future vote, i would say Biden gained a few points, butmore importantly tensof millions of people had hope restored.

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