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Student Loan Debt Forgiveness?

bojangle said:
I think taxpayers shouldn't have to bear that burden either.

The only issue is, when it comes to some types of businesses, particularly in the financial realm, if they screw up and fail, like an industry wide thing we saw with the subprime loans being packaged in large investment pools, if they weren't bailed out, it would have likely tanked the economy into a depression and hurt the common man even more.

I like that reforms were also made, but our laws / regulators should have never allowed that to happen in the first place. And businesses need to be held accountable to the economy they thrive in, not just to shareholders. Laws need to be changed in that regard. We also probably need to require large financial corporations, and maybe other large fortune 500 type companies, to maybe pay into a rainy day fund of sorts, sufficient in size to be used to bail themselves out for the next time. Just a thought.
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Good common sense reasoning, but common sense goes out the window when money can buy the way that those situations get handled.

During the last financial crisis, they handled it Top Down instead of Bottom Up which would have been a fundamentally better approach, it would have been more complicated but that would have driven a job market and not rewarded the very people who created the problem, as happened.
 
Now they should do a car loan relief too. All these people who bought cars in the last year got screwed by inflation.
 
yodaisgod said:
Let's go one step further. Mortgage relief!
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True. Why not both?

Should do credit card relief too. Credit card debt often results in a difficult debt spiral for people and decreases their economic mobility and often affects the really poor, not to mention it lowers credit score and cuts people out of economic opportunities because of that.
 
Don't worry about it bros...y'all be dead before it really affects you anyway. You've got yours. Hopefully the generation of people being forgiven will pay in kind to future generations.
 
wah wah 10 grand.

This is actually huge:

Part 3. Make the student loan system more manageable for current and future borrowers
Income-based repayment plans have long existed within the U.S. Department of Education. However, the Biden-Harris Administration is proposing a rule to create a new income-driven repayment plan that will substantially reduce future monthly payments for lower- and middle-income borrowers.

The rule would:

Require borrowers to pay no more than 5% of their discretionary income monthly on undergraduate loans. This is down from the 10% available under the most recent income-driven repayment plan.
Raise the amount of income that is considered non-discretionary income and therefore is protected from repayment, guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment.
Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with loan balances of $12,000 or less.
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.
 
Kornholio said:
The entire concept of money in this country is fucked AFAIC. I honestly do not believe there is enough gold bullion to back up all the paper money that has been printed anyway and even then, gold being the "standard" of money is purely human invention regardless. The reality is that the whole concept of currency is an abject failure and we're all just doomed to live by it for the rest of our lives unless we decided to revert back to the hunt, gather and trade days again.
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The entire concept of money is fucked because its become so removed from the thing that keeps it in check, which is the ABILITY to print currency will nilly. Gold WAS the thing that provided economic stability. You cant print it. That it's value is a human invention is a moot point, any THING that cant be conjured would work if it takes WORK to acquire and is somewhat rare. For example, sand doesnt work. Diamonds do, etc.

But yes you are right, the whole idea of CURRENCY has been an abject failure. And no, there is plenty of gold/silver to back the dollar, you just have to let them have a value in dollars that works and not fuck with it. The central banking industry doesnt want that because it keeps them from printing currency by the trillions. So they tell you that gold isnt the answer and you believe them. Odd that at the same time governments truely only save up two things, oil and GOLD.

The alternative to CURRENCY existed for a millenia and worked as well as humanly possible, its called money and gold is money. Giving humans the ability to conjure currency has always ended like this mess you see, yet people are unwilling to see that the solution exists. This problem and its solution was known by the guys that started this country. They were right but the allure of "free money" is just too attractive to people that refuse to look at (or dont care about) the consequences we are living with right here and now.
 
mikev said:
wah wah 10 grand.

This is actually huge:

Part 3. Make the student loan system more manageable for current and future borrowers
Income-based repayment plans have long existed within the U.S. Department of Education. However, the Biden-Harris Administration is proposing a rule to create a new income-driven repayment plan that will substantially reduce future monthly payments for lower- and middle-income borrowers.

The rule would:

Require borrowers to pay no more than 5% of their discretionary income monthly on undergraduate loans. This is down from the 10% available under the most recent income-driven repayment plan.
Raise the amount of income that is considered non-discretionary income and therefore is protected from repayment, guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment.
Forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with loan balances of $12,000 or less.
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.
Click to expand...

Wow, this is some real dumb shit.

If anything they should make education more affordable and accessible rather than putting lipstick on these student loans.
 
mrzuzzo said:
Wow, this is some real dumb shit.

If anything they should make education more affordable and accessible rather than putting lipstick on these student loans.
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why not both
 
I'm ok with both, if it was both, otherwise this is just putting a bandaid on and perpetuating a broken system.
 
SM610 said:
The entire concept of money is fucked because its become so removed from the thing that keeps it in check, which is the ABILITY to print currency will nilly. Gold WAS the thing that provided economic stability. You cant print it. That it's value is a human invention is a moot point, any THING that cant be conjured would work if it takes WORK to acquire and is somewhat rare. For example, sand doesnt work. Diamonds do, etc.

But yes you are right, the whole idea of CURRENCY has been an abject failure. And no, there is plenty of gold/silver to back the dollar, you just have to let them have a value in dollars that works and not fuck with it. The central banking industry doesnt want that because it keeps them from printing currency by the trillions. So they tell you that gold isnt the answer and you believe them. Odd that at the same time governments truely only save up two things, oil and GOLD.

The alternative to CURRENCY existed for a millenia and worked as well as humanly possible, its called money and gold is money. Giving humans the ability to conjure currency has always ended like this mess you see, yet people are unwilling to see that the solution exists. This problem and its solution was known by the guys that started this country. They were right but the allure of "free money" is just too attractive to people that refuse to look at (or dont care about) the consequences we are living with right here and now.
Click to expand...

You are close. Money in all forms isn't real. Its a shared idea. Gold has limited intrinsic value. Gold only makes a human wealthy because other humans all agree that owning it has value.

I think you can argue that any fuel source has more intrinsic value than gold. At least burning a fuel can produce useful work. Productive work is the real measure of wealth.
 
Like a piece of paper, gold doesn't actually have any value unless you're looking to plate something. Its value comes from "oooohhh shiny!!", which is pretty worthless. Oil though, oil has value. Energy always has value.
 
mrzuzzo said:
I'm ok with both, if it was both, otherwise this is just putting a bandaid on and perpetuating a broken system.
Click to expand...

It's a great start. There are a lot of obstacles involved in changing everything else, but that's a discussion for another forum.
 
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