1. Then repeal the tax cut that Trump gave to the wealthy. If we cannot afford this then wealthy should not have received those benefits. And btw, what about the PPP? They didn’t do much for workers, business just put the money in their pockets so even some senators could by luxury items, i.e. yachts 🛥 🤨

  2. The PPP loans were a total scam. The companies never gave that money to their workers only the CEOs. Then they fired the people in charge of oversight. This still pisses me off. Tom Brady, Kanye, Kushner, and Trump all got millions in PPP loans.

  3. also did they do an analysis on how much this will positively affect the economy as well seeing as young people will have more discretionary income and therefore spend more / more tax

  4. Repealing the tax cut at this point wouldn’t raise enough money, especially if you only repealed the part that went to the rich

  5. They earned to cruise on that yacht sponsored by your favorite congressional reps. Billionaire lives matter! All these unions are hurting employees! - Joe Bezo /s

  6. The argument can be made that both lowering taxes and canceling debt help the economy at large. Canceling debt like this is an extremely short term solution though and seems like more of a political victory for the Biden administration than anything. The sources of the student loan crisis needs to be addressed immediately. We’re just kicking the can down the road.

  7. I think it’s actually $400 billion over 30 years: from the article: “White House Chief of Staff Ron Klain said on Twitter the CBO estimate is a 30-year score rather than a more common 10-year estimate.”

  8. Congress controls spending and ignores the president's budget no matter what party the president is part of. The President's budget makes headlines anyway and that's why they do things like request a 50% cut in defense spending. They know it won't happen, but they'll get credit for trying. Trump did the same thing with welfare spending.

  9. Also that probably assumes they were going to get paid for a lot of the loans that people were never going to pay. It is likely Congress was going to have to foot the bill for that, too

  10. How much has been paid back over the years that went only to interest? I'd say the gummint made money on those loans already.

  11. I just did a rough estimate on about $150 payments over the last 16 years and I've paid about $28k in interest on a $60k loan, for which $58k of the principal remains.

  12. It seems that it is worse than that. The cost may include inflated values because I assume that there are penalty and fees with late/non-payments.

  13. Plus, the money that the borrowers will now have in their pockets will go back to circulating in the economy.

  14. This what pisses me off about the narrative behind this. There is not any new spending behind this debt forgiveness. At least not anything more than negligible. All it could do is increase the deficit. Which last I checked has already been lowered over last your by a margin well over what student loan forgiveness could add.

  15. You are 100% right. The hope is that by Biden doing this move - it ignites the larger conversation you brought up. It will be a slow burn, and we’ll probably take baby steps. But it’s good that he “broke the seal” so now we can address the inequity of the system.

  16. If you want to help put a dent in that deficit the best thing you can do is spend a little bit of that loan forgiveness and get the money back into the economy.

  17. By and large, these folks- like most folks -are living pay check to pay check, so their money will be spent. Tax cuts for the reach and corporations are where money is pulled out of the system.

  18. 100%. My wife and I will be using the money not spent on student loans for her to make payments on a bigger car for us and the kids

  19. Think of it as economic investment in education that limits banks' profiting off poor, working class, and middle class people

  20. This never would have had to happen if the feds and states maintained adequate budgeting for higher Ed and reduced cost for tuitions like we had until the 1970s.

  21. problem is, without more funding the IRS still wouldn't be able to go after rich people not paying higher taxes. Just the amount that is currently going unpaid would be a huge windfall for the government.

  22. Cool, it can come from the $1 trillion (give or take) of taxes that the rich have successfully been avoiding every year.

  23. Cancel it all! Fed owns most the debt. It’s money already spent, doesn’t really “cost” anything. Cancel! Check out the Debt Collective for more info.

  24. So way cheaper than the Tax grift for the wealthy that the GoP has scammed the American people on for years and almost half the cost of a year of DoD budget. Got it.

  25. Okay then. We just have to cut about 5% of the military's budget per year for the next 10 years and that will pay for it.

  26. Yeah, in decades of interest to all those banks so eager to offer these over priced government backed loans.

  27. Chump change compared to what we give the military year in year out year in year out year in year out year in year out year in year out…

  28. Why is that a problem? Seriously. And to the wealthy butthurt by this proposal: why wouldn't you want to be wealthy living in a wealthy nation? It's not like Biden will tax you into oblivion. Maybe learning what INVESTMENT means instead of living off inherited wealth would do you some good.

  29. So what is that, a couple of tanks? STFU about these fake ass numbers. This is all the money you SHOULD have spent making college actually affordable. Cheap Bastards got the benefit of decades of highly educated population contributing to the GDP for the cost of almost NOTHING. First Gen graduates stuck as indentured servants while billionaires leach off them AND the government? Should be ashamed at this bs.

  30. the fact that 400 billions is a fraction of the debt owed by Americans to get an education is absolutely insane

  31. Great; it's about time the government started using it's resources to help people here instead of giving them away to rich people/corporations and other countries

  32. Take it our of back taxes owed by any billionaires who haven’t paid taxes in years. Nothing unfair. Just what they owe this country

  33. 400 billion over 30 years is nothing compared to the us budget. You could tax just the billionaires in America for it and they wouldn’t even notice the missing pocket change.

  34. Canceling student loan this way is like putting a band aid on a gushing would. Shit won’t work. What happens if 5-6 years later we have another generation asking where’s their loan forgiveness? Congress needs to get its shit together and have regulations in place to ensure tuition doesn’t spiral so much.

  35. Considering Greg Abbott’s April border stunt cost $9B - for what, 10 days? - that $400B is sounding pretty cheap.

  36. Can't help feeling this money could be better spent getting more people educated than going to the people best positioned to pay it back over their working life.

  37. Okay…. And? I don’t want to hear any complaining from the people who support free handouts to corporations , the defense industry and the wealthy.

  38. Even if it does cost that much, that's money well spent. That's only a trifle of what the long and drawn out war in Afghanistan cost us. It gives me great comfort knowing my tax dollars are going to good use even if it means getting people out of poverty and allowing them the ability to get ahead for once.

  39. Raise taxes on the rich and comparable to the rest of us its like $40. They can afford it. The best and brightest from college end up working for them anyway.

  40. Stop. How much did the government spend on the massive bail out for the rich? What about defense? So just shut the fuck up, you spoiled rich brats.

  41. Cost who? Just about the only other way I can see that money spent if not on these people is on handouts to even wealthier ones.

  42. It will not cost 400 billion. This is not money they have. This is money they have already parted ways with. What this will - in FACT - do is help thousands of families across the US who have their (already abysal) wages garnished because they wanted to get an education to better themselves.

  43. Ok and what is the problem. We just spent something like 20 trillion on a 20 year quagmire of a war. So let’s do this and see which one pays back faster

  44. Over 10 years which equates to a drop in the bucket compared to other spending the US does. Stop sending checks to Israel and cut back on the toys for soldiers and we’re in a surplus. Fixed it

  45. It's an executive action, not a bill. CBO numbers don't have the control they would have if this were a bill.

  46. The next question is very simple. How many years can the GDP —and the national debt— support this?

  47. and it will allow hundreds of thousands of people to actually be able to become valued contributors to the growing economy.

  48. I disagree. I believe it will invest $400,000,000,000 into Americans' futures, which will pay off in spades as these people get out from the saddle of debt and grow the economy.

  49. Well technically it won’t cost anything, the money has already been spent. Like 1/8 the the debt that private industry got written off in the Great Recession.

  50. And the trillions we will inevitably get back from more taxes, better wages and more property being bought? Oh right im sorry, i forgot that we arent allowed to actually invest in this country. Only spend on shit that will go to some corporation.

  51. That should be worth a Heil Trump fascist rally! “To hell with students, give tax beaks to rich!” would sound great shrieked in German.

  52. Bout time they start helping out non billionaires, now if we could fix the over-inflated cost of college.....

  53. we sink more than that into military and police every year, it's time it is actually spent on education and betterment of citizens instead if harming us and other countries that don't even want us there. I'd rather pay taxes for latter than the former.

  54. What they meant to say is the government already spent $400 billion as a handout to swanky university endowments, and will not recoup that $$ from poor graduates.

  55. That's around 15 F-16s, according to my 3 minute google search, and math I didn't bother to type into a calculator. So, slightly less researched than most COVID self-researchers, but it definitely validates my opinion that this isn't much money to the the US govt.

  56. No. It won’t cost anything. The government already owns the debt. It costs nothing. It just doesn’t bring in SOME of that number over the next 40 years.

  57. He did. However, only Congress can address the costs themselves. Bidens EO contained a reduction of IDR payments from 10% to 5% of discretionary income. This will cost 1/3 of the forgiveness over the next decade on its own.

  58. And it's paid for by (only partially!) repealing those Trump tax cuts for the fat cats who didn't need more tax cuts. What's your point?

  59. Ever notice how when there's a benefit to the people they cite the number as a total (overall), but if there's benefit to the corp's, such as the Trump Tax Cuts, well then the number is just the *annual* figure?

  60. I hear you republicans you complain about public spending after embezzling endless billions in tax breaks, ppp, oil/coal exrraction subsidies and budget this year so i just have this great idea about re equilibrating books. Woops it might involve you instantly refunding some 400b more you stole from the gov.

  61. Who cares? It will increase consumer spending, which will increase corporate profits, which will increase tax revenue.

Leave a Reply

Your email address will not be published. Required fields are marked *

News Reporter