@averagejoe1 saidMoron, these people are working just like your sheet rock installer.
Let me get this straight...Do you not get the point of this thread? The whole point is that it was INTENDED to help people pay off mortgages with money that would otherwise be used to pay off the loans.
Are you with me, Soothfast? Biden said that. They ran his speech today with those and other words. So, we agree on the intention, since Biden said it.
But 73% of ...[text shortened]... intended purpose. I have never see you libs get your ass kicked as much as you are on this thread.
The question is should they be paying their income to the government or adding it to the economy? It's targeted for middle class and working class individuals:
" It shows that 87% of the money would go to those earning less than $75,000 a year. "
"Economists at the University of Pennsylvania’s Wharton School estimate that households with annual income below about $82,000 would receive the bulk — 74% — of the total forgiveness funds. These families fall in the bottom 60% of wage earners.
Those in the bottom half of earners would get about 55% of forgiveness dollars, according to a separate Penn Wharton analysis for CNBC."
https://www.cnbc.com/2022/09/11/heres-who-benefits-most-from-student-loan-forgiveness.html
@averagejoe1 saidI'm talking about your Fox article which reports that people are using their loan forgiveness to dine and travel. It is you who apparently have lost the plot of your own thread. Try to keep up, old boy. And don't neglect your medications. They're important.
This thread is not about the Democrats holding the line and preventing anyone from doing anything. Idiot.
Bring it Soothfast. I just suggested that you fellers might want to change the subject.......and you DID!!! Geez.
11 Nov 22
@no1marauder saidThat is about half the amount of the 1.9 trillion stimulus bill. 90% of which went to the wealthy. Plutocracy spending. Now the fed reserve must raise interest rates to fight the inflation they created. See how that works?
That would be $887 billion the government would have to pay in one shot. https://www.lendingtree.com/credit-cards/credit-card-debt-statistics/
Biden claimed that 1.9 trillion created out of nothing did not cause inflation. Believe that? If so, why not create $887 billion out of nothing? Do you accept you are being propagandized yet?
11 Nov 22
@soothfast said"The Department estimates that, over the next 10 years, the program will cost on average $30 billion annually. The ten-year cost in terms of reduced cash flows into the government will be roughly $305 billion."
I'm talking about your Fox article which reports that people are using their loan forgiveness to dine and travel. It is you who apparently have lost the plot of your own thread. Try to keep up, old boy. And don't neglect your medications. They're important.
However:
"This estimate does not take into consideration the broader economic benefits those actions would bring"
https://www.ed.gov/news/press-releases/us-department-education-estimate-biden-harris-student-debt-relief-cost-average-30-billion-annually-over-next-decade
So it appears the real cost of the program would be chump change compared to Federal spending of over $6 trillion a year.
@metal-brain saidI accept that you are an idiot and it's a waste of time "debating" you.
That is about half the amount of the 1.9 trillion stimulus bill. 90% of which went to the wealthy. Plutocracy spending. Now the fed reserve must raise interest rates to fight the inflation they created. See how that works?
Biden claimed that 1.9 trillion created out of nothing did not cause inflation. Believe that? If so, why not create $887 billion out of nothing? Do you accept you are being propagandized yet?
A) I don't believe that anything near 90% of the stimulus package went to the wealthy;
B) The $1.9 trillion price tag was spread over 10 years;
C) Paying $887 billion to credit card companies and banks would certainly mostly accrue to the wealthy;
D) Paying off credit card debt would mostly accrue to higher income who hold the most debt https://www.fool.com/the-ascent/research/credit-card-debt-statistics/
E) The whole discussion is off-topic trolling.
11 Nov 22
@no1marauder saidThe middle class pays taxes to the government. The government then loans money to students with the understanding the loan will be paid back to the government... not payed back to the source of that money, but to the government that tapped into that source (middle class tax payers).
Student loan debt is owed to the government not to any private businesses. In this case, student loan foregiveness is like a targeted middle class tax cut.
So how exactly does governmental loan forgiveness translate into a middle class tax cut? Money taken from middle class earners and given to students who didn't earn it is not a tax cut.
11 Nov 22
@no1marauder saidIn other words you can't debate a flawless argument.
I accept that you are an idiot and it's a waste of time "debating" you.
Keep accepting contradictions in economics. Contradictions don't matter, right?
11 Nov 22
@kilroy70 saidAs I already showed, the benefits of the student loan forgiveness program flow mostly to the middle and working classes.
The middle class pays taxes to the government. The government then loans money to students with the understanding the loan will be paid back to the government... not payed back to the source of that money, but to the government that tapped into that source (middle class tax payers).
So how exactly does governmental loan forgiveness translate into a middle class tax cut? Money taken from middle class earners and given to students who didn't earn it is not a tax cut.
As I already showed, the cost of the program is chump change compared to total Federal spending.
11 Nov 22
@metal-brain saidLMAO!
In other words you can't debate a flawless argument.
Keep accepting contradictions in economics. Contradictions don't matter, right?
You making a "flawless argument"?????
What an ass clown.
11 Nov 22
@kilroy70 saidThe libs, to the last man, believe that the money belongs to the government. They have a mental bloc, they do not realize that the government has no money. I am not bring funny here, it simply does not compute with them.
The middle class pays taxes to the government. The government then loans money to students with the understanding the loan will be paid back to the government... not payed back to the source of that money, but to the government that tapped into that source (middle class tax payers).
So how exactly does governmental loan forgiveness translate into a middle class tax cut? Money taken from middle class earners and given to students who didn't earn it is not a tax cut.
@AverageJoe1
73% of loan forgiveness recipients are going to the Caribbean? Really?
Do you know, I somehow doubt that?
AnecdoteJoe should be your handle. You heard on Fox of one person using their loan forgiveness to go to the Caribbean, and that's what sent you flying to the keyboard in a rage to start this thread.
In fact, most of your rages are about isolated anecdotes that you've heard from somewhere on the Internet, which you use to pass judgement on entire federal programs and policies. Very childlike thinking, if thinking it even is.
EDIT: Oh, I see your post has now disappeared. That must be frustrating for you. Try again, eh?
@no1marauder saidYour first statement has been proven to be economically incorrect, you are just saying that. Libs think it is all just so cut and dry. They leave out a lot of facts. Funny you say it benefits the working class. You mean people who work?
As I already showed, the benefits of the student loan forgiveness program flow mostly to the middle and working classes.
As I already showed, the cost of the program is chump change compared to total Federal spending.
Marauder, my sheet-rock installer will never get any college benefits, be it the actual education, or the money to pay for it., HOW can you say this?!?? More honest would be to say that it benefits a small portion of the people who are members of the part of our society who work! That is the true statement, mch more understandable than the one you are trying to feed us.
Does it really 'flow mostly to the middle and working classes'. If I say Sonhouse is going to throw chicken feed to the middle and pecking classes of the chickens, that implies ALL of the chickens in those classes.
But, you leave out that it flows only to some of the class.
What we gonna do with you? You are better at changing subjects....you all are! 😆
And what in the WORLD is your logic about....'it is just chump change relatively speaking'. You know, a billion here, a billion there, can add up to real money. Everett Dirksen.
@averagejoe1 saidYou know that is BS, yet you say it anyway.
The libs, to the last man, believe that the money belongs to the government.
Here: I can categorically refute your "to the last man" argument in one swoop by saying that I, as a liberal, do not believe all money belongs to the government.
Please level up. You're embarrassing yourself.
EDIT: Actually it's worse, because you are being unclear. What do you really mean by "the money belongs to the government"?
@soothfast saidJust quoting the poll. You are right, they will spend it wisely, no one is going to the waste the money, they will do what Joe wants them to do. Nailed me on that one. But gettin a little personal , are ya'? Hey, do you think we prob should have instead used it to pay off mortgages of legless veterans with families who have to help him do everything? Soothfast? And after answering , feel free to ask me a question ..
@AverageJoe1
73% of loan forgiveness recipients are going to the Caribbean? Really?
Do you know, I somehow doubt that?
AnecdoteJoe should be your handle. You heard on Fox of one person using their loan forgiveness to go to the Caribbean, and that's what sent you flying to the keyboard in a rage to start this thread.
In fact, most of your rages are about isolat ...[text shortened]...
EDIT: Oh, I see your post has now disappeared. That must be frustrating for you. Try again, eh?