Is Biden's student loan forgiveness plan okay for the US economy?

[Hardkill]

Biden yesterday announced that he will be forgiving up to $20,000 for millions of borrowers and extending the payment freeze one final time until the end of the year.

https://www.cnn.com/2022/08/24/politics/student-loans-joe-biden-white-house/index.html

https://www.npr.org/2022/08/25/1119343754/what-you-need-to-know-about-bidens-student-loan-announcement

https://www.cnn.com/2022/08/24/politics/biden-student-loan-forgiveness-qualify/index.html

Some top economists say that this will increase inflation to some extent. 

https://fortune.com/2022/08/25/jason-furman-blasts-joe-biden-rekless-student-loan-forgiveness/

https://thehill.com/policy/finance/3610940-larry-summers-says-white-house-shouldnt-extend-student-loan-payment-pause/

Other top economists say that it won't.

 

 

https://thehill.com/policy/3614573-how-will-bidens-student-loan-plan-impact-inflation/

 

What are your thoughts?

[Gidiot]

love it, i dont think the debt is legitimate in the first place, sure room and board at college, meals (that should ideally be free for public college too like high school) could cost something but thousands of dollars of tution for an 18 year old, that is very problematic for society.

[Leo Gura]

Should give Biden a nice boost in the polls and get people voting for him.

If Biden clears $10k of your debt, you better fucking vote for him.

This is one of those things that people will really feel.

[Hardkill]

35 minutes ago, Leo Gura said:

Should give Biden a nice boost in the polls and get people voting for him.

If Biden clears $10k of your debt, you better fucking vote for him.

This is one of those things that people will really feel.

Oh yeah, this definitely should make him more appealing to the majority of the american people in some way. They say that the Biden administration has now done the most that any presidential administration has ever done in all of US history, even when adjusting for inflation.

I mean maybe conservative voters are not gonna like this because they going to perceive this as a "form of socialism" and as being unfair to those who either had to work hard to pay for their own student debt or decided not to go to any postsecondary education school in order to not have any debt. However, I think that all liberal voters and probably even most moderate voters out there are going to appreciate this.

Though, I hope that the conservative douchebags in the courts don't strike this down. I also hope that economists like Furman and Summers are wrong about this worsening inflation to any significant degree.

[DreamScape]

On 8/25/2022 at 11:13 PM, Leo Gura said:

Should give Biden a nice boost in the polls and get people voting for him.

If Biden clears $10k of your debt, you better fucking vote for him.

This is one of those things that people will really feel.

Manipulating the public opinion in one of the most basic and see-through plans without telling anybody

[Willie]

On 8/25/2022 at 11:13 PM, Leo Gura said:

Should give Biden a nice boost in the polls and get people voting for him.

If Biden clears $10k of your debt, you better fucking vote for him.

This is one of those things that people will really feel.

You make it sound like a bribe.

[Leo Gura]

16 hours ago, DreamScape said:

Manipulating the public opinion in one of the most basic and see-through plans without telling anybody

Without telling anybody? Lol. It was his campaign promise.

Trump promised a wall.

Biden promised student loan relief.

Yeah, helping the struggling masses improves public opinion of you. What a concept!

It would help you to study some polls about which policies the majority of the American public actually wants enacted. And then compare that against the policies Republicans are pushing.

Edited August 29, 2022 by Leo Gura

[JosephKnecht]

18 hours ago, Willie said:

You make it sound like a bribe.

It is a bribe to get votes. 

 

[Leo Gura]

Helping people is a bribe to get votes. Also known as democracy.

Edited August 29, 2022 by Leo Gura

[Devin]

It will increase inflation in the short term, but barely in any measurable amount. Long term, it will lower inflation, more intelligent people in the country and living more intelligently. He's basically the single largest active improver of collective consciousness at this instant.

Edited August 29, 2022 by Devin

[Tyler Robinson]

What's wrong with helping students? 

 

[DocWatts]

Perhaps surprisingly, the debt forgiveness is actually going to be less impactful than some other things contained in this act for a lot of people.

As someone with about 80k of student loans, the lowered cap on income based payment to %5 of gross income will have a far bigger impact on my life than having $10k of debt forgiven.

Also (and this is huge), the loans won't accrue interest as long as payments are being made every month under this new income driven repayment plan. What this means in practice is substantially lower payments for most people with federal student loans.

In addition, for people making under %225 of the federal poverty line won't have to make any payments at all.

Edited August 30, 2022 by DocWatts

[Tanz]

Education is grossly overpriced in America. In most developed, countries it's either much less or free.  The more educated people you have in your population the stronger economically a nation becomes.  

Either complete forgiveness or partial is fair. The less a student owes the more they will spend on other things, like home for example.  

The universities make so much money elsewhere on students, like on medical and, engineering research. In fact we would not have the covid vaccines without research done by universities so regardless, money will be made off of the students indirectly.  

[Devin]

1 hour ago, Tanz said:

Education is grossly overpriced in America. In most developed, countries it's either much less or free.  The more educated people you have in your population the stronger economically a nation becomes.  

Which of those free education countries has the stronger economy than the u.s.?

The u.s. has the most top level universities in the world, really smart kids go there free, if dumb kids also went there free the schools would not be as good. People around the world come here for the top education.

Education in the u.s. is reasonably priced for what anyone needs, it's just we also have the Ferrari options, and they're available to anyone smart enough or foolish enough should they want a mortgage for a student loan.

I only support the student loan forgiveness because it shows we value education.

Edited August 30, 2022 by Devin

[zurew]

23 minutes ago, Devin said:

Which of those free education countries has the stronger economy than the u.s.?

Why would you assume, that student loan is the reason, or that student loan is one of the biggest reason why the US economy is thriving, compared to other countries?

23 minutes ago, Devin said:

The u.s. has the most top level universities in the world, really smart kids go there free, if dumb kids also went there free the schools would not be as good. People around the world come here for the top education.

First of all, if you can get into a top level university (no matter if you can go there for free or not) you are not dumb at all. Its not about being dumb or smart, but more about giving more opportunity to people who are smart, but can't afford it. 

Edited August 30, 2022 by zurew

[Devin]

38 minutes ago, zurew said:

Why would you assume, that student loan is the reason, or that student loan is one of the biggest reason why the US economy is thriving, compared to other countries?

First of all, if you can get into a top level university (no matter if you can go there for free or not) you are not dumb at all. Its not about being dumb or smart, but more about giving more opportunity to people who are smart, but can't afford it. 

I don't assume that, nor think that, I think it's the valuing materialism

Charging people a lot delivers better education to the smartest people, the people on full ride scholarships. If they can't afford it they're not that smart, they would have scholarships.

So the rich people going then are smart then, if you're "not dumb at all" if you're going there, what's the problem with that? Rich kids have the support to put the education to better use.

Edited August 30, 2022 by Devin

[DocWatts]

1 hour ago, Devin said:

Education in the u.s. is reasonably priced for what anyone needs, it's just we also have the Ferrari options, and they're available to anyone smart enough or foolish enough should they want a mortgage for a student loan.

Wayne State University in Detroit (a very poor city) is considered one of the more affordable public universities in this region of the country, and even then base tuition costs $50k - 60k. And that's excluding room and board, not to mention books, supplies, parking, etc.

College tuition is broken in many of the same ways as our privatized health care system in America; elite services for the affluent, and a crippling debt burden for everyone else.

Hopefully I don't have to explain to you why entire generations having to forestall (or simply not  being able to) buy homes and start families because basic necessities (such as education, healthcare, and housing) have become unaffordable is a really bad thing for society.

If we're not ready to join the rest of the civilized world by making public education free (or at least highly subsidized), at least stop charging interest on the loans we have to take out in order to have the opportunity to transition to a job that pays a livable wage.

Edited August 30, 2022 by DocWatts

[Devin]

15 minutes ago, DocWatts said:

Wayne State University in Detroit is considered one of the more affordable public universities in this region of the country, and even then base tuition costs $50k - 60k. And that's excluding room and board, not to mention books, supplies, parking, etc.

College tuition is broken in many of the same ways as our privatized health care system in America; elite services for the affluent, and a crippling debt burden for everyone else.

Hopefully I don't have to explain to you why entire generations having to forestall (or simply not  being able to) buy homes and start families because basic necessities (such as education, healthcare, and housing) have become unaffordable is a really bad thing for society.

If we're not ready to join the rest of the civilized world by making public education free (or at least highly subsidized), at least stop charging interest on the loans we have to take out in order to have the opportunity to transition to a job that pays a livable wage.

Well being that I live just south of Detroit 2 hours and KNOW the universities around here for IN STATE can be less than 20k, you're full of sh!t.

B,) you shouldn't go to a UNIVERSITY if you're poor and dumb, go to a community college

3.) If education and life is so much better elsewhere, you have to be an imbecile to stay here, or a whiny liar.

Edited August 30, 2022 by Devin

[DocWatts]

7 minutes ago, Devin said:

Well being that I live just south of Detroit 2 hours and KNOW the universities around here for IN STATE can be less than 20k, you're full of sh!t.

B,) you shouldn't go to a UNIVERSITY if you're poor and dumb, go to a community college

3.) If education and life is so much better elsewhere, you have to be an imbecile to stay here, or a whiny liar.

I also live in the area and went to Wayne State, so I know what I'm talking about lol.

Tuition costs are about $14k a year. Over 4 years that comes out to about $48k. Add in books and supplies and that's over $50k. That's around $50k of debt after graduating, not $50k a year in case that wasn't clear from my earlier post.

https://wayne.edu/financial-aid/resources/cost-of-attendance

Edited August 30, 2022 by DocWatts

[Devin]

7 minutes ago, DocWatts said:

I also live in the area and went to Wayne State, so I know what I'm talking about lol.

Tuition costs are about $14k a year. Over 4 years that comes out to about $48k. Add in books and supplies and that's over $50k.

https://wayne.edu/financial-aid/resources/cost-of-attendance

When you say tuition that's per year, yeah that's cheap 50k for a bachelor's from a university, you can pay that off in the first two years out if you got a responsible degree

Cars cost that much

I see NO problem!!!!!!!

Edited August 30, 2022 by Devin