Sorry, I'll get the capitalization right next time. nevergaveitathought, actually it's 5% of discretionary income, not disposable income. Sorry about that. Here's what USA Today says on this:
"The plan includes cutting the rate of what people must pay from their discretionary income to student loan repayments. What is discretionary income? Discretionary income is the money that's left after paying taxes and essential cost-of-living expenses. It can be used however you want - to dine out, pay for streaming services or tickets to movies or sporting events, for example. "
That's pretty close to your description. And yes, I too view the cost of gym membership and pussy as essential.
It sounds to me like a lot of people won't even have to cover the interest expense on their loans, and can just kill time until the government writes them off entirely after 20 years.
Wouldn't that be great if you had $150,000 in student loans forgiven! Hell, I was way low. Biden's paying a lot more than $10,000 to $20,000 each for those votes.
Originally Posted by Tiny
its ok Tiny
you are one of the few i'll let capitalize
and it is an down right shame what biden is doing
beyond a shame...its destructive of every value that at one time made america a great country
Sorry, I'll get the capitalization right next time. nevergaveitathought, actually it's 5% of discretionary income, not disposable income. Sorry about that. Here's what USA Today says on this:
"The plan includes cutting the rate of what people must pay from their discretionary income to student loan repayments. What is discretionary income? Discretionary income is the money that's left after paying taxes and essential cost-of-living expenses. It can be used however you want - to dine out, pay for streaming services or tickets to movies or sporting events, for example. "
That's pretty close to your description. And yes, I too view the cost of gym membership and pussy as essential.
It sounds to me like a lot of people won't even have to cover the interest expense on their loans, and can just kill time until the government writes them off entirely after 20 years.
Wouldn't that be great if you had $150,000 in student loans forgiven! Hell, I was way low. Biden's paying a lot more than $10,000 to $20,000 each for those votes.
Originally Posted by Tiny
You do realize that student loans are already forgiven after 20 years. That part’s not new. What’s new is the amount of the monthly payment. I believe the payment is based off IRS allowable expenses. But I’m not clear on that part.
As for the rest of the whining and crying over this, it’s really silly. We already allow people to stuff creditors in far larger amounts. People file bankruptcy every day. This stiffs creditors for hundreds of millions of dollars. I’m sure creditors just pass those costs on to consumers. That’s likely more direct than the federal govt taking on the cost.
oh yeah. the 87,000 agents
Originally Posted by nevergaveitathought
Fortunately we can put them to work to make sure people aren't deducting pussy from their discretionary income before calculating how big their student loan payments should be.
Oh yeah, I forgot too, those 87,000 agents will only pursue taxpayers who make over $400,000 a year. Never mind.
This is blowing up big time in Biden's face with more and more Democrats coming out against it and if things keep getting as bad as predicted on the inflation front, this will hurt, not help Biden.
This is blowing up big time in Biden's face with more and more Democrats coming out against it and if things keep getting as bad as predicted on the inflation front, this will hurt, not help Biden.
Originally Posted by HedonistForever
Yep!
I love Kim Strassel!
Read her latest column, you'll love her too:
Student Debt Forgiveness Is Biden’s Bluto Moment
His plan will feed inflation and hurt him politically.
By Kimberley A. Strassel
Aug. 25, 2022 6:19 pm ET
If political moves received letter grades, Joe Biden’s student loan “forgiveness” mark might rank down there with the Deltas of “Animal House.” Think of it as the president’s Bluto moment.
In case the White House missed it, Democrats had recently been getting it together. After an 18-month food fight over the Biden agenda, the party finally united to pass the Inflation Reduction Act. It suckered spend-happy Republicans into passing a semiconductor bill that vulnerable Democrats could brag about back home. The left has successfully fanned fears on abortion, putting GOP candidates on the back foot. And Donald Trump is in the headlines—right where they want him.
Then along comes Blutarsky, and seven years of college down the drain. It would be hard to fashion a program that carries more political risk for less political reward. In the name of paying off that powerful voting bloc known as “overeducated and underemployed deadbeats,” Mr. Biden is dumping on his own inflation message, dividing his party, and insulting any American who has ever worked, saved or paid a bill.
Inflation remains voters’ biggest worry, and they understand Washington’s role in feeding it. Only recently they watched General Motors and Ford hike the prices of electric vehicles by $6,000 to $8,500—roughly pacing the $7,500 tax credit the Biden “inflation reduction” law bestows. Cause, effect. Millions of American parents read Mr. Biden’s Wednesday loan announcement as news that they will be paying $10,000 more for tuition next year (and the year after that, and after that) as colleges reap the loan windfall.
It won’t stop with college inflation, even Democratic economists warn. Every $20,000 of loan forgiveness is $20,000 the favored college forgiven can blow on urban loft refits or Hawaiian vacations. “Pouring roughly half [a] trillion dollars of gasoline on the inflationary fire that is already burning is reckless,” Jason Furman, the Obama administration’s top economist, tweeted. Americans already doubted Mr. Biden’s new climate and health law would do much to lower prices, but they’ll draw a direct line from the loan bailout to further price hikes. A CNBC poll says nearly 60% of Americans fear this handout will make inflation worse.
The plan rips a new fissure in the Democratic Party, as nonsuicidal members run for cover. Maine Rep. Jared Golden called loan forgiveness “out of touch.” New Hampshire Rep. Chris Pappas said this is “no way to make policy.” Nevada Sen. Catherine Cortez Masto and Colorado Sen. Michael Bennet noted that the plan doesn’t address the underlying problem of rising tuition. Ohio Rep. Tim Ryan, running for the Senate, said the forgiveness “sends the wrong message to the millions of Ohioans without a degree working just as hard to make ends meet.”
What unites these Democrats? Each is in a competitive race, and they clearly already see the potential to alienate large cross-sections of the American electorate. Sure, loan forgiveness may benefit up to 40 million people, and energize Gen Zers and some millennials to vote for the Democrats they were going to support anyway. What about the other 220 million voting-age Americans who are being asked to float the upper crust’s seminars on gender identity and social justice?
Democrats desperately need suburban voters this fall. Those would be the same suburban parents who are already furious over school closures and woke education, who scrimped and saved to pay through the nose for college, and who now look like chumps as they prepare to pay more. The CNBC poll finds that 65% of those 35 to 64—prime college-parent age—feel loans should be forgiven for no one or only for those in need (the Biden plan favors top earners). That share is even higher—78%—for those over 65.
Party leaders have fretted for years over how to handle Democrats’ cratering support among the working class. This is the answer? The loan handout is a thumb in the eye to every American who went to trade school, got an apprenticeship, took out private loans to start a small business, or simply went to work—and now must not only grind out a living and keep up with inflation but cover the poor financial decisions of the college elite.
The media is hastening to explain that a lot of loan forgiveness will flow to minorities, while failing to note how small is the minority of those minorities that actually rack up student debt. According to the U.S. census, only 18% of Hispanics hold bachelor’s or higher degrees. As political scientist Ruy Teixeira wrote recently, the significant recent drop in Hispanic support for Democrats is being “driven by working class voters without a college degree, who make up the overwhelming majority of the Hispanic population.” This will likely hasten their exit from Democratic rolls.
While the “Animal House” Deltas were ultimately expelled, it didn’t harm their futures. Mr. Biden may not be so lucky in his own college shenanigans.
Inflation was super charged because the economy was opening back up after a sustained shutdown. Both Trump and Biden's give aways are equally responsible for inflation...
Originally Posted by WTF
^^^ Gee, I must have missed this brilliant analysis earlier.
I'm sure WTF can point to ample empirical evidence cited by scores of highly esteemed economists in numerous exhaustive studies to support the widely shared proposition that Trump and Biden are "EQUALLY responsible for inflation".
Yes of course... considering that the annual inflation rate has accelerated SIX-FOLD since the day Biden took office - from a negligible 1.4% in Jan. 2021 to a scorching 8.5% last month - it would appear perfectly logical, fair and appropriate to apportion the blame EQUALLY on Biden and his predecessor!
Next whopper, please!
...along with DeSantis and his orphan giveaway!
Originally Posted by WTF
And yeah, the idea that a single state governor wielding zero control over our federal fiscal & monetary policy reins can stoke the cost of gas, bread, bacon, healthcare and housing in 49 other states is one that is taken seriously by virtually all distinguished economists!
Got any more brilliant insights to amuse us with, o wise one?
That’s what happens when a demon like Bernie Sanders possesses a soul. The possessed becomes highly partisan and irrational and doesn’t recognize it. So $35 million in federal funds allocated to the poorest families in Florida by DeSantis has an effect on inflation? Democrats worked hand in hand with Ronald Reagan to reform the tax system and with Donald Trump to provide COVID relief, but the “blame” is laid entirely on the Republican president?
And blame for what? The end of the Cold War? The end of stagflation and a deep recession? The end of a 70% marginal tax rate for individuals and pass throughs and 50% rate for corporations that stifled investment and job creation? And while, yes, COVID stimulus and aid was overdone during the Trump years, there was no way we weren’t going to run up large deficits given the extent of the recession and the effect on jobs and businesses. A recession that had ended by the time President Biden and a Democratic Senate and House chose to spend $1.9 trillion in additional stimulus. Without a single vote from a Republican. And over the protests of left of center economists like Larry Summers who warned it would supercharge inflation.
I would propose an exorcism but it just won’t work. I believe we must resign ourselves. We lost WTF’s soul to Bernie Sanders.
This is blowing up big time in Biden's face with more and more Democrats coming out against it and if things keep getting as bad as predicted on the inflation front, this will hurt, not help Biden.
Originally Posted by HedonistForever
You hope.
Fact is, it’s another promise kept. And another in a string of victories that’s getting longer by the day.
While trigger abortion laws are going into effect all over the country.
I agree with you Yssup. It pains me to say that, because I used to have this recurring dream about a threesome with Kim Strassel and Mary Anastasia O’Grady. And like LL I dearly love Kim. So I hate to disagree with her.
However this will help Democrats in the midterms. I read up on the polling this morning. A couple of months ago, Americans by a small majority approved forgiveness of $10,000 in student debt. That level of approval appears to be increasing now that the press, which on whole is treating this favorably, is covering the issue more closely.
And, most importantly, the people who this really matters to, people with student debt, will be more likely to turn out in November and vote for Democrats.
On this issue though I’d argue the Democrats are the bad guys. Biden’s changes, in particular lowering the amount that must be paid to 5% of discretionary income and lowering the bar for what’s considered discretionary, will encourage the cycle of ever increasing tuition and student loan debt. Larry Summers, Jason Furman and, according to today’s New York Times, Janet Yellen are worried about the effect on inflation and deficits.
joeys is buying votes. Plain n simple.
Its been asked over n over. Whos paying the bill on this student loan bailout?
In the end this may get stricken down. But joeys still benefits in the midterms.
Fact is, it’s another promise kept. And another in a string of victories that’s getting longer by the day.
Originally Posted by Yssup Rider
Rah, rah, go team!
Shake yer pompoms, yssup!
Student loan forgiveness is a VICTORY, all right. It's a victory for the upper classes, the greedy rapacious academic elite, and everyone who favors greater income inequality and grotesque vote-buying by corrupt officials always eager & ready to raid the public fisc!
joeys is buying votes. Plain n simple.
Its been asked over n over. Whos paying the bill on this student loan bailout?
In the end this may get stricken down. But joeys still benefits in the midterms.
Originally Posted by winn dixie
Who’s the bill on every type of forgiveness bailout subsidy etc. we should stop all of them. But we won’t.
