Loan Forgiveness Fallout

  

Category:  Op/Ed

By:  vic-eldred  •  one month ago  •  180 comments

Loan Forgiveness Fallout
Though Mr. Biden’s plan includes an income cap, the threshold does not reflect need or earnings potential, meaning white-collar professionals with high future salaries stand to benefit. Student loans, moreover, are a poor proxy for household income

The link for the above quote: https://www.washingtonpost.com/opinions/2022/08/24/biden-student-loan-forgiveness-mistake/


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Joe Biden and his party are pulling out all the stops to get out their base in the upcoming midterm elections. The leftist media is their front man and has been trying to sell a very unconvincing narrative that clueless Joe has turned things around. Among the things that are now being hailed as "achievements" are the following: We had the secret deal between Schumer and Manchin to provide a miniature green new deal for their radical voters. The other motivator for the left was the obvious nonsense promoted as a prime time drama known as the Jan 6th Committee. The Committee will be back next month to provide us with shocking information that they are going to sit on until Americans start thinking about the midterms. Here on NT we can't even get one to admit that Pelosi broke all norms by not allowing the minority to seat two well respected Republicans on the committee. Most recent was the Merrick Garland fiasco over "national security documents." You know the ones the DOJ does not comment on but steadily leaks to their operatives in the media.

All of the above wasn't enough for Joe Biden's handlers. There was concern about the democratic party's most important constituency - white college grads. Those are the people who actually vote for woke policy. As far as I'm concerned the rest of the democrat voters simply vote on party affiliation. So Wednesday we got the Cherry on top. They say that democrats usually go over the top and shoot themselves in the foot. So it may be with Biden's Loan Forgiveness edict. I don't even know what to call it since it defies the American Republic's separation of powers. Biden (or Susan Rice, more than likely) is claiming that he alone has the right to write off debt for 43 Million Americans because of the emergency powers he gets to use because of "covid."  That might be the most egregious part of it. Those who seem to believe the president should be empowered to write off existing loans by fiat, citing “national emergency” proclamations, are defending a dictatorship. The other issue was fairness.

We have heard all the arguments against doing it, most notable was the one coming from the left's own Washington Post Editorial Board:


"The board goes on to call the policy “expensive” and likely “inflationary,” arguing that the $300 billion price tag for student debt relief wipes away any long-term gains made by the Inflation Reduction Act in terms of combatting the deficit."

https://www.mediaite.com/politics/washington-post-blasts-bidens-student-loan-mistake-a-windfall-for-those-who-dont-need-it/


Mike Noble, who is involved in polling doesn't get it:

“It doesn’t make strategic sense. They were in a good position. All the momentum was going in their favor,” Noble said of Democrats. Noble said debt forgiveness tends to be most popular with younger voters, while a far older electorate votes most consistently in midterm elections.

“Why forgive debt on a group that never turns out to vote in the first place? The people who vote are the ones who paid their loans back or never had loans to begin with.”

https://www.aol.com/democrats-tough-races-distance-themselves-233229007.html


The Week:

"A federal magistrate Thursday ordered the release of a redacted version of the Justice Department's affidavit that supported  the unprecedented search of former President Donald Trump’s Florida estate .  U.S. Magistrate Bruce Reinhart said the edited document would be  made public by noon Friday." 

https://www.usatoday.com/story/news/politics/2022/08/25/justice-department-redacted-trump-search-affidavit/7886820001/

In other words by noon Friday we should have a heavily redacted affidavit that tells us nothing. In the meantime Garland's office will continue to leak what it wants us to know. Garland says we should trust him. In the case of the DOJ and FBI, they are going to have to earn it and right now they look very corrupt to the American public. So far we got to see a warrant that might be considered a violation of the 4th Amendment. A truly general warrant that allowed the taking of any box containing any document with any classification of any kind as well as all boxes stored with that box. After 2 weeks there is no explanation of why such a warrant was issued.


Green Energy Madness:   "California plans to require all new cars, trucks and SUVs to run on electricity or hydrogen by 2035 under a policy approved Thursday by regulators that seeks a dramatic cut in carbon emissions and an eventual end to gasoline-powered vehicles. The decision by the California Air Resources Board came two years after Gov. Gavin Newsom first directed regulators to consider such a policy. If the goal is reached, California would cut emissions from cars in half by 2040."

https://www.usatoday.com/story/news/nation/2022/08/25/california-new-gas-car-ban-planned/7898458001/

What are they going to do about California's unreliable power grid?

"California has the least reliable electrical power system in the US. It isn’t even close. According to data by Eaton Corporation, the state leads the US in power outages every year, with more than double the outages of any other state over the last decade."

https://saltbushclub.com/2020/09/02/california-power-grid/#:~:text=California%20has%20the%20least%20reliable%20electrical%20power%20system,of%20any%20other%20state%20over%20the%20last%20decade .

What about the average price of an electric car?  Many can't afford them.

And this is supposed to solve the climate problem, as China and India build coal plants.


Universities becoming more radical: "Universities are increasingly relying on “diversity statements” for faculty hiring and promotion, according to a new report from the Oregon Association of Scholars. These statements have strong ties to liberal ideology, such as the assumption of group victimization and claims for group-based entitlements, effectively making them “partisan litmus tests” to “weed out non-left wing scholars,” the association states in its  report . The association notes that many schools now link to  articles  explaining how to craft a diversity statement, which include affirmations that a professor will “keep the white students from dominating all classroom discussions,” or “reflect a commitment to queer visibility,” or teach students “not to thoughtlessly reproduce the standard white and Western model of legitimate knowledge.”

https://www.thecollegefix.com/universities-require-scholars-pledge-commitment-diversity/#:~:text=More%20than%2020%20colleges%20have%20a%20stated%20requirement,The%20actual%20figure%20is%20likely%20much%20higher%2C%20however .

As George Orwell might point out: Their "diversity" = non-diversity of thought.

Hopefully, one day soon we will have a President who will cut off all federal funding to any university that even has one leftist teaching or on the faculty.


Judicial activism is still with us: "An appeals court this week ruled that "gender dysphoria" is covered by the Americans With Disabilities Act, a decision which could significantly expand protections for transgender-identifying individuals throughout the United States. Gender dysphoria is a medical condition in which individuals feel an incongruence between their sex and their self-perceived "gender identity." The classification of the syndrome has gone through several revisions within the American Psychiatric Association's Diagnostic and Statistical Manual of Mental Disorders. A panel at the 4th U.S. Circuit Court of Appeals in Richmond, Va., earlier this month became the country's first federal appellate court to  rule that the condition is covered  under the Americans With Disabilities Act, a 1990 law that dictates protections and privileges for disabled Americans around the country. 

https://justthenews.com/government/courts-law/appeals-court-rules-gender-dysphoria-covered-under-americans-disabilities-act?utm_source=sf&utm_medium=social&utm_campaign=twjs

Maybe it's another right of "privacy?"


What have we learned?

First we learned that after 18 months of radical policies that caused inflation, high gas prices, crime and open borders, Biden's handlers added insult to injury with Wednesday's illegal transfer of student loan debt from existing borrowers to the rest of the American public. Even willfully ignorant democrats have begun to realize that such an obvious transfer of wealth from the muscular class to the pampered elite will cost democrats in the fall more than it gains. The NAACP said it didn't go far enough. The narrative that has been created can be found on Twitter. It uses what I have to believe are Twitter bots to come out and say "I struggled to pay off my student loan and I'm so glad these people don't have to go through what I went through."  Believe it or not they are going with that!

Second we heard Mark Zuckerberg admit that the FBI told him that the Hunter Laptop story was disinformation. Joe Rogan provided the interview. 



Stunning isn't it?  Who needs Russian disinformation when we have the FBI disseminating the American left's propaganda 24/7. How does the American people view the current FBI? The events of the last decade tell us that the FBI has become an instrument of the left which cannot be trusted. Most memorable where the FBI's investigation of Trump and his campaign. According to DOJ Inspector General Michael Horowitz’s report, not one of the four FISA warrants obtained by the FBI was legally justified. Later a Federal Judge would declare two of them to be blatantly illegal. Despite the overt abuse of the nation’s surveillance apparatus to spy on all things & people related to Donald Trump, only one FBI official has faced criminal conviction for his role in the probe.

It has recently been alleged by FBI whistleblowers that Washington Field Office Assistant Special Agent in Charge Timothy Thibault and Director of Election Crimes Branch Richard Pilger, conspired to amplify defamatory information against former President Trump while giving cover to Hunter Biden. Zuckerberg's admission adds further evidence to the claim. As for the most damning piece of evidence against Hunter Biden - the laptop, the FBI Assistant Director of the Cyber Division Bryan Vorndran told us back in March that the FBI somehow lost it.

There is another FBI incident in the recent news. That would be the so-called "
Gretchen Whitmer Plot." We were told by our untrustworthy media that a group of far-right extremists conspired to kidnap the leftist loon governor of Wisconsin. In July of last year Buzzfeed revealed that the group was infiltrated by no less than 12 FBI undercover agents. Tucker Carlson made it a regular feature of his show. It turns out that this extremist group was a bunch of trash talking, weed smoking, wannabes who never would have attempted such a thing on their own. The FBI all but funded & trained the group, hatched the plot and as members of the group got cold feet, the FBI's chief informant became leader of the group and advanced the plot to the point of possible action. After a trial in which the Judge clearly did all he could for the prosecution, we had 14 defendants charged. Two were found not guilty and another two took plea deals. And we are left to sadly conclude that none of them, left to their own devices, would have attempted such a heinous crime. On the other hand, it did make a few FBI officials eligible for promotion and gave a strange type of credibility (for willing believers) to the FBI narrative that the greatest threat to America comes from the right.

And of course we shall never forget who spied on journalist James Rosen for Barack Obama.


Cartoon of the week:

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Honorable Mention:

Joe Rogan

 


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Vic Eldred
Professor Principal
1  author  Vic Eldred    one month ago

The man who promised to unify the country in Rockville MD last night:

2022-08-26t020903z-808968402-rc204w96vrzq-rtrmadp-3-usa-biden.jpg

"What we're seeing now is either the beginning or the death knell of an extreme MAGA philosophy," Mr. Biden told donors at the fundraiser. "It's not just Trump, it's the entire philosophy that underpins the - I'm going to say something, it's like semi-fascism."





His hard left policies and his dictatorial rule is only matched by his hate-filled words.

 
 
 
Just Jim NC TttH
PhD Principal
1.1  Just Jim NC TttH  replied to  Vic Eldred @1    one month ago

Nailed it again Vic. Kudos.

 
 
 
Vic Eldred
Professor Principal
1.1.1  author  Vic Eldred  replied to  Just Jim NC TttH @1.1    one month ago

I try...It's all about education.

 
 
 
JohnRussell
Professor Principal
1.1.2  JohnRussell  replied to  Vic Eldred @1.1.1    one month ago
I try...It's all about education.

Its too early in the morning for you to try comedy. 

 
 
 
Tessylo
Professor Principal
1.2  Tessylo  replied to  Vic Eldred @1    one month ago
"His hard left policies and his dictatorial rule is only matched by his hate-filled words."

This is such typical projection, deflection, and denial.

That's PRESIDENT BIDEN, by the way.  

 
 
 
Vic Eldred
Professor Principal
1.2.1  author  Vic Eldred  replied to  Tessylo @1.2    one month ago
projection, deflection, and denial.

We need some new words.

 
 
 
Tessylo
Professor Principal
1.2.2  Tessylo  replied to  Vic Eldred @1.2.1    one month ago

You need some truth.

 
 
 
JohnRussell
Professor Principal
1.3  JohnRussell  replied to  Vic Eldred @1    one month ago

MAGA, as both a reality of brain dead cult members, but also as a political philosophy, has been a tremendous detriment to this country. 

 
 
 
Sparty On
Professor Principal
1.3.1  Sparty On  replied to  JohnRussell @1.3    one month ago

MAMA, a hive of triggered, TDS ridden, brain rotted workers drones that will find out this November how far off base they really are.

Unfortunately that will only trigger them even more.

Sad, really sad.

 
 
 
JohnRussell
Professor Principal
1.4  JohnRussell  replied to  Vic Eldred @1    one month ago

I dont recall you ever complain about all the handouts to the rich, business interests, or high finance. 

If the loan forgiveness was confined to the lower income classes the "middle class" would complain they were unjustly left out. The "fairness" of one way or the other is debatable. There is no perfect answer. Rather than do nothing Biden took an action. What is the Republican plan to correct the tremendous student loan debt problem? 

 
 
 
Drinker of the Wry
Freshman Principal
1.4.1  Drinker of the Wry  replied to  JohnRussell @1.4    one month ago
What is the Republican plan to correct the tremendous student loan debt problem? 

Neither side has a plan, Biden fixes some of the problem for some of the effected people, but doesn't treat the cause.  Maybe the president has to do this every ten years forevermore.  

 
 
 
Just Jim NC TttH
PhD Principal
1.4.2  Just Jim NC TttH  replied to  JohnRussell @1.4    one month ago
What is the Republican plan to correct the tremendous student loan debt problem?

Tell the former "students" to grow a pair and pay for what they obligated themselves to. EASY. Why is every fucking thing that entails responsibility for one's own actions a national "problem" that Uncle Sugar feels obligated to "cure"? Perhaps feeeeelings and virtue signaling is a necessity in la la land.

 
 
 
JohnRussell
Professor Principal
1.4.3  JohnRussell  replied to  Just Jim NC TttH @1.4.2    one month ago

This country has an extensive history of forgiving debt. Often it is through personal bankruptcy.  Student loan debt is not eligible for discharge through bankruptcy. That seems like a mistake now, doesnt it? 

Conservatives who have never given a damn about all the financial favors dispensed to business, real estate, and financial interests, are suddenly furious about this.  

People like Donald Trump got to walk away from hundreds of millions of dollars of debt, and we are supposed to bitch about help being given to lower or middle class people who cant pay back their student loans? 

 
 
 
Drinker of the Wry
Freshman Principal
1.4.4  Drinker of the Wry  replied to  JohnRussell @1.4.3    one month ago
This country has an extensive history of forgiving debt.

Now we need to figure out a way to get our almost $30 trillion in federal debt forgiven.  

 
 
 
Just Jim NC TttH
PhD Principal
1.4.5  Just Jim NC TttH  replied to  JohnRussell @1.4.3    one month ago
This country has an extensive history of forgiving debt. Often it is through personal bankruptcy.  Student loan debt is not eligible for discharge through bankruptcy. That seems like a mistake now, doesnt it?

And for good reason. WTF is forgiving this self inflicted debt going to do for the health and wellness of the country as a whole which the other (business, real estate, and financial interests) saved a hell of a lot more people than this bullshit will.

And you had to fucking inject Trump once again. FFS grow the hell up

 
 
 
JohnRussell
Professor Principal
1.4.6  JohnRussell  replied to  Drinker of the Wry @1.4.4    one month ago

A great deal of national debt is owed to Americans themselves . Repayment of that sum can be put off indefinitely.  The national debt as a way that America will fall down and out is a boogeyman. 

As long as the dollar is the currency of the world we have nothing to worry about.  If the dollar ceases to be the currency of the world the national debt will seem like a minor problem. 

 
 
 
Dismayed Patriot
Professor Participates
1.4.7  Dismayed Patriot  replied to  JohnRussell @1.4.3    one month ago
Conservatives who have never given a damn about all the financial favors dispensed to business, real estate, and financial interests, are suddenly furious about this.

Because they know they're least likely to have student debt since they're least likely to have above a high school education. They see themselves as the 'white working-class Americans' being forced to carry the tax burden of tuition for the highly educated on their backs while getting paid lower wages due to their own lack of higher education. And on top of feeling like they have to pay for others educations that they themselves have not availed themselves of, often those with better educations don't look like them, pray like them or inhabit the same right wing conservative alternate universe that believes in "alternate facts".

 
 
 
JohnRussell
Professor Principal
1.4.8  JohnRussell  replied to  Just Jim NC TttH @1.4.5    one month ago

Its not my problem if you have trouble understanding. All personal debt is self inflicted. As for Trump in this context. He got loan forgiveness through bankruptcy for hundreds of millions of dollars. Did you bitch about that? 

And yes, it is relevant. 

 
 
 
Sean Treacy
Professor Expert
1.4.9  Sean Treacy  replied to  JohnRussell @1.4.3    one month ago
Student loan debt is not eligible for discharge through bankruptcy.

That's a completely different thing than, here's $10,000 because I need to buy support from this constituency. .

 
 
 
JohnRussell
Professor Principal
1.4.10  JohnRussell  replied to  Sean Treacy @1.4.9    one month ago

Uh, no. 

 
 
 
igknorantzrulz
PhD Quiet
1.4.11  igknorantzrulz  replied to  Drinker of the Wry @1.4.4    one month ago
Now we need to figure out a way to get our almost $30 trillion in federal debt forgiven. 

How about Billion Dollar Corporatioons pay more, like in Bidens bill that got watered down by DINO's ? 

Amazing how upset Repubs get when the "Little" peopl;e actually "win" for a change, cause the REAL Wealth RE- Distribution has been by the hands of the GOP, as they are constantly doing the bidding for these companies, and, the Democrats as well, but to a far lesser degree

 
 
 
Sean Treacy
Professor Expert
1.4.12  Sean Treacy  replied to  JohnRussell @1.4.10    one month ago
Uh, no. 

Yeah, I know democracy isn't Democrats thing, but why not legally pass a bill allowing students loan debt to be discharged, so people who need it actually benefit.? 

Congrats to Biden on ensuring college prices continue to rise!  

 
 
 
Drinker of the Wry
Freshman Principal
1.4.13  Drinker of the Wry  replied to  JohnRussell @1.4.6    one month ago
A great deal of national debt is owed to Americans themselves . Repayment of that sum can be put off indefinitely. 

How so?

As long as the dollar is the currency of the world we have nothing to worry about. 

A perpetual money machine.

 
 
 
Sean Treacy
Professor Expert
1.4.14  Sean Treacy  replied to  JohnRussell @1.4.6    one month ago
s long as the dollar is the currency of the world we have nothing to worry about

Good lord. Imagine using that as the basis of your economic plan.

Have you read a history book? Do you think what it true today will be true forever? 

 
 
 
JohnRussell
Professor Principal
1.4.15  JohnRussell  replied to  Sean Treacy @1.4.14    one month ago

So you think we should prepare to become a second class economic power? 

If that happens America will cease to be. No worries. 

 
 
 
JohnRussell
Professor Principal
1.4.16  JohnRussell  replied to  Drinker of the Wry @1.4.13    one month ago

theintercept.com   /2021/05/16/deficit-spending-propaganda/

The Idea That Deficit Spending Is a Burden on Our Children Is the Dumbest Propaganda

Jon Schwarz 6-8 minutes   5/16/2021


GettyImages-1171552210-edit.jpg?auto=compress%2Cformat&q=90

A billboard showing the national debt and each American’s share is displayed on Sept. 24, 2019, in downtown Cleveland.

Photo: Duane Prokop/Getty Images for PGPF

For decades,   the Washington, D.C., political class has condemned deficit spending as an act of selfishness. We’re profligately throwing ourselves a party, they say, but paying for it with our credit cards, leaving our descendants to pick up the tab.

This is some of the most successful propaganda in U.S. history — which is especially impressive given that it’s also some of the silliest propaganda in U.S. history.

This rhetoric subsided during the Trump administration. But with a Democrat in the White House who’s proposing significant new spending, it’s returned with a vengeance. “We should use every tool we have to stop bankrupting our kids and grandkids,” Sen. Ted Cruz, R-Texas,   recently declared . Republican Sen. Marsha Blackburn of Tennessee has decried the coming “debt burden on our children and grandchildren”:

In USA Today you can find Wisconsin GOP Sen. Ron Johnson   warning   about “the debt burden we are placing on our children.” Independent Sen. Angus King of Maine — he caucuses with the Democrats — is   anxious   about “increasing the national debt we will leave to our children and grandchildren.”

And this goes far beyond politicians: It’s soaked into American culture. The AARP Bulletin once featured two newborns on its cover with a headline declaring them to be “$156,000 in debt.” An article in the Christian Post   instructs us   that “we used to take pride in paying our own way. Now we have no problem sponging off anyone, including our grandchildren.”

This sounds awful, until you think about it for five seconds. Instead of panicking about the blighted future we’re leaving to our progeny, ask whom our children are going to have to repay.

The answer is … our children.

Every time the federal government sells a bond, it creates a liability for the government. But it   also   creates an asset for those who bought the bond, in exactly the same amount. For American society overall, the entire process is, financially speaking, largely a wash. (For details on why it’s not completely a wash, see below.)

It is true that this could create problems with inequality. Government bonds, like financial assets in general, are disproportionately owned by the wealthy.

To understand what this means in concrete terms, consider Blackburn, and all of   her   anxious   statements   about the danger of government debt. Blackburn’s   financial disclosure report   states that she and her husband have hundreds of thousands of dollars invested in various mutual funds. Most mutual funds invest to various degrees in U.S. government bonds.

While Blackburn frets in public about “a debt burden on our children and grandchildren,” her children will likely be benefiting from this debt burden.

Blackburn has a son and daughter. And if they inherit these mutual funds, part of that inheritance will almost certainly be indirect ownership of government bonds. In other words, while she frets in public about “a debt burden on our children and grandchildren,”   her  children will likely be benefiting from this debt burden. In the future, money will flow from the U.S.’s children in general to her kids specifically.

Of course, it doesn’t have the same ring to it to say, “I’m desperately worried that deficit spending today will force everyone else’s kids to pay my kids in the future.” This would raise the question of why, if future Americans see this as a problem, they won’t be able to just raise taxes on Blackburn’s children. The answer, of course, is that they will be able to do that if they want — thereby extinguishing most issues regarding deficit spending in the present.

There is somewhat more to it, though not a lot. Not all government bonds are purchased by Americans. Right now about one-third of U.S. government debt is held by foreigners. The Treasury Department updates who has how much   every month ; right now Japan and China both have a little over $1 trillion in U.S. treasury securities.

The U.S. has been running a trade deficit since the 1980s.

For complex and confusing reasons, however, this is almost certainly a good thing.

The U.S. has been running a trade deficit since the 1980s. That is, we’re buying more from other countries than we’re selling to them. In order to finance the difference, we have to give foreigners American assets. These assets can be anything: cash, or government bonds, or stock in American companies. At the same time, the U.S. has also been accumulating foreign assets.

Foreigners   now own   $46.25 trillion in such U.S. assets, while the U.S. owns $32.16 trillion in foreign assets. The gap between these two amounts, $14.09 trillion, is essentially the accumulated difference between what we’ve bought and what we’ve sold.

On its face, this would seem to be a significant problem for the U.S., inexorably leading to large outflows of money to other countries. Strangely, though, this is not happening. Investments in stock generally earn higher returns than investments in bonds, particularly government bonds. And the U.S. assets are disproportionately in foreign stock, while foreigners invest more in U.S. bonds.

Because of this, the U.S.’s smaller amount of foreign assets consistently earns a greater return than the larger amount of U.S. assets held by foreigners. Thus rather than money flowing out of the U.S., it’s still flowing into the country. More detail about this strange state of affairs can be found in a   recent report   from the Brookings Institution.

The upshot is that, if anything, we should want foreigners to be investing   more   in low-yielding U.S. government bonds, because this means that they’re not buying higher-yielding American stocks.

So Cruz, Blackburn, Johnson, King, and the rest of the huge anti-deficit spending army can stand down. Government debt simply is not a terrifying boogeyman for our descendants to fear, or even much of a problem at all. If our grandchildren end up hating us, it’s much more likely to be because we failed to give them excellent educations, or create a functioning health care system, or prevent global warming from destroying a livable biosphere. Those will be true burdens on them, ones that we can prevent by wisely spending lots of money today.

 
 
 
Texan1211
Professor Principal
1.4.17  Texan1211  replied to  Just Jim NC TttH @1.4.2    one month ago
Tell the former "students" to grow a pair and pay for what they obligated themselves to. EASY. Why is every fucking thing that entails responsibility for one's own actions a national "problem" that Uncle Sugar feels obligated to "cure"? Perhaps feeeeelings and virtue signaling is a necessity in la la land.

Oh, we can't have personal responsibility in this day and age of instant gratification and half the people thinking they are owed something because they are alive.

Feelings are what is most important!

 
 
 
Vic Eldred
Professor Principal
1.4.18  author  Vic Eldred  replied to  JohnRussell @1.4.16    one month ago

Oh, Fucking Jon Schwarz says it?

Wasn't he the captain of the BU debating team?

I think I'll stick with Milton Friedman

 
 
 
JohnRussell
Professor Principal
1.4.19  JohnRussell  replied to  JohnRussell @1.4.16    one month ago
The “national debt” is around $20 (30) trillion because we are a rich nation, and we need that money. The total amount of bonds, reserves, and dollars held by the private sector = the amount of financial assets added to the private sector by the government.

First of all, debt = money. Money is a transferable debt instrument, a creation of accounting. You take out a bank loan for $1000, and $1000 of both money and debt has been created. When you pay off that loan, the same amount of money is extinguished. Most of the money that fills our bank accounts is bank-created credit (M1/M2 money). (This is also called endogenous money. All bank-created assets and liabilities net out to zero.) If you save $1000 of bank-created money in your account, somebody else has $1000 in debts.

Government-created money is a bit different. The Treasury issues bonds; those bonds are sold to the private sector; the proceeds are then spent right back into the economy.  The government does NOT borrow private sector assets in order to do this . Those government liabilities are not extinguished unless and until they are taxed away from the private sector. Net result: the private sector holds more financial assets (bonds), and the government holds more liabilities (in the accounting sense only). This is called exogenous money, because the liabilities are held outside of the private sector. Plus, aggregate demand has increased by the amount of the deficit spending.

If you doubt that bonds = money, consider the role of the Federal Reserve, our government’s central bank. In the normal course of business, they buy bonds from the private sector in exchange for reserves. Both bonds and reserves are government liabilities, so total government liabilities have not changed in that transaction. But there is more “money” (reserves) and less “debt” (bonds). In truth, bonds are not even operationally necessary for a government to issue and spend money.

This is a special power of a government - they can create and spend their own money as they see fit. Some governments do it better than others. Our government does it pretty well.

When the financial crisis hit us a few years ago, it wasn’t the national debt that caused it, it was private banks. And they didn’t bail themselves out of trouble - the Fed did, by buying up “toxic” assets with reserves, which fixed the banks’ balance sheets. And at no time was the Fed ever in any danger of “going under,” because if necessary, the Fed (unlike private banks) can operate in the red. But they never came close to doing so. And they rescued the banks without giving away money; they exchanged money for assets, and they eventually got their money back.

So a “national debt” is not a bad thing at all. It just means that there are rock-solid government assets held by the private sector, held without a corresponding private sector debt. It stabilizes banks, and it stabilizes the economy, and deficit spending adds to aggregate demand.

 
 
 
JohnRussell
Professor Principal
1.4.20  JohnRussell  replied to  JohnRussell @1.4.19    one month ago
This is a special power of a government - they can create and spend their own money as they see fit. Some governments do it better than others. Our government does it pretty well.

This is the product of the American dollar being the worlds currency. 

 
 
 
Drinker of the Wry
Freshman Principal
1.4.21  Drinker of the Wry  replied to  JohnRussell @1.4.20    one month ago

In late May, the Congressional Budget Office (CBO) projected that annual net interest costs would total $399 billion in 2022 and nearly triple by 2032, climbing  to $1.2 trillion.

 
 
 
Drinker of the Wry
Freshman Principal
1.4.22  Drinker of the Wry  replied to  JohnRussell @1.4.16    one month ago
The upshot is that, if anything, we should want foreigners to be investing   more   in low-yielding U.S. government bonds,

Exactly, we need foreigners to finance our debt since most Americans can't save money.

 
 
 
Drinker of the Wry
Freshman Principal
1.4.23  Drinker of the Wry  replied to  igknorantzrulz @1.4.11    one month ago
Amazing how upset Repubs get when the "Little" peopl;e actually "win" for a change

With the cap set at $250K per household, big people are actually winning as well.  It's a Trickle-Down Forgiveness Plan.

 
 
 
Sunshine
Professor Guide
1.4.24  Sunshine  replied to  JohnRussell @1.4.3    one month ago
This country has an extensive history of forgiving debt. Often it is through personal bankruptcy. 

Because of a hardship. And it has a very negative effect on their credit rating. Bankruptcy has strict guidelines and must be approved by a court and the filer suffers negative consequences.  Hardly forgiveness.  The comparison is nonsense.

 
 
 
Jeremy Retired in NC
PhD Guide
1.4.25  Jeremy Retired in NC  replied to  JohnRussell @1.4    one month ago
What is the Republican plan to correct the tremendous student loan debt problem?

That's too simple.   The students REPAY THE LOAN.  I know this is a very foreign concept to the younger generations but if they made the obligation, they need to fulfill that obligation.  Nobody owes them a goddamn thing.

 
 
 
Sparty On
Professor Principal
1.4.26  Sparty On  replied to  JohnRussell @1.4    one month ago
What is the Republican plan to correct the tremendous student loan debt problem? 

Stop subsidizing a failing business model.   Bricks and mortar colleges with multi billion dollar endowments can pay for their own kingdoms.    Taxpayers shouldn’t be footing the bill for the follies they choose.

This could in turn reduce college cost out of attrition.   Lowering student debt.   Those colleges who won’t adjust, will fail.

 
 
 
Dismayed Patriot
Professor Participates
1.5  Dismayed Patriot  replied to  Vic Eldred @1    one month ago
"It's not just Trump, it's the entire philosophy that underpins the - I'm going to say something, it's like semi-fascism."

He's exactly right, MAGA'ts have proven themselves supporters of fascism. MAGAT'ts know if they support democracy they will continue to lose power since the majority know they're full of shit.

His hard left policies and his dictatorial rule is only matched by his hate-filled words.

Coming from right wing conservatives who spit nothing but hate day in and day out for the majority of Americans simply because the majority refuses to accept the alternate facts conservatives spend all their time trying to convince their poorly educated gullible flocks of.

 
 
 
Vic Eldred
Professor Principal
1.5.1  author  Vic Eldred  replied to  Dismayed Patriot @1.5    one month ago
He's exactly right,

I'm sure you think so. And you are probably delighted with all he's done to the country.

 
 
 
Sean Treacy
Professor Expert
1.5.2  Sean Treacy  replied to  Vic Eldred @1.5.1    one month ago
I'm sure you think so

Of course, he usurped the legislature and  bribed voters.  He's the ideal democrat. 

 
 
 
Tessylo
Professor Principal
1.5.3  Tessylo  replied to  Dismayed Patriot @1.5    one month ago

You got it - as usual DP!

jrSmiley_81_smiley_image.gif

jrSmiley_93_smiley_image.jpg

 
 
 
Tessylo
Professor Principal
1.5.4  Tessylo  replied to  Vic Eldred @1.5.1    one month ago
"He's exactly right,"
"I'm sure you think so. And you are probably delighted with all he's done to the country."

WE KNOW SO.

 
 
 
Vic Eldred
Professor Principal
1.5.5  author  Vic Eldred  replied to  Sean Treacy @1.5.2    one month ago

Their motto is: Whatever it takes!

 
 
 
Vic Eldred
Professor Principal
1.5.6  author  Vic Eldred  replied to  Tessylo @1.5.4    one month ago

Don't we have enough misery in the country?

 
 
 
Tessylo
Professor Principal
1.5.7  Tessylo  replied to  Vic Eldred @1.5.6    one month ago

Indeed with all the maga-ites - there are so fucking many of them - miserable bunch indeed.  

 
 
 
Vic Eldred
Professor Principal
1.5.8  author  Vic Eldred  replied to  Tessylo @1.5.7    one month ago

Somebody has to go!

 
 
 
Tessylo
Professor Principal
1.5.9  Tessylo  replied to  Vic Eldred @1.5.8    one month ago
Here is the statement released yesterday by The White House showing that the family of Rep. Matt Gaetz had it's $500,000 PPP loan foregiven by our government. And Gaetz complains that $10,000 for a struggling college grad is too much to forgive.
See how that works, now?
301767960_10227976796826749_4294206682754027735_n.jpg?stp=cp1_dst-jpg_s640x640&_nc_cat=110&ccb=1-7&_nc_sid=730e14&_nc_ohc=7Wh01wLemMIAX_TtfrW&tn=ddyv9WRSVi2y4Anp&_nc_ht=scontent-iad3-1.xx&oh=00_AT_pl_YyAcdOX4kkCWv_vvFp6PMekgHmkFF6X0rTF_8yTQ&oe=630EC674
 
 
 
Vic Eldred
Professor Principal
1.5.10  author  Vic Eldred  replied to  Tessylo @1.5.9    one month ago

You and Susan Rice still don't know the difference?

 
 
 
Texan1211
Professor Principal
1.5.11  Texan1211  replied to  Dismayed Patriot @1.5    one month ago
He's exactly right, MAGA'ts have proven themselves supporters of fascism.

Can't y'all ever give that fascism CRAP a rest?

 
 
 
JohnRussell
Professor Principal
1.5.12  JohnRussell  replied to  Vic Eldred @1.5.6    one month ago
Don't we have enough misery in the country?

Who knows? The right is working to increase it though. 

 
 
 
Vic Eldred
Professor Principal
1.5.13  author  Vic Eldred  replied to  JohnRussell @1.5.12    one month ago

The right is not in power. The radical left is!

 
 
 
Vic Eldred
Professor Principal
1.5.14  author  Vic Eldred  replied to  Tessylo @1.5.3    one month ago
You got it

What I'm trying to get is why someone who got 80 Million votes can only get 100 people to a rally in a high school gym?

 
 
 
Tessylo
Professor Principal
1.6  Tessylo  replied to  Vic Eldred @1    one month ago

301767497_6007556329255988_2273461075689168728_n.jpg?stp=dst-jpg_p526x296&_nc_cat=102&ccb=1-7&_nc_sid=730e14&_nc_ohc=6M9xZgiEOmcAX9XNw_x&_nc_ht=scontent-iad3-1.xx&oh=00_AT_3A9DP8eSn4SQFev3Kafc7U8bUtmFOuR3JV5lQvX-xZQ&oe=630EC42C

 
 
 
Vic Eldred
Professor Principal
1.6.1  author  Vic Eldred  replied to  Tessylo @1.6    one month ago

Can we get a link?

 
 
 
Tessylo
Professor Principal
1.6.2  Tessylo  replied to  Vic Eldred @1.6.1    one month ago

I prefer patties.

 
 
 
Vic Eldred
Professor Principal
1.6.3  author  Vic Eldred  replied to  Tessylo @1.6.2    one month ago

Obviously!

Never a link

 
 
 
Tessylo
Professor Principal
1.6.4  Tessylo  replied to  Vic Eldred @1.6.3    one month ago

I don't need links for the truth - here's some more truth for you:

301656436_479759054255674_7450821155130821617_n.jpg?stp=dst-jpg_p526x296&_nc_cat=1&ccb=1-7&_nc_sid=730e14&_nc_ohc=fVGHYk8XgdYAX-xkZbJ&_nc_ht=scontent-iad3-1.xx&oh=00_AT-9Q711qzhX3MYHhTeLB6sC0NbEqIbXqE_LpwAG9xlfQA&oe=630E93F3

 
 
 
Drinker of the Wry
Freshman Principal
1.6.5  Drinker of the Wry  replied to  Tessylo @1.6.4    one month ago

Any idea why Qasim thinks that the MAGA Boomer sets the tuition rate?

 
 
 
Vic Eldred
Professor Principal
1.6.6  author  Vic Eldred  replied to  Tessylo @1.6.4    one month ago

In that case Obama shouldn't have introduced the federal government to the student loan business

 
 
 
Texan1211
Professor Principal
1.6.7  Texan1211  replied to  Vic Eldred @1.6.6    one month ago
In that case Obama shouldn't have introduced the federal government to the student loan business

True, Obama really screwed the pooch on that deal.

 
 
 
Tessylo
Professor Principal
1.6.8  Tessylo  replied to  Vic Eldred @1.6.3    one month ago

300967971_573496297793618_3985973938259961464_n.jpg?stp=dst-jpg_s640x640&_nc_cat=103&ccb=1-7&_nc_sid=8bfeb9&_nc_ohc=HjMOu5dFMHAAX-TgaVR&_nc_ht=scontent-iad3-1.xx&oh=00_AT9oum4-jcVDbVqZQxz1jm32R-VhhovOSRANNkT71I82lQ&oe=630E9429

 
 
 
Vic Eldred
Professor Principal
1.6.9  author  Vic Eldred  replied to  Texan1211 @1.6.7    one month ago

Yup, that's when the universities said "the sky's the limit!"

 
 
 
Split Personality
Professor Principal
1.7  Split Personality  replied to  Vic Eldred @1    one month ago
...dictatorial rule is only matched by his hate-filled words.

After seeing hundreds of TV ads for "anyone that served at Camp Lejune between 1950 and 1985"

by today's modern ambulance chasers, I have to ask, have you had your water tested Vic?

What dictatorship do you live in?

What hate filled words does Biden use that are worse than your own words?

 
 
 
Vic Eldred
Professor Principal
2  author  Vic Eldred    one month ago

"Dominion Voting Systems deposes Carlson, Hannity in suit against Fox News"

W_y7A20t?format=jpg&name=small

"Fox News anchors Tucker Carlson and Sean Hannity will sit for depositions with attorneys representing Dominion Voting Systems as part of the firm's ongoing defamation suit against the cable outlet."

https://justthenews.com/government/courts-law/dominion-voting-systems-deposes-carlson-hannity-suit-against-fox-news?utm_source=sf&utm_medium=social&utm_campaign=twjs

 
 
 
Tessylo
Professor Principal
2.1  Tessylo  replied to  Vic Eldred @2    one month ago

Why does he always look constipated?

What a fool.  I hope the hateful scummy racist bastard and the network lose everything, if that's possible.  

 
 
 
Vic Eldred
Professor Principal
2.1.1  author  Vic Eldred  replied to  Tessylo @2.1    one month ago
Why does he always look constipated?

Maybe it's best not to focus on people's asses.

 
 
 
Tessylo
Professor Principal
2.1.2  Tessylo  replied to  Vic Eldred @2.1.1    one month ago

Who's focusing on people's asses?????????????

 
 
 
JohnRussell
Professor Principal
2.2  JohnRussell  replied to  Vic Eldred @2    one month ago

You are parading out the greatest hits of right wing wackos this week. You must be a Just The News aficionado.

 
 
 
Vic Eldred
Professor Principal
2.2.1  author  Vic Eldred  replied to  JohnRussell @2.2    one month ago

Wait until election night!

 
 
 
Tessylo
Professor Principal
3  Tessylo    one month ago

"Loan Forgiveness Fallout"

I only hear the maga-ites complaining and pissing and moaning and whining about it.  

 
 
 
Drinker of the Wry
Freshman Principal
3.1  Drinker of the Wry  replied to  Tessylo @3    one month ago
I only hear the maga-ites complaining and pissing and moaning and whining about it. 

Exactly, they are to stupid to see that it's a trickle-down economic plan, that best way to help the needy is to also give money to the rich or soon to be rich.

 
 
 
Just Jim NC TttH
PhD Principal
3.1.1  Just Jim NC TttH  replied to  Drinker of the Wry @3.1    one month ago

Seems some Democrats are also decrying the plan.....................

President Biden ’s executive order Wednesday to  cancel thousands of dollars in college debt  for millions of Americans has divided Democratic candidates like few other policies of his administration, with some Democrats using the plan to distance themselves from a president who could prove to be a heavy burden in their states and districts.

The responses were starkly divided along racial and generational lines, with Black candidates and younger voters more likely to approve and Democrats running as centrists more likely to be critical. But among Democratic candidates in tough campaigns, there was little consistency to be found.

Senator Raphael Warnock of Georgia and Lt. Gov. Mandela Barnes of Wisconsin, both Black and both hoping to be in the Senate next year, were supportive. Senator Catherine Cortez Masto of Nevada, a Democrat in a tight race for re-election and running as a moderate conciliator, was highly critical.

 
 
 
devangelical
Professor Principal
3.1.2  devangelical  replied to  Drinker of the Wry @3.1    one month ago
there're to stupid

exactly. they're too stupid... /s

 
 
 
Tessylo
Professor Principal
3.1.3  Tessylo  replied to  devangelical @3.1.2    one month ago

jrSmiley_78_smiley_image.gif

 
 
 
Vic Eldred
Professor Principal
3.1.4  author  Vic Eldred  replied to  Just Jim NC TttH @3.1.1    one month ago

Yup, it's a handout that cuts both ways.

 
 
 
Tessylo
Professor Principal
4  Tessylo    one month ago

301210405_2013178278872728_4121218001915527347_n.png?stp=dst-png_p526x296&_nc_cat=1&ccb=1-7&_nc_sid=730e14&_nc_ohc=ceDgZAl-ohoAX-GD_jq&_nc_ht=scontent-iad3-1.xx&oh=00_AT8k5faAkCZbFo53nbLU8uyIdHlQTjWUiyepMXo6s-WMrA&oe=630D44EF

 
 
 
Vic Eldred
Professor Principal
4.1  author  Vic Eldred  replied to  Tessylo @4    one month ago

Bernie pointed out the difference and didn't even know it. PPP loans were for helping the very people who were hurt by lockdowns.

This student debt cancellation is a gift to the fortunate people who got a degree.

 
 
 
Tessylo
Professor Principal
4.1.1  Tessylo  replied to  Vic Eldred @4.1    one month ago

https://r.search.yahoo.com/_ylt=AwrEm0.U3AhjWg0GkX5XNyoA;_ylu=Y29sbwNiZjEEcG9zAzEEdnRpZAMEc2VjA3Nj/RV=2/RE=1661553941/RO=10/RU=https%3a%2f%2fnews.yahoo.com%2fwhite-house-trolls-marjorie-taylor-224132840.html%3ffr%3dsycsrp_catchall/RK=2/RS=S6DhlWuK_N1hfk2XIyoleX9NxxQ-

White House trolls Marjorie Taylor Greene for student loan criticism: ‘She had $183k in PPP loans repaid

The White House called out congresswoman Marjorie Taylor Greene on Thursday, after the Georgia Republican criticised the Biden administration’s student loan debt plan as unfair despite getting more than $183,000 in federal loan forgiveness herself.

Ms Greene has been a vocal critic of   the president’s plan to forgive up to $10,000   in federal student loan debt, dismissing it as an unfair policy and a partisan ploy because Democrats “need votes in November.”

“For our government just to say, well OK, your debt is completely forgiven, obviously they have an agenda for that,” she said in a recent appearance on Newsmax. “They need votes in November so the timing is pure coincidence there as well. It’s completely unfair.”

“Taxpayers all over the country, taxpayers that never took out a student loan, taxpayers that pay their bills and maybe even never went to college, just hardworking people, they shouldn’t have to pay off the great big student loan debt for some college student that piled up massive debt going to some Ivy League school,” she added.

On Thursday, the White House noted in a tweet that Ms Greene herself received $183,504 in federal loan forgiveness as part of the pandemic-inspired Paycheck Protection Program, which she used for funds for her construction company,   according to public records .

 
 
 
Sean Treacy
Professor Expert
4.1.2  Sean Treacy  replied to  Vic Eldred @4.1    one month ago

The comparison between PPP and student loans is particularly stupid.  

for starters they can't tell the difference between legislative action and unilateral declarations by the executive.  

But remember:  

The govt shut down businesses and gave them money to keep staff on payroll because our unemployment departments couldn't handle that sort of massive increase of unemployed.

The entire point of the program was for the loans to be forgiven if they spent enough on payroll.  Student loans were not designed to be grants. 

.

 
 
 
Vic Eldred
Professor Principal
4.1.3  author  Vic Eldred  replied to  Sean Treacy @4.1.2    one month ago

That's right and yet here is this narrative all over Twitter that hey are somehow alike

 
 
 
JohnRussell
Professor Principal
4.1.4  JohnRussell  replied to  Vic Eldred @4.1    one month ago
This student debt cancellation is a gift to the fortunate people who got a degree.

Interest accrues on student loan debt every month. If everyone with a degree , according to you, can afford to pay it back with ease why hasnt it happened? 

People are intentionally paying interest and not seeing their debt drop much, why exactly? 

 
 
 
Tessylo
Professor Principal
4.1.5  Tessylo  replied to  Vic Eldred @4.1    one month ago

Bernie pointed out the difference and didn't even know it. PPP loans were for helping the very people who were hurt by lockdowns.

How were these the 'very people who were hurt by lockdowns'???????????????????

How so?

301767497_6007556329255988_2273461075689168728_n.jpg?stp=dst-jpg_p526x296&_nc_cat=102&ccb=1-7&_nc_sid=730e14&_nc_ohc=6M9xZgiEOmcAX9XNw_x&_nc_ht=scontent-iad3-1.xx&oh=00_AT_3A9DP8eSn4SQFev3Kafc7U8bUtmFOuR3JV5lQvX-xZQ&oe=630EC42C

I don't expect an answer, just another deflection.  

 
 
 
Vic Eldred
Professor Principal
4.1.6  author  Vic Eldred  replied to  Tessylo @4.1.5    one month ago

And you still don't get it. How many here took the time to explain it to you.

You prefer Twitter bites

 
 
 
Tessylo
Professor Principal
4.1.7  Tessylo  replied to  Vic Eldred @4.1.6    one month ago

I don't care how many times it was explained to me - it's been incorrect every single time.  

 
 
 
Tessylo
Professor Principal
4.1.8  Tessylo  replied to  Vic Eldred @4.1.6    one month ago
How were these the 'very people who were hurt by lockdowns'??????????????????? How so?

 
 
 
Tessylo
Professor Principal
4.1.9  Tessylo  replied to  Vic Eldred @4.1.6    one month ago

I prefer truth which is not to be found 'here'

 
 
 
Vic Eldred
Professor Principal
4.1.10  author  Vic Eldred  replied to  Tessylo @4.1.7    one month ago
it's been incorrect every single time.  

What is?

 
 
 
Drinker of the Wry
Freshman Principal
4.1.11  Drinker of the Wry  replied to  Tessylo @4.1.7    one month ago

During an MSNBC interview, Vice President Kamala Harris claimed during a recent interview on MSNBC that a huge chunk had closed:  "Sadly during the course of the pandemic one-third of our small businesses have closed."

 
 
 
Split Personality
Professor Principal
4.1.12  Split Personality  replied to  Vic Eldred @4.1    one month ago

And there were many, many Republicans and Republican politicians who benefitted from

that $511 Billion dollar gift to corporations and all sizes of businesses.

In retrospect, PPP did not save nearly as many jobs as estimated,

PPP gave money to corporations and business that were not at risk, created the impetus

for massive cases of fraud and would have been better at improving the economy

if disbursed by existing state programs.

In retrospect.

The tuition loan forgiveness, while limited to $20,000 per person can still get millions of borrowers

out of a cycle of debt, improve their FICO scores and their ability to spend on real tangible products

which will blunt inflation and raise the national economy.  No fraud.

No politics.

 
 
 
Drinker of the Wry
Freshman Principal
4.1.13  Drinker of the Wry  replied to  Split Personality @4.1.12    one month ago

Approved by a Dem House and Repub Senate.

 
 
 
Tessylo
Professor Principal
5  Tessylo    one month ago

301150867_478835227681390_4774610349812783011_n.jpg?stp=cp1_dst-jpg_p180x540&_nc_cat=109&ccb=1-7&_nc_sid=8bfeb9&_nc_ohc=PndW_kLzoncAX-Dcif-&_nc_ht=scontent-iad3-1.xx&oh=00_AT-6dWnxaREvMmXpicWsbY7ZqHkWf1W4T9CsyH5qxka5Hg&oe=630E1F6D

 
 
 
Vic Eldred
Professor Principal
5.1  author  Vic Eldred  replied to  Tessylo @5    one month ago

Who were they?

Is that the radical fanatic on Twitter?

 
 
 
Sparty On
Professor Principal
5.1.1  Sparty On  replied to  Vic Eldred @5.1    one month ago

Jojo was a twit who thought she was smarter

But we knew it couldn’t last

Jojo tweets opinions only willy nilly

After smoking too much grass

Get back, get back

Get back to where you once belonged

 
 
 
Vic Eldred
Professor Principal
5.1.2  author  Vic Eldred  replied to  Sparty On @5.1.1    one month ago

But this Jojo has a following on Twitter. You know, the bitter type that wake up shaking and can't wait to post their outrage.

 
 
 
Tessylo
Professor Principal
5.1.3  Tessylo  replied to  Vic Eldred @5.1.2    one month ago

I know who the bitter types are and it's not us.

 
 
 
Tessylo
Professor Principal
5.1.4  Tessylo  replied to  Vic Eldred @5.1.2    one month ago

I wouldn't know about that.  I got that post from Facebook.  

 
 
 
Sparty On
Professor Principal
5.1.5  Sparty On  replied to  Vic Eldred @5.1.2    one month ago
You know, the bitter type

I do.    At minimum we see it here every day from the resident left wing mafia.

The hate held in those hearts is unbelievable really.    Life has clearly done a number on them.

 
 
 
Tessylo
Professor Principal
6  Tessylo    one month ago

https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.huffpost.com%2Fentry%2Fsean-hannity-student-loan-relief_n_63070005e4b035629c014313%3Futm_campaign%3Dshare_facebook%26ncid%3Dengmodushpmg00000003%26fbclid%3DIwAR37cjjRbts_WeqBJWHMpXw7NTM36DzrdVD0YqPM4O4Juxx6_D2-UJrFsOQ&h=AT2oNyycNZx3cQaqe9dnaPyD-drKkcWasXqr-snjb4iyw-Acy24xtoXKiyBc6WrEC5K9Gtk5zIN-Z1TNoFtjUeJWoW4R0J7BMc6OVKsbD1_MjpVH1It3RDp5Tfn0V0ipucqO&__tn__=%2CmH-R&c[0]=AT1o9qHnWsVnW4FOhemBLnNPxTD7IXp8ywjTdMCfPxA90DwuI0Lr78x9BO7VNdqpkp8wLiOkGR7sk_4-JF73qTQ07Dreay77BPtGahMnEkb7-zZqkjWLic-p-L1ABtRgcRIuNxtsfg6uBijC6CmKFftSLqK1o2-JOFEqZstTY-lQqweXxGtFz9um

Like I was saying - the only ones pissing and moaning and whining and complaining about student loan forgiveness - and this is for his own lower income wage earners

There he is below again looking really constipated and angry

Sean Hannity Gripes That His Low-Wage Staffers Will Receive Student Loan Relief

"We have a lot of young people that work on my TV show, they're not making a $125,000," the Fox News host said.
Aug 25, 2022, 04:20 AM EDT | Updated   19 hours ago

Fox News   host   Sean Hannity   on Wednesday blasted President   Joe Biden ’s   plan to forgive some student debt   after acknowledging that it would likely benefit some of his own staffers.

Conservatives and Fox News hosts were   up in arms   over Biden’s announcement Wednesday that certain borrowers earning less than $125,000 annually may be forgiven up to $20,000 in student loan debt.

Hannity, who’s reportedly paid  upwards of $30 million a year, noted that there were Fox News employees who could be eligible to have some of their debt canceled.

“The people that likely will benefit the most are middle class. You know, think about it. You get out of college, you’re not making a lot of money,” Hannity said on his radio show Wednesday. “We have a lot of young people that work on my TV show, they’re not making a $125,000. They’re now eligible to get in some cases up to $20,000 and in other cases $10,000. This is New Green Deal radical socialism.”

According to the White House, nearly 90% of relief dollars will go to those earning less than $75,000 a year, and no one in the top 5% of wage-earners will benefit.
“People can start to finally crawl out from under that mountain of debt to get on top of their rent and utilities, to finally think about buying a home or starting a family or starting a business,” Biden said. “And by the way, when this happens, the whole economy is better off.”

Wednesday’s commentary was on-brand for Hannity, who has previously made headlines for   warning that tax hikes would prevent rich people   from remodeling their homes,   saying that   struggling Americans should just pick up a “second job,” and   suggesting that   poor people should be grateful that rich people can give them jobs building yachts.

 
 
 
JBB
Professor Principal
7  JBB    one month ago

For over forty years while the gop was cutting taxes on the very rich and big multinational corporations republicans assured us that the benefits would eventually trickle down on the poor and the middle classes, but when they actually do it is decried as creeping socialism!

 
 
 
JohnRussell
Professor Principal
7.1  JohnRussell  replied to  JBB @7    one month ago

You touch on an important point. The right is all for it when business and financial interests have the game rigged in their favor, but become enraged when something is done for the lower classes. It would be incomprehensible except we have been watching it happen for 100 years. 

 
 
 
Vic Eldred
Professor Principal
7.1.1  author  Vic Eldred  replied to  JohnRussell @7.1    one month ago
but become enraged when something is done for the lower classes.

This is not for the lower classes. It's for the elite and Biden will have the lower classes paying for it

 
 
 
Drinker of the Wry
Freshman Principal
7.2  Drinker of the Wry  replied to  JBB @7    one month ago
republicans assured us that the benefits would eventually trickle down on the poor and the middle classes,

Looks like Biden has adopted that in this loan forgiveness plan.  He is Biden is canceling some debt for households earning up to $250,000 which is at the 93rd income percentile.  That half a trillion is a much better investment than fighting child poverty by expanding the child tax credit.  After all, kids don't vote but young adults do.

 
 
 
JohnRussell
Professor Principal
7.2.1  JohnRussell  replied to  Drinker of the Wry @7.2    one month ago

What is the Republican plan?  I asked someone else and he said "pay back your debt".

That is not an answer under the circumstances -  people with loans of tens of thousands of dollars. 

Conservatives are doing a lot more complaining about Biden than proposing their own solution. 

 
 
 
Vic Eldred
Professor Principal
7.2.2  author  Vic Eldred  replied to  JohnRussell @7.2.1    one month ago
What is the Republican plan? 

PUT A 3,000 cap on tuition and stop giving money to leftist universities

 
 
 
Drinker of the Wry
Freshman Principal
7.2.3  Drinker of the Wry  replied to  JohnRussell @7.2.1    one month ago
Conservatives are doing a lot more complaining about Biden than proposing their own solution.

You seem to mix up conservatives with today's Republican, I don't think that they are the same.

 
 
 
Vic Eldred
Professor Principal
7.3  author  Vic Eldred  replied to  JBB @7    one month ago

That's the BS that the media has been repeating for 4 years.

 
 
 
Tessylo
Professor Principal
7.3.1  Tessylo  replied to  Vic Eldred @7.3    one month ago

The truth you mean?

 
 
 
Vic Eldred
Professor Principal
7.3.2  author  Vic Eldred  replied to  Tessylo @7.3.1    one month ago

You won't find it on Twitter

 
 
 
Tessylo
Professor Principal
7.3.3  Tessylo  replied to  Vic Eldred @7.3.2    one month ago

I don't get any of my info. there

It's just a meme FFS

 
 
 
JBB
Professor Principal
8  JBB    one month ago

Should Biden also refund Lauren Bobert"s GED fee?

 
 
 
Vic Eldred
Professor Principal
8.1  author  Vic Eldred  replied to  JBB @8    one month ago

Biden should get a Lobotomy.

 
 
 
igknorantzrulz
PhD Quiet
8.1.1  igknorantzrulz  replied to  Vic Eldred @8.1    one month ago

What, the same operation a good deal of the GOP has already gotten, like the afore mentioned Lauren Bobert...?

 
 
 
Vic Eldred
Professor Principal
8.1.2  author  Vic Eldred  replied to  igknorantzrulz @8.1.1    one month ago
Lauren Bobert

Why do democrats support her?

 
 
 
igknorantzrulz
PhD Quiet
8.1.3  igknorantzrulz  replied to  Vic Eldred @8.1.2    one month ago

Because she stands for and symbolizes what the Republican Party has become , and is, after Trump allowed stupidity amongst the gullible , to flourish, and nourish, as his constituents are fed a daily dosing of baloney. 

 
 
 
Vic Eldred
Professor Principal
8.1.4  author  Vic Eldred  replied to  igknorantzrulz @8.1.3    one month ago

Is that why?

That sounds really dirty to me.

 
 
 
Tessylo
Professor Principal
8.1.5  Tessylo  replied to  Vic Eldred @8.1    one month ago

It appears Bobert already had one, a lobotomy that is.

 
 
 
Tessylo
Professor Principal
8.1.6  Tessylo  replied to  igknorantzrulz @8.1.1    one month ago

jrSmiley_93_smiley_image.jpg

 
 
 
JBB
Professor Principal
8.1.7  JBB  replied to  Vic Eldred @8.1    one month ago

originaloriginal

 
 
 
Vic Eldred
Professor Principal
8.1.8  author  Vic Eldred  replied to  JBB @8.1.7    one month ago

Well, they say that imitation is the highest form of flattery!

 
 
 
JBB
Professor Principal
8.1.9  JBB  replied to  Vic Eldred @8.1.8    one month ago

But, to lampoon is the sincerest form of satirical ridicule...

 
 
 
Sean Treacy
Professor Expert
9  Sean Treacy    one month ago

I enjoyed Biden calling the Republicans the party of "semi-fascism" after he unilaterally, and illegally,  gave $10,000 to a class of people he expect supports from at the same time Zuckerberg announced the federal police agency and billion dollar corporations colluded to keep factual information from voters in the run up to the election to protect their favored candidate. 

I guess that makes Democrats the party of Full fascism. 

 
 
 
Vic Eldred
Professor Principal
10  author  Vic Eldred    one month ago

"On August 26, 2021, thirteen service members gave their last full measure of devotion at Hamid Karzai International Airport. Today, we remember their service and sacrifices, which enabled the evacuation of nearly 130,000 people out of Afghanistan."...US Marine Corps

Semper Fidelis.



 
 
 
Vic Eldred
Professor Principal
11  author  Vic Eldred    one month ago

‘HOLD ALL OF THEM ACCOUNTABLE’: McCarthy Promises to Go After FBI, Facebook After Zuck Bombshell

qC969D1T?format=jpg&name=small

https://hannity.com/media-room/hold-all-of-them-accountable-mccarthy-promises-to-go-after-fbi-facebook-after-zuck-bombshell/?utm_source=socialflow

 
 
 
pat wilson
Professor Guide
11.1  pat wilson  replied to  Vic Eldred @11    one month ago

Your link doesn't work.

 
 
 
Tessylo
Professor Principal
11.1.1  Tessylo  replied to  pat wilson @11.1    one month ago

It wouldn't have been relevant anyway.  

Most likely a deflection.

 
 
 
Vic Eldred
Professor Principal
11.1.2  author  Vic Eldred  replied to  pat wilson @11.1    one month ago

Don't you subscribe to the Washington Post?

Try this:

 
 
 
Vic Eldred
Professor Principal
11.1.3  author  Vic Eldred  replied to  Tessylo @11.1.1    one month ago
Most likely a deflection.

One would have to read it to know

 
 
 
Just Jim NC TttH
PhD Principal
11.1.4  Just Jim NC TttH  replied to  pat wilson @11.1    one month ago
https://hannity.com/media-room/hold-all-of-them-accountable-mccarthy-promises-to-go-after-fbi-facebook-after-zuck-bombshell/?utm_source=socialflow

Funny worked for me...............

Copy and paste it in your browser. Problem is when it was posted above, he didn't hit enter to drop down another line so the link would function

 
 
 
Tessylo
Professor Principal
11.1.5  Tessylo  replied to  Vic Eldred @11.1.3    one month ago
"Most likely a deflection."

"One would have to read it to know"

"The editorial board of the Washington Post wrote a scathing review. . ."

A deflection - an opinion piece - same thing.

 
 
 
Texan1211
Professor Principal
11.1.6  Texan1211  replied to  Just Jim NC TttH @11.1.4    one month ago

Worked just fine for me, too.

 
 
 
Vic Eldred
Professor Principal
11.1.7  author  Vic Eldred  replied to  Tessylo @11.1.5    one month ago

What do you read?

 
 
 
Tessylo
Professor Principal
11.1.8  Tessylo  replied to  Vic Eldred @11.1.7    one month ago

Again, a deflection

 
 
 
Sparty On
Professor Principal
11.1.9  Sparty On  replied to  Tessylo @11.1.8    one month ago

Awesome, another deflection, deflection.

 
 
 
Vic Eldred
Professor Principal
12  author  Vic Eldred    one month ago

"Democrats will hold the House, add 2 senators, and break the filibuster for the John Lewis Voting Rights Act and the Women’s Health Protection Act to codify Roe and enshrine our freedoms. Women, know your power and show your power. We are NOT going back!"...Nancy Pelosi



#WomensEqualityDay





Nancy, I'd be glad to bet my house against your house and your drunken husband on that happening.

Happy Steak & Cheese Day

 
 
 
Sean Treacy
Professor Expert
13  Sean Treacy    one month ago

Penn Wharton just pegged the cost at up to a trillion dollars.  This one time bailout (issued by Presidential decree) will cost taxpayers about as much as the CBO's estimate for the first ten years of Obamacare. 

 
 
 
Snuffy
Masters Guide
14  Snuffy    one month ago

I wonder if Pelosi will remember that it was just a year ago that she stated the President does not have the power to cancel student loan debt.  That would require an act of Congress to allocate the money to pay for such an action.

 
 
 
Texan1211
Professor Principal
14.1  Texan1211  replied to  Snuffy @14    one month ago

She may remember, but I am sure the spin will be that she has evolved on it.

 
 
 
Drinker of the Wry
Freshman Principal
14.1.1  Drinker of the Wry  replied to  Texan1211 @14.1    one month ago
She may remember, but I am sure the spin will be that she has evolved on it.

Like Obama did on gay marriage.

 
 
 
Tacos!
Professor Expert
15  Tacos!    one month ago

The impulse to identify and deal with the problem of student loan debt is a good one. But it doesn't seem like much thought went into this. You need to radically reform the system. Get rid of loans with absurd interest rates. Do something about the cycle of increasing tuition, expanding college administrations, and unrestrained physical expansion of campuses that these loans are paying for.

Maybe even adjust what courses of study qualify for a loan at all. It's no secret that some degrees lead to better income than others.

Take care of all that and then we can start looking at existing debt, but even then we shouldn't just throw cash at the problem. The loans need to be renegotiated so that people don't spend 10 years paying down maybe 2% of the loan because everything is going to the interest. But they are still held responsible for the principle on loans they voluntarily entered into.

 
 
 
A. Macarthur
Professor Guide
16  A. Macarthur    one month ago

MAGA argument against loan forgiveness; “If I had to pay OFF A LOAN for college, YOU SHOULD PAY OFF YOUR LOAN.”

OK: If my mom died of cancer before there was a cure, THEN YOUR MOM SHOULD DIE EVEN THOUGH THERE’s A CURE NOW! It’s not fair.

Over a dataset of 1,000 articles, Mediaite scored an average Factual Grade of 56.7%. This is below the 61.9% average for all 245 news sources that we analyzed. This places Mediaite in the 21st percentile of our dataset. 

 
 
 
Texan1211
Professor Principal
16.1  Texan1211  replied to  A. Macarthur @16    one month ago
MAGA argument against loan forgiveness; “If I had to pay OFF A LOAN for college, YOU SHOULD PAY OFF YOUR LOAN.” OK: If my mom died of cancer before there was a cure, THEN YOUR MOM SHOULD DIE EVEN THOUGH THERE’s A CURE NOW! It’s not fair.

Oh, yeah, what a GREAT comparison, because of course people CHOOSE to get cancer while students were FORCED to take out loans.

Please continue to compare apples with oranges.

 
 
 
Texan1211
Professor Principal
16.2  Texan1211  replied to  A. Macarthur @16    one month ago
Over a dataset of 1,000 articles, Mediaite scored an average Factual Grade of 56.7%. This is below the 61.9% average for all 245 news sources that we analyzed. This places Mediaite in the 21st percentile of our dataset.

Since you wish to make the source seem unreliable, care to point out what in THIS story is inaccurate?

You know, prove your 'point'?

 
 
 
Drinker of the Wry
Freshman Principal
16.3  Drinker of the Wry  replied to  A. Macarthur @16    one month ago
MAGA argument against loan forgiveness; “If I had to pay OFF A LOAN for college, YOU SHOULD PAY OFF YOUR LOAN.” OK: If my mom died of cancer before there was a cure, THEN YOUR MOM SHOULD DIE EVEN THOUGH THERE’s A CURE NOW! It’s not fair.

Was that meant to be a serious argument?  Sorry about your mom though.

 
 
 
Texan1211
Professor Principal
16.3.1  Texan1211  replied to  Drinker of the Wry @16.3    one month ago
Was that meant to be a serious argument? 

God, I hope not, but I suspect he was being serious, even though his comparison is off the wall.

 
 
 
bugsy
Professor Participates
16.4  bugsy  replied to  A. Macarthur @16    one month ago
OK: If my mom died of cancer before there was a cure, THEN YOUR MOM SHOULD DIE EVEN THOUGH THERE’s A CURE NOW! It’s not fair.

Talk about a way out there, dumbass argument that some believe is relevant.

 
 
 
Drinker of the Wry
Freshman Principal
17  Drinker of the Wry    one month ago

A.M. must have left his logic out in the ran and it warped.  

 
 
 
bugsy
Professor Participates
17.1  bugsy  replied to  Drinker of the Wry @17    one month ago

Some are not well equipped to argue politics and are much more adept to posting pictures of birds and butterflies.

 
 
 
Texan1211
Professor Principal
18  Texan1211    one month ago

It's a damn shame that Biden and his handlers refuse to say how all this will be paid for.

What are they hiding?

 
 
 
Drinker of the Wry
Freshman Principal
18.1  Drinker of the Wry  replied to  Texan1211 @18    one month ago
What are they hiding?

Don't we all know that it will just borrow more?  The CBO projects this year the deficit be around $1 trillion,  They predicted that our deficits will rise, reaching $2.3 trillion 2032 and adding to to $30 trillion debt another $14.5 trillion from 2022 through 2031. The cumulative 10-year deficit is $2.4 trillion more than the CBO projected in its previous update, because of the legislative changes in the Infrastructure Package and the Inflation Reduction Act.

 
 
 
JBB
Professor Principal
18.1.1  JBB  replied to  Drinker of the Wry @18.1    one month ago

Perhaps it would help if you considered our national debt as a long term consolidated mortgage of our long term national assets like our interstate highways, militarily bases and hardware, airports, national parks etc etc. No modern economists would propose ever attempting to actually pay off our natural debt. The numbers seem unfathomable to economic simpletons and flat earth fundies, but ours debt is right in line with others modern economies...

The gop always uses our national debt to frighten their unwashed base but they never do anything about it when they could. In fact, quit the opposite. Republicans are infamous for  blowing up the national debt by cutting taxes on the rich and big corporations while spending wildly on the military and cash giveaways ala Bush and Trump!

 
 
 
Texan1211
Professor Principal
18.1.2  Texan1211  replied to  JBB @18.1.1    one month ago

Please don't pretend that anyone in DC is fiscally sane.

 
 
 
Texan1211
Professor Principal
18.1.3  Texan1211  replied to  JBB @18.1.1    one month ago
cash giveaways ala Bush and Trump!

Can you list the 'cash giveaways' ala Bush and Trump, or did you just adopt that from somewhere without verification?

 
 
 
Drinker of the Wry
Freshman Principal
18.1.4  Drinker of the Wry  replied to  JBB @18.1.1    one month ago
while spending wildly on the military

Didn't Pelosi's House pass the $851 billion 2023 National Defense Authorization Act last month?  Didn't it include $37 billion more than President Biden requested?

 
 
 
Drinker of the Wry
Freshman Principal
19  Drinker of the Wry    one month ago
it would help if you considered our national debt as a long term consolidated mortgage

At 30 years, US mortgages are some of the lengthiest in the world.  But they are eventually paid off.  

No modern economists would propose ever attempting to actually pay off our natural debt.

So why then consider it like a mortgage? I haven't suggested paying it off, but slowing it's growth might be wise.  Our Gross Debt has climbed from 40% of GDP in the early 80's to over 130% today.  

but ours debt is right in line with others modern economies...

Modern countries with less debt to GDP ratios (OECD Data):

  • Australia 84%
  • Austria 108%
  • Denmark 50%
  • Finland 81%
  • Germany 79%
  • Ireland 72%
  • Israel 87%
  • Korea 59%
  • Netherlands 66%
  • Norway 50%
  • Sweden 59%
  • Switzerland 41
  • USA 150%%
 
 
 
Texan1211
Professor Principal
19.1  Texan1211  replied to  Drinker of the Wry @19    one month ago

Well, not THOSE countries!

Fact checking that dubious claim was warranted.

I don't know why people post the most preposterous things and expect people to take it at face value without doing any research.

Maybe the poster who stated this 'fact' was using that there new-fangled liberal math where less is magically more!

 
 
 
Drinker of the Wry
Freshman Principal
19.1.1  Drinker of the Wry  replied to  Texan1211 @19.1    one month ago

Maybe he thought I was an "economic simpletons and flat earth fundies".

 
 
 
JBB
Professor Principal
19.2  JBB  replied to  Drinker of the Wry @19    one month ago

The US GDP was 23 trillion in 2021 which blows your numbers. The difference between the US and those other nations can be entirely owed up to our military bases, personnel and hardware costing more that all those you listed combined. Still, compared with Russia and China we are in line. What of Greece and Italy? You can cherry pick butt, the US is Very RICH!

 
 
 
magicschoolbusdropout
Freshman Principal
19.2.1  magicschoolbusdropout  replied to  JBB @19.2    one month ago
You can cherry pick butt

Don't you do that when making an argument?

 
 
 
Drinker of the Wry
Freshman Principal
19.2.2  Drinker of the Wry  replied to  JBB @19.2    one month ago
The US GDP was 23 trillion in 2021 which blows your numbers.

My numbers, I used and cited OECD numbers, who's are you looking at?  You can look at FRED's, but they only go to 1 Jan 21.  BTW, FRED say's our debt to GDP is higher that at the end of WW II.

Still, compared with Russia and China we are in line.

The table that I cited has Russia at 29% and I think that China is around 78%.

What of Greece and Italy?

What of them?  Greece defaulted on it's debt in 2015 and has inflation running at around 12% now.  Italy replaces it's government about every other year and is replacing Greece as the EU's biggest headache, with excessive debt, poor demographics, and political instability. 

 
 
 
JBB
Professor Principal
19.3  JBB  replied to  Drinker of the Wry @19    one month ago

The "Early Eighties" was the advent of Ronald Reagan's Supply Side Economic Theory also known as Voodoo Economics and of runaway military spending. We could cut our debt by raising taxes and cutting military spending to the bone. I bet you oppose that. What about it?

 
 
 
magicschoolbusdropout
Freshman Principal
19.3.1  magicschoolbusdropout  replied to  JBB @19.3    one month ago
We could cut our debt by raising taxes and cutting military spending

I know, How about just "Cutting" Government "Feel Good" spending all together ?

 
 
 
Drinker of the Wry
Freshman Principal
19.3.2  Drinker of the Wry  replied to  JBB @19.3    one month ago
We could cut our debt by raising taxes and cutting military spending to the bone. I bet you oppose that. What about it?

US tax to GDP has been relatively flat since the 60's.  Last year it was  18.1 % it has averaged 17.1 % from Dec 1968 . That said I would support reforms that make the tax code, individual and cooperate much simpler and perhaps a tad higher.  Military spending as a ratio against federal outlays has declined significantly over the last 70 years.  That said, military acquisition is in need of serious reforms.  Congress and OSD has created a huge, expensive documentation and bureaucracy of oversight of requirements and acquisition.   

 
 
 
Sparty On
Professor Principal
19.3.3  Sparty On  replied to  Drinker of the Wry @19.3.2    one month ago

Stop making sense .... that shit doesn’t fly here on NTers.

 
 
 
Drinker of the Wry
Freshman Principal
19.3.4  Drinker of the Wry  replied to  Sparty On @19.3.3    one month ago

Many can't handle the truth.

 
 
 
bugsy
Professor Participates
20  bugsy    one month ago

I wonder what black Americans that decided to go into the work force after graduation and made something of themselves, feel about bailing out liberal whites that got a gender studies degree and now work part time at Starbucks.

 
 
 
A. Macarthur
Professor Guide
20.1  A. Macarthur  replied to  bugsy @20    one month ago

In a rare moment of Christian charity, the white supremacist departs with denigrating CRT and White Replacement Theory, and strategically avoids the “n” word and “welfare queen” stereotypes, this to posit a black straw man who picks himself up by his bootstraps, that, unlike the white liberal college boy who lives on the government teat.

[Deleted]

 
 
 
bugsy
Professor Participates
20.1.1  bugsy  replied to  A. Macarthur @20.1    one month ago

Huh?

Can someone please explain what this bullshit has to do with what I posted?

 
 
 
Drinker of the Wry
Freshman Principal
20.1.2  Drinker of the Wry  replied to  bugsy @20.1.1    one month ago

I'm sorry, I can't connect AM's bullshit to your post.

 
 
 
Sparty On
Professor Principal
20.2  Sparty On  replied to  bugsy @20    one month ago

In concept this loan forgiveness plan is a great idea but in practice it is one of the stupidest ideas in history.    It rewards irresponsible behavior.    

Don’t go to college?    No soup for you.    Pay off your student loan obligations?    Dumbass!

I have one family member right now who is being punished for being responsible and meeting their financial obligations by paying off their student loans.    Another one who is in default, that will get rewarded for it.    In what world is that reasonable?

Thanksgiving this year is gonna be a hoot.

 
 
 
Sean Treacy
Professor Expert
20.2.1  Sean Treacy  replied to  Sparty On @20.2    one month ago

Not to mention incentivizes colleges to keep raising prices and students to take out stupid loans in the future, expecting Santa Claus will wipe away the debts in the future.

 
 
 
Sparty On
Professor Principal
20.2.2  Sparty On  replied to  Sean Treacy @20.2.1    one month ago

College tuition increases now?    Pedal to the metal baby.
Pedal to the metal!

 
 
 
Snuffy
Masters Guide
20.2.3  Snuffy  replied to  Sparty On @20.2    one month ago
I have one family member right now who is being punished for being responsible and meeting their financial obligations by paying off their student loans.    Another one who is in default, that will get rewarded for it.    In what world is that reasonable?

Unfortunately this is not the first time the federal government has stepped in to reward those who screwed up while giving the finger to those who met their financial obligations.  When the housing bubble crashed a few years ago, my son-in-law was working for a major bank in their home mortgage department.  He spent days reworking mortgages for those who where in default and in danger of foreclosure by forgiving a portion of the principle and redoing the mortgage to make it more affordable so they could stay in their homes.  These were people who had pulled cash out of their homes as the bubble grew so when the bubble burst the mortgage was way over the value of the home.  Of course the people who were not in danger of foreclosure as they had been paying their mortgages all along could not get into that program, only the people who were ready to walk away from the home.  What a scam...

 
 
 
A. Macarthur
Professor Guide
21  A. Macarthur    one month ago
As Kevin McCarthy, Mitch McConnell and other Republicans decry Joe Biden’s student loan forgiveness as "Student-loan socialism,” let us not lose sight of their hypocrisy, lies, and partisan talking points as illustrated by the fact that the following GOP Members of Congress used Paycheck Protection Program money that was intended to provide small businesses with the resources to maintain payroll, hire back laid off employees and cover applicable overhead … TO PAY OFF THEIR LOANS!
 
As follows:
 

Matt Gaetz (R-FL): $476,000
Marjorie Taylor Greene (R-GA): $180,000
Greg Pence (R-IN): $79,441
Vern Buchanan (R-FL): $2.8M
Kevin Hern (R-OK): $1,070,000
Roger Williams (R:TX): $1,430,000
Brett Guthrie (R-KY): $4.3M
Ralph Norman (R-SC): $306,520
Ralph Abraham (R-LA): $38,000
Mike Kelly (R-PA): $974,100
Vicki Hartzler (R-MO): $451,200
Markwayne Mullin (R-OK): $988,700
Carol Miller (R-WV): $3.1M

To err is human, to forgive … from the perspective of the current Republican members of congress, applies ONLY … to current Republican members of congress!
 
 
 
magicschoolbusdropout
Freshman Principal
21.1  magicschoolbusdropout  replied to  A. Macarthur @21    one month ago

PPP ?

Wasn't that "Congress" APPROVED ?

Which "Congress" Approved Joes New Forgiveness Plan ?

Flashback: Nancy Pelosi Said President Lacks Authority to ‘Forgive’ Student Debt

“People think that the President of the United States has the power for debt forgiveness. He does not.  He can postpone. He can delay. But he does not have that power. That has to be an act of Congress,” Pelosi said July 28 at a press conference.

 
 
 
Texan1211
Professor Principal
21.1.1  Texan1211  replied to  magicschoolbusdropout @21.1    one month ago

still comparing apples to oranges

 
 
 
magicschoolbusdropout
Freshman Principal
21.1.2  magicschoolbusdropout  replied to  Texan1211 @21.1.1    one month ago
still comparing apples to oranges

As ALWAYS !

 
 
 
bugsy
Professor Participates
21.2  bugsy  replied to  A. Macarthur @21    one month ago
GOP Members of Congress used Paycheck Protection Program money that was intended to provide small businesses with the resources to maintain payroll, hire back laid off employees and cover applicable overhead … TO PAY OFF THEIR LOANS!

Show us where any of this money was used to pay off loans.

Even YOUR POST says what the PP was meant for.....maintain payroll, hire back employees and cover overhead.

 
 
 
Sparty On
Professor Principal
21.2.1  Sparty On  replied to  bugsy @21.2    one month ago
Even YOUR POST says what the PP was meant for.....maintain payroll, hire back employees and cover overhead.

We used it for just those reasons.     I suppose we weren’t supposed to because we lean more conservative and we’re supposed allow our competitors to gain that advantage our us when they used it ....... DOH!  

 
 
 
Drinker of the Wry
Freshman Principal
21.3  Drinker of the Wry  replied to  A. Macarthur @21    one month ago

Are you trying to say that Dems don't run businesses?

 
 
 
bugsy
Professor Participates
21.3.1  bugsy  replied to  Drinker of the Wry @21.3    one month ago
Are you trying to say that Dems don't run businesses?

Of course some do, however, many leftists want you to believe that they used their PPP money ONLY to maintain payroll, hire back employees and cover overhead.....and NOT to pay back loans   s/

 
 
 
GregTx
Junior Participates
21.4  GregTx  replied to  A. Macarthur @21    one month ago
For a hundred reasons, they aren't comparable. Most importantly, PPP loans were designed to be forgiven — literally. They were really a grant program that the federal government structured as loans that would be forgiven as long as the employer used the money to pay salaries.

 
 

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