In article <m%VVJ.43388$Wwf9.39461@fx23.iad>
<governor.swill@gmail.com> wrote:
>
> Biden is a facist pig.
>

President Joe Biden is expected to announce $10,000 of student
loan �forgiveness� for low- and middle-income Americans earning
less than $125,000 on Wednesday. While the move is ostensibly to
give lower-income Americans a lift in Biden�s recession, a
closer look at the numbers shows it will disproportionately aid
those who are better off.

According to an analysis of Biden�s plan from the University of
Pennsylvania out Tuesday, such a wide-ranging bailout will come
with a price tag of $300-$980 billion for American taxpayers.
Furthermore, the university calculated, �Between 69 and 73
percent of the debt forgiven accrues to households in the top 60
percent of the income distribution.�

The school�s conclusion is supported by prior data analyzed by
the liberal Brookings Institution in 2020 as Democrats vying for
the presidential nomination touted similar loan forgiveness as
central to their platforms.

[FLASHBACK: Hardworking Iowa Dad Explains Why Making Taxpayers
Pay Off Student Loans Is Unfair]

According to Brookings, �the highest-income 40 percent of
households (those with incomes above $74,000) owe almost 60
percent of the outstanding education debt and make almost three-
quarters of the payments.�

�The lowest-income 40 percent of households hold just under 20
percent of the outstanding debt and make only 10 percent of the
payments,� the Washington D.C. think tank published along with
the chart below:

https://www.brookings.edu/blog/up-front/2020/10/09/who-owes-the-
most-in-student-loans-new-data-from-the-fed/
Meanwhile, students who took the loans are far better equipped
to pay them off than many other American taxpayers. A typical
worker with a bachelor�s degree is likely to earn nearly $1
million more over their career lifetime than the same person
with just a high school diploma.

�About 75 percent of student loan borrowers took loans to go to
two- or four-year colleges; they account for about half of all
student loan debt outstanding,� the Brookings Institute reported
in January 2020. �The remaining 25 percent of borrowers went to
graduate school; they account for the other half of the debt
outstanding.�

At the same time, the White House�s unilateral plans are legally
questionable at best. In January last year, the Department of
Education released an eight-page memo stating that the agency
lacks the statutory authority to �cancel, compromise, discharge,
or forgive, on a blanket or mass basis, principal balances of
student loans, and/or materially modify the repayment amounts or
terms thereof.�

In other words, without congressional approval, Biden�s decision
to wipe out a minimum of $300 billion in student debt at the
stroke of a pen is unconstitutional, according to the department.

https://thefederalist.com/2022/08/24/studies-show-bidens-illegal-
student-debt-scheme-is-welfare-for-the-rich/

On 9/1/2022 8:13 PM, Vote Buying wrote:
> In article <m%VVJ.43388$Wwf9.39461@fx23.iad>
> <governor.swill@gmail.com> wrote:
>>
>> Biden is a facist pig.
>>
>
> President Joe Biden is expected to announce $10,000 of student
> loan “forgiveness” for low- and middle-income Americans earning
> less than $125,000 on Wednesday. While the move is ostensibly to
> give lower-income Americans a lift in Biden’s recession, a
> closer look at the numbers shows it will disproportionately aid
> those who are better off.

This is the biggest reason I oppose the debt cancelation. *Even among* lower
income students who borrowed money, they still come from generally richer
families than poorer young adults who didn't go to university. And the vast
majority of student loan borrowers are not struggling in their careers. They
have the money to pay back their loans — the full balance. This debt
cancelation is trickle-up economics. It's bad policy.

This page shows the distribution of student loan outstanding balance by several
classifications: https://www.valuepenguin.com/average-student-loan-debt The
data seem to stop at 2017. Here is a key distribution, by average balance:

number
balance of
_range_ _borrowers_

< $5,000 8,547,500

$5,000 -
$10,000 7,425,400

$10,000 -
$25,000 12,277,200

$25,000 -
$50,000 8,609,700

$50,000 -
$75,000 3,681,000

$75,000 -
$100,000 1,612,600

$100,000 -
$150,000 1,347,400

$150,000 -
$200,000 604,900

> $200,000 609,800

Okay: no one with a balance under $10,000 should get any forgiveness. That's
credit card debt. Get a part time job at Home Depot to earn some extra money
and pay off the damned loan.

No one with debt above $100,000, or maybe even $75,000 should get *any* relief.
Everything about that debt level screams "rich kid." If they're not already
from upper income families, they soon will be upper income earners themselves.
You don't incur $100,000 of student debt obtaining a bachelor's degree in
"women's studies" or some other useless field. You incur that kind of debt
getting an MBA, JD, MD, DDS, MS or Ph.D in a hard science, or some other
advanced degree that is going to lead to six figure income very soon after
completion. They can afford to pay off their entire debt.

It's people with debt between $10,000 and $75,000 who might be considered for
some kind of *targeted* relief. They should be required to *prove* that debt
repayment is a real hardship.

I don't want to hear about borrowers who got scammed from for-profit colleges
like "Trump University." Their beef is with the flim-flam artists (e.g. Trump),
not with the federal government. If Trump swindled you, sue him to recover the
money to pay off the debt. If you borrow money to buy a lemon car, the bank
doesn't forgive the car loan. *You* have to recover money from the dealer or
manufacturer. You are still on the hook for the loan amount.

The big problem is federal student aid (FSA) lending in the first place. It
should not exist. I'll bet there isn't one other person in these groups, apart
from me, who knows that FSA came into existence via...Obamacare. Yep. You
could look it up, but you don't have to, because I'm a generous guy and I
always, *always* support my claims:

https://en.wikipedia.org/wiki/Health_Care_and_Education_Reconciliation_Act_of_2010

I was shocked when I learned that. Several years back, I was doing some IT
consulting work for a big player in the student loan servicing industry, and I
learned about it then. (Now I'm doing IT work, some of it /pro bono/, for
non-profit organizations fighting anthropogenic global warming climate change.
It's virtuous.)

>
> According to an analysis of Biden’s plan from the University of
> Pennsylvania out Tuesday, such a wide-ranging bailout will come
> with a price tag of $300-$980 billion for American taxpayers.

No, this is bullshit. *No money* is going to be given to student loan borrowers
to "pay off" their debt. Their debt is not being "paid off" — it is being
canceled or forgiven. The money was *already* given to them as borrowed funds,
and now it's not going to be paid back. But this is no different than *massive*
"PPP" loans that have been forgiven. Canceling the debt converts the student
loans into subsidies, and the federal government lavishes *billions* in
subsidies on all kinds of economic players.

> Furthermore, the university calculated, “Between 69 and 73
> percent of the debt forgiven accrues to households in the top 60
> percent of the income distribution.”

Ha ha ha! *HA HA HA HA HA FUCKING HA*! "Top 60 percent." So, in other words,
the 41st percentile and up. Do you know what the income at the 41st percentile
is? It's $35,700 (https://dqydj.com/income-percentile-calculator/) You think a
family at the 41st percentile is "rich," do you? You stupid motherfucker.

Tell me your real name and address, so I can come cave in your fucking skull
with a bat.

On Thu, 1 Sep 2022 21:13:02 -0700, Rudy Canoza <notgenx33@gmail.com>
wrote:

>This is the biggest reason I oppose the debt cancelation. *Even among* lower
>income students who borrowed money, they still come from generally richer
>families than poorer young adults who didn't go to university. And the vast
>majority of student loan borrowers are not struggling in their careers. They
>have the money to pay back their loans — the full balance. This debt
>cancelation is trickle-up economics.

About time. Trickle down sure hasn't worked.

Swill
--
Lock him up! https://tinyurl.com/yc5sp92j