It is very clear to me that Biden and his administration have created forty-year high inflation, that is hurting American families. In my view, many of his big giveaways were initiated to try to buy votes. And he has created problem after problem to dig the country into souring inflation and debt. Now he has come up with another Spectacular Spectacular Give Away! Paying off some part of student loans. Spending tax money once again to --- you guessed it buys votes... Biden's polls have plummeted into the high 30s, and he is unpopular across the board with all Americans. But really unpopular with younger Americans.
Jan-Jun 2021 Jul-Aug 2021 Sep 2021-Mar 2022
Generation Z (born 1997-2004) 60 53 39 −21
Millennials (born 1981-1996) 60 50 41 −19
https://news.gallup.com/poll/391733/bid … tions.aspx
So old Joe headed for his free money chest and came up with - "hey I will pay off some of your student loans".
So, if an old day late bucks short Biden really spends more when many economists are warning --- Once again --- "Hey Joe this free giveaway will increase inflation."
He just creates problems, even when warned. This crazy idea will have I think a two-edged sword... Not only will he raise inflation, but he will also further put another nail in the Dem's coffin. I mean could this administration be any more helpful to the Republicnas?
Consequences of Biden’s plan to cancel student loan debt, according to experts: ‘Enormous consequences’
Canceling student loan debt would 'produce the most inflation' one expert warned
President Joe Biden’s plan to cancel student loan debt could lead to higher inflation and perceived inequality, several experts warned.
Biden said in a press conference late last month he is considering canceling "some" student loan debt.
"I am not considering $50,000 debt reduction, but I am in the process of taking a hard look at whether or not there will be additional debt forgiveness," Biden said.
"That’ll produce the most inflation," Holtz-Eaken told Fox News Digital. "If you forgive some of the debt, that’ll create a little more inflation. The least inflationary thing to do is to have people actually go back to paying their bills. That would take care of it."
Economist Nicholas Eberstadt told Fox News Digital at the Milken Institute 2022 Global Conference that a "magical, universal debt relief" would actually harm those it is intended to help.
"We know already that would be a tremendously regressive transfer towards the well-off," he said. Eberstadt noted there are provisions within current student loans for those in financial distress, but the broad idea of "waving a magic wand… would have enormous unintended consequences."
The current director of the Congressional Budget Office Phillip Swagel conceded the current pause in student loan repayments has provided financial benefits for millions of people, but it has also "created uncertainty."
"Will these payments resume? As the job market rebounded, there are millions of people who have gained jobs, and yet are still not paying their loans," he said.
This action has created a gulf between those who paid their student loans, those who did not take out student loans for college, and those who did not go to college, Swagel said.
"These sort of apparent horizontal inequities is probably an unintended consequence," he added. "Different people are being treated differently in ways that might be difficult to explain."
During his presidential campaign, Biden supported erasing $10,000 in student debt for most borrowers but has raised questions about his legal authority to do so via executive order. During a press briefing last week, press secretary Jen Psaki said an income cap for student loan forgiveness was under consideration.
Biden has extended the freeze on student loan payments through Aug. 31, citing the COVID-19 pandemic.
I mean Republican candidates could not have a better point to campaign on. Biden just keeps giving.
We have got the abortion issue and that in itself will stoke a lot of fires, and that bodes ill for the Right and Republicans.
The abortion issue will be long-settled by the SC... Most states will be very pleased to have the authority to make their own abortion laws, Red and Blue states will have just the laws they want... We never depend on Blue State for votes. I mean they can do whatever they please, I mean they can kill the child just because it's the wrong sex or after it is delivered at full term because they don't care for the looks of it--- Have at it.
I think the abortion issue will work in our favor.
But have no fear Joe may come up with the perfect gift to buy votes .
I can't believe the Dems think the abortion issue would help them in any respect. Oh well... I say the blue states go too far with their laws and will be truely looked at as having gone too far. The Dems have bad karma.
Canceling loans would probably add to inflationary pressure, it's true but the effect would be modest and outweighed by the advantages that relieving pressure on burdened students would have. With more security and more cash in peoples' pockets, the economy will receive a much-needed boost.
Assuming that the money to pay off those loans is not simply borrowed and the debt shifted to future generations yet again, how does taking it from one person to give to another put more cash into people's pockets? Certainly the ones it is taken from won't have more!
Yes, I agree --- but old Joe is well known for jumping the gun, and making all problems 10 times worse. And then he just blames --- well everybody or everything. He is not fit for the job.
I think that the demographics of who would benefit from student loan forgiveness are an important consideration. Most stats point to potentially high-earners and those from upper-middle-income families being the beneficiaries.
The inference many draw from "burdened students" is that it is poor struggling students that will benefit the most, even when it seems that common perception, (as in your response), is contradicted by data.
As an example, there is a conservative point that illustrates that misperception. It asks about loan forgiveness for poor trades entrepreneurs who took out loans to buy vehicles needed for their careers. How about some loan forgiveness for them? Your thought should support that. It also pumps money into the economy and relieves burdened students.
Tie all that to Wilderness' point that it is not free money being injected into the economy, it is simply a sleight-of-hand taking of money from one pocket and putting it into another. In short, taking from producers and giving to non-producers.
"In short, taking from producers and giving to non-producers."
Spoken like a true conservative, Bread and Circuses"
Conservative or liberal, was what I said wrong?
I don't think it is conservatives that promote the 'bread and circuses' thought. That's more like a liberal thing.
Just noting GA, that you are more reddish purple than blue.
Does my political color, (I'm always more red than blue), distort the message? Is what I said wrong? Or purposely spun?
No, It is not wrong, from your perspective. It is just reminder of how much more red you are over blue.
Nope, you don't get to veer away on this one. Consider the things that I said were true from your own perspective.
The demographics of student loan debt should be easy to find if you think my description of it is wrong. Look at them from your perspective and see if you think they say something else.
Relative to those " poor trades entrepreneurs", I think data about their demographics and loan burdens could also be found. However, I don't know if it would be as objectively data-supported as the student-loans demographics. It's still a thought you can consider from your perspective; Do you believe there is any legitimacy to that 'conservative point'?
Then tell me where my perspective affected the logic of those statements. We might find some common ideas. ;-)
Alright, GA, i will accept the invitation.
https://www.nytimes.com/2022/05/05/opin … -debt.html
This is the opinion from a renown conservative commentator.(David Brooks) It is a lot closer to how I would handle the problem over the simple idea of "makers and takers".
These are the young people that will make the economy go and ultimately rescue our "old asses" so that through Social Security we could have secure retirements. I see much of this idea as an investment rather than a give away, but again, that is just me.
I hit the NYT paywall. If I am guessing right, you are saying the loan forgiveness program would be an investment in our future by reducing the burden on that future's producers.
If so, and without knowing the details of the linked opinion, I say the investment has already been made—in the form of the student loan. But, if that investment logic is valid for future white-collar producers it should also be valid for the trades folks of that conservative point. Right?
If that stuff is right, it cast a different view of the proposed program. It's discriminatory, economically unsound at the current time, and demographically unfair, (a contradiction to a liberal mantra?).
Sorry about the firewall, i will provide the conclusion of the article as an excerpt.
"But if you ask me to say where America’s social mobility machine has broken down, I will include the way under-resourced young adults are falling off track between the ages of 20 and 35. Are there better ways to help those Americans than debt cancellation? You betcha. Do we live in a country where legislation to do that will pass Congress? We do not.
Debt cancellation is something President Biden can probably do on his own. So I’m rooting for tightly focused forgiveness. I’m hoping Biden will significantly raise the amount of debt he’s willing to forgive, to say $20,000. But I’m hoping he’ll limit the forgiveness to precarity grads — perhaps to those from families making less than $75,000, perhaps to those who already received Pell grants.
Social change over the past few decades has made me much more supportive of income redistribution than I used to be — especially redistribution that invests in human capital. But it’s got to be distribution downward, not upward."
When I think of the sheer scale in the trillions of the bailout the country provided the biggest banks a few years ago, because they were "too big to fail" and yet how paltry conservatives are when it comes to those without a silver spoon in their mouths, I have to wonder.
The program should means tested, and things are only cost prohibitive when conservatives oppose it. I would have said that bailing out the fat cats of the banking industry was unfair, but again, that is just me.
That didn't help. The money isn't the reason I think debt cancellation is a bad idea. I noted several of the more important reasons and others have expanded on them.
Of course it's discriminatory; only those people that took out a specific type of loan will benefit, not the general population.
Of course it is economically unsound; we're already suffering the effects of large scale give-aways, yet here is another being sought.
Of course it is demographically unfair; only those attending college will benefit, while everyone, whether a graduate or not, whether they paid for their own education or not, will pay for a few to benefit. I would guess that for a majority of our population college was never a possibility at all yet they will now pay for others to get that education. Certainly the vast majority of those 60 years and older it was not, and that means they will now pay for someone else to benefit from a free education they could never receive.
Of course racial demographics enter too; what will Democrats have to say when they figure out the biggest recipient will be white males, followed by white females? I would predict an overflow of every ER in the nation with heart attacks brought on by that realization.
"Of course it is demographically unfair; only those attending college will benefit, while everyone, whether a graduate or not, whether they paid for their own education or not, will pay for a few to benefit. I would guess that for a majority of our population college was never a possibility at all. Certainly the vast majority of those 60 years and older it was not, and that means they will now pay for someone else to benefit from a free education they could never receive."
You do have a point here in all fairness.
I just wish that you could apply that to other examples of what you might consider redistribution with as much zeal and determination.
That last point would probably make a good meme.
Nah, so long as it is shown that those white recipients are mostly progressive Democrats with degrees in liberal arts it will be fine.
bread and circuses --- clearly the oldest ploy Democrats have in their toolbox. Give them a bit, it will keep them full without even realizing they are just being kept barely alive. The Dems keep their supporters in line with superficial appeasement. For like Hey I am going to pay off your school loan, and if you are really poor, I will even give you free internet... And got kids, no problem I will give you free cash for each kid with my Brand spanking new Child Tax Credit.
Please Republicans just don't play that game. Actually just the opposite
We won't dish you up a fish, we will give you a fishing rod...
Sharlee, "Bread and Circuses" the overused cliche conservatives use to support extreme income equality with the insane idea that those that seek a fairer more equitable America are having their votes bought, as if Republicans do not do the same thing in regards to their pet peeves.
Too often, the fishing rod you provide has been designed to break purposely. You speak of ideals that never pan out in the real world.
Conservatives like to see America in the terms of a Dickens novel, but that is not sustainable indefinitely.
"Fair" = you get what you earn.
But that isn't what the left demands; that ideal comes straight from Marx; "To each according to their need, from each according to the ability". Whereupon votes are bought with money taken from the producers and given to the non-producers. As long as that pipeline remains open the votes will flow, and Democrats are masters at not only keeping the pipe open but enlarging it every year.
I have used the term for years as I have known it to mean --
“Bread and circuses” has become a convenient general term for government policies that seek short-term solutions to public unrest. Short-term superficial appeasement. Such as telling them what they long to hear --- giving them free stuff as a short-term solution. Offering something to pacify the discontented. Bread and circuses are a means of diverting attention from a source of grievance. Like free stuff, wonderful promises, offering long-term pipe dreams...
I will agree with the conservative use of the term, as I have for years. Just have not heard it much in many years., and certainly not in the context, you used it.
Your better more equitable America truely fits my understanding of Bread and Circuses.
You may want to research the term, I will do the same.
Neither has yours... Sad to say. 62% of Americans live week to week, and 14.4 percent live below the poverty level.
It would seem neither party has done a very good job.
We certainly are not Robin Hood Fans.
The problem is that conservatives have neither long term nor any other sort of solution except for the status quo, so public unrest continues to fester.
Thought I might add this --- Another lopaloza giveaway! Affordable Connectivity Program
Biden administration expands free high-speed internet access to 40% of American families
President Joe Biden announced Monday that the federal Affordable Connectivity Program is expanding and more than 40% of American households will qualify to get free or reduced-price internet in their homes.
All stated in his classic bend down and whisper demeanor --- "Nearly 40 percent of the households in America qualify. And if you qualify, you’re going to get a $30 credit per month toward your Internet bill, which me- — which most folks — will mean they get on for nothing. Look — zero. " But actually the money comes from Joe's Infrastructure Bill.
https://www.whitehouse.gov/briefing-roo … %EF%BF%BC/
I have great sympathy for the fishing rod rather than a fish approach as mentioned by Sharlee. But it seems to me that sometimes fish are needed first.
And there's another problem - to help people help themselves you need to invest a bucketful of money in education and training. It's not a solution to sell someone a fishing rod in a market economy if many people can't afford one.
We have considerable problems with this in my own country, the UK, and where I live in Spain.
We have been providing fish as a bandaid forever... We also pour tons of cash into "education". We just never know where the money is being spent.
The US has the money, but it would seem our Government finds the bandaid method works well, for some reason.
by Sharlee 13 months ago
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by SportsBetter 10 years ago
Where does the government get the money to pay for student loans?
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