In the face of ongoing pressure to forgive student loans, President Joe Biden is planning to cancel up to $10,000 in federal student loans per borrower, according to the Washington Post.
Getting Democrats to honor their own campaign promises shouldn’t be harder than pulling teeth.
$10K is a good start. That frees up more than $1000 a year for useful expenditures and investment.
Anemic. Kids who owe 40k, 50k, 100k will feel no real difference.
Anyone think the GOPers will sue? I wonder what the grounds would be.
Will debt forgiveness trigger a tax liability? That’s how this exchange typically works. The IRS counts forgiven debt as income and taxes are owed on the balance. If student debt forgiveness is coupled without a tax liability then that’s exceptional news.
Standing will be the first issue. They have none.
As far as I know he never promised to do this via executive order. He promised to sign a law if it was sent to his desk. Dems are very limited as far as what they can pass because filibuster, Manchenema, GQP. Look for a likely lawsuit from right wingers and a lot of “not good enough” from fauxgressives bent on convincing people to punish the “corporate Dems.” This moronic shit show will continue.
Don’t let perfect become the enemy of good. And this doesn’t have to be the end, but the beginning.
Amen.
Thank you for this. At times it becomes absurd to even think of doing anything if one wing of the (purity) Party can’t be ever be satisfied. American society is overwhelmed with a need for solutions to the problems it faces. This is a very good step to help get more people participating in the economy at large.
I am glad that some of our pessimistic personalities did not dominate Overlord.
There were so many snafus on 6 June 1944 that they were too numerous to list here. People stood in the Gap and the grunts, NCO’s, Company Grade and Field Officers made it Happen.
You build on what is placed/possible. PerfectIsTheEnemyOfThe Good can go fuck itself.
I don’t understand your point here. Your description of 6 June 1944 is the definition of Perfect is the Enemy of the Good. Had the US invasion force leadership waited for perfection, Europe would currently be Germania. Instead, the planners got it as good as they could and then relied on the courage, abilities and tenacity of the soldiers to take the day. In other words, they didn’t let perfect be the enemy of the good.
You misunderstand me. I was agreeing with you and @lastroth…by using Overlord as an example, which you demonstrated awareness of.
I could be wrong, but I believe one provision of the American Recovery Act was that forgiven debt would not count as income until 2026. I followed this closely, because my $140K debt will be forgiven in 2025, having run its course of 25 years. Before this new approach, I was planning to raid my retirement accounts to pay that year’s income tax. Now I won’t have to.
My friend, I sincerely hope you are NOT wrong…
(1) For you
(2) For others
But that’s our style!
I personally don’t think it’s enough but it’s better than no action. $10k isn’t going to outweigh the backlash they’re going to get. It’s a drop in the bucket that gives the right wing media complex weeks of fodder to rage on. If it were me, I’d align with the proposed $50k.
However pair it with an extension of the 0% interest for another year with some proposals to address rising tuition costs and you might be able to thread the needle.
Every complex problem has a simple solution which is dead-wrong. For student loan debt there are three factors (at least): the debt currently owed by students; the need to prevent future generations from incurring such debt, and biggest of all, the need to structurally change higher education so that college is affordable to more. And can we not absolve higher education for their role in this? And an enormous factor in all of this is how the federal and state governments have cut funding for higher education.
A full-blown cancellation of student debt would have five effects: (1) a huge gift to the upper-middle class (where most of the debt resides); (2) screw future generations; (3) do nothing to solve the problem going forward; (4) absolve higher education for their role in this; and (5) handing the country over to the Republicans.
Note that only one-third of Americans go to college. What do we plan to do for those who do not go to college?
Student “A” is from a poor family, attends State University and become a teacher or nurse. Student “B” from the upper-middle class attends a private university and majors in, oh, Gender Studies - and runs up a much higher debt than Student “A.”. Are we to treat them equally?
We also need to make allowances for the teenage brain, who signs these loans. I was one of them so I appreciate that.
Anyone who thinks these matters can be easily solved is worthy only of scorn.
So much for bold progressive leadership.