REPORTER: Is this unfair to people who paid their student loans or chose not to take out loans?
BIDEN: Is it fair to people who, in fact, do not own multi-billion-dollar businesses if they see one of these guys getting all the tax breaks? Is that fair? What do you think?
By now, you’ve heard the news that young adults and their parents have been waiting for with bated breath. The headline: President Biden has forgiven up to $20,000 in student loans.
I have heard every opposing moan about this comprehensive package that will not only eliminate debt for millions of individuals, but it will likewise stimulate the economy by allowing people to keep their pay checks to spend their money to live, free from poverty, and outside of their parent’s basements.
It is not uncommon to hear stories by those trapped in this debt: “I have paid back my original loan over many years, but still owe more than I borrowed.” That, my friends, is the nature of predatory student loans. The result of which has left people shackled by debilitating debt and kept their lives on hold. Money that otherwise would go into the economy is instead feeding banks.
The headlines don’t do justice to President Biden’s strategy. This package offers relief to every category of student debtor and reforms the broken institutions that drive high debt. It includes directives to police interest rates and policies. You’ll understand why it has taken two years for this program to materialize, but only if you read it.
“In order to benefit from this announcement, most borrowers will have to submit an application to verify their income.The Education Department said nearly 8 million borrowers already have income information on file, and should qualify to have their debts canceled automatically. The department will announce further details on how borrowers can claim this relief in the weeks ahead.”From link above.
If you owe $10,000 or more, $10,000 will be absolved across the board. If you were a Pell Grant recipient, (grants for low-income students,) up to $20,000 will be forgiven. “Up to” means that if your debt is less than the $20,000 maximum, you don’t pocket the leftover cash.
The response from thankless debt holders: “That’s not what he promised! That’s not enough!” I’m never voting again!”
My head may have exploded. Please stand-by while I check. It’s still intact. Thanks for your concern. No go-fund-me need be created.
The mentality of the single issue voter will lead to our demise. Let’s not forget that Republicans would give you nothing, and they have already taken away women’s autonomy. Women have died since the SCOTUS backpedaled on Roe. The GOP will try to take our Social Security and Medicare as well. They are anti-everything that is not for straight rich white men. If you are a single issue voter and this is it, you are the reason we can’t have nice things.
Putting money in the hands of those who need it is not the Republican ideal, and they’re making their choreographed position clear and attempting to divide and conquer us again.
The government has dolled out “relief” to airlines and other corporations. Banks have been subsidized. The Paycheck Protection Program, forgivable loans, were given to those who didn’t need help, the wealthy, big business, and even members of Congress partook. Those loans were intended to keep companies viable during COVID, and to prevent mass layoffs. Steve Mnuchin and Donald Trump disbursed $349 billion between April 3, 2020 and April 16, 2020.
The Republican tax laceration for billionaires and major corporations added $1.9 trillion to the national debt.
No matter what President Biden does, the goal post is moved. No matter what he does, people only see how it affects them.
The other side of the coin- those people who are angry that this plan does nothing for them. They paid off their loans and want others to wallow in debt.
Why do we attack each other when the reason for the deficit is the greed of corporate America and the corrupt politicians who do their bidding?
Let me ask you this— Is it unfair to individuals who don’t live in the south-east, hurricane coast, to bail out communities that do? Is it fair that there are shelters for victimized women when so many are not abused? Look in the mirror, fellow humans. Why can’t you be happy that the little guy got a break?
How is helping students, who are our future, hurting you? “My tax dollars…” Just stop. Whether you broke your back to pay your loans is not relevant to this plan. Congratulations on your achievement, I mean that, but why can’t you be happy for others for not having to suffer in the same way? Check your priorities. Celebrate a win for the struggling families.
The above link offers a list of every corporation that took the forgivable PPP “loan.”
Biden’s student loan forgiveness will not boost the national debt; our deficit is on course for the largest decrease in history. Can we not attack each other? If we invest in education, our return will be a happier and better educated population.
I’m currently reading John Koening’s book, “The Dictionary of Obscure Sorrows,” I’ll post my thoughts on it another day, but I’ll share this crumb:
Sonder is a neologism that describes the profound feeling of realizing that everyone, including strangers passing in the street, has a life as complex as one’s own, which they are living despite one’s personal lack of awareness of it.
4 thoughts on “Student Loan Forgiveness, PPP Forgivable Loans, and Tax Cuts for Billionaires and Their Corporations”
Yup–you nailed it. Whatever is done is never enough. The goal posts are constantly being moved. Whatever happened to the simple act of ‘thank you.’ And then moving on and taking ownership. Oops. Bitching about everything is so much better.
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It seems like young people are looking for excuses not to vote. I hope I’m wrong.
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Those people who object because “MY tax dollars…” are what I like to call selfish jerks. Well, I use other words, but I wasn’t convinced WP wouldn’t bleep them.
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You can’t argue with them either.
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