Bernie wants to cancel all of student loan debt (1.6T).

[Luna1968]

Personally I don't see why we need to cancel student debt at all. Why not just give ~$15,000 to every household in the US instead and they can spend it on whatever they want?

communist sure are good at giving things away from the sweat of others hard work.

 

[[DHT]Osiris]

communist sure are good at giving things away from the sweat of others hard work.

You wouldn't know hard work if it beat you in the nutsack.

 

[Maxima1]

baby boomers had cheap edu. And then when they got placed in power they cranked up the prices to make money off the millennial. And they are now pissed at millennials for not buying thier shitty over priced house and starting a family.

Oh it's worse than that with the boomers swooping in to create a renter nation.

 

[JSt0rm]

communist sure are good at giving things away from the sweat of others hard work.

This is what a boomers brain on fox looks like. And they worried about kids playing videos games? lmao.

 

[JSt0rm]

Oh it's worse than that with the boomers swooping in to create a renter nation.

fredumbs doh

 

[Pipeline 1010]

The average investor would probably see very little in increased costs as more than half of all financial transactions are done by high frequency trading algorithms that have nothing to do with whatever portfolio you have. The richest 10% of Americans also own about 85% of all stocks.

Interesting side point. I wonder if a small tax like this would render the HFT algos useless? It's my understanding that they operate on fairly small margins but make up for it with extreme volume. No more HFT middle man sounds nice

 

[soulcougher73]

how long did you jack off to have that sewage of a reply pop in your acne infested head?

Does it hurt when your other brain cell fires up like that?

 

[dank69]

how long did you jack off to have that sewage of a reply pop in your acne infested head?

A for effort

 

[brandonbull]

The average investor would probably see very little in increased costs as more than half of all financial transactions are done by high frequency trading algorithms that have nothing to do with whatever portfolio you have. The richest 10% of Americans also own about 85% of all stocks.

So the high frequency trading algorithms are going to pay $800B then? "Wall Street" isn't going to absorb $100B in lost money each year. It's going to get passed along to clients.

 

[UNCjigga]

Not as far as I'm aware, this been a lot of talk of curtailing future enrollment/forgiveness, but I'm not sure anything has been officially done yet. For those already in the program, I'm not aware of any specific changes.

I can appreciate the complexity of this discussion and how there can be significant variation between everyone's individual financial situation. I am obviously incredibly biased (as someone in the PSLF program), but having the program somehow vanish into the aether would be a massive detrimental change to my financial future. I have made a number of life decisions based on the fact the PSLF exists, and to change that now would be ... something.

https://www.forbes.com/sites/robert...oull-get-denied-for-student-loan-forgiveness/

A March 2019 report from the U.S. Department of Education highlights this point. According to the newest data, 73,554 unique borrowers have applied for Public Service Loan Forgiveness (PSLF) since its inception through March 2019. Since then, only 864 have been approved by the loan servicers processing the applications. In other words, less than 1% of borrowers who have sought out this program have been granted forgiveness of their loans.

According to this article, majority of denials were due to applicants not accruing enough qualifying payments (120) and they may be eligible in a few more years. I recall reading somewhere else that DeVos changed something that made it more difficult to process applicants—will have to dig around for it... https://www-m.cnn.com/2019/03/13/politics/betsy-devos-student-loan-forgiveness-budget/index.html

I don’t think there’s any data on PAYE or IBR programs yet as those applicants aren’t yet eligible.

 

[MovingTarget]

Teaching is already really attractive at cc or uni level. Almost all the cc instructors here have unnecessary Ph'Ds, and the competitiveness of the positions is intense. However, there should be WAAAAAAY more online classes. Shit like that would drastically reduce the cost of education and cuts out the massive waste of time a lot of the campus experience can have.

Eh, I kinda disagree here. With Universities/CCs shifting much of their teaching loads to adjuncts - who are often terribly underpaid without job security or basic benefits, it isn't nearly as attractive as it used to be.

 

[brandonbull]

Does Universal Health Care spit in the face of people that went bankrupt paying medical bills? I guess we can never improve anything since things were shitty in the past. What's wrong with partying in college? And who decided that these degrees were useless?



Like promising things to people for their votes is cheating or something?



Because that doesn't solve the problem.

Electing to incur debt for tuition to medical bills is a stupid comparison.

 

[fskimospy]

So the high frequency trading algorithms are going to pay $800B then? "Wall Street" isn't going to absorb $100B in lost money each year. It's going to get passed along to clients.

The silliness of the 'it's impossible to tax banks or rich people' argument aside if Wall Street is able to pass on those costs to clients they are more than welcome to. As their clients are also super rich people the end result is the same.

 

[ImpulsE69]

The silliness of the 'it's impossible to tax banks or rich people' argument aside if Wall Street is able to pass on those costs to clients they are more than welcome to. As their clients are also super rich people the end result is the same.

So anyone in the market is 'super rich'? in your mind? Guess we all better pull our 401k's and investments and just put them in the savings accounts.

If you give incentives to allow for higher tax on the richest people, those incentives are going to have to outweigh whatever money you are getting back from them, otherwise they are going to do everything in their power to find loopholes otherwise yes, those costs do get passed to the consumer.

 

[JSt0rm]

The silliness of the 'it's impossible to tax banks or rich people' argument aside if Wall Street is able to pass on those costs to clients they are more than welcome to. As their clients are also super rich people the end result is the same.

Or we could just let the history of socio economic imbalances repeat itself...

hell we can go all the way back to the fall of Rome. Exact same disparity and problems.

 

[TheVrolok]

https://www.forbes.com/sites/robert...oull-get-denied-for-student-loan-forgiveness/

A March 2019 report from the U.S. Department of Education highlights this point. According to the newest data, 73,554 unique borrowers have applied for Public Service Loan Forgiveness (PSLF) since its inception through March 2019. Since then, only 864 have been approved by the loan servicers processing the applications. In other words, less than 1% of borrowers who have sought out this program have been granted forgiveness of their loans.

According to this article, majority of denials were due to applicants not accruing enough qualifying payments (120) and they may be eligible in a few more years. I recall reading somewhere else that DeVos changed something that made it more difficult to process applicants—will have to dig around for it... https://www-m.cnn.com/2019/03/13/politics/betsy-devos-student-loan-forgiveness-budget/index.html

I don’t think there’s any data on PAYE or IBR programs yet as those applicants aren’t yet eligible.

Yep. The vast vast majority of folks applying are being denied (and it appears legitimately so) for not conforming to the boundaries of the program. Many of the anecdotal stories I've read are having to do with "qualified payments" and folks who didn't realize they were actually not employed by non-profits.

 

[JSt0rm]

So anyone in the market is 'super rich'? in your mind?

no but the penalty you will pay is comparatively small. And the economic upswing would mean those stock prives would go up. If you want to compete with the world having a population that is educated, agile and free from medical cost worries is the way to do it.

 

[TheVrolok]

Electing to incur debt for tuition to medical bills is a stupid comparison.

Depends on where you start that discussion. What if the bills are because of your diabetes and hypertension that lead to your heart attack and stroke because you elected to smoke and eat shit?

 

[fskimospy]

So anyone in the market is 'super rich'? in your mind?

Did I say that?

The average person owns little in stocks and makes few trades per year, meaning they will pay almost nothing from this tax. The super rich will though.

https://www.nytimes.com/2018/02/08/business/economy/stocks-economy.html

 

[ImpulsE69]

no but the penalty you will pay is comparatively small. And the economic upswing would mean those stock prives would go up. If you want to compete with the world having a population that is educated, agile and free from medical cost worries is the way to do it.

This is true, but since all of those companies are based on wall street, there is no way those costs won't get passed to the consumer in some manner. Some major psychological changes would have to happen before companies just give up profit when you start taking their money.

 

[ImpulsE69]

Did I say that?

The average person owns little in stocks and makes few trades per year, meaning they will pay almost nothing from this tax. The super rich will though.

https://www.nytimes.com/2018/02/08/business/economy/stocks-economy.html

Okay, I'll chalk that up to reading comprehension on my part then as I do agree in that context.

 

[JSt0rm]

This is true, but since all of those companies are based on wall street, there is no way those costs won't get passed to the consumer in some manner. Some major psychological changes would have to happen before companies just give up profit when you start taking their money.

They will make more because consumers will have more available credit and real dollars for purchasing. Companies won’t need to include healthcare in bids to compete with other companies around the world. Basically, don’t be scared homie.

 

[feralkid]

Because the way I see this proposal, it looks more like vote buying than anything else. Why not just give people who make under $100,000 some sort of tax relief. However, the tax relief does not go to their bank account so they can irresponsibly spend it. Instead, the relief can only be applied to debt, whether it be student debt or house mortgage, something substantial that is also improving their life.

Now you're contradicting your previous post, i.e. you're being unfair to those of us who worked hard to pay back our student loans and have no current student loan debt to apply it to.

 

[Blackjack200]

How does my suggestion not improve anything when those people are still getting a payout but so are others who are perhaps more deserving? Why is someone who spent their free time working jobs pay off their student tuition not as deserving to relief funds than someone who just built up the debt without putting in the same effort at the person who worked and studied at the same time? Instead of leaving out the responsible and hard working people, they should be rewarded as well. And you seriously don't see what's wrong with going to college or university just to party instead of studying? Really? With free tuition, you are now going to school on someone else's dime, which means you should be more responsible on how you use that time and money. If it was your own money, sure, feel free to throw it away by partying and getting a C average.

Then you should be on the side of doing nothing. No debt relief for medical bills because some people in the past worked hard to pay their medical bills. No credit card debt relief and no mortgage debt relief, people spent the money after all, so why should they get anything? If you want to be a punative asshole, just be a punative asshole, don't be a fucking pussy about it, just do it.

I'm not saying it's cheating, but if you're going to do it, do it in a fair and more balanced manner that promotes work ethics and a more responsible attitude.

This comment betrays your attitude that people that are drowning in student debt are doing so because of irresponsible behavior and that to help them would be unethical, so do nothing. Great, just own it.

How does it not? Relief is being supplied to those who are not wealthy and my suggestion does so in a much more responsible manner, it also benefits those who also worked hard when they went to school and continued to work hard after they graduated to pay off the student debt they had. Now, they receive relief to pay off other debt so they can improve their life in a quicker pace. Instead of waiting for their house mortgage to be paid off in 30 or 15 years, now it's 10 or 5 years.

Your suggestion doesn't solve the problem of student debt because it doesn't relieve people of their student debt. I also support consumer debt (credit card debt) and housing debt forgiveness.

Electing to incur debt for tuition to medical bills is a stupid comparison.

Fuck off.

 

[DrunkenSano]

Now you're contradicting your previous post, i.e. you're being unfair to those of us who worked hard to pay back our student loans and have no current student loan debt to apply it to.

How so? The next logical step for most people would be to buy a house, and most people who are not affluent and wealthy will have a mortgage. Chances are, if you're not wealthy, making under $100,000 per year, you would not have paid off both your student loans and your house mortgage. You'd have to win the lottery or come by some sort of windfall of cash to have paid everything off.