Biden Cancels $1.3 Billion Of Student Loans — His Plan For Student Loan Cancellation Is Becoming Cle

Discussion in 'Politics' started by gwb-trading, Mar 30, 2021.

  1. gwb-trading

    gwb-trading

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    #181     Oct 1, 2022
  2. gwb-trading

    gwb-trading

    Oops: Biden’s student loan bailout still mostly helps high-earners, nonpartisan analysis confirms
    "The Administration’s student debt cancellation proposal is costly, inflationary, will drive up higher education costs, and will deliver the majority of the benefits to those in the top half of the income spectrum,” the experts conclude.
    https://www.based-politics.com/2022...s-high-earners-nonpartisan-analysis-confirms/

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    Progressive proposals for total student debt “cancelation” (aka transfer to taxpayers) have long been plagued by a salient criticism: they mostly help the affluent. One study even found that full student debt cancelation would help the top 20% of earners 6x more than the bottom 20%. President Biden wanted to ensure that his executive action “canceling” $10,000-$20,000 in debt per borrower wouldn’t fall into this same hypocritical pattern, so he added some income constraints.

    Their experts ran the numbers on Biden’s final proposal, including the income caps, and concluded that it will still offer 57% to 65% of its benefits to the top half of income earners. (And they say that even this might be an underestimate).

    That’s right: a majority of the benefits will flow to the top half, not the struggling poor and working class. Why?

    Well, for one thing, any form of student debt relief only benefits those who attended college. And that’s a relatively more affluent slice of society—that’s why people go to college, after all.

    So, too, the fact that the plan is “opt-in” will create a hurdle prompting some low-income people not to participate. And the fact that the Biden administration is using 2020 income data to determine qualification is going to highly skew the results, as many people briefly earned little/less during the height of the pandemic but have now fully recovered.

    “In the end, the Administration’s student debt cancellation proposal is costly, inflationary, will drive up higher education costs, and will deliver the majority of the benefits to those in the top half of the income spectrum,” the Committee concludes.

    Nice job, Joe.
     
    #182     Oct 4, 2022

  3. Wait....is hte complaint that the student loan relief plan only benefits those.... who went to college???

    Is that the standard now for politics? trump's tax bill was bullshit because it did not benefit anyone who does not pay taxes!

    New legislation appropriating funds for cancer research is wasteful because it does nothing for people suffering from diabetes!
     
    #183     Oct 4, 2022
  4. gwb-trading

    gwb-trading

    His student loan relief plan disproportionately benefits higher income white college graduates rather than lower-income minority college graduates.
     
    #184     Oct 4, 2022
  5. Cuddles

    Cuddles

    "based-politics" lol
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    #185     Oct 4, 2022
  6. gwb-trading

    gwb-trading

    #186     Oct 4, 2022
  7. Cuddles

    Cuddles

    there you go, was that so hard? Can we trust Uni affiliated research institutes & think tanks (BFI) on this matters since according to you, they're not to be trusted on dissenting opinions on COVID and vaccines?

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    #187     Oct 4, 2022
  8. gwb-trading

    gwb-trading

    Yes... we recognize the bias of think tanks. Yet the information from CRFB is rated as high. And the University of Chicago study referenced as the primary source for the FEE report is from a well-respected institution.

    All of these are mainstream sources -- not disreputable blogs or social media commentators. The studies provide the information and facts in-depth. You obviously cannot dispute the facts provided by these mainstream sources.

    I will note the study by the Brookings Institution which is generally considered left leaning stated the same thing -- most of the student loan forgiveness benefits go to the rich.

    Student Loan Forgiveness Is Regressive Whether Measured by Income, Education, or Wealth:
    Why Only Targeted Debt Relief Policies Can Reduce Injustices in Student Loans

    https://www.brookings.edu/wp-content/uploads/2022/01/WP75-Looney_updated_1.pdf

    As outlined in the Forbes article -
    https://www.forbes.com/sites/presto...gs-to-high-wealth-households/?sh=29980ff63ba4
     
    #188     Oct 4, 2022

  9. There is nothing in the program that excludes low income minority college gradates from getting $10k in loan forgiveness is there? Source please.
     
    #189     Oct 4, 2022
    Cuddles likes this.
  10. gwb-trading

    gwb-trading

    There is an entire list of studies and sources posted above from respected institutions which did in-depth studies -- Go read them and get back to us.
     
    #190     Oct 4, 2022