Student loans

acesfull86 said:
https://www.ntu.org/foundation/detail/cost-of-student-debt-cancelation-could-average-2000-per-taxpayer

Based on projections from the Penn Wharton Budget Model for the total cost of such cancellation, we estimate President Biden’s plan would cost the average taxpayer over $2,000.

The Penn Wharton Budget Model (PWBM) released a policy report on Tuesday that estimated the total cost of $10,000 in debt cancellation for borrowers making less than $125,000 per year would be $329.1 billion over 10 years. There were just under 158 million taxpayers in 2019 according to the IRS, meaning that the average cost of debt cancellation is $2,085.59 per taxpayer.

This is not a perfect proxy for cost, however, given the U.S. tax code is progressive and tax burdens are not evenly distributed across households. Accounting for the share of taxes paid by low- and middle-income households, we estimate that:

The average cost of student debt cancelation per taxpayer making between $1 and $50,000 is $158.27;
The average cost per taxpayer making between $50,000 and $75,000 is $866.87;
The average cost per taxpayer making between $75,000 and $100,000 is $1,477.78;
The average cost per taxpayer making between $100,000 and $200,000 is $3,158.35; and
The average cost per taxpayer making between $200,000 and $500,000 is $9,947.92.


——————

Yes. Either directly or indirectly. There’s no such thing as a free lunch.
Click to expand...

" This is not a perfect proxy for cost,"

From where I sit, we have no idea how this is going to play out
but like I said earlier, they must be getting something right because
it angers both political sides

Before taking a victory lap or declaring this a boondoggle I think it best to wait and see.
The deed is already done
 
57Brave said:
will this require a new tax levied or a specified tax increase to pay for this relief ?
or
Will it be budgeted through existing funds ?
Click to expand...

It has to come out of some combination of tax increases, spending cuts (lol), or future borrowing. I’m not sure where you’re going with this because it doesn’t really matter which route is taken - the cost is ultimately borne by the taxpayer. How exactly will the cost be levied? Would certainly be nice of the Biden admin to tell us since this has been almost two years in the making. You’d think they would have an answer, but based on that clip of the press conference thethe posted, apparently they do not.
 
before getting all excited, some here need to bear this in mind:

Andrew Wortman ��️*������
@AmoneyResists
·
17h
Trump gave more than 25 times as much money in bailouts to farmers as Biden
is giving in student loan forgiveness—which was only necessary because of his
idiotic tariffs and trade wars with China—and Republicans in Congress not only
had no problem with it, they approved even more


Fa-Zh1BXEAAHfR8
 
57Brave said:
" This is not a perfect proxy for cost,"

From where I sit, we have no idea how this is going to play out
but like I said earlier, they must be getting something right because
it angers both political sides

Before taking a victory lap or declaring this a boondoggle I think it best to wait and see.
The deed is already done
Click to expand...

We know what $10,000 times the amount of qualified debtors is. We know what the tax base is. This isn’t some giant mystery where we need decades to “wait and see.” The math (racist, I know) is pretty straightforward.
 
57Brave said:
before getting all excited, some here need to bear this in mind:

Andrew Wortman ��️*������
@AmoneyResists
·
17h
Trump gave more than 25 times as much money in bailouts to farmers as Biden
is giving in student loan forgiveness—which was only necessary because of his
idiotic tariffs and trade wars with China—and Republicans in Congress not only
had no problem with it, they approved even more


Fa-Zh1BXEAAHfR8
Click to expand...

I’ve been banging that drum since the day Trump installed those tariffs. I’d repeal them all today if I could, Biden could repeal outstanding tariffs (which fall disproportionately on the poor), but he isn’t. I don’t hear you clamoring for him to do so.

And I’ll reiterate what I said before when you posted a bunch of government handout whataboutisms…since when do two wrongs make a right? Just because we pass one stupid bailout doesn’t mean we should repeat the mistake in perpetuity.
 
57Brave said:
they say politics is the art of compromise
Click to expand...

?

Compromise between whom? This is a unilateral (immoral, probably illegal) action by a floundering POTUS who is desperate to buy votes a couple months before a midterm election…

You’re acting as though this has something to do with a Trump agriculture subsidy from 5 years ago..
 
acesfull86 said:
?

Compromise between whom? This is a unilateral (immoral, probably illegal) action by a floundering POTUS who is desperate to buy votes a couple months before a midterm election…

You’re acting as though this has something to do with a Trump agriculture subsidy from 5 years ago..
Click to expand...


compromise inside (D)
like I said, no one is happy with this
////////////
 
chop2chip said:
Governing by cliche isn’t governing.
Click to expand...

Biden is some leader. Unilaterally gives away a $300+ billion bailout on the backs of taxpayers, one that’ll do absolutely nothing to solve the underlying issues and will have us back at the same amount of outstanding student debt inside of 5 years. Remember when (D) claimed it was the party of ideas?
 
Y'all seem to ignore that (D) is not the monolith (R) .
Biden is straddling the party of Joe Machin and Bernie Sanders.
It is naïve thinking this is just something Biden woke up
one mornig --- proclaimed and that was that.

Reason I say no one likes this is because no one got what they wanted.
Sen Warren didnt get $50K and Senator Sanders didn't get the blanket
forgiveness he sought.

My guess is the Machin - Sinema wing of the party wanted pretty
much what everyone here wants

So yeah, compromise
 
acesfull86 said:
Biden is some leader. Unilaterally gives away a $300+ billion bailout on the backs of taxpayers, one that’ll do absolutely nothing to solve the underlying issues and will have us back at the same amount of outstanding student debt inside of 5 years. Remember when (D) claimed it was the party of ideas?
Click to expand...

the underlying issue is, people are drowning in predatory debt.
This is a first effort at trying to not only relieve that debt but put money back into the economy.
It might work. It might not

But like I said, no putting the tooth paste back in the tube
Regardless our out of the loop reservations
 
None of us know this is a bad policy
we are past the stage of discussing
pros and cons.

It is reality
 
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