Biden declines Democrats' call to cancel $50K in student debt

[bionic 50,111]

Just now, Ceres said:

I agree we know what we got ourselves into; we aren't entitled, but you have to admit that there's an issue with college tuition, federal loan interest rates, and the job market. Interest rates for student loans have been rising while an increase in post grad unemployment continues. It's hard to break even when you start out severely disadvantaged right out of school. 

"Besides, if Biden wipes all existing debt then what happens next?"
from joebiden's website: "... by adopting Senator Sanders' proposal to make public colleges and universities tuition-free for all".   

Yes I 100% acknowledge that a lot of people do not get out in terms of income what they were told they invested into a degree. Its an unsustainable system of persistent debt. 

Pass Sanders' proposal in Congress then I will support wiping student debt

[auburn 1,072]

See what happens when you vote blue no matter who? Clownery. 

[thefamebitch 834]

Lmao and he certainly isn’t going to even work on reducing current or future costs in higher education as well 

[FATCAT 60,973]

Even if he was on board, we still need to find a solution to the fact that the forgiveness would count as taxable income, so if you got $50k in forgiveness today, you'd have to pay $10k in taxes on it. Without a change to the tax laws (congress) that's untenable for most people. 

[FATCAT 60,973]

14 minutes ago, auburn said:

See what happens when you vote blue no matter who? Clownery. 

You vote "blue no matter who" in the general election, you vote who you want in the primary. If Trump were still in office, we would be so much worse off.

[smitherz 2,457]

tbh I’m still waiting for my stimmy... I thought if we won those two Georgia seats the checks would be “out the door” immediately? now we have to wait until the end of March/early April?? 🙄

[Emvee 8,868]

1 hour ago, auburn said:

See what happens when you vote blue no matter who? Clownery. 

Im not happy about Biden’s decision but this argument is such dogshit. Biden has already done things that put us miles ahead of where we were under Trump. 

[TimisaMonster 31,073]

3 hours ago, ToxicHot said:

Yeah.... sorry but that’s really unreasonable. There’s no way that was gonna happen.

For most that would be free college and America isn't there yet lol

[PartySick 174,607]

2 hours ago, bionic said:

Besides, if Biden wipes all existing debt then what happens next? The cycle continues with new students. We need to tackle the source, not the symptom.

I actually disagree with him on it but you're right here. He's a supporter of free secondary education which will help prevent the current debt crisis from continuing on. But he could also relieve some of that pressure now too

I'm not shocked though. He's a centrist, not a leftist, and that's who we voted for he's doing a great job on literally everything else.

[PartySick 174,607]

1 hour ago, FATCAT said:

Even if he was on board, we still need to find a solution to the fact that the forgiveness would count as taxable income, so if you got $50k in forgiveness today, you'd have to pay $10k in taxes on it. Without a change to the tax laws (congress) that's untenable for most people. 

Eek. Did not know this

[gothicdream 39,660]

I am as progressive as they come, and of course I support loan forgiveness - but realistically, this was a HUGE stretch to think such broad forgiveness was going to happen, especially in the first month of a new administration. For a president trying to push the message of unity and somewhat appeal to Trump's base (largely comprised of non-college-educated people), the optics wouldn't be great - especially given the proposal to do it without involvement from congress. It would be weaponized against Dems, going back to the tired argument that the left is "elitist" and doesn't care about "real Americans." Again, not that I don't think it should happen or that it wouldn't be a huge benefit for our society, but I'm not surprised he declined it, at least right now.

I think student loan forgiveness should be proposed after broader covid relief is implemented to preempt these criticisms, and should be accompanied by sweeping reforms of tuition pricing, increased government aid for lower income students, and other policies that will help prevent the issue from happening all over again in the future.

I think it's also important to consider how we can help people like older millennials that have spent their post-college lives struggling to pay back loans, preventing them from buying homes or stimulating the economy or saving for retirement, that won't actually have anything left to forgive when the time comes, but will still feel the effects of that debt for the rest of their lives.

[TEANUS 16,216]

So can the democrats actually scour together a good candidate so we don’t have to have a Biden re-election in 2024

[TEANUS 16,216]

2 hours ago, FATCAT said:

Even if he was on board, we still need to find a solution to the fact that the forgiveness would count as taxable income, so if you got $50k in forgiveness today, you'd have to pay $10k in taxes on it. Without a change to the tax laws (congress) that's untenable for most people. 

This. Why does anyone think that any “forgiveness” or “stimulus” is just free money

[Harris Walz 2024 1,451]

He implied that he couldn't go that high without congressional approval. Doesn't mean the issue is dead.

[CameronSpears 2,157]

4 hours ago, LaLuna said:

Heeeeeeeere we go...

Do we want Trump back now? 

Nope. I will never want that hateful pig back ever