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Johnny2X2X

(19,253 posts)

5. Canceling it all ain't happening, but if it did, whoa.

Reply to George II (Original post)

Thu Aug 19, 2021, 01:08 PM

Aug 2021

If he canceled all student debt the boon to the economy would be incredible

Right now they're in rules committees in the DoE and they're likely going to implement better options to pay back. Specifically Biden wanted them to reduce the pay as you earn option from 10% of disposable income to 5%. Basically, your gross earnings minus 1.5 times the poverty income rate. This will half payments, and if they increase that 1.5 to 2.0 or 2.5 will more than halve payments.

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Highlight:

Biden To Automatically Cancel $5.8 Billion In Student Loans For Over 300,000 Borrowers [View all] George II Aug 2021 OP

It's a start. WhiskeyGrinder Aug 2021 #1

It's a continuation - he's already forgiven over $3B before this. But we never see..... George II Aug 2021 #3

My comment was dry, because $5 billion is hardly a drop in the bucket. WhiskeyGrinder Aug 2021 #4

He probably won't forgive it all, nor should he. George II Aug 2021 #6

He should, but you're right. WhiskeyGrinder Aug 2021 #7

There is a member of Congress with net worth of close to $30M, should his student debt be forgiven? George II Aug 2021 #10

Sure. WhiskeyGrinder Aug 2021 #12

Lol! Nt USALiberal Aug 2021 #15

More of your decisive insight! LanternWaste Aug 2021 #16

Fix your quote! USALiberal Aug 2021 #17

Ain't gonna fix what ain't broken, pal. LanternWaste Aug 2021 #19

So basically I need to explain what is wrong with a quote you decided to use?? LOL...... USALiberal Aug 2021 #20

I have no idea what you need to do. I simply want to see assertions supported with evidence. LanternWaste Aug 2021 #21

Fix your quote! USALiberal Aug 2021 #22

Doing the same thing over and over again and expecting different results, eh? LanternWaste Aug 2021 #23

The recession of the '90s was over by March 1991, it lasted only 8 months. It was followed by.... George II Aug 2021 #18

The recession was certainly over on paper. But the jobs came back more slowly, which is why WhiskeyGrinder Aug 2021 #24

I'll give you until 1994, by then Clinton's policies had fully kicked in. So that leaves us.... George II Aug 2021 #25

I'm not quite sure what you're asking me to answer -- any individual person can have any WhiskeyGrinder Aug 2021 #26

There's no need to decide, President Biden has already done so. George II Aug 2021 #27

Excellent! Thank you, President Biden! Aristus Aug 2021 #2

Canceling it all ain't happening, but if it did, whoa. Johnny2X2X Aug 2021 #5

That's what they should do instead of blindly forgiving all debt. George II Aug 2021 #8

They already have the 10% PAYE option Johnny2X2X Aug 2021 #9

They need to fix the root cause of student loan problem. College doesn't have to be free but JoanofArgh Aug 2021 #11

No one wants to talk about that MichMan Aug 2021 #13

I hope there are refunds for students who busted there ass paying off their loan! Nt USALiberal Aug 2021 #14