Why Are People So Mad about the Biden 10K forgiveness

a reply to: JAGStorm

It is going to plunge us deeper in debt and is discriminatory.

a reply to: JAGStorm

Wealthiest Members and Their Loans
Dean Phillips (D-Minn.), net worth $77 million, received a $135,800 loan for his Geniecast, LLC.
Vern Buchanan (R-Fla.), net worth $73.9 million and the fourth-richest member of Congress, received $2.8 million in loans for four of his 27 companies.
Kevin Hern (R-Okla.), net worth $60.9 million, received a loan of $1,070,000 for his KTAK Corporation. Hern, who owns 97 percent of the company, estimated its value at between $5 and $25 million last year.
Norman, net worth $43.4 million, received $306,520 for four of his 20 companies.
Mitch McConnell and wife Elaine Chao, with a combined net worth of $34.4 million, are tied to a loan for the Chao-family owned Foremost Maritime Inc. of $417,700.
Roger Williams (R-Texas), net worth $27.7, received $1,430,000 for his JRW Corporation. Last year, he valued the company at more than $50 million.
Greg Pence, net worth $12.6 million, received a loan of $79,441 for his Pence Group, LLC, which he valued on his financial disclosure as worth between $5 and $25 million.
T.J. Cox (D-Calif.), net worth $11.8 million, received $609,825 for two of his 26 businesses.
Nita Lowey (D-N.Y.), net worth $10.9 million, is tied to a loan of $1,100,000.00 that went to a law firm where her husband is chairman emeritus, Lowey Dannenberg P.C.
Mike Kelly (R-Pa.), net worth $10.4 million, received $974,100 for four of his car dealerships.
Ralph Abraham (R-La.), net worth $4.8 million, received loans of $38,300 for two of his four companies.
Earl Blumenaeur (D-Ore.), net worth $4.5 million, received $432,734 for his two companies.
Vicki Hartzler (R-Mo.), net worth $3.8 million, is tied to $451,200 for her husband’s Heartland Tractor Company, which she valued at between $1 and $5 million and from which he claimed as much as $1 million in income last year.
Markwayne Mullin (R-Okla.), net worth $3.7 million, received $988,700 for his two family plumbing businesses.

Largest Loan Recipients
Carol Miller (R-W.V.) is the legal secretary of four of five of her husband’s car dealerships, which received loans totaling $3.1 million.
Two wineries and two farms tied to Devin Nunes (R-CA) received a total $2.95 million in bailout money.
Buchanan’s car dealership loans topping $2.8 million.
Businesses owned by T.J. Cox received more than $600,000 in PPP and EIDL loans.
A hospitality company owned by Ed Case (D-HI) received $1.9 million thanks to the CARES Act.
Two economic development organizations with which he is associated received a combined $670,030.
Markwayne Mullin’s $988,700 in loans.
Mike Kelly’s $974,100 in loans for his car dealerships. (Unlike his auto dealer colleagues in West Virginia and Florida, Pennsylvania did not deem the businesses essential and only allowed car sales online.)
Ralph Norman’s hospitality and real estate companies took in a combined $306,520 in loans.

the rich ALWAYS get richer and cause the middle and lower classes to hate each other, laughing all the way to the off shore bank

I am all for giving help to college and uni students, why burden the next generation with debt from day 1

Imagine if the wealthy paid back what they owned.....

a reply to: JAGStorm

Just go back to the Reagan amnesty to see jowls that "fixed" immigration to get an idea what this will do here.

originally posted by: JAGStorm

The 10K to kids going to college is a drop in the bucket in the overall sceme of things.

1/2 trillion dollars. if that doesn't sound like a lot, say it again slower

a reply to: JAGStorm

Well l have a lot of issues with this plan
Yes, I paid my own loans off after ten years.
I understood what I was signing.

My daughter is in college and we are paying as she goes instead of high interest loans. Will she get a $10k check to pay for her tuition?

The whole idea that the government is spending my money to attempt to deal with a problem they created in the first place really grinds my gears.
They made colleges money making machines and their plan is to spend more money is completely stupid.

originally posted by: JAGStorm
a reply to: namehere

because its gonna cause more inflation, why should people dumb enough to take loans that they know will take decades to pay off be given relief, they made the choice to get those loans of their own free will, they should pay what they promised to pay. dont want debt dont go to college until youre older and can pay for it or avoid it all together. live within your means, honestly more parents shouldve taught their kids such a simple thing.

AND people that started businesses should have known the risk. It's the same story. I didn't take the risk of the business, you didn't yet we are all going to pay. That's what I'm saying.

not disagreeing on this, i also dont support stimulus loans to failing companies, every time such help is given it causes recessions, such things are why japan has 250% debt to gdp and why we already passed 100%, the auto industry stimulus under bush erased our surplus and set us on the path we walked to get such a massive deficit, just like after the shutdowns. its always damaging to an economy to give free money, sure when people couldn't work it was necessary or where the business is vital to the nation, outside that though its generally inexcusable to give out money.

I disagree with it because they are literally buying votes and you're only rewarding the unresponsible ones and a very small subset of them as well. No worries though, the next generation is totally screwed and they know it. They have watched the non-stop wars, freebie handouts, stimulus checks, and everything else, which they will be paying for. Most kids don't have much hope of being able to move out on their own as it is. But let's just keep piling on. How about another $100 Billion to Ukrain while we're at it?

ETA: I do feel the colleges have a hand in this situation as well and if it were me, I'd use all those IRS agents and audit the crap out of these colleges and make them pay every penny they could afford to reduce the debt evenly amongst all the students currently in debt. Most colleges are predatory in some sort of way. But the biggest issue is most people that go to college probably should've never gone anyways. I wonder how many people are working outside the field they got a degree in?

a reply to: JAGStorm

Because this president acts as though he has the power to do things he does not. He does not have the authority to erase anyone's debt, only the Congress technically has this power. In addition it is a blatant violation of civil rights, just like his plan to only give loans to businesses owned by POC.

I think both sides know this is a farce, and with all these new IRS gestapo, you think these sheep who vote for Dems will not be AUDITED next year if they got loan forgiveness? It's actually quite sick.

a reply to: JAGStorm

The USA is bankrupt.

People agreed to loaning out the money and agreed they would pay it back.

US colleges and universities are sitting on BILLIONS of dollars. Here is a list of 10 that all have over 10 BILLION dollars laying around:

Columbia University
University of Michigan
University of Notre Dame
Texas A&M
University of Pennsylvania
MIT
Princeton
Stanford
Yale
Harvard

Why on earth would the govt pay anything???

originally posted by: JAGStorm

Is it because someone is getting something you didn't? Well, that's life isn't it. Lots of people get stuff others don't.

God I'd love to hear more leftists use this point lmao

originally posted by: Middleoftheroad
I disagree with it because they are literally buying votes and you're only rewarding the unresponsible ones and a very small subset of them as well. No worries though, the next generation is totally screwed and they know it. They have watched the non-stop wars, freebie handouts, stimulus checks, and everything else, which they will be paying for. Most kids don't have much hope of being able to move out on their own as it is. But let's just keep piling on. How about another $100 Billion to Ukrain while we're at it?

all actions by politicians are to win support or fulfill ambitions, whether democratic or not, nothing new or exclusive to one party, and why shouldn't we help ukraine repel russia, russia dominating in Europe would isolate America from the world, our economy would be threatened greatly by such a situation. dont compare helping failed companies to protecting national interests, its not the same thing.

a reply to: jjkenobi

The USA is bankrupt.

People agreed to loaning out the money and agreed they would pay it back.

US colleges and universities are sitting on BILLIONS of dollars. Here is a list of 10 that all have over 10 BILLION dollars laying around:

And? PPP loans were given out to mostly the rich and forgiven, but that's OK?
qz.com...

Most of the US’ $800 billion in paycheck protection funds went to the richest 20%

Why aren't people up in arms over this?

originally posted by: network dude

originally posted by: JAGStorm

The 10K to kids going to college is a drop in the bucket in the overall sceme of things.

1/2 trillion dollars. if that doesn't sound like a lot, say it again slower

I can say it and I can also sayPP "loans"

Most of the US’ $800 billion in paycheck protection funds went to the richest 20%

More than half a trillion.

Good question.

I dont know why we should pay them for indoctrinating a whole generation.

The people who went to college 30 years ago paid their loans because they were taught something useful and then went and made money.

We yell and scream about how bad schools have gotten and the same people say you have to pay them for it.

I dont think the schools should get one red cent for the last 20 years

originally posted by: network dude

originally posted by: JAGStorm

The 10K to kids going to college is a drop in the bucket in the overall sceme of things.

1/2 trillion dollars. if that doesn't sound like a lot, say it again slower

10k is a drop in the bucket... for the majority of students that will get it. Colleges will continue to charge exorbitant tuition and the government will continue to loan the money to students to pay the colleges. They claim this plan will "encourage universities to keep prices competitive", but that makes no sense, the government is going to be the ones paying them.

a reply to: cashisking

I dont think the schools should get one red cent for the last 20 years

The best higher school system i've seen was when I was in Europe. Turkey in particular.

At the time students had to prove they were college material and had a lot of tests. I guess it was similar to ACT/SAT's but more rigorous. Either you made it or you didn't. If you did your schooling was covered. At the time everyone seemed to be ok with this setup. I don't think it would work here with our corruption, but that system seemed to really work there at the time.

originally posted by: JAGStorm
a reply to: jjkenobi

The USA is bankrupt.

People agreed to loaning out the money and agreed they would pay it back.

US colleges and universities are sitting on BILLIONS of dollars. Here is a list of 10 that all have over 10 BILLION dollars laying around:

And? PPP loans were given out to mostly the rich and forgiven, but that's OK?
qz.com...

Most of the US’ $800 billion in paycheck protection funds went to the richest 20%

Why aren't people up in arms over this?

It was approved by the House and Senate, then signed off by Biden.

You can hate it all day long, but that process was Constitutional.

a reply to: JAGStorm

When I went to college I had grants and scholarships to pay everything except off-campus housing and living expenses. As a result, I was able to earn a degree, completely debt free!

I simply cannot understand why one of the richest, most powerful, most technologically advanced nations to ever exist on this planet, cannot currently provide its citizens with the same advantages it provided to us, just a few decades ago!

Don't tell me "it's too expensive"; the economy is bigger and stronger than it has ever been. When I was in school, the DOW average was barely cracking 1,000, mortgage rates were in the double digits, the US had been engaged in a decade long war in Vietnam, the world was at the mercy of OPEC oil prices, and the Cold War was going full tilt.


A Nation unwilling to invest in its future, deserves none.

a reply to: JAGStorm

Trumps more general tax rebates with less likelihood of return for the country = good.
Biden's more targeted and smaller total rebates with good future outcomes for the country = bad.

Because idiots will idiot.

a reply to: namehere

I used Ukraine as a reference to overspending. If you wanna cheer on Ukraine and tell people why they should, then go make a thread about it.