Why Are People So Mad about the Biden 10K forgiveness

People are angry because there is no reason taxpayers should pay for more English degrees (and the like.) I blame students for being insanely stupid for taking on debt they can't repay, but I ALSO blame the banking institutions that give them the loans. I do not know if they are forced by the government to do so (It's just a suspicion I have.) but one thing is certain: They are not requiring an ROI statement that lays out how these kids plan to pay the money back. Face it: If you are an engineering major, chances are you can land a good job right out of the gate and be able to pay back the money. But if you are enamored with the liberal arts, you'll be flinging fries for the foreseeable future. You could have done that out of high school. Investing in a trade school would be a far better choice. Would you rather be a journeyman electrician or a "shift supervisor" in retail? The way to fix this is to stop the loans, but then you;d have the "equity" people screaming bloody murder because "it's not fair!" But if I have to deal with yet another English major who can't spell worth # and has the grammar skills of a cockroach I'm gonna scream.

I had to work 3 jobs to help pay off my college loan. Getting what they call forbearance after forbearance just jacked up the interest to the stratosphere.

So, a lot of people may be thinking. Well, dam, what about me? Can I get a rebate or something? Of course, that's ridiculous, but it's natural to think about it.

So many of us suckers who have already suffered through this insane, sadistic college loan system in America may feel kind of cheated or envious (which isn’t a good thing but is human).

Though, I’m happy for the folks who can take advantage of this charity. Good for them.

originally posted by: JAGStorm

The 10K to kids going to college is a drop in the bucket in the overall sceme of things. I personally would rather help college kids starting out vs sending money to other countries or illegal aliens. We always hear, why aren't our kids getting help. Well here is one time they are and everyone is up in arms over it.

My husband and I both went to college. I was living in real poverty when I was in school. We didn't have help from our parents. I worked three jobs at one point and went to school on and off. It was horrible and I hope nobody has to go through that. Even though college was very cheap at the time so was pay.

Well first it is just a scam to get something positive going, but more important that payment is to entitled people payed for by people that never went to college. It is actually a bigger negative against the poor; here pay for my college so I can get a better job then you will your whole life.

Jag, if you can't see that then I don't know what else to say. If you can't figure out how to pay for college don't go in the first place. I would have been open to level setting interest to like 3% than do any payouts.

a reply to: olaru12

Nope, oil companies are not the one making record profits this day, you need to get upated on your sources,

Profit per Second
The world’s biggest companies generate an incredible amount of money each year, with tech giants such as Apple posting annual profits of as much as $55 billion.

tipalti.com...

BTW when it comes to oil companies profits, China is on top.

FRESHMAN YEAR ECON 101

moral hazard
noun

en.m.wikipedia.org...

“In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk.”

In other words when people spend their own money they are very concerned about getting quality and a good price.
When you are spending let’s say your boss's money you are still somewhat concerned about quality and price.
But when other people spend other peoples money there is no concern for quality or price.
Congress doesn’t care about spending your money because it’s not their money and the colleges don’t care cause other people are spending other peoples money.

Colleges have a moral hazard now to keep charging higher and higher prices now because they have no skin in the game not too. Who cares? The government always pays what we demand whether the kid pays it back or not.

The fact that the government is even IN the student loan industry is Marxist. Students have a moral hazard now to borrow as much as possible from the government because it’s not the students money and they know now they can keep voting in communist politicians that will forgive more debt.

The box is open now to other forgiveness. Mortgages, car loans, credit cards you name it.

The REASON WHY COLLEGE IS SO EXPENSIVE IS because colleges don’t ever have to worry about controlling costs due to the free endless money they get from the American taxpayer.

This is FRESHMAN ECON 101 Adam Smith stuff. Please people read
Adam Smith: WEALTH OF NATIONS.

A COMMAND and CONTROL CENTRALIZED ECONOMY has never worked in the history of human civilization and never will PERIOD.

As long as the colleges don’t have to compete with each other over price and quality because there isn’t any true price discovery then college will keep getting more expensive.
The only way to reduce college costs is to end student loans the the Free market will FORCE colleges to lower costs so people can afford it without taking loans out

Im more concerned with getting out of conflucts, wars and giving aid to questionable regimes so we can afford to pay for debt forgivenedd. Of course, no recent potus is willing to talk about that.

spam

a reply to: MidMessFar

kill yourself.

a reply to: marg6043

Nope, oil companies are not the one making record profits this day, you need to get upated on your sources,

OK, I will....even so, I don't refuse the checks for the gas and oil leases on my Texas property.

After all it's just capitalism. I'm blessed to live in the land of opportunity; from the entrepreneurial stand point and just blind luck.

However....No todo lo que brilla es oro

a reply to: olaru12

Tienes razon, aveces lo que brilla es oro the mentiras.

Any way we actually do not have a crisis of oil in the US, all this gas woes has been manufactured to push for green crap by the biden administration.

a reply to: ketsuko


The program is more than handing out money. It also monitors and publicizes the amount of debt the average student incurrs in programs, thus identifying failing or predatory programs. The registrar for college accreditation that accredited the most predatory colleges was also shutdown.

More so, colleges are going to be monitored for increasing costs and will have to justify raising tuition.

a reply to: DBCowboy

This is the strongest argument for or against this action. The process in which student loan forgiveness has occurred is quite questionable.

For one it’s discrimination, but hey that’s life you say? Plenty of ways to justify bad policy like you have.

The president does not hold the power of the purse- biden doesn’t have the authority to issue this.

It’s vote buying plane and simple.

How many more new loans will they be issuing knowing they need to forgive 10-20k of each loan? Since they won’t be issuing new loans, what have they actually done to help people?

a reply to: JAGStorm

a reply to: JAGStorm

Maybe because we can't afford it? This is all a political tool to gain support in November. Its bordering on criminal if you ask me.

I will say that the people voicing their support for this are the ones that probably took majors that have nothing to do with the modern workforce or economy. Because of that we are supposed to float their bill? I also see a lot of videos demanding more as well. Its usually the overweight, out of shape, angry, lonely people. The kind that want to put their boot on your neck because they are not happy.

Why are we so mad? I think you need to ask why are those that are getting the $10k still so mad?

That last question was rhetorical. We all know why the unattractive, overweight lefties are mad.

a reply to: namehere

I totally agree with you. I went to college, paid off my student loans. I didn't get any help. Why should others get help? This ian't going to solve anything. They will probably raise our taxes, so they can give out more free money.

a reply to: starlahazelnut
British soldiers told to get ready for war against Russia - and prepare loved ones

a reply to: asabuvsobelow

I'm curious how did that work out for you and your husband ? Did college Pay Off ? Are you now working in the field of your College studies making above average income ?

College degrees for myself and my husband was one key in allowing us to live our dream life.
Do we make above average income? We pay more in our taxes than the average income.

I worked in the field my degree was in, my husbands degree wasn’t but easy enough to apply generally to a lot of areas.
In my own family everyone that went to college is well off, the few that didn’t are always, and I mean always struggling. The stark difference is astounding. From the food we eat, our health, our houses, our ability to help our own children.
The one word that comes to mind, is stability.

Is college the the only way to have success? Of course not, but I do believe it is a piece to the whole puzzle for a lot.
Should everyone go to college. Absolutely not, and maybe this is more of the conversation we should be having. Unfortunately it was pushed that it was the only means of success and that’s not true.

originally posted by: starlahazelnut
a reply to: namehere

I totally agree with you. I went to college, paid off my student loans. I didn't get any help. Why should others get help? This ian't going to solve anything. They will probably raise our taxes, so they can give out more free money.

I went to college and paid it off myself. I had zero help, even from my own parents.
I worked 3 jobs and lived in poverty, I truly suffered. I am cognizant enough to know I wouldn’t wish that on future generations. Is what is being done the total answer, NO. There is so much needing correction, but at least this is a little bit of help.

a reply to: JAGStorm

At the expense of the American taxpayer who did not sign up to pay for someone else's debt.

originally posted by: VierEyes
a reply to: JAGStorm

At the expense of the American taxpayer who did not sign up to pay for someone else's debt.

Yeah, and the 99.999% other stuff we didn't sign up for either.
I guess my thought is at least this is one thing I can actually see helping a little to people that are actually TRYING to better themselves.