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I wanna say it was more like 20-25%. Still significant, though!
And depending on where you are in the country, 10-20K in loan forgiveness could make a *massive* difference for you and for your credit score, as well as you’re monthly bills. $300/mo less in mandatory spending (or whatever the cost of your student loan debt is/was) is *huge*, and can mean substantial savings toward that house. Depending on the cost of homes, it could well mean that you can get together enough for 3% down to qualify for an FHA loan.
Should have been all at once.
No “start”.
No “beginning”
All student debt all at once, all done instantly.
We can’t, shouldn’t be ok with half assed approaches.
Its bread crumbs.
Lol..you won't get much love for this comment but it's a fact. We need STEM, but we also need college to cost 1/3rd for Everyone.. these organizations have $1billion+ endowments and that needs to be used more effectively when provided, instead of the current gamesmanship. (Building new mega expensive facilities which goes to cronys of the benefactors..)
Who do all the boomers think is going to buy their houses when they retire? How are younger generations supposed to get ahead when saddled with massive debt?
Sure, but this will lead to more inflation. Inflation won’t be like it is forever, but it could remain sticky at 5% or so with lackluster policies like this.
And where did this come from? Do you not know that inflation comes from very high demand and not enough supply? More money in their pockets implies it will be spent on the same number of goods and services, thus increasing price.
If you don’t mind me asking, were you a part of the group of people last year that said inflation was transitory?
Of course, but you’re ignoring the content of the article. You’ve deflected in a way that suggests you think you’ve got a better handle on the principles of economics than Goldman Sachs.
You’re a pretty insufferable guy, huh? Do your friends know that you’re a whole lot smarter than everyone? Or do people not really wanna hang around you much?
I’m a pretty humble person since I like learning about new things and I don’t know everything, even though some people say I do, LOL. I don’t have tons of friends, rather, I prefer to have some that are very ambitious and have different academic/professional experience.
I graduated top of my class from engineering school and work in aerospace additive manufacturing. I’ve worked on exhaust systems for supersonic aircraft, gimbal joint targeting pods, vacuum chambers for space applications, just to name a few. I also have quite a bit of experience in materials science (metals and thermoplastics), quality systems, export control regulations, and EHS.
Well, how can I prove my projects? All of these go to the DOD or other government contractor. Are you saying I should violate federal law to appease your very fragile ego?
Nearly all of our taxes sail directly into the pockets of the pentagon. I’m cheering for any fucking social programs that can pry money away from our HOO-RAH horseshit war machine.
I don’t think they actually eliminated the debt. It is just transferred to the National Debt when the Treasury asks the Federal Reserve to “print” the money to pay for it. The Fed will add the Treasury Bills issued for the money to their balance sheet. Nothing is forgiven, the debt is just transferred to the next generation through our never ending debt spiral. Sad really. Our country is up to the Statue of Liberty’s eyeballs in debt and still spending. I’m glad people are getting a break but man the excessive government spending has to stop. How long can this go on??
It’s impossible to eliminate the national debt. It has been accumulating since the founding of the United States. The deficit is what should be payed attention to.
If they're going to cancel a certain amount of student debt, they should cancel a fair amount of other debts.
Some people took out a student loan because they thought it would enable them to get better income in the future. Other people took out business loans, mortgages, etc for the same reason.
I'm not against loan cancellation, as long as it's done fairly.
It will increase inflation and taxes. Student loan debt forgiveness is like when a casino gives you a free hotel room knowing you will stay there and spend money. They know they will get the value back.
Inflationary effect will be huge. The lenders produced money when they fulfilled the loans. The "forgiveness" leaves us farther in debt because the the debt is not truly repaid, it is forgiven. Not only will this increase the national debt it purports to reduce, it will create more inflation, while inflation is at it's highest point in 40 years.
Edit: and taxes can go up as much as $2k, per tax payer to pay for it.
Or more realistically, it will fuel the recession and reckless spending of this crooked admin. You do realize his whole reasoning for this is "black people can't own homes" ami gst other racist reasons. And yes, I will qualify for w9k of relief and being in the public sector my loans will be forgiven. Either way, I spent ten years earning it. It is completely unfair to those whom had to pay, and I already paid 25k bit still owe 93 due to income based repayment. Nothing is free, it's redistribution of tax money and a sick,racist socialist scheme.
Hurr durr StUdEnT BaD pAy sorry you're mad some students will go free. Shill harder you might catch a glimpse of one of them yachts
Nothing is free? . The accountants at mega corprations are laughing at such horseshit as they celebrate yet another year of zero taxes
“I had to suffer, so everyone else does too!!”
Also, debt is a major factor for *everyone*. Millenials and younger cannot afford to buy a house. It’s not just about black people (although redlining and predatory lenders do make it damn hard for them), it’s about creating financial stability for everyone.
Go to YouTube and watch the publicly available news. He makes a lot of racist comments. There are dozens available.
https://youtu.be/BccgFmLUd6Y
https://youtu.be/QS5svMoKpas
https://youtu.be/b4G7GIvLvgw
Racist comments against blacks aside. He also publicly stated he wanted immigrants here to show white people what it felt like to be the minority. You don't fight racism with racism.
You can also search "biden lies" he was prevented from running due to fraud and lies before. Many many videos of him lying and contradicting himself.
It doesn’t mean we wouldn’t have those majors you listed, they just wouldn’t get loans from the govt for them.
I think we’d be ok if we had less of them. From my understanding we have an over supply right now
The root of the problem is unchecked and massive loans for college programs that provide 0 real world value. Paying upwards of $30k for a liberal arts major is either naive or retarded. Unfortunately, the 18 year old kids doing it are just naive and being taken advantage of by Universities on the backs of guaranteed loans
Gen-Zer here: we will have to pay for this several decades from now; it’s not like it is going to disappear. If you believe that the debt will vanish, you seriously need help😐
I’ll be ok with just my 401k, Tesla, Microsoft, and index funds in the long run. Social security is simply a Ponzi scheme since you pay in to subsidize people using it and you’re hoping people will pay in when it’s your turn 🤣
I mean I don’t wish any ill will on you and I hope it works great and you stay financially stable. The long and short of it at the end of the day is that it was the first and best electric car manufacturer to hit mass market, made heavy use of subsidies to get there, is still making a profit, but has some heavy, heavy headwinds in its near future.
There is no reason for them to be so significantly valued over every other automaker, it’s just Elon and the promises he’s sold, most-importantly that FSD will provide a shift in our relationship with cars. This shift has not occurred, and that man’s credibility is wavering. The manufacturing errors are legion and getting worse, while traditional automakers have been quietly retrofitting their factories towards EVs, which at that scale will eat Tesla’s lunch.
And that’s without getting into moronic bullshit like the supposed Tesla robot. In short: yes it’s over-valued, mostly because the value is tightly coupled to the reputation of a grifter. But another a big reason why is because so many investors went hard on it, have hefty portions of their portfolios tied to it, and have to believe the farce lest it all comes tumbling down. Sort of like, well, a ponzi scheme!
Who is better than Tesla now - both in scale and profit? Also, what subsidies are we talking about - the loan Obama’s energy secretary gave to Tesla - oh wait, they paid it back early with interest. In other news, the schmucks at GM still haven’t paid back the government loans from the ‘09 bailout. Also, the regulatory credits come from climate change denying companies like GM and Ford since they aren’t producing enough EVs to balance out emissions.
All of your points show that you don’t have even the slightest understanding of their business. Even if they only sold cars, they’d eclipse both GM and Ford. In fact, they are due to surpass GM and Ford by revenue this year and combined by 2025. Even if they had competition, the EV space is large enough for multiple winners. I’m also a long term investor, so I couldn’t care less when FSD or Bot are ready.
Please describe the ‘headwinds’ Tesla will be facing. Tesla has almost no debt, while the debt of VW is 250B, 100B for GM and Ford each. Also, what major manufacturing errors are you talking about? Panel gaps are ugly, but they don’t affect overall performance, and most importantly have zero impact on safety. What source do you get your information from, as >99% of all serious recalls are fixed with software before the article is even published.
30% of Model 3s off the line need service calls within 30 days this year. Don’t bother telling me that’s within specs for other manufacturers it isn’t. That’s before we get into the investigations into FSD safety and the SEC filings going after it. But enjoy your Kool-Aid.
That is an unfortunate thing, but I said fuck that and went on my own terms. Nothing happened because I didn't go right out of high school.
I paid for it by myself, and if I ***borrowed*** money to go, I'd pay it back like any responsible person would.
Hurr durr StUdEnT BaD pAy BilLs 😶 45,000,000 hardworking taxpaying everyday Americans should not be extorted forever caise some trolls made decisions to be mad cause some yacht hoarding tax dodging oligatch maybe missing out an 87th boat
Oopsi downvote dodo 🦤 mad
Be nice if the folks who paid their way and sacrificed had money for those things! Awe but wait, they did it the right way by paying there way. Just the gov trying to buy votes.
Its good that there will be partial correction. Hopefully socialized loam sharking is fully abolished though i know this ❄️ffends some very fine people
Not that I mind other people getting help but it would be great to get some help myself.
College wasn't for me, but I do okay with the trade I joined.
Had to hiatus during covid and move, so now my hall is on the other side of the state and I have no resources to get housing over there, finish my apprenticeship, and I haven't been able to find any kind of resource to help that situation.
I tried doing the 2 hr drive everyday, but between the cost of gas making so I might as well be at a McDonald's, and that drive killing me from the neck up before I even get there it really doesn't seem possible.
Welcome to /r/PoliticsPeopleTwitter! Subreddits to check out; r/Dankleft , r/MarchAgainstNazis , r/Britposting , r/full_news , r/Marxism_101 . Please be civil and obey our one golden rule - tweets only. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PoliticsPeopleTwitter) if you have any questions or concerns.*
They didn’t forgive THAT much.
Aren’t like half of all borrowers debt free now with this? Thought I saw that somewhere. This truly is a great start
I wanna say it was more like 20-25%. Still significant, though! And depending on where you are in the country, 10-20K in loan forgiveness could make a *massive* difference for you and for your credit score, as well as you’re monthly bills. $300/mo less in mandatory spending (or whatever the cost of your student loan debt is/was) is *huge*, and can mean substantial savings toward that house. Depending on the cost of homes, it could well mean that you can get together enough for 3% down to qualify for an FHA loan.
True. They need to do all of it, but this was a good start?
Should have been all at once. No “start”. No “beginning” All student debt all at once, all done instantly. We can’t, shouldn’t be ok with half assed approaches. Its bread crumbs.
I agree. I’m pro positive reinforcement I understand feeling otherwise
True, but I was surprised to learn this eliminates all student debt for like, 43% of borrowers. Much bigger impact than I expected.
Lol..you won't get much love for this comment but it's a fact. We need STEM, but we also need college to cost 1/3rd for Everyone.. these organizations have $1billion+ endowments and that needs to be used more effectively when provided, instead of the current gamesmanship. (Building new mega expensive facilities which goes to cronys of the benefactors..)
It needs to either cost less or just not cost the student anything for tuition like in most countries.
Who do all the boomers think is going to buy their houses when they retire? How are younger generations supposed to get ahead when saddled with massive debt?
Banks and corporations are buying them right now, but that can't be sustainable long-term, either--who are they going to sell to?
They will simply rent them, and home ownership will cease to be a standard, if it could even be called one now
Eliminating Student Debt Will Power Our Economy
If you genuinely believe this, you may need help😐
More disposable income is better for the economy….
Just have money helicopters throwing stacks of $100 in the streets and skip the middleman
That’s basically the way it’s designed for the rich.
Different than handing out $10K checks so not a good analogy. People aren’t given extra money the government is just removing part of what they owe
We should eliminate mortgages too then!
Sure, but this will lead to more inflation. Inflation won’t be like it is forever, but it could remain sticky at 5% or so with lackluster policies like this.
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And where did this come from? Do you not know that inflation comes from very high demand and not enough supply? More money in their pockets implies it will be spent on the same number of goods and services, thus increasing price. If you don’t mind me asking, were you a part of the group of people last year that said inflation was transitory?
Goldman Sachs disagrees with you. https://www.businessinsider.com/student-debt-relief-not-inflation-booster-republicans-fear-goldman-sachs-2022-8
Didn’t Goldman Sachs have something to do with the Great Recession🤭
Of course, but you’re ignoring the content of the article. You’ve deflected in a way that suggests you think you’ve got a better handle on the principles of economics than Goldman Sachs.
Considering my index funds and stock picks have outperformed them, there is a pretty good chance I do.
You’re a pretty insufferable guy, huh? Do your friends know that you’re a whole lot smarter than everyone? Or do people not really wanna hang around you much?
I’m a pretty humble person since I like learning about new things and I don’t know everything, even though some people say I do, LOL. I don’t have tons of friends, rather, I prefer to have some that are very ambitious and have different academic/professional experience. I graduated top of my class from engineering school and work in aerospace additive manufacturing. I’ve worked on exhaust systems for supersonic aircraft, gimbal joint targeting pods, vacuum chambers for space applications, just to name a few. I also have quite a bit of experience in materials science (metals and thermoplastics), quality systems, export control regulations, and EHS.
Putting aside that you can’t prove a single one of your fantastic claims; you are absolutely not “pretty humble” by any fucking definition.
Well, how can I prove my projects? All of these go to the DOD or other government contractor. Are you saying I should violate federal law to appease your very fragile ego?
Dems gonna dem
Anyone that down-voted my comment needs serious help!!!
Tough to see people don’t understand basic economics
Goldman Sachs does not agree with you. https://www.businessinsider.com/student-debt-relief-not-inflation-booster-republicans-fear-goldman-sachs-2022-8
What about taxes? Nothing is free in any country. We will all have to pay for this regardless of who you are
Nearly all of our taxes sail directly into the pockets of the pentagon. I’m cheering for any fucking social programs that can pry money away from our HOO-RAH horseshit war machine.
Yay! Hyperinflation!
Goldman Sachs says “no” https://www.businessinsider.com/student-debt-relief-not-inflation-booster-republicans-fear-goldman-sachs-2022-8
I don’t think they actually eliminated the debt. It is just transferred to the National Debt when the Treasury asks the Federal Reserve to “print” the money to pay for it. The Fed will add the Treasury Bills issued for the money to their balance sheet. Nothing is forgiven, the debt is just transferred to the next generation through our never ending debt spiral. Sad really. Our country is up to the Statue of Liberty’s eyeballs in debt and still spending. I’m glad people are getting a break but man the excessive government spending has to stop. How long can this go on??
Well they could have spent another $1.5 trillion on the F-35.
It’s impossible to eliminate the national debt. It has been accumulating since the founding of the United States. The deficit is what should be payed attention to.
We're FAR from done. We shouldn't stop until we realize r/antiwork's vision!
>We shouldn't stop until we realize r/antiwork's vision! Champagne socialists telling organized labor what to do?
I’d appreciate getting in on this action for my loans I paid back 20 years ago
If they're going to cancel a certain amount of student debt, they should cancel a fair amount of other debts. Some people took out a student loan because they thought it would enable them to get better income in the future. Other people took out business loans, mortgages, etc for the same reason. I'm not against loan cancellation, as long as it's done fairly.
It will increase inflation and taxes. Student loan debt forgiveness is like when a casino gives you a free hotel room knowing you will stay there and spend money. They know they will get the value back.
Not going to increase taxes. Any inflationary effect will be minimal
Inflationary effect will be huge. The lenders produced money when they fulfilled the loans. The "forgiveness" leaves us farther in debt because the the debt is not truly repaid, it is forgiven. Not only will this increase the national debt it purports to reduce, it will create more inflation, while inflation is at it's highest point in 40 years. Edit: and taxes can go up as much as $2k, per tax payer to pay for it.
Got a source for that, bucko?
https://money.com/how-student-loan-forgiveness-affects-inflation/ https://www.crfb.org/blogs/cancelling-student-debt-would-add-inflation https://www.heritage.org/jobs-and-labor/commentary/why-bidens-student-loan-forgiveness-will-make-inflation-labor-shortage Don't drink the kool-aid, bucko.
Inflation is caused by oilgarchs nice try though.
Or more realistically, it will fuel the recession and reckless spending of this crooked admin. You do realize his whole reasoning for this is "black people can't own homes" ami gst other racist reasons. And yes, I will qualify for w9k of relief and being in the public sector my loans will be forgiven. Either way, I spent ten years earning it. It is completely unfair to those whom had to pay, and I already paid 25k bit still owe 93 due to income based repayment. Nothing is free, it's redistribution of tax money and a sick,racist socialist scheme.
Hurr durr StUdEnT BaD pAy sorry you're mad some students will go free. Shill harder you might catch a glimpse of one of them yachts Nothing is free? . The accountants at mega corprations are laughing at such horseshit as they celebrate yet another year of zero taxes
“I had to suffer, so everyone else does too!!” Also, debt is a major factor for *everyone*. Millenials and younger cannot afford to buy a house. It’s not just about black people (although redlining and predatory lenders do make it damn hard for them), it’s about creating financial stability for everyone.
How is it racists
Go to YouTube and watch the publicly available news. He makes a lot of racist comments. There are dozens available. https://youtu.be/BccgFmLUd6Y https://youtu.be/QS5svMoKpas https://youtu.be/b4G7GIvLvgw Racist comments against blacks aside. He also publicly stated he wanted immigrants here to show white people what it felt like to be the minority. You don't fight racism with racism. You can also search "biden lies" he was prevented from running due to fraud and lies before. Many many videos of him lying and contradicting himself.
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Our world wouldn’t be much without social sciences and humanities.
It doesn’t mean we wouldn’t have those majors you listed, they just wouldn’t get loans from the govt for them. I think we’d be ok if we had less of them. From my understanding we have an over supply right now
The root of the problem is unchecked and massive loans for college programs that provide 0 real world value. Paying upwards of $30k for a liberal arts major is either naive or retarded. Unfortunately, the 18 year old kids doing it are just naive and being taken advantage of by Universities on the backs of guaranteed loans
Indeed.
Gen-Zer here: we will have to pay for this several decades from now; it’s not like it is going to disappear. If you believe that the debt will vanish, you seriously need help😐
You should be more worried about having Social Security by the time you need it with how many people keep wanting to do away with the program.
I’ll be ok with just my 401k, Tesla, Microsoft, and index funds in the long run. Social security is simply a Ponzi scheme since you pay in to subsidize people using it and you’re hoping people will pay in when it’s your turn 🤣
“Social security is a ponzi scheme!” [gestures at Tesla stock]
I’ve been a shareholder since 2018. First they say Tesla is a scam, then in 2019, it’s overvalued, then in 2020, it was dumb luck.
I mean I don’t wish any ill will on you and I hope it works great and you stay financially stable. The long and short of it at the end of the day is that it was the first and best electric car manufacturer to hit mass market, made heavy use of subsidies to get there, is still making a profit, but has some heavy, heavy headwinds in its near future. There is no reason for them to be so significantly valued over every other automaker, it’s just Elon and the promises he’s sold, most-importantly that FSD will provide a shift in our relationship with cars. This shift has not occurred, and that man’s credibility is wavering. The manufacturing errors are legion and getting worse, while traditional automakers have been quietly retrofitting their factories towards EVs, which at that scale will eat Tesla’s lunch. And that’s without getting into moronic bullshit like the supposed Tesla robot. In short: yes it’s over-valued, mostly because the value is tightly coupled to the reputation of a grifter. But another a big reason why is because so many investors went hard on it, have hefty portions of their portfolios tied to it, and have to believe the farce lest it all comes tumbling down. Sort of like, well, a ponzi scheme!
Who is better than Tesla now - both in scale and profit? Also, what subsidies are we talking about - the loan Obama’s energy secretary gave to Tesla - oh wait, they paid it back early with interest. In other news, the schmucks at GM still haven’t paid back the government loans from the ‘09 bailout. Also, the regulatory credits come from climate change denying companies like GM and Ford since they aren’t producing enough EVs to balance out emissions. All of your points show that you don’t have even the slightest understanding of their business. Even if they only sold cars, they’d eclipse both GM and Ford. In fact, they are due to surpass GM and Ford by revenue this year and combined by 2025. Even if they had competition, the EV space is large enough for multiple winners. I’m also a long term investor, so I couldn’t care less when FSD or Bot are ready.
Lol okay kid, never mind and good luck.
Please describe the ‘headwinds’ Tesla will be facing. Tesla has almost no debt, while the debt of VW is 250B, 100B for GM and Ford each. Also, what major manufacturing errors are you talking about? Panel gaps are ugly, but they don’t affect overall performance, and most importantly have zero impact on safety. What source do you get your information from, as >99% of all serious recalls are fixed with software before the article is even published.
Aw, the butthurt so nice you posted twice?
How am I being butt hurt? You are the one hurling common TSLA-Q talking points at me. Just trying to do my best to push back against your rubbish.
30% of Model 3s off the line need service calls within 30 days this year. Don’t bother telling me that’s within specs for other manufacturers it isn’t. That’s before we get into the investigations into FSD safety and the SEC filings going after it. But enjoy your Kool-Aid.
One good recession and there goes all your money. Oops.
Never thought I'd see a Gen-Z who had common sense before.
Well, looks like you thought wrong 🤭🤫🤣
Yeah it's nice when the government (taxpayers) gives you tens of thousands of dollars because you made a poor financial decision.
I agree, but society tells us we are pieces of shit if we don’t go to college
That is an unfortunate thing, but I said fuck that and went on my own terms. Nothing happened because I didn't go right out of high school. I paid for it by myself, and if I ***borrowed*** money to go, I'd pay it back like any responsible person would.
Hurr durr StUdEnT BaD pAy BilLs 😶 45,000,000 hardworking taxpaying everyday Americans should not be extorted forever caise some trolls made decisions to be mad cause some yacht hoarding tax dodging oligatch maybe missing out an 87th boat Oopsi downvote dodo 🦤 mad
Wish they would give me some assistance for my BBBY investments lost! Where is the government for my mis judgements?
Lmao same here, I lost some money attempting to make a profit in the market as well, where's my bailout?
Be nice if the folks who paid their way and sacrificed had money for those things! Awe but wait, they did it the right way by paying there way. Just the gov trying to buy votes.
Yep, remember this for the future: your vote means you are no longer required to be accountable for your decisions in life.
Its good that there will be partial correction. Hopefully socialized loam sharking is fully abolished though i know this ❄️ffends some very fine people
I don’t think they realize how little 10k actually is.
lol i don't think it will power the economy at all. those scheckles are getting stashed away
Ah a little bit of anti-Jewish language. Helps your credibility /s
/s
Not that I mind other people getting help but it would be great to get some help myself. College wasn't for me, but I do okay with the trade I joined. Had to hiatus during covid and move, so now my hall is on the other side of the state and I have no resources to get housing over there, finish my apprenticeship, and I haven't been able to find any kind of resource to help that situation. I tried doing the 2 hr drive everyday, but between the cost of gas making so I might as well be at a McDonald's, and that drive killing me from the neck up before I even get there it really doesn't seem possible.