Biden on forgiving student loan debt

[BrokeLoser]

What do you all think of Bidens answer to this question?

Biden on forgiving student loan debt
“Forgiving” is such a FEEL good word.
How is he “FORGIVING” this debt?
What’s behind this forgiveness?
Explain the workings of how this debt is forgiven?

Forgiving a debt is an actual term that is used in economics. Not snowflake emo spin. Nice try at a twisting the topic but how about you answer the question in the OP before expecting me to answer your questions?

I refuse to logon to twitter and I refuse to watch or listen to the Almost Dead Dude speak....what exactly did he say?

 

[AzogtheDefiler]

And who does everyone thing will be picking up the tab??

Why we tax payers of course.

If you want to go to college, get a job or a loan and go. Just don't expect the tax payers to pay your college bill for you.

The same people who pick up the tab when a big corporation bails and raids the retirement funds the govt. insures.

Then that makes everything okay? I’m tired of every stupid decision someone makes, we pay for. Trillions in debt, and those that promised to pay need to be held accountable and quit sponging off the working middle class.

I'm not meaning to promote debt but I am curious... How has the trillions in debt that our country has accumulated impacted your life?

It's going to. The rest of the world isn't going to allow us to print, print, print to buy new cars and vacation homes while they struggle with basic needs forever. It may not affect me but it's going to greatly affect future generations and as I note many times, it's not just about me.

I get the "its going to" argument but we have carried a national debt for generations. So my question is what actual effects have you felt in your lifetime as a result of the national debt?

I told you. I care about future generations. It also makes me want to puke when one group getting billions a year complains about those below them getting a little help.

I know you care about future generations as do I. Like I said, im not dismissing the importance of fiscal responsibility but I am asking if you or anybody you know has actually been impacted from the National debt. And if so, how?

You simply dismiss concerns as not legit.

Such as I want UHC. Even though someone like Sanders promotes a plan largely paid for people scream BUT we are $28 trillion in debt.

I never said your concerns weren't legit, I actually shared your concerns, don't put words in my mouth. But, I'm asking very simple questions and you keep avoiding direct answers.

I've answered it more than once.

You are right you answered the question, but you did so indirectly. You didn't actually give a direct answer the question that I asked. It was a very simple yes or no question that would involve some details if yes. I'm guessing the answer is No, you haven't seen any effects in your lifetime but you are concerned about the future. Is that right? Too bad I need to play guessing games to get a straight answer. Hope you can do better in the future

I explained how it directly affects me. The debt affects nearly everything. Interest rates such as how a retiree used to be able to live off interest on their savings. Now there is no interest.

I was looking at an older pic yesterday. 50 years appx. Banks were advertising 7% on savings. A retiree could do pretty well on that. Now they can't.

But you realize back then mortages were near 15-20% right?

No they weren't. They were in the 80's. That's when we really started screwing things up.

Yes thats what they were in the 80's, they were between 8-12% in the 70's 50 years ago. What are you arguing about? My point is valid no matter what the interest rates are, I was speaking to what correlates with interest rates and I don't see how the national debt effected rates in the way that you claimed.


View attachment 458304

The rates have been driven down to finance the debt.

Yes because new money is created from borrowing and borrowing is what circulates money and grows the economy. Do you want a 15% mortgage on your home loan in exchange for a 7% interest rate on your savings account? Would you make that deal?

I don't need a mortgage. I was asked how it would affect me. All the same, I've already disputed the accusation that when banks were paying 7% that home loans were 15% so dismissed.

Ooh boy, you sure showed me... you win. I guess thats all your looking for instead of a substantive debate. Good day

You wanted an example. I provided quite a few. So what do you consider a debate? Answering your question doesn't qualify?

You provided some examples yes and then I asked about the examples. Like the interest rates. Why do you think the national debt effected the interest rates? They were obviously lowered to encourage borrowing. Why would we want to encourage borrowing? Because that creates new money and stimulates the economy. It also give people the opportunity to own houses and start new businesses. Those are the real reasons why interest rates have changed. If you disagree and still think it is because of the national debt then please explain why and how

Please. If you want a debate, either don't pretend to not understand or educate yourself.

I understand what you are saying but I don't agree, I provided my reasoning and asked you to explain why you would disagree but you reply back with this crap?! come on

The rates are low to finance the debt. If there is a need the interest rate is a secondary concern. People were starting businesses and buying cars and homes when interest rates were far higher.

I sold cars from 1987-1995. It was a big deal if we would get rates below 9 something. We still sold cars everyday. The first house I bought in 1985 was 9.9%.

I don't see what that had to do with my question or what we are discussing. You are showing how the national debt increase causes rates to drop. There are so many other policy reasons that caused the rates to drop that had nothing to do with the national debt.

It's all done to allow the debt to continue to rise and to boost the markets.

Ok back that up because I would say that its done to promote more borrowing which stimulates the economy... This is like economics 101 but if you have a different theory then I'm open to listen but you're gonna need to back it up.

Sorry, are you really arguing that the ultra low interest rates have nothing to do with the debt? How would the daily news be today if we were $28 trillion in debt and rates were at 9%?


Explain something to me. The argument in economics forever has been in good economic times you raise taxes and interest rates. Trump bragged over and over how he oversaw the greatest economy ever yet we did not raise tax or interest rates. He actually threatened the Fed for arguing they would raise rates.

Where would the money be coming from if rates were even 7%?

Tax revenues come from economic activity higher rates equal less borrowing equals less activity. Of Course you need to find the sweet spot... But the factor I don't see in this equation is the national debt. You still haven't explained how that practically effects things. My examples actually show cause and effect. yours doesn't... Can you elaborate more on how you think the national debt effects rates.

Rates were driven down because of our huge deficits and to boost wall street. I've already addressed this.

No you didn't, you made statements without explanations. Rates were driven down to boost Wall Street yes. Because lower rates creates more borrowing and investing. You haven't explained what deficits or the overall debt has to do with any of it

He is saying that keeping rates low reduces the interest expenses on our $28trn in debt. He is correct but it doesn’t matter when you print money.

Temporarily. Are you saying debt doesn't matter?

Correct until your currency is devalued. That’s what makes China so dangerous. If you could print money would you care what your credit card bill was?

 

[AzogtheDefiler]

And who does everyone thing will be picking up the tab??

Why we tax payers of course.

If you want to go to college, get a job or a loan and go. Just don't expect the tax payers to pay your college bill for you.

The same people who pick up the tab when a big corporation bails and raids the retirement funds the govt. insures.

Then that makes everything okay? I’m tired of every stupid decision someone makes, we pay for. Trillions in debt, and those that promised to pay need to be held accountable and quit sponging off the working middle class.

I'm not meaning to promote debt but I am curious... How has the trillions in debt that our country has accumulated impacted your life?

It's going to. The rest of the world isn't going to allow us to print, print, print to buy new cars and vacation homes while they struggle with basic needs forever. It may not affect me but it's going to greatly affect future generations and as I note many times, it's not just about me.

I get the "its going to" argument but we have carried a national debt for generations. So my question is what actual effects have you felt in your lifetime as a result of the national debt?

I told you. I care about future generations. It also makes me want to puke when one group getting billions a year complains about those below them getting a little help.

I know you care about future generations as do I. Like I said, im not dismissing the importance of fiscal responsibility but I am asking if you or anybody you know has actually been impacted from the National debt. And if so, how?

You simply dismiss concerns as not legit.

Such as I want UHC. Even though someone like Sanders promotes a plan largely paid for people scream BUT we are $28 trillion in debt.

I never said your concerns weren't legit, I actually shared your concerns, don't put words in my mouth. But, I'm asking very simple questions and you keep avoiding direct answers.

I've answered it more than once.

You are right you answered the question, but you did so indirectly. You didn't actually give a direct answer the question that I asked. It was a very simple yes or no question that would involve some details if yes. I'm guessing the answer is No, you haven't seen any effects in your lifetime but you are concerned about the future. Is that right? Too bad I need to play guessing games to get a straight answer. Hope you can do better in the future

I explained how it directly affects me. The debt affects nearly everything. Interest rates such as how a retiree used to be able to live off interest on their savings. Now there is no interest.

I was looking at an older pic yesterday. 50 years appx. Banks were advertising 7% on savings. A retiree could do pretty well on that. Now they can't.

But you realize back then mortages were near 15-20% right?

No they weren't. They were in the 80's. That's when we really started screwing things up.

Yes thats what they were in the 80's, they were between 8-12% in the 70's 50 years ago. What are you arguing about? My point is valid no matter what the interest rates are, I was speaking to what correlates with interest rates and I don't see how the national debt effected rates in the way that you claimed.


View attachment 458304

The rates have been driven down to finance the debt.

Yes because new money is created from borrowing and borrowing is what circulates money and grows the economy. Do you want a 15% mortgage on your home loan in exchange for a 7% interest rate on your savings account? Would you make that deal?

I don't need a mortgage. I was asked how it would affect me. All the same, I've already disputed the accusation that when banks were paying 7% that home loans were 15% so dismissed.

Ooh boy, you sure showed me... you win. I guess thats all your looking for instead of a substantive debate. Good day

You wanted an example. I provided quite a few. So what do you consider a debate? Answering your question doesn't qualify?

You provided some examples yes and then I asked about the examples. Like the interest rates. Why do you think the national debt effected the interest rates? They were obviously lowered to encourage borrowing. Why would we want to encourage borrowing? Because that creates new money and stimulates the economy. It also give people the opportunity to own houses and start new businesses. Those are the real reasons why interest rates have changed. If you disagree and still think it is because of the national debt then please explain why and how

Please. If you want a debate, either don't pretend to not understand or educate yourself.

I understand what you are saying but I don't agree, I provided my reasoning and asked you to explain why you would disagree but you reply back with this crap?! come on

The rates are low to finance the debt. If there is a need the interest rate is a secondary concern. People were starting businesses and buying cars and homes when interest rates were far higher.

I sold cars from 1987-1995. It was a big deal if we would get rates below 9 something. We still sold cars everyday. The first house I bought in 1985 was 9.9%.

I don't see what that had to do with my question or what we are discussing. You are showing how the national debt increase causes rates to drop. There are so many other policy reasons that caused the rates to drop that had nothing to do with the national debt.

It's all done to allow the debt to continue to rise and to boost the markets.

Ok back that up because I would say that its done to promote more borrowing which stimulates the economy... This is like economics 101 but if you have a different theory then I'm open to listen but you're gonna need to back it up.

Sorry, are you really arguing that the ultra low interest rates have nothing to do with the debt? How would the daily news be today if we were $28 trillion in debt and rates were at 9%?


Explain something to me. The argument in economics forever has been in good economic times you raise taxes and interest rates. Trump bragged over and over how he oversaw the greatest economy ever yet we did not raise tax or interest rates. He actually threatened the Fed for arguing they would raise rates.

Where would the money be coming from if rates were even 7%?

Tax revenues come from economic activity higher rates equal less borrowing equals less activity. Of Course you need to find the sweet spot... But the factor I don't see in this equation is the national debt. You still haven't explained how that practically effects things. My examples actually show cause and effect. yours doesn't... Can you elaborate more on how you think the national debt effects rates.

Rates were driven down because of our huge deficits and to boost wall street. I've already addressed this.

No you didn't, you made statements without explanations. Rates were driven down to boost Wall Street yes. Because lower rates creates more borrowing and investing. You haven't explained what deficits or the overall debt has to do with any of it

He is saying that keeping rates low reduces the interest expenses on our $28trn in debt. He is correct but it doesn’t matter when you print money.

I agree, but you said it earlier we don't feel the effects of the debt or deficit directly in our daily lives. I don't know if we have for generations. The concern is about the elusive cliff that we would drop off if our currency was devalued or became obsolete through massive inflation like what happened in Venezuela. Right?

Bingo!

 

[Fort Fun Indiana]

If you could print money would you care what your credit card bill was?

Not how QE works. Quick read: Why Quantitative Easing Is Not Printing Money and Why It Matters | The GailFosler Group

 

[Brain357]

We have a Democrat in office. Are you expecting the deficit to decrease?

Biden gonna be a deficit hawk?

Maybe, trump was running ads of Biden wanting to freeze spending.

 

[pknopp]

I said people would still buy cars at 7%. I also mentioned that I sold cars for years at 9-10%.

And i explained why the first statement was a misguided response, and why the second statement was true and possible at that time, but would not be possible today.

Of course it would be. Your answer reminds me of a argument many years ago. Oil was nearing $150 a barrel. I was arguing that it was NOT based upon fundamentals and it would never hold up. I was told it would never drop below $100 again and to get used to it.

 

[Fort Fun Indiana]

Maybe, trump was running ads of Biden wanting to freeze spending.

Well, he was vice president for the administration that introduced less new spending than any President in 40 years, while managing to stave off a depression. That is what "qualifications" look like.

 

[Brain357]

So this college debt forgiving is just a really bad idea. It would be a big some of money for a minority of people. Those who already paid for school would be hosed, future students would be hosed, cost of college would increase even more. What we need is a plan to keep the cost of college affordable. Forgiving debt would just inspire colleges to charge more.

 

[Brain357]

Maybe, trump was running ads of Biden wanting to freeze spending.

Well, he was vice president for the administration that introduced less new spending than any President in 40 years, while managing to stave off a depression. That is what "qualifications" look like.

Yes, deficits shrunk almost every year.
Joe Biden Wants to Freeze Government Spending Including Social Security 4 Times C SPAN 95 - YouTube

 

[Fort Fun Indiana]

Of course it would be.

Of course, the fact that the fed target rate can't seem to get above 0.25% (3.25% when the economy was supposedly roaring) shows the entire world you are just flat out, 100% wrong. If you want to debate whether or not water is wet, knock yourself out. But it won't be with me.

Oil prices = irrelevant to this.

The reason consumer loan rates have stayed low is because of stagnant wages that have not kept pace with the cost of durable goods, and especially homes and cars. Rates have stayed low, yet 30-yr mortgages and 7-yr loans on newer cars are the norm. It's all right there in front of you. You arent going to put words in just the right order to get around the basic facts of the matter.

And mortgage rates being this low is not a.good symptom of the economy or the economic health of our federal government either. They are tied to treasury bond yields. Our tax revenue as a % of GDP is stupidly low. It's a global economic embarrassment, really. The average child playing Sim City would do better. Because losing in a video game is an ACTUAL consequence, where as the people in charge of tax policy feel ZERO consequences of their mismanagement.

 

[Hang on Sloopy]

What do you all think of Bidens answer to this question?

As long as all the parents and students who sacrificed and sweated out paying these loans off and foregoing things are reimbursed for their efforts, responsibility, and dedication, I have no problem with this at all.

Agree???...Fair????.Hmmmm????

 

[Slade3200]

What do you all think of Bidens answer to this question?

Biden on forgiving student loan debt
“Forgiving” is such a FEEL good word.
How is he “FORGIVING” this debt?
What’s behind this forgiveness?
Explain the workings of how this debt is forgiven?

Forgiving a debt is an actual term that is used in economics. Not snowflake emo spin. Nice try at a twisting the topic but how about you answer the question in the OP before expecting me to answer your questions?

I refuse to logon to twitter and I refuse to watch or listen to the Almost Dead Dude speak....what exactly did he say?

you refuse to watch and listen to the guy but you want me to tell you what he said... hmm interesting....

'I will not make that happen': Biden declines Democrats' call to cancel $50K in student debt

Biden said he was prepared to cancel $10,000 in debt and the interest but anything more than that would require congressional action.

www.nbcnews.com

 

[two_iron]

That stuttering fucktard sure is generous.... with my money.

This is why they had to steal the election.

Um he said he was not going to do it. Can you read

The stuttering fuck said it wouldn't expand the loan forgiveness to $50,000 but would keep it at $10,000. What part of that did you vapor-lock on?

 

[noonereal]

The stuttering fuck

now that is not nice to say... funny yes, nice no

 

[MisterBeale]

So this college debt forgiving is just a really bad idea. It would be a big some of money for a minority of people. Those who already paid for school would be hosed, future students would be hosed, cost of college would increase even more. What we need is a plan to keep the cost of college affordable. Forgiving debt would just inspire colleges to charge more.

You want to keep that cost of college affordable?

Get rid of the Department of education, guaranteed student loans, and the gravy train for all the extraneous administration bullshit at colleges and universities.

One of the biggest donors to the DNC has traditionally been Universities. . . why do you think that is?

duh. . .

The interlocking directorate doesn't give a shit about the poor or middle class Americans, the elites in educational institutions are all about hosing the average Americans for everything they can soak them for.

 

[pknopp]

Of course it would be.

Of course, the fact that the fed target rate can't seem to get above 0.25% (3.25% when the economy was supposedly roaring) shows the entire world you are just flat out, 100% wrong. If you want to debate whether or not water is wet, knock yourself out. But it won't be with me.

Oil prices = irrelevant to this.

The reason consumer loan rates have stayed low is because of stagnant wages that have not kept pace with the cost of durable goods, and especially homes and cars. Rates have stayed low, yet 30-yr mortgages and 7-yr loans on newer cars are the norm. It's all right there in front of you. You arent going to put words in just the right order to get around the basic facts of the matter.

And mortgage rates being this low is not a.good symptom of the economy or the economic health of our federal government either. They are tied to treasury bond yields. Our tax revenue as a % of GDP is stupidly low. It's a global economic embarrassment, really. The average child playing Sim City would do better. Because losing in a video game is an ACTUAL consequence, where as the people in charge of tax policy feel ZERO consequences of their mismanagement.

I agree the rates are a sign of a broken economy.

That doesn't mean that if we had a healthy economy and rates at 7% that people would stop buying cars.

 

[Fort Fun Indiana]

That doesn't mean that if we had a healthy economy and rates at 7% that people would stop buying cars.

That depends on what you mean by "healthy". During our most recent "healthy" economy, consumer debt rose to record levels. And hopefully i dont have to remind you why, after all that has been said so far.

And i never spoke to 7% car rates anyway. I spoke to a 7% fed target rate, which would mean a 10% prime lending rate, which would mean the vast majority of borrowers would get much higher rates than 10%. You know this. I have explained it twice now.

 

[AzogtheDefiler]

If you could print money would you care what your credit card bill was?

Not how QE works. Quick read: Why Quantitative Easing Is Not Printing Money and Why It Matters | The GailFosler Group

For all intents and purposes it’s the printing of money. Come on man. LOL

 

[Canon Shooter]

We shouldn't be forgiving ANY student loan debt. Those debts were assumed willingly. No one held a gun to anyone's head.

People are asking "What about those who've graduated?" Well, I think we should be more interested in those who haven't gone to school yet. Let's do something about the ridiculous cost of getting an education.

For a Florida resident, it costs roughly $21,578 to attend Florida State University for one year. For a non-resident? $36,745. Everything is the same but the basic tuition. If you're a Florida resident, that basic tuition cost is $6,516. If you're a non-resident, that cost skyrockets to $21,683; over three times as much.

Yet the education received is exactly the same, as are the dorm rooms and meal plans and books and what have you. Instead of telling people they don't have to pay back money they willingly borrowed, let's concentrate on seeing to it that they have to borrow a lot less...

 

[Fort Fun Indiana]

If you could print money would you care what your credit card bill was?

Not how QE works. Quick read: Why Quantitative Easing Is Not Printing Money and Why It Matters | The GailFosler Group

For all intents and purposes it’s the printing of money. Come on man. LOL

It isn't.