Biden on forgiving student loan debt

[pknopp]

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.

And it's irrelevant to anything I said and that is what you were replying to.

 

[Fort Fun Indiana]

And it's irrelevant to anything I said and that is what you were replying to.

Clearly not, as anyone can see for themselves. What compelled me to respond was your claim that it is low rates that have driven up the prices. This is generally false. And i then felt compelled to discuss price growth vs. wage growth and the disparity between, in response to your comments about car rates nearly 30 years ago. You made these statements with no deference to the other generally forcing and most important factors i mentioned, which i assumed was just an error. I am starting to feel as though you were trying to mislead by design.

 

[Fort Fun Indiana]

Huge deficits are supposed to drive rates up.....just ask Clinton and Rubin

Out of curiosity...what was their logic?

 

[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

It isn't.

Yes it is. We are borrowing from ourselves aka printing money. It is 100% all it is.

 

[Indeependent]

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

Debt is not cancelled, the payment is made by taxing the middle class.

 

[Toddsterpatriot]

Huge deficits are supposed to drive rates up.....just ask Clinton and Rubin

Out of curiosity...what was their logic?

Higher deficits would crowd out private borrowing and cause rates to rise.
They called it Rubinomics.

 

[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.

Yes it is. We are borrowing from ourselves aka printing money. It is 100% all it is.

No. For another thread, another time.

 

[Indeependent]

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

I pay school taxes and I don’t want my federal tax dollars to go to a system that pays too much already.

 

[Papageorgio]

Rates were driven down because of our huge deficits

Huge deficits are supposed to drive rates up.....just ask Clinton and Rubin.

Deficits decreased under Clinton...

Deficits historically decrease with a Democratic president and a Republican Congress. Bill and Newt seem to do one thing well.

 

[Slade3200]

The stuttering fuck

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

Funny why?

 

[Slade3200]

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

Debt is not cancelled, the payment is made by taxing the middle class.

Which tax?

 

[pknopp]

And it's irrelevant to anything I said and that is what you were replying to.

Clearly not, as anyone can see for themselves. What compelled me to respond was your claim that it is low rates that have driven up the prices. This is generally false. And i then felt compelled to discuss price growth vs. wage growth and the disparity between, in response to your comments about car rates nearly 30 years ago. You made these statements with no deference to the other generally forcing and most important factors i mentioned, which i assumed was just an error. I am starting to feel as though you were trying to mislead by design.

Funny how relieving people of debt will drive up prices but ultra low rates won't.

 

[pknopp]

Rates were driven down because of our huge deficits

Huge deficits are supposed to drive rates up.....just ask Clinton and Rubin.

Deficits decreased under Clinton...

Deficits historically decrease with a Democratic president and a Republican Congress. Bill and Newt seem to do one thing well.

Yes, steal from Social Security.

 

[FA_Q2]

Holy shit.

I say good. The idea that we need to forgive debt for those people that are THE MOST WELL OFF on the damn nation is monumentally moronic. Granted, he goes on to try and justify some student debt forgiveness but at least there is recognition that student debt forgiveness is directly aimed at those that are better off rather than those actually at the bottom rung.

 

[Turtlesoup]

Well there is only so much a president can do with policy. EO's sure but they speak platitudes and try to coordinate with Congress who are the actual legislators. I think we give credit and blame to Presidents for many things that are out of their control. I'm glad to see Biden give a little push back against the far left progressive wing. Shows that he is reflecting on some balance in the tone that he is trying to set.

While I was very cynical, I gave him a shot when he claimed he wanted unity. However, as he stood by while Democrats and leftist leaders condemned all Conservatives and Trump voters as the most evil people.. and then he made broad, sweeping generalizations himself. Combine those with his aggressive EO's and sprint from compromise on issues.. and it was quickly clear he only says unity, he doesn't actually want it.

And that's fine, he doesn't have to have it. But he can't stand up there and claim it. He's a fraud in that case.

I think he could easily change overnight and pass the loan forgiveness next week, and no media would question him on it, because they are card-carrying Democrats and want it themselves.

Biden stayed out of that noise. He said very little about Trump and the impeachment trial after he took the office. God, could you imagine if Biden Dems rioted at the capital had Trump won? How many tweets do you think Trump would've made trolling and talking shit about the Left?? 100s, 1000s by now?

I don't think his actions stand in the way of unity. Nothing he can ever do will be agreed upon by everybody. thats not possible and I don't think that is the qualifier of unity. You can have policy disagreements and vigorously debate. I believe he just wants us to start working with each other like we are all Americans and not Good vs Evil... despite the many evil elements we still have in our political system and country as a whole. Those voices need to be ignored

Honey, Biden is senile and can't keep his foot out of his mouth-------he has to stay quiet especially since it is likely that a body double has been filling in for him as it is.

 

[JackOfNoTrades]

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

What it sounded like was that (like the whole minimum wage issue) it should be discussed at another, more appropriate time.

 

[Oldestyle]

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

Just one more thing that Biden promised to get elected and now he's walking away from.

 

[noonereal]

The stuttering fuck

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

Funny why?

Because it is an exaggeration of reality. That is always the best comedy.

 

[Fort Fun Indiana]

Funny how relieving people of debt will drive up prices but ultra low rates won't.

Ultra low rates do help drive up prices, but they are not responsible for the pretty much on pace increase in prices over the last few decades. But yes, you can point to low mortgage rates as being responsible for some portion of the high housing prices.

As for relieving people of debt: that makes me look to inflation, not rates. I dont think the other poster had a correct take on what he called "Rubinism".

 

[Toddsterpatriot]

Funny how relieving people of debt will drive up prices but ultra low rates won't.

Ultra low rates do help drive up prices, but they are not responsible for the pretty much on pace increase in prices over the last few decades. But yes, you can point to low mortgage rates as being responsible for some portion of the high housing prices.

As for relieving people of debt: that makes me look to inflation, not rates. I dont think the other poster had a correct take on what he called "Rubinism".

What was my take on "Rubinism"?