US Supreme Court blocks student loan forgiveness plan

Robocopsicle , 1 year ago

This quote from Pence is so unbelievably infuriating.

Joe Biden’s massive trillion-dollar student loan bailout subsidizes the education of elites on the backs of hardworking Americans

Good to know all of the millennial and gen z college graduates earning less than $125,000 per year and struggling in an awful economy are “elites” and not “hardworking Americans.”

Since I’m now apparently an elite, do I get a membership card in the mail?

huge_clock , 11 months ago

Although the language is very imprecise, a university graduate will make $720,000 more over a 20 year period than a non-university graduate, spend four years out of the labour force not paying taxes and then will also have a higher life expectancy drawing from the public pension longer.

Tell me why it’s reasonable for people who didn’t go to university to help foot the bill for people who did?

Robocopsicle , 11 months ago

This is the exact type of resentment members of the GOP are trying to sow among marginally different income brackets to promote infighting rather than pointing the finger at the actual “elite” class. You shouldn’t have to be saddled with massive amounts of debt to simply get an education. Adjusted for inflation, college tuition has increased nearly 750% since 1963. Source.

Why not tax the rich to pay for programs to support the lower and middle classes? Or subsidize education?

a university graduate will make $720,000 more over a 20 year period than a non-university graduate

That $720,000 difference over 20 years is less than a one-year salary for thousands of CEOs. Based on this list, there are 2,721 CEOs who earned more than $720,000 in 2021 (you have to scroll all the way down to page 137 to find a CEO earning less than $720,000).

It’s a drop in the bucket.

spend four years out of the labour force not paying taxes and then will also have a higher life expectancy drawing from the public pension longer.

If university grads earn more, wouldn’t their higher tax contributions quickly make up for the four non-tax-paying years compared to someone earning less without a degree? Not to mention it isn’t uncommon for students to also work while in college.

Regarding life expectancy, this is the same blame-game criticism. What impact would affordable healthcare have on life expectancy? Or a higher minimum wage?

Tell me why it’s reasonable for people who didn’t go to university to help foot the bill for people who did?

You could make the same argument for any type of program that distributes tax dollars to others. “Why should my hard-earned money go to someone sitting at home on welfare?”

The federal government clearly has no problem throwing obscene amounts of money at corporations, whether they need it or not, so why not divert some of that aid to the people?

When I took out my student loans, I knew what I was signing up for, and I never expected — or wanted – the government to step in and waive them. After seeing the massive amounts of money the government handed out in the form of PPP funds, including potentially $200 billion fraudulently (source), my view changed. If billionaires were getting PPP loans for millions of dollars, why shouldn’t a bunch of college graduates get $20,000 each?

Would you rather your tax money go to reducing student debt or $2 million to $5 million to Kanye West’s Yeezys? Or Tom Brady’s TB12 getting nearly $1 million?

It’s obviously not an actual either-or question, but ultimately, if the government is bailing out billionaires, banks, etc., then yeah, fuck it, help your middle class college graduates.

huge_clock , 11 months ago

There aren’t enough CEOs to tax to make up the $400 billion it would cost for the student loan forgiveness.