Totally on board with what you are saying! Was just playing devil's advocate to elaborate on why some people will feel they are owed something.
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Elizabeth Warren announces student debt cancellation and free public college plan
- Thread starter Nothing Loud
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Totally on board with what you are saying! Was just playing devil's advocate to elaborate on why some people will feel they are owed something.
I could see debt cancellation passing if Dems win the senate. Free college will not be a thing but they might be able to pass something that could cut down on all the administrative BS colleges get away with.
This is wishful thinking. Warren has said nothing about this. Stop with 'what ifs'.
Who are you asking this question to? Did you read the proposal?
Why are you concerned it's for the full amount?
Ok but a huge reason for people not having kids nowadays is cost of raising a kid, and a 50-100k in college debt (probably while you are still paying of your own college debt) is a huge factor in that cost. If you think about the issue for more than 5 seconds, it's pretty clear this solution solves a ton of problems for a ton of people
I honestly want her to win the nom. She's been saying all the right things while detailing policy plans etc.
Without free college this entire initiative is worthless. The same problem will perpetuate and get worse.
Hell, I'd happily take a one time deduction on my taxable income equivalent to the amount Warren proposes.
I wouldn't vote against politicians proposing the plan that she does because I'm left with the injuries on the bag I held for a decade, but I'd be rightfully angered by it.
Even if something like this doesn't happen alongside debt relief everyone should be supporting it, even if they paid off their loans.
More people being able to active in the economy helps everyone.
People aren't going to think about it for more than 5 seconds. They're going to see people get 20k+ in debt cancelled, while they paid that off by living below what they could have and they're going to disagree with the plan.
OP
OP
Because they loan amount that exists already is predatory and was systemically set up to fuck over disadvantaged students. Schools even raised their tuition rates because loans like this are able to exist. That's why it is not just a matter of frugality or personal responsibility. Tuition rates today are just administrations profiting.
Some of y'all seem new to forgiveness policies. They sometimes can't be perfect scenarios where everybody receives justice including the ones that paid their price in years prior. This plan doesn't cover what I already paid and it doesn't even cover all of my unpaid student debt. It's about doing what is possible, often with compromise, to help repair a broken system to keep it from snowballing. Perfect can't be the enemy of good. Maybe she can implement a tax credit plan for those who already paid their debt, but if you have a college education and are free of student debt, that makes you are privileged, and you have a leg up on the others in crisis. You're kind of like the person who was hurt with the broken arm at the ER versus the person with sepsis and internal bleeding: they're need to take care of the emergencies above all else (the people currently trapped in a system).
Because I think the 100k in debt that someone got for their art degree that the government would spend would be better spent on a hundred other things.
I understand that. But when someone is playing devils advocate and bringing up a serious concern, inventing solutions that aren't part of a proposal (that will likely never pass of republicans hold the senate) that is being discussed is silly.
I always find it odd that the questions of "How will we pay for it?" and "Do you think it's realistic?" gets raised while at the same time there's an over expenditure of millions if not billions in other areas primarily military. The US spends so much more on military compared to even the 2nd highest spender that even those people have to wonder, is it even necessary to spend that much?
Part of the political process, in theory, is the citizens being listen to by their politicians. If enough people talk to Warren about this kind of thing it could get her to address it and adopt it.
So not talking about solutions doesn't help.
Fuck anyone who thinks "Yeah it fixes the country... but whats in it for me personally?"
Win the Senate and you'll get some GOP support in the Senate and the house.
Nothing is going to happen with a GOP Senate and a Dem president regardless.
The best thing about Warren's policies is that she has policies. Some of the candidates still seem to be spitballing and seeing what resonates, while she puts forward actual plans already. Unfortunately, I don't see her tax making as much money for this as she'd need if she wants to go neutral. And that's if she gets everything she wants. I think the more likely scenario, if she gets one at all, would be free tuition for community college (something there's already precedent and a lot of support for) and forgiveness of debt for a much smaller fraction of people based on income most likely.
Personally if we must have student loans, I think they should be interest free. Why is the government letting people make money off of our own potential? You handicap the entire generation of graduates right off the bat.
Personally if we must have student loans, I think they should be interest free. Why is the government letting people make money off of our own potential? You handicap the entire generation of graduates right off the bat.
There are vastly better ways to spend that money that would be even better at getting people active in the economy, such as early childhood education programs, daycare/aftercare, and paid parental leave. There would even be enough left to significantly alleviate if not eliminate homelessness through housing and counseling programs.
But those would benefit the poor and working classes instead of well-off internet message board posters.
This all sounds great. I don't see her successfully being able to implement a wealth tax but if she is able to, I do wonder how she plans to address the ever rising public university budgets? Because long term that is a major issue that gets overlooked on this topic.
Would we even need an act of Congress for this? Couldn't the Department of Education do this themselves, or at the very least freeze interest and but a hold on repayments?
You obviously don't understand how any of this works or how much potential money is just sitting out there being burnt on $50k toilets and sitting in the top 5%'s coffers doing nothing.
This is exactly what needs to happen to increase the size and power of the middle class. This is part of a 2-pillar welfare state safety net reform that absolutely must happen (the other being universal healthcare). These 2 things are really public goods that create a strong foundation of a healthy, educated workforce that doesn't start their careers with a mountain of debt.
Social Democracy is the path forward to remove the reigns of power from the top 10% and put it back in the hands of the majority.
Social Democracy is the path forward to remove the reigns of power from the top 10% and put it back in the hands of the majority.
While it's nice to think about this is kind of bullshit. What do we do about the the responsible people that went to school and got degrees and worked their asses off to pay them off? What am I getting for being a responsible citizen? Do I get reimbursed for the loans I paid off?
This is my question as well. I realize I am being petty, but I lived like a DOG with multiple roommates and spend a LOT of my money paying off my loans. If I had saved that money, I could be buying a house right now.
That 8% is compound interest, so it grows MUCH MORE QUICKLY than your investments. 401k growth is expected to tank and NOT see the returns we have in the past.
You could have also bought a lottery ticket, or bought a bunch of bitcoin at $1.00. Unfortunately, humans do not have pre-cognition so predicting things like this is impossible. No reason to kick yourself for making the safe bet.
Explain to the class what makes you responsible versus everyone else
this right here folks. nothing changes for anyone until these things happen.
No no, give some people one million and others ten thousand, and others nothing, depending on how ignorant they were on basic finance.
I am not sure about DoE unilateral action. They would need to absorb the costs (expense) on their budget which requires Congressional approval.
Its not much of a choice. A 17 yr old HS graduate is at a serious disadvantage.
Go to school, get a job, pay it back asap - nearly every 16/17 yr old in the country thinks that's how life works. They don't know their degree will be worthless, that the adults in power will drive the country off a cliff economically, that some of them have to fiercely face racism in employment and hiring etc...
And how about the HS grad that wants to work full time to make $$$ and go to college later, how's that going to fly with the parents? Culturally we pressure every kid to go to college. Signing a $50k loan at 18 vs 28 makes a huge difference in informed decision making.
Tuition rates have irresponsibly skyrocketed, to the benefit of banks and the wealthy few. It's time for their reality check.
Well doesn't the DoE have control over interest rates and repayments? Theoretically could they not drop interest rates to zero and freeze repayments until a plan gets through Congress?
Please, go ahead and educate us on how handing out $50K windfalls to college educated people earning $100K salaries is better than investing that money in preschool and daycare for poor parents struggling to balance work and family or getting the homeless off the street, cleaned up and into productive employment.
Pro-tip: You can use catchy college terms like "trickle down" to shut us up.
Student loan debt is the next bubble. Giving kids who can't rent a car thousands upon thousands in debt is crushing the economy from top to bottom. These debts are lasting into these peoples twilight years and then they also assume their childs debt. We can't operate on the fuck you because I did things differently line of thinking because things would never improve. Everyone's rights would be in the toilet if we operated like that. People need to get their heads out of their butts and work as a community.
Don't do this "got mine, fuck you" stuff. It's not a good look.
I have a graduate-level degree in engineering and have paid off all but a tiny remainder of the $135k that I wound up borrowing for my 7 years of higher education. And that debt was after considering that I had scholarships, grants, and had always worked while in college. But I don't want people who follow me to be trapped by hyper-inflated university costs that are out of their control and an immense life decision at 16/17 years old that can essentially indenture them for decades after.
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