Jump to content

Joe Biden 2022: Enter Dark Brandon

Longboard Horn

By Longboard Horn
in Cloak Room

 Share

Recommended Posts

Anastasis

Anastasis 23481

Posted
Posted
2 minutes ago, fattyflattie said:

If it’s there to help struggling folks make it 75k-100k combined.  Someone who is actually struggling to pay it off. Not struggling because the new 250 and burban are coming up on their 48 month replacement cycle.  

New truck prices need 10k forgiveness imo. WTF is this world coming to where a nicely appointed truck is neck and neck with a vette. 

Link to comment
Share on other sites
  • Replies 8.2k
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

Popular Posts

Foosters
Foosters
TexEx15
TexEx15

SLOW. CLAP.

HenryJames
HenryJames

Posted Images

elfenix

elfenix 34331

Posted
Posted
5 hours ago, Bozo_Casanova said:

It’s roughly the 75th income percentile, so  spending money on college didn’t turn out to be such a bad investment that the government probably shouldn’t have guaranteed your loan in the first place. Why should we forgive loans on good investments?

125k is 89th percentile. 

  • Hook 'Em 1
Link to comment
Share on other sites
Voldemort86

Voldemort86 2259

Posted
Posted
56 minutes ago, Willfully Horn said:

Can we stop with the lie that Rs give a shit about the deficit?

 

 

The Republicans only care about the deficit while we have a democrat president. When we have a Republican president it’s Spend baby spend and drill baby drill.

  • Hook 'Em 3
  • Like 1
  • Rage+1 1
Link to comment
Share on other sites
Lurch

Lurch 5931

Posted
Posted
The difference between 125k or 150k or 200k in the grand scheme of the 2022 income distribution is relatively meaningless. If you believe that we need to forgive student loans, income is irrelevant. Unless perhaps the means tests is founded in the pre-college baseline period. 

I’ve not seen this discussed, but assume the threshold is set to control the cost. The difference between 125k and 150k could be enormous, perhaps doubling or more the cost of this relief.

I’d guess there is a pretty well researched spreadsheet floating around the white house that has three columns: Income Threshold, Forgiveness Amount and Total Cost. No matter which row Joe picked there would be complaints about at least one of the three variables.
  • Like 2
Link to comment
Share on other sites
chainsaw

chainsaw 9873

Posted
Posted
11 hours ago, Bozo_Casanova said:

I don’t see how that matters. The education turned out to be an OK investment for the borrower regardless of whether the borrower has healthy personal finances. Seems like the forgiveness is saying “we shouldn’t have guaranteed this investment.”

It matters if you're trying to encourage spending. People with high salaries don't necessarily have disposable income, and a lot of the reason why is obscene student loan debt.

Those of us who finished school before like 2005 can't really understand just how bad it got due to greed-based industries and other things like tuition deregulation

spacer.png

Even with a high salary (and not all of the debtholders have high salaries) many are just absolutely crushed.

Link to comment
Share on other sites
babysdaddy

babysdaddy 2727

Posted
Posted
11 hours ago, StassneyHorn said:

Not sure what’s supposed to be meant by the gif, but between the Bloomberg link that shows 8.8 million people making at least one extra payment and Ana’s post with 9.1 million making at least one payment it’s a fairly significant number greater than zero. 1.9 million completely paid off.

 

I was implying there aren't a lot of people with brain cells out there.  But apparently there are according to the data.  

Link to comment
Share on other sites
gmr548

gmr548 16590

Posted
Posted
New truck prices need 10k forgiveness imo. WTF is this world coming to where a nicely appointed truck is neck and neck with a vette. 

Probably because nearly every middle aged man in the Texas suburbs feels the need to have one?
  • Hook 'Em 2
Link to comment
Share on other sites
MonkeyDoughnut

MonkeyDoughnut 10340

Posted
Posted

If we're giving rebates to EV purchases and solar panel installs I don't see why 10k relief for education is that big a deal.  It really doesn't amount to anything though and I wish they would spend more time discussing the ridiculous cost of education instead of throwing a token benefit out there that really just means they are giving a bunch of financial institutions more free money. 

  • Hook 'Em 6
Link to comment
Share on other sites
chainsaw

chainsaw 9873

Posted
Posted
1 minute ago, MonkeyDoughnut said:

If we're giving rebates to EV purchases and solar panel installs I don't see why 10k relief for education is that big a deal.  It really doesn't amount to anything though and I wish they would spend more time discussing the ridiculous cost of education instead of throwing a token benefit out there that really just means they are giving a bunch of financial institutions more free money. 

You don't want to be lectured about how you should have just gone to trade school because they don't charge fees of any kind?

Link to comment
Share on other sites
Js1

Js1 85483

Posted
Posted (edited)

Joe Biden: issues popular policy that people have been clamoring for and he campaigned on

The internet:

IT'S DOESN'T GO FAR ENOUGH / IT GOES TOO FAR

THIS DOESN'T AFFECT ME SO I HATE IT

WHY WAS IT NOT DONE SOONER

*insert incoherent argument from the GOP comparing it to something completely unrelated*

Edited by Js1
  • Hook 'Em 2
  • Like 4
  • Haha 1
  • Rage+1 2
Link to comment
Share on other sites
wildcat09

wildcat09 29363

Posted
Posted
7 hours ago, elfenix said:

we means test because eVeRyThInG mUsT bE mEaNs TeStEd

 

in this case it's a weird amalgam of progressive politics + conservatism masking as water-brained centrism. 

Imagine having to ask in 2022 why centrist Dems like means testing.

Link to comment
Share on other sites
Bozo_Casanova

Bozo_Casanova 26520

Posted
Posted (edited)
3 hours ago, chainsaw said:

It matters if you're trying to encourage spending. People with high salaries don't necessarily have disposable income, and a lot of the reason why is obscene student loan debt.

I agree with your second point, but I don’t think this policy is intend to stimulate consumer spending (although it will have some extremely mild effect) or provide high income earners like me  with debt-financed disposable income. That’s what the 2001, 2003 and 2017 tax cuts were for, and if you want that you can always vote for Republicans*. 

also- wrt percentiles- it’s $250k for MFJ. That’s the 94th income percentile. Hard to imagine 10k is a needle mover at that income range in any location. 

 

 

*this isn’t quite fair. The Bush tax cuts were set to expire in 2010 and were extended in 2010 and made permanent on a bipartisan basis in 2012. I argued against making them permanent on the basis of restoring a trajectory towards surplus and restocking the fiscal policy cellar for a rainy day. @washparkhorn called my perspective “class warfare,” and said that letting them expire would punish success and demotivate job creators. Pepperidge Farm remembers.

Edited by Bozo_Casanova
  • Like 1
  • Haha 1
Link to comment
Share on other sites
elfenix

elfenix 34331

Posted
Posted (edited)
2 hours ago, babysdaddy said:

I was implying there aren't a lot of people with brain cells out there.  But apparently there are according to the data.  

what the brain cells would tell you to do depends on the interest rate of the loan, interest rates of other loans, and a general expectation of what the s&p 500 would do. 

so it's hard to make a blanket statement about who has brain cells based solely on how many payments were made. 

Edited by elfenix
Link to comment
Share on other sites
The Original Greaser Bob

The Original Greaser Bob 2844

Posted
Posted (edited)
2 hours ago, MonkeyDoughnut said:

f we're giving rebates to EV purchases and solar panel installs I don't see why 10k relief for education is that big a deal.  It really doesn't amount to anything though and I wish they would spend more time discussing the ridiculous cost of education instead of throwing a token benefit out there that really just means they are giving a bunch of financial institutions more free money. 

I'll give them the benefit of the doubt and hope that the Dems don't lose  Congress and give them a chance to come up with some legislation related to the cost of education/grants/remodel of the loan system. 

I'd prefer a cap on payments and total forgiveness after 20 years of payments and leave it at that.  But  I think this is astute, politically.

Edited by The Original Greaser Bob
Link to comment
Share on other sites
MC Fresh Breath

MC Fresh Breath 4074

Posted
Posted (edited)
25 minutes ago, Hugo Stiglitz said:

Fa77m9BWIAAGK4H?format=png&name=large

 

I'm in the education should be free/forgive it all camp.  That said, this all seems like a really good move, unless I'm being naïve.  The $10k will get the attention, but the 5% cap seems like a very huge positive to me.  

 

Edited by MC Fresh Breath
  • Hook 'Em 3
Link to comment
Share on other sites
washparkhorn

washparkhorn 9939

Posted
Posted

Inflationary, but with the Fed implementing hawkish and austere rate hikes, I see no contrary effect on diminishing liquidity and demand destruction with this action. The Fed’s tools for combating inflation are working.  This inflationary tailwinds of this action are not enough to temper the disinflationary headwinds stoked by the Fed.

I will add for the incrementalists, “means testing” ensures there will be political conflict over the measure. That’s dumb in my opinion, but on brand for those who see Washington as an opportunity to cosplay the “West Wing.”   You know who you are. 

Link to comment
Share on other sites
Todd Gack

Todd Gack 432

Posted
Posted
16 minutes ago, Js1 said:

It's also not counted as taxable income, as part of a provision Schumer included in the ARP from 2021. 

Also $20k in Pell Grant forgiveness. 

This is still confusing to me.  Grants aren't forgiven obviously so is this a larger loan forgiveness amount for people who received a Pell Grant?

Link to comment
Share on other sites
Anastasis

Anastasis 23481

Posted
Posted (edited)
8 hours ago, Lurch said:


I’ve not seen this discussed, but assume the threshold is set to control the cost. The difference between 125k and 150k could be enormous, perhaps doubling or more the cost of this relief.

I’d guess there is a pretty well researched spreadsheet floating around the white house that has three columns: Income Threshold, Forgiveness Amount and Total Cost. No matter which row Joe picked there would be complaints about at least one of the three variables.

 

125 vs 150 vs no cap is not meaningfully different.  Less than one tenth the cost of a single F22. (*ETA, forget the last part cause my dumb ass read millions instead of billions. So an air wing of F22s). 

https://budgetmodel.wharton.upenn.edu/issues/2022/8/23/forgiving-student-loans

image.thumb.png.f1066fd6ebf350d88202a4f0640615e8.png

Edited by Anastasis
  • Like 1
Link to comment
Share on other sites
Js1

Js1 85483

Posted
Posted
1 minute ago, MonkeyDoughnut said:

Is this a limited time offer or something that also applied going forward? ie kids going to college next year can apply to have the government pay off 10k on their loans??  

Cutoff is loans originated by July 1, 2022 

  • Hook 'Em 1
Link to comment
Share on other sites
Native Horn

Native Horn 3509

Posted
Posted
8 minutes ago, MonkeyDoughnut said:

Kids graduating recently going to love this since most will be under the income test.

My son graduated in May, and he is psyched about this 10K forgiveness.  Doesn't have a "real" job yet (although my patience is waning), but this will in effect wipe out all of the federal loans he got.

  • Hook 'Em 2
Link to comment
Share on other sites
elfenix

elfenix 34331

Posted
Posted
1 minute ago, MonkeyDoughnut said:

Is this a limited time offer or something that also applies going forward? ie kids going to college next year can apply to have the government pay off 10k on their loans??  

their benefit is the new IBR plan. 

Link to comment
Share on other sites
'stache

'stache 21827

Posted
Posted

I have one undergraduate loan left that should qualify and this'll cut it in half. I refinanced all my law school loans several years ago to get a much better interest rate and an accelerated payoff schedule, but I kept my old undergrad loan because it was at like 2% interest. Glad it worked out this way.

  • Hook 'Em 1
  • Like 2
Link to comment
Share on other sites
MonkeyDoughnut

MonkeyDoughnut 10340

Posted
Posted
8 minutes ago, Native Horn said:

My son graduated in May, and he is psyched about this 10K forgiveness.  Doesn't have a "real" job yet (although my patience is waning), but this will in effect wipe out all of the federal loans he got.

Hope you didn't claim him as a dependent... otherwise will be under your income bracket

  • Hook 'Em 1
Link to comment
Share on other sites
 Share
Go to topic listing


Football ... Basketball ... Baseball ... Other Sports ... Futbol ... 🤫995🤫 ... Gambling ... Movies & TV ... Music ... Hobbies ... Lulz ... Food & Travel ... Daily Texan ... Business and Markets ... Cloak Room ... Help ... For Sale ... Board Discussion ... Subscribe!... Donate!... Advertise... COOKIE MONSTER!

×
×
  • Create New...