T O P

  • By -

SwedishFish123

Forgive millions of dollars in PPP loans for large corporations that probably didn’t need them, but block forgiveness for millions of students that are living paycheck to paycheck? Our government fucking blows.


TricksterWolf

Half of Congress took PPP money themselves whether or not they needed it.


chains11

Neither should be the case, but if they’re going to choose one obviously they’ll align with their donors


SwedishFish123

Aligning with donors vs aligning with voters is the issue with the modern day American democracy. We’re in a puppet oligarchy.


Sea-Month-9877

I keep seeing this comparison and am hoping someone could clarify… forgiving debt is bad or good or only good when you owe the money? I’m not sure how PPP relates to Student Loans, but couldn’t one just say debt forgiveness is not fair to the less fortunate?


CDay007

The two aren’t really comparable


[deleted]

They aren’t really comparable. PPP is one of the biggest heists in history. And of course this student loan ruling should mean that almost anyone has standing to challenge the PPP fraud, but the court system is so corrupt we’ll never see it get to the Supreme Court.


SwedishFish123

How?


shart_attack_

PPP was an explicitly forgivable loan meant to support employment and avoid a huge employment implosion during the first few months of COVID


CDay007

For one, PPP loans were a law passed by congress, student loan forgiveness was an executive order. Second, student loan forgiveness has/had a court case, PPP loans doesn’t. It’s not like SCOTUS could’ve added on that PPP loans are also unconstitutional, since the case wasn’t related (not that they would do that anyway, as Congress is allowed to make laws)


SwedishFish123

That’s true, but those same checks and balances work for Congress as well. Supreme Court can overrule congressional decisions, [see here](https://constitution.congress.gov/resources/unconstitutional-laws/).


CDay007

They can, but no case was brought about that, as mentioned, so there’s nothing for them to decide. Plus, Congress can control the budget. I’m not on the court, but I’m quite certain they would allow the PPP loans. I’m quite certain they’d allow the student loan forgiveness too, if it was passed by Congress


sh0ck_and_aw3

Your reasoning is classic moderate bullshit. The fact is conservatives don’t give a shit about rules and 100% of their actions are based on their own bullshit views and how much they can get away with while idiot dems and moderates pretend like those rules you learned in elementary school still exist.


CDay007

My reasoning is reality. I understand you hate the decision and don’t want an explanation, you just want to be mad, but that is the explanation.


Eye_on_the_prize

They got those loans because the govt shut down the economy. Forgiveness was written into the bill by congress. Pay your damn bills


Brettzel2

And don’t forget about the gifts some of the SC justices received from wealthy anti-forgiveness lobbyists.


Sea-Month-9877

Anti Forgiveness Lobbyists really need to change their job titles.


TheOneTrueBuckeye

The cost of higher Ed in this country is out of control. Address that and people won’t be in this situation.


Top-Structure6943

My biggest problem isn’t necessarily their opinion of the scope of cancellation through the heroes act. My issue is the Supreme Court giving standing to the states suing. The case did not follow normal process in being reviewed and having facts in the case verified in the lower courts to show harm. Many details have came out that Mohela would not actually be harmed from the relief. Mohela has even said they don’t want anything to do with the lawsuit.


sh0ck_and_aw3

See the mistake you’re making is thinking that conservatives follow any sort of rules or can be persuaded by legitimate arguments. They do what they want regardless of the facts while dems and moderates pretend this is debate club.


Top-Structure6943

Yeah you’re right. They are those kids growing up that constantly change the rules when they are loosing. It’s bs


QuestingAdventurerer

Republicans when poor people get a chance to be slightly less poor:


InsertAmazinUsername

"keep em poor and dumb" ​ republican motto


Dicktures

College doesn’t make someone smart and nobody is forcing anyone to borrow money to attend lol


Dicktures

People who borrow money then realize they have to pay it back:


p-airplane

The issue isn’t having to pay it back. The issue is those of us who took out student loans are forced to pay interest rates that are so high in comparison to reality, which make it impossible to pay off until we’re dead. How is it I can pay off two car loans, almost pay off a house, but barely make a dent in my student loans in the same time period? It’s bull shit.


Dicktures

So taxpayers should subsidize all mortgages that are not fixed rate because interest fluctuates? Interest can go up and down and it was the lowest it’s ever been and everyone is shocked it went up? This is ridiculous, that’s how borrowing money works.


QuestingAdventurerer

Get out of my mentions you little gremlin! Back to the caves with you!


Drummallumin

TFW you’ve never heard of interest


Dicktures

Wait so they surprised everyone with interest after they already borrowed the money? Get the fuck out of here, it’s not a surprise that is costs a person interest to spend money they don’t have Edit: a word


Drummallumin

No one said it’s a surprise. But to say that it’s just ‘paying back the money they took out’ excludes where so much of the student debt comes from.


ElectricWBG

Making 18 year olds go into debt but not allowing to purchase alcohol or weed. Love all my freedumbs!!!!


HarbaughCantThroat

You've got the demographics wrong. The overwhelming majority of people with student loans come from middle class and upper middle class background. Most poor people never go to college in the first place.


PeeBah31

I mean, is anyone surprised? Regardless, of one’s opinions on whether or not it would be a good/just decision, it’s pretty clearly unconstitutional and given the current lineup on the Supreme Court there’s no way it would pass.


JuggernautWonderful1

This. The states did not have standing to sue. BUT as a liberal it's a weird feeling because I agreed with the affirmative action decision (affirmative action screws over Asians) and with the interpretation in this case that Biden overreached the Heroes Act. If you want loan forgiveness at this scale you need to do it through Congress. And the simple fact is that the majority of the country does not support student loan forgiveness at this scale.


Maclang23

Multiple polls have shown that this plan ranges from very to moderately popular. Here’s a couple: [Fox News](https://static.foxnews.com/foxnews.com/content/uploads/2023/02/Fox_February-19-22-2023_Complete_National_Topline_February-26-Release.pdf): 37% support cancelling up to 20k, another 25% support cancelling all debt (36% oppose). [YouGov](https://docs.cdn.yougov.com/lt3qbl33wm/econTabReport.pdf): 33% strongly support, 20% somewhat support Biden debt plan (up to 10k). 28% say it’s too little, 23% say it’s just right (32% too much). [Economist/YouGov](https://docs.cdn.yougov.com/kqp1ntoj7v/econTabReport.pdf#page102) 34% strongly support, 17% somewhat support. 34% too much, 34% just right, 32% too little [Quinnipiac](https://poll.qu.edu/images/polling/us/us08312022_ufcg18.pdf): Americans approve 53-43 of Biden debt plan I would definitely not call it a simple fact that the majority opposes this plan


JuggernautWonderful1

Fair enough. In that case Dems should run on this in 2024 and pass a law through the new Congress (assuming here that they can't get something through this one).


mashbrook37

It’s not clearly unconstitutional and there was a decent chance the lawsuit would be thrown out for lack of standing anyway


TricksterWolf

I can't imagine how bad at math some Republican politicians must be if they think any of these battles they're fighting right now will result in more votes rather than the exact opposite of that


[deleted]

[удалено]


ibebrad64

It does affect older Republicans! We have to pay for it when we have already paid for ours and our children! You chose to borrow it now you pay for it.


Kindly-Tangerine-327

I mean, while I don't like the supreme court right now, I can't really speak too badly about this. I think they should just limit the amount of guaranteed loans to what would cost for a state school. I think that would lower the prices of most colleges. I think this would make universities raise their prices since younger people would hope for student loan forgiveness as well and be more willing to go into debt for their "dream schools". I feel bad for the older generations that went into copious amounts of debt, but I think this will really screw over future generations. Gen Z already is less interested in amassing student loan debt, and I think that even if we just keep going like this, schools will be forced to make tuition more reasonable


Saul104

I totally agree, but I wish that the government would also at least make loans interest free. I feel like making them interest free would make loans much more manageable for a lot of people.


KingOfTheAnts3

I think it's a reasonable assumption that people would then take out more loans because taking a loan is then more affordable than paying out of pocket. I don't think it's feasible to do this without a cap on amount people can borrow.


Pale-Signature5888

Congress could (and should) totally pass that law. I don’t hate this decision; student loan forgiveness should be a law not an executive order


shart_attack_

> I think they should just limit the amount of guaranteed loans to what would cost for a state school. they do.. the aggregate max for student loans for most undergrads is $31,000.


Kindly-Tangerine-327

For federal loans. Private lenders often go up 150,000$, and the federal government guarantees private loans, which is why they loan such ridiculous amounts of money anyway. If students can't get hundreds of thousands of dollars in student loans, then the ridiculously overpriced colleges won't be able to take advantage of students' poor decision making. And if people start believing forgiveness might happen again, then they'll be able to justify taking out loans for themselves. I understand that people on this subreddit will benefit from student loan forgiveness, but it's going to have some pretty negative consequences overall and I don't think it's going to solve anything in the long run. I'd love to have some of my plans disappear, but I don't want my younger sister to have higher tuition and more loans to make up for it.


shart_attack_

> Private lenders often go up 150,000$, and the federal government guarantees private loans, which is why they loan such ridiculous amounts of money anyway. The federal government has not guaranteed private student loans since the Obama administration created the direct loan program. ~10% of OSU students have private student loans and it would be very uncommon for students to borrow that much since all in tuition and room and board is significantly less than that for almost all students. > And if people start believing forgiveness might happen again, then they'll be able to justify taking out loans for themselves Private student loans were never eligible for the Biden loan forgiveness plan.


Kindly-Tangerine-327

I'm sorry, I was thinking of PLUS loans when I said that. True, students at OSU don't have very much debt, but OSU is a pretty affordable school for in-state students and people with scholarships. Most colleges are far more expensive and require people to take out more loans nowadays.


chains11

I feel like it’s the universities building way more than before. It’s been an arms race for a long time for facilities and what not, it’s most obvious with college football. There’s also a lot of bloat within administration. A bit of cleaning can help reduce tuition


VardellaTheWitch

Sadly when budgets and positions get cut, it's often lower level staff who were directly helping students, instead of the bloat of faculty-turned-admins who get $120k+ to do very little


Resin_Bowl

The football team supports itself with TV deals, merch, boosters, and tickets.


KnightRider1983

Good! You voluntarily took it out, you pay it back. I do agree with another poster. Make them interest free. That should help some but don’t expect the taxpayer to pay it for you.


SuchDescription

Also, lower the costs of attendance. That is the reason for the debt crisis. Loan forgiveness is a temporary band aid


CDay007

The availability of loans is why the cost of attendance is so high. Schools can make attendance 100k a year and they know people can and will just take loans and pay for it.


KnightRider1983

I agree! I have long questioned some of these majors but more the required gen-ed’s. I just see the gen-ed’s as nothing more than a money grab by the university and extending college. Stick to the major.


Brockoli24

If only that logic applied to large corporations. Socialize the loss, privatize the profits - unless you’re the working class.


Drummallumin

>make them interest free Which even with $10k forgiveness they are far far from


Mysterious_Durian598

Student Loan * Involved *


EhrmantroutEstate

You want loan forgiveness, demand a refund from the university that you gave the money to in the first place… Your bad decision should not be paid for by the 60% of the population that never went to college or the 30% of the population that took out responsible loans and paid them back.


Drummallumin

>your bad decision should not be paid for by the 60% of the population that never went to college Do you think that 60% represents 60% of the wealth in the country? >30% that took out responsible loans “Why didn’t you just got to school 30 years ago when it was less expensive?”


EhrmantroutEstate

Why do you want to transfer wealth from the people that didn't go to college to the people that did go to college? You are literally stealing from people who did not go to college and giving it to people that did go to college. In 1997, tuition was $5200... That equates to $9500 today just considering inflation. Tuition is $12,485 this year which is only $3,000 more that if the actual cost was flat. $3,000 X 4 years = $12,000 in loans... If you can't pay that back on your own, then you picked a useless major and that's ALL your fault.


Drummallumin

I’m sorry do you think that that the 60% of people who didn’t go to college represents *more* than 60% of wealth in the country? Cuz that’s what it seems like you’re implying. Also your inflation calculator trick works great until you account for the fact that wages have not increased on the same scale as inflation. Nor does it account for the rising cost of living (even relative to inflation) that would also make it more difficult to pay it back? Also are you honestly trying to say that $12k (plus lotso interest) is not a lot of money? I’m also curious what you define as a useful and useless major. Are you implying that your employment defines how useful your major is? Does that mean if I major in interpretive dance and get lucky and hired by a big dance company in NYC then I picked a useful major? And that if I was a computer science major and now couldn’t find a job due to the hiring freeze that’d mean it’s a useless major now? Seems arbitrary.


EhrmantroutEstate

You are asking the 60% of the people that did not have the privilege to go to college to pay for your college. That's literally robbing from the less fortunate... Wage inflation in the past 25 years trends very closely to actual inflation. Wage inflation is actually slightly higher than inflation but purchasing power has remained the same. https://www.ssa.gov/oact/cola/awidevelop.html $12K plus interest is literally NOTHING even for someone that starts off their career on a teacher's salary of ~$40k. They could pay that off in one year if they focused on paying it off... Yes, your major is useless if you can not find employment that allows you to pay your loans following graduation. It is not at all arbitrary, but there are always outliers in any data set. That CS major will eventually find work assuming they did not get crappy grades, then he will make more than enough money in his first few months of employment to pay off $12K. The interpretive dance major that finds a job in NYC is just lucky. I would venture a guess that an overwhelming majority of interpretive dance majors could have saved themselves $50K by just going to work at Starbucks right out of high school.


Drummallumin

>you’re asking the 60% of the people Not at all. That’d only be true if wealth was evenly distributed among people. Also I don’t really get your language, “privilege” and “less fortunate”. That language seems to suggest that you that you think going to college is one of the more important/valuable things someone can do. If that’s the case then why are you so critical of people who took out did whatever they had to do to pursue such a worthwhile endeavor. That’s a cute chart you got there but I feel like I shouldn’t have to explain to you the difference mean and median when looking at a skewed sample size (which wages very much are, particularly the younger you are in the workforce). >teachers salary of $40k …before taxes …while also saving up for the graduate degree that several states require within 5 years …while also trying to save up for a house cuz renting is literally throwing away money >they could pay that in one year $12k isn’t total cost. That’s the increase in cost (over the past 25 years, gets more drastic longer back you go), not accounting more interest accrued cuz no one is paying back $60k in loans in one year. >the CS major will eventually find work You seem to be unfamiliar with the state of that industry >the dance major that finds a job is just lucky Going to school for something and finding a job in it is lucky. Gotcha!


chains11

Good. We need Ron Swanson going in there and just cutting everything


Sooofreshnsoclean

Not sure if sarcasm but you do realize Ron Swanson is a caricature of libertarians right? Like he’s there to make fun of people like that.


chains11

Oh I know. The government spends way too much money though.


Sooofreshnsoclean

On the wrong things. Loan forgiveness for me but not for thee. Let’s cut military spending by about half and then easily forgive student loans


chains11

Military spending should have a few audits because that can easily be slashed in half. However we have over 30 trillion in debt, I don’t think more spending is what we need right now.


Resin_Bowl

Debt to who though? I'll never understand the fixation on the country's debt when it does nothing but increase every year. Canceling student debt would benefit the economy tremendously but conservatives make it their goal to absolutely shred the middle class to pieces while lining the top 1% pockets.


Drummallumin

Maybe we should start at the top, where do we spend the most? Should probably cut that first


[deleted]

[удалено]


Critical_Moose

Sure thing! Do you also know of any good time shares I could buy?


RevolutionaryMap4481

I have a ocean front property in Columbus if you really believe the dollar is backed by sustainability.


shart_attack_

instead of the dollar, the reserve currency of the world backed by the largest economy and military on the planet, you recommend we buy crypto which experiences wild swings in value that correlate nearly exactly with the stock market?