Hey, why stop here? We could do away with similar debt for home loans, car loans, medical bills, credit card debt, and business loans, among others, right? Why not? If we’re going to use treasury money, ie, Other People’s money to take care of people who legally signed up to assume a legal debt, we can help others
Elizabeth Warren unveils ‘broad cancellation plan’ for student debt
The $1.5 trillion student debt crisis has an increasing number of former officials and prominent businesspeople calling for a solution to the crisis.
And 2020 presidential candidate Elizabeth Warren joined that chorus on Monday when she unveiled a “broad cancellation plan†for student debt.
“Higher education opened a million doors for me,†Warren wrote in a Medium post. “It’s how the daughter of a janitor in a small town in Oklahoma got to become a teacher, a law school professor, a U.S. Senator, and eventually, a candidate for President of the United States. Today, it’s virtually impossible for a young person to find that kind of opportunity.â€
Well, if they’d stop obtaining degrees in worthless disciplines, often ending in “Studies”, they would be hireable. Also, it’s not exactly easy for kids to claim minority status to get cushy positions like Liz did.
The Massachusetts senator’s plan involves forgiving up to $50,000 in student debt for 42 million Americans before reforming the higher education system “that created the crisis in the first place.â€
Remember, this is a higher education system that is run primarily by Democratic Party voters. The schools are staffed by Democrats, run by Dems, the teachers are Dems, and the students are Democrats (until Dem policies screw them and they become Conservatives). Obamacare, ie, the Patient Protection and Affordable Care Act put the federal government in charge of most student loans. The cost of books at these Democratic institutions are utterly ridiculous, and the leftist teachers who write books know they can force kids to pay stupid amounts for the books.
And the kids never seem to have a problem finding money to head to spring break or weekend drinking
While it comes with a one-time cost to the federal government of $640 billion, Warren argued that the plan would simultaneously boost the economy and close the wealth gap. (snip)
Currently there are $1.5 trillion worth of student loans out there, roughly 11.5% of which are more than 90 days delinquent or in default. The average student loan borrower holds about $28,650 in debt, according to Student Loan Hero.
Collection agencies are increasingly turning towards wage garnishments—obtaining a court order to make employers set aside portions of debtor’s paycheck — to get their money back.
Warren aims to cancel $50,000 in student loan debt for every person who has a household income of below $100,000.
For those who earn between $100,000 and $250,00, she promises a “substantial debt cancellation,†and that $50,000 amount “phases out by $1 for every $3 in income above $100,000.†In other words, a person who has an income of $130,000 would get $40,000 of debt cancelled, while a person earning $160,000 would get $30,000 off.
Now, we could discuss the insanity of “cancelling” the average $28,650 in debt for those making $100,000 a year, but let’s consider what this is really about: patronizing young kids and the Democrats at the colleges. You get Someone Else to pay for the debt (unsurprisingly, Liz is going to have The Rich pay for it through a tax) and you keep the kids voting Democrat, as well as voting for Liz. You make those who run colleges happy because they get all their money, including the 11.5% which are 90 days late (that’s repossession time with a care), immediately.
And what happens next? What about those who are going to graduate with debt soon? Do they get a break? Of course, Liz wants to make college free. Democrats are very cavalier with spending Other People’s money.
Nothing quite like the idea of taxing people who never went to college, and whose children will never attend college, to pay off the student loans of their college-educated bosses.
But remember it’s the GOP that cuts taxes on the wealthy forcing the working classes to pay. What makes you think that only the working classes should pay taxes?
So let’s cut programs that make life a bit more fair for the working classes; let’s slash healthcare, Social Security; let’s make education even more expensive.
Isn’t higher education the great equalizer? Imagine making a quality education accessible to all.
Boston University economist Laurence Kotlikoff, along with University of California, Berkeley, economist Alan Auerbach, conducted a detailed analysis of the winners and losers of the tax bill.
They found virtually no change in the progressivity of the tax reforms. The rich, they concluded, “will pay essentially the same share of taxes” as before.
Data from the nonpartisan Tax Policy Center shows the tax code getting more progressive under the Republican tax cuts, according to a report on the data in the Wall Street Journal.
Top 0.1%, for example, will see their share of federal income taxes paid climb to 22% this year, up from 18.9% last year.
The share of income taxes paid by the top 1% will reach 43.3% this year, compared with 38% last year.
Sorry Jeffery.
Sorry Charlie,
But your links to the studies didn’t show up. Do I really have to explain to you, of all people, why “share of federal income taxes paid” doesn’t address the issue? There’s a reason all the right-wingers use it as the measure.
Here’s a Kotlikoff_Auerbach paper on the Trump Tax Plan. Is this the one you forgot to cite? If not, can you cite the one you’re referring to? Does this support your claims as anodyne as they are?
https://kotlikoff.net/sites/default/files/The%20New%20Tax%20Bill%20–%20Winners%20and%20Losers%2006-30-2018.pdf
And from the Tax Policy Center:
https://www.taxpolicycenter.org/publications/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act/full
Does their work support your claims?
When we cut federal income taxes, ballooning the debt, prompting cuts in federal programs (Medicare, Medicaid, SS, education), protections (environment, worker protections, unemployment payments) forcing states, counties and cities to increase their regressive taxes or slash services… who suffers more? The working classes or the wealthy who just received an effective $100,000/yr pay raise?
We get it. Conservatives want to eliminate most federal spending because the rich “earn” their money but the workers don’t.
Jeff,
Federal revenue has increased under Trump. The wealthy in the US are paying about 50% of the tax bill so if taxes are cut, the people paying the most do get a cut. Do you really not understand this or do you intentionally leave out large portion of the subject. Trump has gotten the economy up and running after the distraction by Obama. Can you tell us what Obama spent 10 trillion dollars on, I know just want to see if you are aware. Trump has been required to run up the debt as he is trying to get the military and other aspects of our country back to working order after the destruction by Obama. Trump has cut certain agencies that are useless and should be eliminated, like the EPA. Then you make a crazy statement about people getting a $100,000 tax return. Are you really that dumb.
Leslie,
So Trump has been forced to run up the debt, now projected to increase another $20 trillion in ten years? I thought conservatives were worried about debt. The one constant with the nuGOP is that the rich need tax cuts.
Actually, gitarcarver’s nonpartisan TPC says the tax cut for the 2027 rich will be almost $300,000 a year!
Yes, I can tell you what President Obama spent the money on. Can you tell me why, with the “greatest economy evuh”, that trump is adding $1 trillion a year to the debt?
But remember it’s the GOP that cuts taxes on the wealthy forcing the working classes to pay. What makes you think that only the working classes should pay taxes?
I apologize for trying to have a rational discussion with you.
You made the above statement that is not supported by facts and then shifted the goalposts to something else.
Have a nice day.
Apology accepted, now knock off the BS. YOU made several unsubstantiated statements and got caught, and now act as if you’re a victim.
Can you show in the citations you didn’t provide the sections that support your claims or should we except your conclusions?
Have a nice day.
A quarter trillion dollars could be eliminated annually by withdrawing all social services to illegals.
Even the Fake News admits Social Security will croak by 2035 because it’s spends more than it makes.
It’s not the Conservatives, it’s the Lefties bankrupting the country. You’re so panicked about the debt, tell Chuckie and Pelosi Galore to privatize Social Security and kick out all the illegals.
5 will get you 10 those studies do show up. And cutting taxes increases revenue. The IRS has been saying that for years, so you’re the liar.
wiz,
Can you support your claim regarding spending on undocumented workers?
I think I’ve asked before.
Why do you believe the “fake” news, LOL? That aside, SS will pay it’s full obligation until 2035 at which time it would pay about 75%. Right now, SS pays out more than it takes in in payroll taxes and is tapping its Trust Funds to make up the difference. Privatizing SS will never happen unless trump or someone like him declares martial law. Wall Street loves the idea, though. A “fix” will include cutting benefits, raising taxes, raising retirement age etc.
Did you turn down your Social Security and Medicare as any non-hypocrite conservative would? Or do you just want to cut it for those undeserving other people?
I’m not concerned about the debt, I’m trolling you pseudo-cons (the NuCons or Trumpublicans) who used worship balanced budgets. Do you support a balanced-budget amendment?
You have marvelous platitudes which make no sense. Is higher education the “great equalizer”? Hell no. First off MONEY is not the main reason people can’t go to college. Brains are. Do you really believe putting a moron in college will somehow “equalize” him? You leftist keep trying to equalize things that can’t be equal if we are free people. And I know why. So do you. All your answers involve us giving up our freedom.
You use that same old crap that got us here “cutting taxes on the wealthy”. Taxes aren’t on the wealth they are on income. And “the wealthy” are pros at hiding it. You want to tax the rich tax their ASSETS not their income. Take one or two of Cher’s six mansions. Or one of Travolta’s 6 jets. But taxing the income of a businessman or professional who happened to have one good year in a decade is gonna get you nothing but hanged.
Kye,
Again with the violent ideation.
But good idea – tax the wealth. One way would be to tax the accumulated intergenerational wealth of rich folks when they pass to the great beyond. It would be a tax on their estate instead of their income!! You sure have a negative view of rich people whom you claim are all criminals, hiding income. Do you think Trump has cheated on his taxes? LOL. I’ve never hidden income so I must be a real sucker!
In your worldview “certain” people are just too stupid to educate and should be relegated to being our beasts of burden? Maybe I’m naïve, but I have more confidence in our brothers and sisters than do you.
At state schools the average tuition and fees cost is about $10,000/yr. And if you don’t have a state school nearby you have to add in living expenses! This may come as a shock to you, but not every household can absorb even $10,000/yr/student (and that’s the minimum). This is why kids take out loans as an investment in their future. Is it your contention that only the richest should be able to go to college? Nothing but Eloi and Morlocks!!
Please invest in a sense of humor. “Violent ideation”. What’s that this weeks leftist outrage phrase?
Kye,
You’re the one making repeated violent comments. We all understand that if people of your ilk get the total control you desire, the hangings will follow. Trump is already threatening his list of enemies (i.e., all that don’t bow to him).
I doubt that many others will pick up my term “violent ideation”, since few read this blog.
You were on an IQ kick for a while, especially the bell curve. What do you think that measures? An aptitude for learning.
Not all people can comprehend quantum physics. Some are better at bricklaying. Your aptitude ought to be lying, but you’re horrible at it.
The Ivy League schools tried admitting great football players who were lousy students post WWI. You can read the results in The Great Gatsby.
Maybe I’m naïve, but I have more confidence in our brothers and sisters than do you.<./i>
No, you’re just a liar trying to get people to vote Democrat. George Orwell nailed it to the wall, “All animals are equal, but some animals are more equal than others”. That’s how your Commie masters roll.
And Kye said nothing violent. You did.
the only reason the left wants to put kids in college is for votes.
We all know colleges are full of commie and socialist pinko professors and the left wants to finish the indoctrination started in Kindergarten.
THAT IS THE ONLY reason the left wants college to be free so EVERY KID goes to college and eventually EVERY KID is a brainwashed lefty.
PURE FACT!!
Matt Yglesias blew the whistle on that lie.
He bragged how well it worked convincing working stiffs of what you say.
Until they looked at their take home.
The facts, for the 10,000th time
The Act lowers tax rates but keeps the seven income tax brackets.
Trump’s tax plan doubles the standard deduction.
It keeps deductions for retirement savings, and student loan interest. It also allows those age 70½ or older to directly transfer up to $100,000 a year to qualified charities from their individual retirement account.
The Act limits the deduction on mortgage interest to the first $750,000 of the loan.
Taxpayers can deduct up to $10,000 in state and local taxes.
The Act expanded the deduction for medical expenses for 2017 and 2018. It allowed taxpayers to deduct medical expenses that are 7.5% or more of income.
The Act doubles the estate tax exemption to $11.2 million for singles and $22.4 million for couples. That helps the top 1% of the population who pay it.
The Act increases the Child Tax Credit from $1,000 to $2,000. Even parents who don’t earn enough to pay taxes can claim the credit up to $1,400. It increases the income level from $110,000 to $400,000 for married tax filers.
It allows parents to use 529 savings plans for tuition at private and religious K-12 schools. They can also use the funds for expenses for home-schooled students.
It allows a $500 credit for each non-child dependent. The credit helps families caring for elderly parents.
The Act repeals the Obamacare tax on those without health insurance in 2019.
The plan keeps the Alternative Minimum Tax. It increases the exemption from $54,300 to $70,300 for singles and from $84,500 to $109,400 for joint.
So, once again, you lie.
formwiz, I’m not sure if Elwood is lying or just so thoroughly brainwashed he doesn’t know any better. The frequency with which he repeats the leftist line/lie of the week means he’s on the inside of the scheme just not at the top. He’s a “useful idiot” if you will. But his ability to parrot every single talking point as if on cue leads me to believe he’s been a long time operative. Kind of like a Manchurian Candidate on the net. As I read around my daily blogs I notice each blog has at least one. The leftist blogs are like bee hives full of anti American/white/Christian operatives. It’s difficult for me to sort the players from the poseurs.
Wiz/Kye,
Mango pegged it! I’m a communist from just outside Moscow (even though Russia is no longer communist), paid to make the old white men creeping around conservablogs look stupid. You seem to think it’s difficult to refute the lies from right-wingers. Au contraire, mon frere!! (Oops, we Fancy Bear operatives must know at least 2 western languages besides our native Russian).
As I tell all my disciples here, by all means make me defend my “lies”!! Mais ce n’est pas le cas! Vous préférez insulter vos supérieurs.
Мы похороним ваÑ!
Wiz/Kye,
It get you guys confused, sorry.
How do you propose we get rid of all the Muslims in the US?
Nothing fairer than that, Dana. And as we all know the Democrat socialists are the “party of Fair” and equal, don’t forget equal. Nothing screams equal more than a 28 year old house painter raising two kids paying taxes so a kid from Hyde Park can get a free law degree and sue him out of business. Yesserree, fairness Democrat style.
She is very generous with other people’s money. Odd that she isn’t looking into the future to solve this. She could just make students loans illegal, instead of giving a cash incentive for students to run up their debts in the hopes of getting to write it off.
Dems politicians got us into this mess and as usual they want everyone else to bail them out.
Read up on government backed student loans and see.
The government decides to try to increase the middle class by subsidizing things that middle class people have: If middle-class people go to college and own homes, then surely if more people go to college and own homes, we’ll have more middle-class people. But homeownership and college aren’t causes of middle-class status, they’re markers for possessing the kinds of traits — self-discipline, the ability to defer gratification, etc. — that let you enter, and stay, in the middle class. Subsidizing the markers doesn’t produce the traits; if anything, it undermines them.
— “Reynold’s Law” (from Maggie’s)
You’re the one making repeated violent comments. We all understand that if people of your ilk get the total control you desire, the hangings will follow. Trump is already threatening his list of enemies (i.e., all that don’t bow to him).
I doubt that many others will pick up my term “violent ideationâ€, since few read this blog.
Of course, it’s not your term. You get profane when you’re losing badly. That’s why the bear suit is history.
And we don’t ilk. You do and you’re projecting about hangings, because that’s what your crowd does when they seize power. And ilking is just another Commie way of trying to dehumanize their opponents.
Howsomever, if anybody shows they’re untermenschen, it’s you.
Apology accepted, now knock off the BS. YOU made several unsubstantiated statements and got caught, and now act as if you’re a victim.
Can you show in the citations you didn’t provide the sections that support your claims or should we except your conclusions?
Have a nice day.
Actually, he didn’t make any unsubstantiated statements. And he had no links, only quotes. So you lie once again. How many times is that in one post?
Here’s an article by Prof Kotlikoff. Its title The surprisingly good Republican tax plan.
I can link any number of articles that say the same thing. Even Auerbach’s home school, Berkeley, let him publish a very nice paper. I’d link it, but it isn’t written in purple crayon on the back page of The Daily Worker, so it’s over your head.
Now run along home to Mommy’s basement so you can cry your little eyes out for being caught in all your lies.
Can you support your claim regarding spending on undocumented workers?
I think I’ve asked before.
Google it, if you can.
Why do you believe the “fake†news, LOL? That aside, SS will pay it’s full obligation until 2035 at which time it would pay about 75%. Right now, SS pays out more than it takes in in payroll taxes and is tapping its Trust Funds to make up the difference. Privatizing SS will never happen unless trump or someone like him declares martial law. Wall Street loves the idea, though. A “fix†will include cutting benefits, raising taxes, raising retirement age etc.
Did you turn down your Social Security and Medicare as any non-hypocrite conservative would? Or do you just want to cut it for those undeserving other people?
Wall Street? Wall Street is your guys. The old capitalist bosses stuff went out with the 80s. Two of the the three highest recipients of Wall Street money in Senate in ’08 were Zippy and the Hildabeast. Again, easily verified, which you will be afraid to do.
I’m not concerned about the debt, I’m trolling you pseudo-cons (the NuCons or Trumpublicans) who used worship balanced budgets. Do you support a balanced-budget amendment?
If you don’t care, why should I answer? You’re just a liar anyway.