The ramifications for all of it is that we will all pay the money in other ways. Free lunch is an illusion.
That being said, college tuition prices are nutso. I am sure it has to do with those ludicrously padded pensions all the professors receive.
If their loans are the right kind of Federal loans, they will be, too. It's not just college/university students that get these loans.What about the students who went to tech schools, etc? I mean, they only attended for a year or two, paid for it out of their own
pockets, AND, actually got jobs when they graduated................. why should their loans not be paid???
Here's an important point to remember: the debt will not be gone; it will just be transferred from those who received the loan to those who didn't.
First, there was math. Then new math came along and math became old math. Then we got culturally sensitive math, then PC math, and then fuzzy math that doesn't require correct answers to get credit. Now there's Biden Math (BM)The thing is, the recipients as well as the rest of us who pay taxes will pay for this over the next however many years.
Fortunately, by Biden's math, our cost will be zero tho. So there's that.
Just saw article that judge blocked this on RR news. Thank You Lord!Biden to announce $10,000 of student loan forgiveness and repayment pause extension
President Joe Biden will reportedly announce an order to excuse $10,000 of student loans for many while also extending the repayment pause.
The Associated Press reported that three sources confirmed the student loan forgiveness plan. They claimed that the forgiveness program would be limited to those who earn less than $125,000 a year.
The current moratorium on student loan repayment implemented during the pandemic was scheduled to expire next week, but under the new plan, it will be extended into January.
Total U.S. student debt has grown from $516 billion in 2007 to $1.6 trillion in 2022. One third of the more than 43 million Americans with federal student debt owes only $10,000, while more than half owes less than $20,000.
According to an analysis of the plan by the Penn Wharton Budget Model think thank at the University of Pennsylvania, the plan would cost roughly $300 billion. The analysis also said "about 70 percent of debt relief accrues to borrowers in the top 60 percent of the income distribution."
The progressive wing of the Democrat party has excoriated Biden for promising to forgive student debt and then failing to do so once he got into office. In February, left-wing activists accused the president of being "extremely classist and racist" for not following through with the demand that he forgive $50,000 of student debt per borrower.
"They are in service to an ideological moderatism that doesn't align with the base of the party or with the views of a rising electorate that is younger & less white," said activist Bree Newsome at the time.
Republicans meanwhile have derided any student loan forgiveness plan for helping the privileged with the taxpayer money from regular Americans.
"If the Biden Administration goes through with this, they will be taking money from plumbers and electricians to pay the debts of lawyers and academics," tweeted Rep. Mike Johnson (R-La.).
https://www.theblaze.com/news/biden-student-debt-forgiveness-plan?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20220824SponsoredTrending-RevelationMedia-WED&utm_term=ACTIVE LIST - TheBlaze Breaking News
That is correct. This student debt relief is all about socialism . Laying more ground work.We'll also pay in the long wrong because of the promotion of socialism that this promotes.