White House analysis finds Biden plan to cancel some student loan debt costs $379 billion

President Biden’s order to cancel student loan debt for millions of Americans will cost an average of $30 billion per year over the next decade and $379 billion over the course of the program, according to a Biden administration cost estimate.

           

https://www.facebook.com/cnn/posts/10163019514786509

Sherrie Headley it appears I am just one of many who are also upset about what Biden is doing re: student loans. It’s outrageous.!  Biden would’ve done better to revamp the educational system completely by bringing the outrageous cost of an education down considerably to where  the student loan doesn’t take an entire lifetime to pay back.  Do something about the outrageous high cost of education.  there is no reason on this planet get an education should cost so much money.  I voted for him and even I am disgusted by his solution. It makes absolutely no sense.


Scott Harrigan there is more than one version of a wealth tax being proposed these days. Are you talking about a tax on accumulated wealth, or the proposed tax on unrealized gains?

Income tax “works” within the constitutional framework because it’s nominally a tax on commerce, a trade of labor for compensation.
A tax on accumulated wealth is a seizure of private property, and would violate the takings clause. In every case it would be unconstitutional.

On the other hand, unrealized gains aren’t taxed for good reason.

An unrealized gains tax would force most Americans (billionaires included) to sell a portion of their investments every time it increases in value, because that’s the only way they could afford to pay a tax on their “wealth”.

Not only is this idea bad, it’s evil. Imagine having to sell your house to pay a tax on its increase in market value.

The inevitable result of an unrealized gains tax would be the centralization of private ownership and investment among the wealthy elite, who will buy up the assets that ordinary people would have to sell to pay the tax.

Eventually, even those wealthy elite wouldn’t be able to afford the tax, and the only buyer left would be the ones charging the tax.

A tax on unrealized gains is nothing less than a back door to socialism and the elimination of private property.

You might hear that this tax will only be on the super rich, but that claim was also made about the income tax when it was first implemented.


Jason Mullins Tell me that the people who work their a$$es off to just get a decent education should get screwed over by a predatory lending process while the ones with yachts get $$. I don’t want to hear “they shouldn’t have taken out the loan” - I guess the alternative is keeping them uneducated. Universities are way too expensive and most to pay for their athletic departments. We need to help those trying to do better. My husband took out loans - paid them off. My kids had 529s but we skimped and saved to help them. But we have no problem with helping others who are paying outrageous interest rates just to get ahead


Sherrie Headley Do you realize where money for Foriegn Aid comes from? Or foriegn military assistance comes from?

Your taxes!

We sends billions every year to foriegn nations, that publicly hate the U.S.,we send billions every year to rich countries some building island in the ocean and NOBODY whines, cries or even complains but the second Americans benefit from American s tax dollars it's the end of the world, it's time to go off, now it's time to be mad! We send out FAR more than Americans receive and seem like most prefer their "taxes" be sent overseas to complete strangers rather than using it to help.

Extremely backwards but carry on as usual.


Sherrie Headley in a world where they were supposed to be low interest loans but republicans changed the rules and allowed banks to charge interest rates higher then credit cards. Some people have paid amounts 3 times the original loan and now owe twice what they borrowed. Also Trump has built his business plan over defaulting on loans. So to answer you question it’s this world except you usually have to be rich. Also google PPP loans and explain why that doesn’t bother you. Hint next time before you erupt in righteous anger it’s important to know the what’s and the whys 


MzLiz Imanil so help me understand this. They can spend billions on a fighter plane that doesn't work. Give billions in tax breaks to cooperations and billionaires, triple military spending. Give billions to other countries but the people that actually pay the taxes and make that all possible, can't get a break from the strains of trying to make it in this country? If the military is not paying soldiers more with their large budget then shouldn't you be mad at them. Most college students, former and present have more than 10k worth of loan debt. This is just to help take some of the burden off of the little guy. The majority of people in loan debt don't make 150k, so it's helping the people of this country. What's corrupt about that? They just sent an additional 30 billion in aid to Ukraine but no one seems to have a problem with that. The people in the US should be taken care of first before anyone else.


Trump’s administration handed out PPP “loans” to wealthy companies that didn’t need them - such as Tom Brady’s ($25 million a year in the NFL - and married to a model with a net worth of $400 million) TB12 brand. Such as Kanye’s Yeezy’s brand that, even at the time, was pulling in serious profit.

Yet over 50% of small businesses that actually needed a helping hand didn’t get approved for a PPP loan.

6 republicans are now trying to sue the Biden administration because they feel student dept forgiveness is unfair to the economy. But handing out free money to big brands and companies is just nifty to them.

It’s laughable.


Thanks to the hypocritical sanctions from the elites against Russia and the totalitarian Covid measures, energy (as well as fertilizers, grains, feed for livestock, thus the food supply, energy intensive sectors, ...) are expensive especially in Europe but also the US and eventually other countries, as opposed to cheap energy for Russia's clients like India, China, Turkey, ..., and as such Europe's economy and welfare are doomed. In the meantime, the elites rake the huge profits in.

The Elites 2022-03-08: Why are the Power and Money Elites creating Energy and other Scarcities (deficient supply driven inflation)?
https://tumia.org/en/dire...&page=1

Answer: The elites are not doing this out of stupidity but with malicious intent. The European and other peoples must kneel before the elites to willingly allow themselves to be further impoverished, starved, depopulated, injected and controlled. The great evil reset. Those who remain become part of the medical, genetical and transhumanist experiments and the slavery that must maintain the perverse luxurious decadent paradise of the elites.


Sherrie Headley Honestly, I like the content of your profile. Hope you are safe too? A quick note to remind you that you have such a beautiful smile and hope you have a wonderful and blissful day all the time? I can tell you are a respectable woman from your profile which is worth revisiting. I would like to be friends with you, but sending a friend request without your consent will not be enough. I don't write in the comment section at first, but I see you as an honorable woman. kindly send me a friend request if you don't mind us being friends.


10ºRobert Hansen No we dont. We want people to be able to live decent lives without being on welfare. You know that the majority of people getting welfare benefits are working families, right? Both parents working multiple jobs yet still not making enough. If we had free/low cost childcare people could work more and keep more of their pay. My grandsons are in daycare, on base, which is subsidised. Its still 900.00 a month. That's almost a freaking rent/mortgage payment. People have to take a second job just to be able to afford childcare for their first job. Make all these corporations getting tax cuts offer on site daycare. If they're going to keep taking our taxes because the CFO isn't happy making 2 million a year, they can give something back. Just providing median wage jobs isn't enough to warrant the cuts. Its not as if they're not making money off their employees. They're getting money from the market, and money from the govt. Make them earn it. Corporations are the real welfare drain.




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