I stopped watching when he said "without governments there would be no student loans"
Peter Schiff: Somebody Has To Pay For Student Loan Forgiveness
- Thread starter The_Krakenite
- Start date
I stopped watching when he said "without governments there would be no student loans"
The law was already in place for forgiveness (expanded in 2009 under Obama).
240 on-time payments where the monthly payments are
10% X (GROSS INCOME - 150% FED POVERTY GUIDLINE) / 12
and you have earned forgiveness under the income based repayment (IBR) plans PAYE and REPAY.
Biden is just setting a precedent with this action on explicit prior-to-term or even arbitrary debt forgiveness. They already passed a law that (temporarily) suspended taxability of canceled student debt during his term. The new program announced adds an option for 5% discretionary income.
You have to remember, the feds were paying half the nominal interest rate (6.8%) on a fat portion of these loans to private banks prior to when DOE started acquiring them and then expanding all these programs... so the gov was paying one way or another even before the most recent action out of the executive.
240 on-time payments where the monthly payments are
10% X (GROSS INCOME - 150% FED POVERTY GUIDLINE) / 12
and you have earned forgiveness under the income based repayment (IBR) plans PAYE and REPAY.
Biden is just setting a precedent with this action on explicit prior-to-term or even arbitrary debt forgiveness. They already passed a law that (temporarily) suspended taxability of canceled student debt during his term. The new program announced adds an option for 5% discretionary income.
You have to remember, the feds were paying half the nominal interest rate (6.8%) on a fat portion of these loans to private banks prior to when DOE started acquiring them and then expanding all these programs... so the gov was paying one way or another even before the most recent action out of the executive.
The purpose of the Paycheck Protection Program and loan forgiveness is to provide economic relief to small businesses and certain other entities that have been adversely impacted by the COVID-19 pandemic. (Wikipedia)
Dozen of Republican politicians have been outed, showing they never repayed the interest free loans for their businessess, some of these businesses had no other function than serve as deposit for PPP loans and are among the nearly 10% that were fraudulent.
A straw man is a form of argument and an informal fallacy of having the impression of refuting an argument, whereas the real subject of the argument was not addressed or refuted, but instead replaced with a false one. One who engages in this fallacy is said to be "attacking a straw man". Wikipedia
Maybe you need to review what fallacies are before using words too big for your understanding.
I invite you to reread my 2nd point carefully before writing nonsense.
Come to think of it, don't bother. I don't give two shits.
I think the vast majority worldwide is affected heavily by government and
suffering increasingly due to the actions of those in control of said governments.
Do Not Contact Your Elected Representatives Whatevahyadoo.
Everything's Under Control.
Last edited:
Only the best and most dedicated succeed graduating and landing a job and then keeping a job.
Aint got no time fo Dat!!!
Kind of like how somebody has to pay for military spending?
Top 10 Countries with the Highest Military Expenditures (2020):
- The United States — $778 billion
- China — $252 billion [estimated]
- India — $72.9 billion
- Russia — $61.7 billion
- United Kingdom — $59.2 billion
- Saudi Arabia — $57.5 billion [estimated]
- Germany — $52.8 billion
- France — $52.7 billion
- Japan — $49.1 billion
- South Korea — $45.7 billion
Freedom is not free. US prosperity is the envy of the world. The rich man always spends more on security than the poor.
You're right! Spending more than 3 times the amount of the next highest-spending country is not nearly enough. Maybe public schools should be closed and teachers fired so that there will be even more money to spend on the military. Yeah, that's the ticket!