I'm betting that if businesses knew they would have to pay it back, they wouldn't have applied for the PPP in the first place. Some businesses took the money then fired people and closed anyway.
How is this different? The gov is screwing themselves by forgiving it. Maybe because they are doing it on purpose instead of the person who borrowed the money deciding to declare bankruptcy.
Marjorie Taylor Greene says student loan forgiveness is 'completely unfair' despite the fact her company had loans worth $183,504 forgiven The internet's dunking on student loan debt complainers with PPP loan receipts
Hey Gator-lawyer - this vote purchase only helps selected persons. We all pay for and benefit from Gov D!
Appropriate photo! Dear leader eating ice cream while he blows up our country. You can’t possibly think he is an effective president, can you? I just can’t understand why you guys don’t just admit what everyone knows. He has never been an effective politician, more like an angry blowhard.
While I have a Masters Degree, I'm fortunate enough to have no student loan debt. Parents could afford state tuition at Arizona, which wasn't exorbitant at the time. And I had full tuition reimbursement for my MBA. My oldest is a senior in high school, so maybe I'll benefit in the future, but we'll see. As of right now, I'm one of those who won't benefit from the student loan forgiveness. But I have no issue with others benefitting, even if I'm left out. Especially if I get a secondary benefit. Student loan debt is the second largest form of household debt, and contributes to many bankruptcies a year. If student loan forgiveness prevents a number of bankruptcies, then it will lesson the economic impact on the loan forgiveness. Most people who file for bankruptcy have much more than $10,000 in debts that need forgiveness. I also have no problem subsidizing other people's education. My education was subsidized by my employer and in return, they got a better educated employee. We should subsidize education a lot more than we do in this country. It's been going the wrong direction for years, with states contributing less to state schools, which has caused tuition to rise. We bitch and moan about education in this country, and how it's not the best in the world. Yet we pay teachers poorly, and force students to go 6 figures in debt to get the best post-secondary education? I also have no problem giving back money to those who went to shady, for profit colleges. Not only do these students represent the largest portion of student debt defaults, many of them fell for deceptive practices. Discharging $10k of their student debt could help them recover some of their losses, and maybe help them get into a school where they can actually graduate. Societies have a long history of debt forgiveness. It's not the end of the world if we forgive $10k of student debt.
Basically the impacts will be the following: https://www.forbes.com/sites/jonath...adds-400-billion-to-deficit-goldman-says/amp/ - It will have a negligible to modest impact on inflation. Freeing up the debt obligation could spike demand a bit which is slightly inflationary. - There will be a future expectation of borrowers to pay additional debt. - Borrowers will be less likely to pay debt if they fa get away with it, hoping for future forgiveness - People will be more likely to borrow student debt in hopes it is forgiven. I suspect most of those impacts are pretty modest but nonetheless real.
No, 17 year-olds and their parents making dumb ass decisions. There are numerous grants, scholarships and other financial aid available for kids from lower or middle class families. And if those kids go to community and state colleges, they can graduate in four years with little or no debt. But if a kid instead takes out large debt to attend an out of state and/or private school, they are perfectly aware of the amount of money that will need to be paid back after graduation and they should be held responsible.
For the record I oppose this student loan forgiveness. Sure they are different, but for politicians to be stating outrage when they participate in the grift is bad form. There is no doubt that many small and small-ish business made a fortune on the PPP thing - and yes mostly legally. We know of a friend who made probably 7 figures when that business suffered no downturn at all. Meanwhile this person (Trump fan) gripes about the taxes he has to pay at the highest marginal rate.
Putting the dumbass decision on the parents when the kids are the ones held responsible for it later on isn't exactly a gotcha statement. Plenty of kids and families still have to take out a loan to go a state school. It's such a limited worldview to expect everyone and their families to be completely versed in educational and scholarship opportunities from the time they're in kindergarten and/or be able to easily afford a several thousand dollar a year tuition. Many of these individuals want to go to college specifically because they don't want the next generation to grow up in an environment like they did. Also taking the opportunity to get relief doesn't necessarily mean you are incapable of paying back your loan or that you don't think you should be responsible for it. It's just going to give people an extra couple hundred extra dollars a month that they can spend on rent or food. This isn't going to affect you in any way and is going to help millions of people improve their lives a little bit.
