Biden administration forgives $4.8 bln in student debt
U.S. President Joe Biden said on Wednesday his administration had approved $4.8 billion in student debt cancellation for 80,300 people.
"This brings the total debt cancellation my administration has approved to $132 billion for over 3.6 million Americans through various actions," Biden said in a statement.
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A college educated person can earn more than a million dollars more over their career than a high school educated person. Biden is bailing out the rich and the Dems love it.
I don't like engaging in negativity on lemmy, but you're an idiot. People with student loan debt aren't rich.
Statistics tell a different story. You refuse math, and think I'm an idiot. Enjoy your bullshit degree.
A source would be appreciated
You don't seem to be aware of what 'statistics' are as you unsurprisingly haven't provided any in traditional ignorant-loudmouth fashion.
Are you saying that because a person could earn more than a million dollars more over their career than a high school educated person that they're rich? Or are you saying that a person who is college educated is already rich to start with?
Either way is confusing, so I'm hoping you'll clarify. Seems a lot like you're implying that a possibility is the same as having a million dollars in your bank account? Like just because I have lotto ticket I'm a millionaire even though the numbers haven't been drawn yet.
I'm saying it's statistically proven that a college educated person has a much higher earning potential than a person without higher education.
I'm not implying wealth before college at all. Therefore, if you support a government bail out of those people, you support the government bailing out the wealthy.
I’m trying to understand what you’re saying. Are you arguing equality vs equity? For example that any handouts or bailouts regardless of economic situations or conditions is the same?
How are you defining wealthy/rich vs poor? Would it be fair to say that that at a certain point an item costing $5 is more affordable for someone who makes 100k vs 30k? Generally / statistically speaking.
That would be a fair statement, and also makes a perfect example of why a college educated person, that makes more than a high school educated person, should be able to pay the money they owe.
"The cancellations have come through existing federal student loan forgiveness programs, which are limited to specific categories of borrowers, such as public-sector workers, people defrauded by for-profit colleges and borrowers who have paid for at least 20 years. " -CNN
These are not rich people.
These forgiveness programs weren't even created by Biden.
You're intentionally spreading false information.
I am not spreading false information, you just don't like the truth. These people are the next burden on the working class that actually pay their bills. Pathetic.
So you think people who were defrauded or are working public service jobs like teachers are rich people and not working class?
Also, who exactly was defrauded?
Students who attended colleges or universities that lost their accreditation and were shut down, making those degrees they handed out worthless and literally illegitimate. Those people, who had loans for degrees they couldn't use from defunct colleges were defrauded.
I think they make enough to pay their bills, sure. Teachers even have the summers off for side work. And to be honest, if they don't understand how loans work should they be teaching our kids?
my wife and i earn a million dollars roughly every 6 years. After tax, rent and bills (we have no particularly lavish outgoings – non essentially include netflix, Spotify, sirius xm in our cars, we get a slightly more expensive cat litter than the cheapest... ), i.e. "net" earnings we earn a million dollars over 38 years. We have about that long left until retirement. So I think you're vastly underestimating how much it costs to live and work in a city.
Rich is an interesting way to put it. Bailing out the rich are tax cuts aimed overwhelmingly at the rich, not taxing capital gains and other ways the rich try to hide their true income and not auditing the rich because it is too much effort.
...and should also include forgiving debt of those that have potential to be higher earners. Student loans were readily accepted and it was fully understood that you would have to pay the money back. Just do that.
You have the time to discuss news online at ~7:30am Eastern and the necessary computing tech (phone, laptop) to do so. It certainly sounds like you're better off than a lot of people -- are you also part of the rich? After all, you aren't doing manual labor nonstop from early in the morning for minimum wage.
I sure have. Started working 16 hours days in the summer months on the local farms custom baling hay and straw when I was 13. I have had many jobs since then, always bettering myself. I'm not rich, but I'm doing ok. I pay my taxes. I'm the callused hands of the working class that actually pays their bills and lives within their means. You?
How does lifetime earnings factor into someone who is still paying on their loans and far from the end of their life? What an idiotic correlation. 53% of US adults have a degree, yet the median income is $31k per year which is far from rich. I see you took those old ITT Tech commercials to heart.