Biden lost the opportunity to make a case against this because of the focus of a hand out to get votes (trump's tax cuts were also a hand out to get votes). In addition to the magic wand of loan forgiveness he could have railed against the rising cost of universities and said the following: 1. All future government subsidized/back loans will only be made available for in-state universities who also benefit from taxpayer funding 2. No gov loans to for profit schools 3. Funding set aside for 100% free community college (if you are going to pay for something support comm colleges which can be a gateway to moving on to a state college guaranteed) 4. And funding for private universities if to be continued shall have tuition caps and max limits. You deserve to go to college, you dont have a right to go to harvard or Syracue and borrow huge amounts. This will let private schools know they will have to scramble to kick in more aid or lower their costs or risk only accepting wealthy kids. When money is handed out for "free" it is no different than if the FED printed money without limits. Prices and inflation will kick in heavily. Universities know students have so much access to loans they dont care baout raising the price of tuition or making their product cost competitive. I and family memebrs have a small role in academia at 3 schools, 2 where I got post graduate degrees. The schools I went to I would never go to now nor encourage my kids to apply. The product has turned to shit as administrators have cared less and less about quality and simply focused on numbers and money coming in. Highly paid tenured faculty were replaced by associate or adjunct lecturers without long term experience. Standards were dropped on admissions to ensure consistent numbers of students and some of these kids are just fucktarded. But tuition is almost double now. This is the real shit show of higher education. The product is suffering as schools simply go through the motions because their customers have no purchasing power.
The only thing I'd ask on the Trump tax cuts being a hand out for votes is this: If, as Democrats claim, the Trump tax quotes were only for corporations and the very rich, then how could it be a grab for votes that were already Trump?
Indeed.I read the car companies are increasing the price of electric cars around 7500,the same as the credit from the new bill.
Hot take: Nobody is talking about the benefits of loan forgiveness. Young Americans are not getting married and starting families at rate needed to sustain population growth. Young Americans are less likely to own a home and have less wealth than previous generations. Loan forgiveness and restructuring payment caps will help with the above issues.
Correlation and causation is not a sound method of analysis. It is a good place to start but you should not draw conclusions superficially.
Yes, Ford came out with a price increase that matched the rebate. And why shouldn't they? If you're not going to address the root cause (of college education pricing or nonsensical degrees, or whatever) then of course they're going to take advantage of the system. Part of the reason Colleges and universities don't give a damn about their tuition is because they know kids have to sign up, and those debts won't be discharged ever. That's why lending institutions benefit. The whole thing needs to be gutted and redone. But no, lets just give people money.
This will create lots of moral hazard. I am fine with people with income of less than $60k get a loan reduction, but for people with $100k? People with $100k income can easily pay off a $10k loan in one year if they wish. And what this means for future college students? This will create incentive for them to borrow whether they really need or not.