I have seen where at least one state AG plans to challenge Biden's legal authority to forgive student loan debt. Even Nancy Pelosi said the President lacked the authority a year ago. This likely won't be decided until after the fall elections so Biden's vote buying may still help his party.
Heroes Act? What hero takes out a loan and then looks for the government to forgive it. Some hero. A hero to me would be a plumber that is willing to show up at 2:00 AM and repair a broken water line under a concrete slab.
The Trump administration said that the Heroes Act did not authorize debt cancellation only a temporary pause in payments. Biden is taking the other side of that argument. Last year, Pelosi said she agreed with Trump's position. The courts will likely decide who is right.
I'm not saying it does. I am saying that the basis for their argument is on the HEROES Act. Keep in mind they used the Heroes Act as a basis to forgive student loans of disabled borrowers as well as to forgive those of borrowers who work in public service. Neither of those instances were challenged legally which is why they say it applies here as well. Legal experts (you can find plenty online discussing it) seem to think there is an argument that it does apply in this case. They also say Biden has a "plan B" in place to allow the forgiveness if this first argument fails.
Biden's plan B should be to go to Congress for explicit authorization. He could use reconciliation again next year if his party holds the Senate and House.
But what standing does a state government have to challenge this? The student loan program is purely federal.
There are still some private student loans ($12 billion worth) from companies like SoFi. It's the AG of Arkansas leading the charge. I haven't seen her argument for standing.
I didn't argue that one is "fair" or not. I said that you are ignoring the fact that terms of the agreement on PPP and student loans are completely different -- and I'm right and you have no response other than to go to nonsense horseshit about power imbalances or whatever.
So the Republicans should let Biden get away with spending $500 Billion without possible legal authority because of fear of political risk. That is crazy. Find some safe seat or retiring member of Congress to challenge it.
If it was truly about student loan forgiveness, there would have been legal challenges to the forgiveness for disabled borrower and those that work in public service.
Just because they didn't challenge something a year or two ago doesn't prevent them from doing it now. Especially when we are talking about $500 Billion now versus a few million before.
Not really. I would question more the motives of forgiving the debt now when it looks like the Democrats need an election boost than the motives for opposing it.
Does the Russian government let you out of your cubicle for breaks? I hope so.
Thats funny coming from someone who is skeptical of everything. Surprised you stopped posting on your Q Anon boards long enough to find time to come here.
One doesn't absolve the other from questions. You just choose to overlook one moreso than the other. Both have legitimate questions for the motivation although Biden made student loan forgiveness a focal point in his campaign so who knows how long this has been in the works.
Everything they’ve done has been about solidifying their grip on power. From media to the IRS to the unreal spending to the attempted federalization of elections. There’s no way they’ll allow an interloper like DJT to ever happen again.
As a policy position I don't really agree with the forgiveness, but don't we pass other's pain along to other taxpayers every single day in this country? Why is student loan all of a sudden any different? My tax dollars pay for FEMA funds that help victims of hurricanes. My tax dollars pay for the lung cancer treatment for the Medicare patient that smoked their whole life. My tax dollars help subsidize mortgage write offs for other home owners. My tax dollars pay for bombing countless children in the Middle East. My tax dollars paid for PPP loan forgiveness for countless companies that didn't actually need the money. My tax dollars paid for billions in hand outs to cable companies who were supposed to install fiber optics all around the country and never did.
He's not revising a contract. He's telling the Dept. of Education to simply not collet the debt. The government cannot revise a private contract, which is why it only applies to federally backed loans. It's also a reason why Reedy Creek won't actually be dissolved in Florida when it's all said and done. DeSantis can't alter a contract between Reedy Creek and its bond holders.
He knows that's improbable. He's losing the house and possibly the senate
No, my point is where do we draw the line on what we complain about? Forgiving this amount of student loans is a literal drop in a bucket compared to all the other government spending. What is it $400 or so billion? They're not printing new money for it, it's just revenue that won't be collected. Money that would have been collected over the course of decades because these loan terms are very long. It can probably be safely assumed the majority weren't being paid back within a decade, so spread that money out over ten years and it's $40 billion per year of decreased revenue, maybe $50 billion if you want to include interest.
No it won't be. It'll be 0.7% each year for 10 years. After a decade it's 0.7% of the entire budget over that decade. If you counted the entire amount against one year's budget, sure, it'll be 7% of this year's budget. But the money isn't being "spent" this year, it's being spread out over the next 5 or 10 or 15 years. So we should compare the total amount forgiven to the total government spending over the total number of years until these loans would have been paid back.
But why is this specific item the thing people are getting so upset about? That's my main point. If people equally applied their outrage at government spending, that's one thing. But they don't. Every conservative bitching about this was mainly silent during the previous administration as the deficit got larger and larger each year (I'm not saying this applies to you, I'm just talking generally). It's fine to disagree with excessive government spending, but let's do it equally. I'm seeing a lot of people who only seem to be disagreeing with spending when it's a Democrat doing it.
At any point are you going to address my point that the terms of PPP and student loans were fundamentally different?
I actually disagree with the policy. It's mind boggling to me that progressives latched onto this because it's largely a handout to upper middle class white people. My wife and I snuck in under the income cap largely thanks to a slightly down year for my business in 2021, and she received a Pell Grant, so we're personally benefitting quite a bit from this. We 100% do not need it at all. We own a house in a nice NYC suburb and have no kids. We want for nothing.
You conveniently ignore that conservatives have opposed loan forgiveness every single time it’s been brought up. This isn’t a recent phenomenon. Democrats had control during Obama and didn’t do it. They have been in control now for a year and 8 months. Why now? The answer is obvious.
Except none of that is true. Democrats had “control” of Congress for a grand total of 4 months under Obama until a Republican filled Senator Kennedy’s vacant seat. It was during that 4 months that Obamacare passed. If Democrats had control the entire time like you insinuate, Garland would be a sitting judge on SCOTUS as Mitch never would have been able to block his confirmation hearing. The Senate requires 60 votes to pass legislation. Currently, their is a 50/50 split in the Senate with the slim difference being Harris being vote 51. 9 Republicans have to vote for a “democrat” legislation to pass. Even more if a Democrat (Manchin and Sinema are the 2 most common) doesn’t vote for the legislation. Also conservatives didn’t oppose loan forgiveness in PPP. It passed with a 96 - 0 vote. They just oppose it when you middle class benefits. When it’s the middle class, it is a handout. When it is for the financial elite, they call it a
