Warren unveils $640 billion college debt forgiveness plan

Discussion in 'Politics, Religion, Social Issues' started by jkcerda, Apr 22, 2019.

  1. jkcerda macrumors 6502a

    jkcerda

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    #1
    https://www.kptv.com/warren-unveils...1klzU9L-2ATJ90yGq3b8gxkPmdHN1xpGAamq7QIAglmfw
    interesting, so we just add 640 billion to our current debt?
     
  2. Brad9893 macrumors 6502

    Brad9893

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    #2
    Within the past three years, I've paid back $60,000 worth of student loan debt (and paid everything off too!). Am I going to get a check in the mail for $50,000 courtesy of the Federal Government? Hell no! This plan unfairly screws over people who paid back all of their student loans.
     
  3. jkcerda thread starter macrumors 6502a

    jkcerda

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    #3
    relax, she is not going to get anywhere IMHO.
     
  4. HappyIntro macrumors regular

    HappyIntro

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    #4
    Yep. So all the folks who sacrificed and honored their promise to pay back their student loans are effectively penalized for doing the right thing. No way this idea will gain traction.
     
  5. jkcerda thread starter macrumors 6502a

    jkcerda

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    #5
    if you did the right thing by paying back loans YOU took,should you not be happy you were able to do so?o_Oo_Oo_O
     
  6. jagolden macrumors 6502a

    jagolden

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    #6
    E0A87EE1-E171-4D69-AB3B-4FD2E9FE00B6.jpeg Simply more "not my responsibility" nonsense. Won’t pay back their debt but sure they have expensive tablets, phones and plans.
    Granted, college tuition is out of hand but that’s not my fault or responsibility to pay for. It’s the colleges fault for giving outrageous (and unjustifiable) salaries to administrators and professors (most who don’t even do their own work).
    If you take out a loan for anything, it’s your personal responsibility to pay it back.
    Unfortunately this is the generation that has been raised - no personal responsibility, it’s everyone else’s responsibility to take care of me, not my fault, I need my momma to clean my butt for me even though I’m an adult.
    Stand up and grow up!
     
  7. Brad9893 macrumors 6502

    Brad9893

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    #7
    Oh, I know. Warren has little chance of gaining traction as a candidate. Still, her proposals are infuriating.

    Yeah, this is going to be super unpopular among people who are the most responsible.
    --- Post Merged, Apr 22, 2019 ---
    Of course...however, I'm unhappy at the prospect of others getting a free ride by having the government wipe away all of their debt. It is not the job of the government to take on $640 billion worth of additional debt to fund their college costs. If you went and took out loans, you pay back every cent plus whatever interest you accrued.
     
  8. theapplehead macrumors 6502

    theapplehead

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    #8
    First she threatened to break up big corporations such as Apple and the App Store, and now this. Is she trying to become President or not? I guess she just wants to ensure that Trump wins the 2020 election. Kudos to her :p
     
  9. dukebound85 macrumors P6

    dukebound85

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    #9
    This is beyond stupid

    1- what about those that are responsible and paid back their loans as THEY AGREED to and went to a school/picked a major THAT WAS FINANCIALLY SMART. Will they be getting a refund check? or do we only bail out those that don't make wise decisions?

    2- How does this address rising tuition costs merely having another crop of borrowers with student loans in the future?

    Regarding student loans......I know more than I should who use loans to finance their vacations, their cars, their brand new mbps, iPhones, and hell, even investing in crypto. I also know parents who use students loans to pay bills vs paying for educations

    How about we start with creating more stringent loan practices and making sure the money is used as intended? How about we stop having universities creating country club atmospheres and jacking up the price to go to school? How about we have students pick smart degrees vs using college as a means to finally party it up and not live at home?

    I have ZERO sympathy to those with student loans. I mean ZERO. They went in willingly and they have to deal with your choices
     
  10. VulchR macrumors 68020

    VulchR

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    #10
    Hasn't the debt under Trump already gone up by $1 trillion to make tax cuts? Why isn't this seen as a way of 'stimulating the economy'. Oh, I get it, it's educated graduates that would be helped rather than the top 1%. FWIW I am no fan of Warren, but the price of education in the US, like the price of medicine, is ridiculous and hinders the economy.
     
  11. hulugu, Apr 22, 2019
    Last edited: Apr 22, 2019

    hulugu macrumors 68000

    hulugu

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    #11
    Yet another sound policy proposal that will get hung up by errant moralizing and shoddy economics.

    There is an essential economic question: how much money is not in the economy because people are paying student loans? And, what's the economic effect of simply wiping out that debt? Will that create a short-term economic boom? A long-term boom? And, will that encourage student lenders to take on more risky debt, with the theory that it will also be paid off? We should also be cautious of such a plan because we need to know what will happen to the derivatives attached to student loan debt.

    As for paying off your student loans. Good for you, here's your cookie. No, you don't get a refund. This is a relief program, similar to programs that fix people's houses after floods or hurricanes. You don't get handed a check for being more responsible than your neighbors and not buying a house in a flood plain.

    Rather than clearing the deck on student loans entirely, what we should be doing is expanding the Student Loan Forgiveness program to clear loans for people who go into public service, who join certain non-profit organizations, and clearing loans for anyone who went to a private college that collapsed, or was fraudulent.
     
  12. dukebound85 macrumors P6

    dukebound85

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    #12
    how about instead of canceling debt, they government look at less extreme actions such as maybe 0% loans with prior interest counting toward principle?

    scratch that....

    Many people with loans have no issue taking out a car loan for a similar amount. I get it, no one likes paying for things they did a long time ago but deal with it.
     
  13. hulugu macrumors 68000

    hulugu

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    #13
    That's a pretty reasonable idea.
     
  14. NT1440 macrumors G5

    NT1440

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    #14
    We added trillions subsidizing the big banks through QE, I say we just claw that **** back and tell them “too bad”.


    Also, if there’s ever going to be a housing market in the future this simply has to be done. No one with 50k+ in student debt is ever going to be able to buy a home in the next couple of decades. So to those moralizing, are you going to wait for a major part of the fundamental core of our economy to collapse entirely or are you just going to plug your ears and wait for reality to kick you square in the ass?
     
  15. BoxerGT2.5 macrumors 68000

    BoxerGT2.5

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    #15
    Go for it, I've been putting money away for both my kids college since the day they were born. It took me 10yrs to pay off my graduate and post graduate school loans while living in a **** hole in order to do so. I'll stop saving for them and just have them take out massive amounts of debt that the US government will ultimately wipe away. What I've saved already put back into my pocket between the two of them will get me a kick ass vacation home in Florida or AZ.
     
  16. dukebound85 macrumors P6

    dukebound85

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    #16
    ok........but how does her solution solve anything?

    how does it solve student loans for the kids that are in elementary/middle school today?

    how does it solve the rising costs of going to college?

    this is adding to the debt and not solving anything
     
  17. BeeGood macrumors 68000

    BeeGood

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    #17
    Sure, let’s get the government even more involved with subsidizing the ridiculously high costs of higher Ed and add another half a trillion to the national debt as part of what is clearly a gigantic vote-buying scam.

    What could possibly go wrong?
     
  18. Brad9893 macrumors 6502

    Brad9893

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    #18
    There are consequences to every action, and frankly, the principle that would be imparted if this went through would be very negative. It will teach every American that they can make any mistake they went, and it'll all be okay because the Government will come bail them out. It does not motivate anyone to make good, responsible choices. Doing something like this doesn't even change anything, or solve problems – it's just kicking the can down the road. No one wants a huge financial crisis, but what if that is what we deserve as a result of our actions?
     
  19. raqball macrumors 68000

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    #19
    It will never happen... Toss out something juicy and free and then hope people actually believe it. If they bite, they vote for the person tossing the idea out. The person who tossed the idea out full well knows it will never happen but they are banking on the gullible to believe it and vote...

    This is the the free, free, free get votes game plan. I highly doubt anyone proposing nonsense like this actually believes it will ever happen...
     
  20. BeeGood macrumors 68000

    BeeGood

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    #20
    Because arbitrarily un-leveling people (most of whom will likely lever right back up with other types of debt) isn’t a stimulus. It’s simply shifting liabilities around from individuals to FedGov, which is broke itself.

    And why do we need to “stimulate the economy” anyway? It seems to be doing just fine.

    Has nothing to do with the “1%” (whoever the heck that is).

    If you care about the costs, you don’t do something that will absolutely make those costs increase.
     
  21. Altis macrumors 68030

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    #21
    Certainly agree with you that the big banks, of all organizations, shouldn't be getting subsidized.

    However, when it comes to education, and as someone currently pay quite the pretty penny for it, I don't think it should be nearly as simple as going straight to trying to make it paid for by the taxpayer for everyone. There absolutely has to be incentive for people to undertake meaningful educational paths, and to consider it as an investment.

    We should also be asking why tuition has and continues to go through the roof. Remember that tuition costs whatever they're able to charge to maximize their profits. In Canada, it's gone up more than 2.5 times what it was 13 years ago.
     
  22. NT1440 macrumors G5

    NT1440

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    #22
    I see, it’s more important to send a moralizing message than it is to solve a systemic problem in the country.

    Funny that logic doesn’t apply to banks when their fraudulent activity crashes the entire economy.

    This country is ****ed and most of you people are more concerned about “the message” that would be sent by *doing the right thing for society* than actually solving problems that are on the brink of blowing up in our faces.
     
  23. dukebound85 macrumors P6

    dukebound85

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    #23
    Once again, what she proposes doesn't solve the problem
     
  24. NT1440 macrumors G5

    NT1440

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    #24
    Why are you facetiously acting like this isn’t joined with policy to eliminate public college costs to students?

    There’s a paradigm change afoot, either get on board or at least try to understand the holistic nature of it before making arguments that show you haven’t bothered.

    Private schools can charge what they want, but public colleges need a massive expansion for those who don’t want to go into debt for the opportunities that historically cost next to nothing for previous generations.

    Massive change is coming because of the looming economic crash. We’re gonna eat the rich and the corporate powers that brought it on. Join us or stand on the wrong side of humanity and history, your choice.
     
  25. dukebound85 macrumors P6

    dukebound85

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    #25
    Maybe because her proposal doesn't mention anything to that effect.

    Until there are proposals/policies that do address college prices, we can't assume anything other than what she currently is proposing.
     

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129 April 22, 2019