Sanders to propose canceling entire $1.6 trillion in US student loan debt

great policy, but how on earth do you expect to make it happen? there is no way you can make people work if they refuse to .. unless you go full totalitarian.

 

No more government financial aid. There you go

 

Rome tried it and failed.
The leading MMT economist is a dumbass

 

The real problem is Sallie Mae loans. Sallie Mae is a crooked lender. The reason so many can't make any headway paying back their loans. They are worst than bank lenders, yet the Federal Government fails to regulate their lending and interest rate practices. I hate Sallie Mae.

Too bad they aren't forced to write off all their crooked loans.

As far as the Federal Government forgiving all Student loans, no way.
They could make a huge difference by just lowering the interest rate on these loans.

 

Well, if you get into social work or work for any non profit or the government, your payment is based on your income for 120 payments then the rest is forgiven. You pay 10% of your income for ten years, so if you make 35000 a year you pay back 35,000 over the ten years. This even goes for doctors who are employees of Hospitals like ER and Hospitalists or go to work for the VA or CDC. So if your choice is being a social worker doing something you love for 31,500 or working retail for 25,000 I would still go to school. It is the guys that go into debt for journalism or history teachers, or classics, political science those are the nut jobs.

 

I am in my mid 60s. The average 401k for a 65YO is 163,000. I have 300,000 in my 401k, I had to switch my 401k at retirement as my company closed shop. Fidelity told my that I am in a better place than 3/4 of the clients. Investopia says the average is 163,000 at age 65. And Warren did not say her wealth tax pertains to 401k Money.
I only know 1 person that has close to 50mill and that is a person who sold a company I worked for for 27 mill that he purchased for 1 mill. even that only gets you 1/2 way to the wealth tax.

 

I have to amend my estimate - you would not last half a second....

However, try addressing the point I made previously (and I might be able to return the estimate to 2 seconds...), ie:

<<"We are talking about funding teachers; I have explained why funding tertiary education (for capable students) via the treasury instead of by loans written by greedy private (commercial) banks, will not cause inflation. The latter method does not cause inflation, and neither will the former method, because the consumption of scarce resources is identical in each case. I see you can't (or won't) address that point.">>

 

The treasury does not create money.
But you can demonstrate your economic prowess by describing how money gets in the treasury

 

He wants a transaction tax. A wealth tax will never pass would require a constitutional amendment and would be totally unmanageable. And Warren did nit exclude. With a transaction tax even your 401k funds would be affected everytime they executed a trade. Yea give me free stuff and make the other guy always sounds good until the details are exposed. And Sanders admitted in the debate he would raise taxes on the middle class.

 

What does that have to do with the money you claimed was given to Wall Street was actually loans that were paid back ahead of schedule and the Treasury made a profit off it? If someone broke the law off with their heads, why didn't the Obama/Biden administration prosecute them?

 

I didn't graduate college I am middle class. So is mg plumber, my electrician, my carpenter. The mechanic at the autoplant who makes $80K a year. The lady who manages the wine section at my local grocery store. My Marine son who now works on heavy equipment.
All middle class and Sanders admitted he would have to raise taxes on the middle class.

We're talking Sanders and his transaction tax. A wealth tax is going nowhere.

 

They paid them back with new money they got from the FED in the form of QE, along with suspending mark to market, reserve rations and GAAP accounting principles

Easy, Obama was their whore

 

Paid back with interest.

 

People in the middle class without college education are the exception not the rule. Plumbers, electricians, and carpenters on average earn wages that are just barely middle class and a good chunk of these workers are definitely not middle class.

Sanders is going to replace healthcare premiums with taxes instead which will shift more of the costs of healthcare onto the rich. This will end up helping the middle class and lower their healthcare costs.

The vast majority of the lower middle class have almost nothing in investment. This tax will fall almost completely on the wealthy. The transaction is so tiny for the middle class that the healthcare savings will more than cancel it out.

 

No they aren't they are solid middle class. 48% of us own stocks and bonds. But I see you now admit they will be taxed and how about those healthcare savings Obamacare promised?

 

Honestly, what is the right's proposal to end the student debt epidemic in this country? I ask the OP this question and anyone else on the right.

At least Sanders is talking solutions to kitchen table issues for many Americans. I don't think Sanders goes far enough. He needs to have the feds put a permanent cap on how much colleges charge for tuition should his tuition-free proposal fall through. As I say, if you can buy a new car for the amount of tuition you're paying, you paid too damn much for what you probably could've learned yourself or through apprenticeships.

The tone in this OP comes off as very dismissive and cheeky of an issue plaguing millennials--the voting portion that will a large chunk of the general next year. It would be well advised not to have such a condescending view.

 

How about the government get out of it. How about stop infusing money into colleges only to see then increase their tutitions? How about you took out the loans so you woud make more money so how about the first 10 years you use that more money to pay for it? How about we get off this everyone must go to college or at least 4 years of it.

 

Absolutely appropriate for a state government to do that. Way out of the appropriate role for federal government.

 

So the states should be allowed rampant fraud in their elections? It’s strange because the right is so upset about NPVIC but ok with voters actively being silenced. Just trying to make sure I understand the narrative.

 

What I said had nothing to do with elections. It related to free community college.

 

Let's look at it a different way. The Republicans like to brag that the economy is so good, so let's say the government does pay off the $1.6 trillion in student loan debt, whether it's done now or later. You tend to focus on who has to pay the debt, but my question is: What will the people/corporations/whatever getting the $1,6 trillion do with the money? Are they going to invest that $1.6 trillion in the great US economy or elsewhere and if they are going to invest it here, what will they invest in? I doubt anyone can get many votes for doing it, but what happens with the money?

 

And the leech raises its head

 

Leeches don't have heads.

 

The leech beast is never satisfied

 

Leeches are typically satisfied after 20-30 minutes.