The 46th POTUS - Joseph R. Biden, Jr.

[McParadigm]

The workin' man is a fool.

The college I got my undergraduate degree from was referred to in-state as a cow college, because the primary clientele were farmer’s children being sent to prepare to take over the family farm. The complex tapestry of skills necessary to maintain a farm in the 21st century…from economic acumen to chemical application to agronomy to animal biology to basic engineering…are such that 40% of South Dakota farmers have a college degree (it’s much higher for young farmers). A third of US farmers report that existing student loan debt is a limiter on their ability to maintain their farm. If you’re wondering what an elitist mindset looks like, it’s one that says “working man“ is separate and distinct from “has a college degree.“

[BurtReynolds]

40% huh? So 60% don't?

[BurtReynolds]

Lots of people do feel manipulated though, because they were the subjects of a multi billion dollar industry specifically designed to get them to take out large amounts of money when they were very young in order to get the degree that they were told from birth was necessary to live a decent life.

Are the predatory lenders being punished here? Is anything institutional actually being fixed?

[BurtReynolds]

Hell of a take

[Bi_3]

lulz

Not sure that pointing out that hundreds of billions in government funding for "relief" was actually a giant scam to ensure the rich and connected stayed comfortable is the own @TheWhiteHouse thinks it is when mentioned in the context of handing out hundreds of billions in government funding for "relief".

[Coach]

I think the WH is just pointing out the hypocrisy of slamming this recent decision by pols who have in the past received loan forgiveness.

[Bi_3]

I think the WH is just pointing out the hypocrisy of slamming this recent decision by pols who have in the past received loan forgiveness.

Pointing out hypocrisy from the red team for judging a redistribution scam doesn't actually negate the fact that it's a redistribution scam... it sort of validates the claim by demonstrating the feds have and will backstop reckless lending at the expense of everyone else if it's in their political interest.

[spike]

I think the WH is just pointing out the hypocrisy of slamming this recent decision by pols who have in the past received loan forgiveness.

Pointing out hypocrisy from the red team for judging a redistribution scam doesn't actually negate the fact that it's a redistribution scam... it sort of validates the claim by demonstrating the feds have and will backstop reckless lending at the expense of everyone else if it's in their political interest.

Again, they’re just trying to shut up the idiots. The WH made peace with what they were doing already.

[Coach]

Biden could cure cancer and the red team would fault him for taking too long.

[B]

I think the WH is just pointing out the hypocrisy of slamming this recent decision by pols who have in the past received loan forgiveness.

Pointing out hypocrisy from the red team for judging a redistribution scam doesn't actually negate the fact that it's a redistribution scam... it sort of validates the claim by demonstrating the feds have and will backstop reckless lending at the expense of everyone else if it's in their political interest.

Or it points out that, ... hey, everyone needs a little help some time. It was good for America when we forgave people being crushed by PPP loans, and it'll be good for America when we forgive people being crushed by predatory college loans.

[B]

I still want to know what Tom Brady needed with a $900,000 loan.

[BurtReynolds]

Have predatory college loans been stopped? Have schools stopped being incentivized to raise costs? Has anything actually been done here except buying a few votes with other people's money?

[McParadigm]

I agree that making state schools tuition free again is the better solution.

[Bi_3]

I agree that making state schools tuition free again is the better solution.

[B]

Have predatory college loans been stopped? Have schools stopped being incentivized to raise costs? Has anything actually been done here except buying a few votes with other people's money?

A journey of 100 miles begins with a step.

[BurtReynolds]

Have predatory college loans been stopped? Have schools stopped being incentivized to raise costs? Has anything actually been done here except buying a few votes with other people's money?

A journey of 100 miles begins with a step.

More like it's been put on the back burner. "We did something so now forget about it."

[Bi_3]

I think the WH is just pointing out the hypocrisy of slamming this recent decision by pols who have in the past received loan forgiveness.

Pointing out hypocrisy from the red team for judging a redistribution scam doesn't actually negate the fact that it's a redistribution scam... it sort of validates the claim by demonstrating the feds have and will backstop reckless lending at the expense of everyone else if it's in their political interest.

Or it points out that, ... hey, everyone needs a little help some time. It was good for America when we forgave people being crushed by PPP loans, and it'll be good for America when we forgive people being crushed by predatory college loans.

It's the government directly making these loans dude: https://bipartisanpolicy.org/download/? ... Budget.pdf

Prior to 2010, the federal government provided most student loans through the
Federal Family Education Loan (FFEL) program. Under FFEL, lenders issued
loans using private capital, with the federal government agreeing to cover most
of private lenders’ losses in the case of default.

During the Great Recession, however, high unemployment caused a spike in
college enrollment as people sought to improve their job prospects. 11 As a result,
applications for federal student aid shot up, increasing by 10% between 2008
and 2009.12 At the same time, credit markets tightened and private lenders
feared they would struggle to raise sufficient capital to extend student loans to
borrowers. Consequently, the number of FFEL lenders quickly dropped by 65%. 13

Striving to improve access to credit, Congress shifted responsibility for issuing
federal student loans from private lenders to the federal government through
an expansion of the Federal Direct Loan program. As a result, since July 2010,
all federal student loans have been directly issued from the government using
funds from the U.S. Treasury.iii This ensures that the supply of credit used to
originate student loans is not at risk of drying up during recessions in the way
that private funds were under the FFEL program

Although the shift to Direct Loans eased concerns that students would not be
able to access loans during the recession, federal student debt surged, more than
doubling in real terms between 2007 and 2015 (Figure 2).14 Indeed, student
debt on the federal balance sheet grew much faster than the economy, posing
a greater risk to taxpayers. In 2007, federal student loan debt was equal to just
3.5% of GDP; by 2015, it had grown to 6.6% of GDP

....plus Biden might not have the Constitutional authority to even do any of this.

[B]

Well, I guess DeSantis can run on adding that debt back onto the books in 2024.

[elliseamos]

I think the fact people are talking about stuff the Biden WH has done/passed/accomplished is a net positive.

It gives Ds the opportunity to say we did what we said we would and if you send more of us to DC we'll be able to do more.

One side will obviously hate anything & everything they do, but folks in the middle and folks that were feeling disenfranchised by the partisan deadlock can re-engage.

[spike]

Have predatory college loans been stopped? Have schools stopped being incentivized to raise costs? Has anything actually been done here except buying a few votes with other people's money?

A journey of 100 miles begins with a step.

More like it's been put on the back burner. "We did something so now forget about it."

Have you been living under a rock? Welcome to politics in 2022!