This student debt forgiveness is nuts! People who signed up for student loans, took advantage of those student loans, were graduated in their respective fields owing on those student loans are now being forgiven $20,000 of the debt they owed while the average American taxpayers, many of whom never attended college, and never signed up for student loans, will owe up to $4,000 EACH. You are cancelling $20,000 of debt for people who signed up for loans and took advantage of those and now that debt is being transferred to Americans who were not even rich enough to go to college. This is crazy!
I sort of agree with you....but on the other hand I'm not upset at the billions of dollars of PPP loans forgiven for very rich people. Are you upset by that? Many R members of congress had thousands, tens of thousands, hundreds of thousands of dollars of loans forgiven under the PPP program. But they hate this particular forgiveness. It's a conundrum.
This student debt forgiveness is nuts! People who signed up for student loans, took advantage of those student loans, were graduated in their respective fields owing on those student loans are now being forgiven $20,000 of the debt they owed while the average American taxpayers, many of whom never attended college, and never signed up for student loans, will owe up to $4,000 EACH. You are cancelling $20,000 of debt for people who signed up for loans and took advantage of those and now that debt is being transferred to Americans who were not even rich enough to go to college. This is crazy!
I sort of agree with you....but on the other hand I'm not upset at the billions of dollars of PPP loans forgiven for very rich people. Are you upset by that? Many R members of congress had thousands, tens of thousands, hundreds of thousands of dollars of loans forgiven under the PPP program. But they hate this particular forgiveness. It's a conundrum.
But I'm not a fan of it, I think.
$250,000 threshold is not for the disadvantaged. Can’t imagine why they can’t pay back their loans. Now the PPP loans never should have happened, like most of the Covid handouts. The other disturbing trend is the Executive making unilateral fiscal decisions outside of the Legislative. I hope it is challenged in the courts.
I sort of agree with you....but on the other hand I'm not upset at the billions of dollars of PPP loans forgiven for very rich people. Are you upset by that? Many R members of congress had thousands, tens of thousands, hundreds of thousands of dollars of loans forgiven under the PPP program. But they hate this particular forgiveness. It's a conundrum.
But I'm not a fan of it, I think.
$250,000 threshold is not for the disadvantaged. Can’t imagine why they can’t pay back their loans. Now the PPP loans never should have happened, like most of the Covid handouts. The other disturbing trend is the Executive making unilateral fiscal decisions outside of the Legislative. I hope it is challenged in the courts.
I would bet most of the recipients just see this as another reason to buy this or that, take a vacation, you name it. That is why this will be inflationary. We’ll all pay, and more money printing. Pretty crazy behavior, piled on top of all the other crazy behavior.
I sort of agree with you....but on the other hand I'm not upset at the billions of dollars of PPP loans forgiven for very rich people. Are you upset by that? Many R members of congress had thousands, tens of thousands, hundreds of thousands of dollars of loans forgiven under the PPP program. But they hate this particular forgiveness. It's a conundrum.
But I'm not a fan of it, I think.
$250,000 threshold is not for the disadvantaged. Can’t imagine why they can’t pay back their loans. Now the PPP loans never should have happened, like most of the Covid handouts. The other disturbing trend is the Executive making unilateral fiscal decisions outside of the Legislative. I hope it is challenged in the courts.
what I'm seeing is that something like 80% of this program will help middle class and poorer people. Which sounds good. If we think wealth is inequal in the US, this is a big way to try to even it out.
But I think we'll have to wait and see how it works. It's all almost guesswork right now. Assuming it passes muster in the courts.
$250,000 threshold is not for the disadvantaged. Can’t imagine why they can’t pay back their loans. Now the PPP loans never should have happened, like most of the Covid handouts. The other disturbing trend is the Executive making unilateral fiscal decisions outside of the Legislative. I hope it is challenged in the courts.
I would bet most of the recipients just see this as another reason to buy this or that, take a vacation, you name it. That is why this will be inflationary. We’ll all pay, and more money printing. Pretty crazy behavior, piled on top of all the other crazy behavior.
it will likely not be inflationary because the feds will start forcing repayment again in 2023. That will suck out of the economy whatever this program puts back in.
I would bet most of the recipients just see this as another reason to buy this or that, take a vacation, you name it. That is why this will be inflationary. We’ll all pay, and more money printing. Pretty crazy behavior, piled on top of all the other crazy behavior.
it will likely not be inflationary because the feds will start forcing repayment again in 2023. That will suck out of the economy whatever this program puts back in.
$250,000 threshold is not for the disadvantaged. Can’t imagine why they can’t pay back their loans. Now the PPP loans never should have happened, like most of the Covid handouts. The other disturbing trend is the Executive making unilateral fiscal decisions outside of the Legislative. I hope it is challenged in the courts.
what I'm seeing is that something like 80% of this program will help middle class and poorer people. Which sounds good. If we think wealth is inequal in the US, this is a big way to try to even it out.
But I think we'll have to wait and see how it works. It's all almost guesswork right now. Assuming it passes muster in the courts.
here's what the WH is saying...of course it's a political message and that trips my BS meter, but it could be accurate. It suggests this is a new benefit to middle class and poor people. Not rich people.
The White House @WhiteHouse Nearly 90% of the benefits of the Biden Administration’s student loan debt relief will go to borrowers earning less than $75,000.
Meanwhile, 85% of the benefits of Congressional Republicans’ tax cut went to taxpayers earning more than $75,000.
what I'm seeing is that something like 80% of this program will help middle class and poorer people. Which sounds good. If we think wealth is inequal in the US, this is a big way to try to even it out.
But I think we'll have to wait and see how it works. It's all almost guesswork right now. Assuming it passes muster in the courts.
here's what the WH is saying...of course it's a political message and that trips my BS meter, but it could be accurate. It suggests this is a new benefit to middle class and poor people. Not rich people.
The White House @WhiteHouse Nearly 90% of the benefits of the Biden Administration’s student loan debt relief will go to borrowers earning less than $75,000.
Meanwhile, 85% of the benefits of Congressional Republicans’ tax cut went to taxpayers earning more than $75,000.
Jason Furman pretty much puts tears the White House propaganda into shreds and f,ushes it down the commode. :-)
James Bullard (CNBC): "3.75 to 4 is my target for the end of this year. I like the front-loading. We're at 2.33 - that's not high enough to be serious about inflation. Baseline - that inflation will be more persistent than expected, and we may have to be be higher for longer. pic.twitter.com/JQyPB3rNc5
here's what the WH is saying...of course it's a political message and that trips my BS meter, but it could be accurate. It suggests this is a new benefit to middle class and poor people. Not rich people.
The White House @WhiteHouse Nearly 90% of the benefits of the Biden Administration’s student loan debt relief will go to borrowers earning less than $75,000.
Meanwhile, 85% of the benefits of Congressional Republicans’ tax cut went to taxpayers earning more than $75,000.
Jason Furman pretty much puts tears the White House propaganda into shreds and f,ushes it down the commode. :-)
NYT analysis (not a news story) suggests that this is a highly targeted program to help middle class and lower.
WASHINGTON — The big winners from President Biden’s plan to forgive hundreds of billions of dollars in student loans are not rich graduates of Harvard and Yale, as many critics claim.
In fact, the benefits of Mr. Biden’s proposals will fall squarely on the middle class. According to independent analyses, the people eligible for debt relief are disproportionately young and Black. And they are concentrated in the middle band of Americans by income, defined as households earning between $51,000 and $82,000 a year.
But in choosing to extend more generous debt relief than even many of his allies had expected, Mr. Biden is offering what independent analyses suggest would be his most targeted assistance yet to middle-class workers, while attempting to repair what he casts as a broken bridge to the middle class for young people across the country. The people who will benefit from Mr. Biden’s plans, announced on Wednesday, defy the caricatures that critics have painted — at least the ones based on class and pedigree.
The Federal Reserve on Thursday rolled out a sweeping rewrite of its approach to its dual role of achieving maximum employment and stable prices, putting new weight on bolstering the U.S. labor market and less on worries abou...
here's what the WH is saying...of course it's a political message and that trips my BS meter, but it could be accurate. It suggests this is a new benefit to middle class and poor people. Not rich people.
The White House @WhiteHouse Nearly 90% of the benefits of the Biden Administration’s student loan debt relief will go to borrowers earning less than $75,000.
Meanwhile, 85% of the benefits of Congressional Republicans’ tax cut went to taxpayers earning more than $75,000.
Jason Furman pretty much puts tears the White House propaganda into shreds and f,ushes it down the commode. :-)
This is an eye-opener ...
"The student debt burden also falls disproportionately on Black borrowers. Twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt."
what I'm seeing is that something like 80% of this program will help middle class and poorer people. Which sounds good. If we think wealth is inequal in the US, this is a big way to try to even it out.
But I think we'll have to wait and see how it works. It's all almost guesswork right now. Assuming it passes muster in the courts.
here's what the WH is saying...of course it's a political message and that trips my BS meter, but it could be accurate. It suggests this is a new benefit to middle class and poor people. Not rich people.
The White House @WhiteHouse Nearly 90% of the benefits of the Biden Administration’s student loan debt relief will go to borrowers earning less than $75,000.
Meanwhile, 85% of the benefits of Congressional Republicans’ tax cut went to taxpayers earning more than $75,000.
This is not correct, that 90% of the benefits will go to borrowers earning less than $75,000. Why does the WH lie on everything?
A new study from Brookings Institute released new data on who exactly is holding the $1.5 trillion that American owes in student loan debt. The report concludes that majority of student loan debt is held in households that have higher earnings and a graduate degree. The highest-income 40% of households (those with incomes above $74,000) owe almost 60% of student loan debt. These borrowers make almost three-quarters of student loan payments. The lowest-income 40% of households hold just under 20% of student loans and make only 10% of the payments.
In 2019, households with graduate degrees owed 56% of the outstanding education debt. And the 3% of adults with a professional or doctorate degree hold 20% of student loans. The median income in these households are twice as high as the overall median – $106,000 versus $47,000 in 2019.
here's what the WH is saying...of course it's a political message and that trips my BS meter, but it could be accurate. It suggests this is a new benefit to middle class and poor people. Not rich people.
The White House @WhiteHouse Nearly 90% of the benefits of the Biden Administration’s student loan debt relief will go to borrowers earning less than $75,000.
Meanwhile, 85% of the benefits of Congressional Republicans’ tax cut went to taxpayers earning more than $75,000.
This is not correct, that 90% of the benefits will go to borrowers earning less than $75,000. Why does the WH lie on everything?
A new study from Brookings Institute released new data on who exactly is holding the $1.5 trillion that American owes in student loan debt. The report concludes that majority of student loan debt is held in households that have higher earnings and a graduate degree. The highest-income 40% of households (those with incomes above $74,000) owe almost 60% of student loan debt. These borrowers make almost three-quarters of student loan payments. The lowest-income 40% of households hold just under 20% of student loans and make only 10% of the payments.
In 2019, households with graduate degrees owed 56% of the outstanding education debt. And the 3% of adults with a professional or doctorate degree hold 20% of student loans. The median income in these households are twice as high as the overall median – $106,000 versus $47,000 in 2019.
why in the world would you post an article that has so little to do with the WH debt forgiveness program? It's like if we were talking about the stock market on 8/25/22 and you decided to post something about I dunno wood prices in Asia in 2020. Your article has nothing that proves the WH is lying about anything. Your piece simply doesn't address the WH plan. The plan is much more complicated than 'where the debt is.'
This is not correct, that 90% of the benefits will go to borrowers earning less than $75,000. Why does the WH lie on everything?
A new study from Brookings Institute released new data on who exactly is holding the $1.5 trillion that American owes in student loan debt. The report concludes that majority of student loan debt is held in households that have higher earnings and a graduate degree. The highest-income 40% of households (those with incomes above $74,000) owe almost 60% of student loan debt. These borrowers make almost three-quarters of student loan payments. The lowest-income 40% of households hold just under 20% of student loans and make only 10% of the payments.
In 2019, households with graduate degrees owed 56% of the outstanding education debt. And the 3% of adults with a professional or doctorate degree hold 20% of student loans. The median income in these households are twice as high as the overall median – $106,000 versus $47,000 in 2019.
why in the world would you post an article that has so little to do with the WH debt forgiveness program? It's like if we were talking about the stock market on 8/25/22 and you decided to post something about I dunno wood prices in Asia in 2020. Your article has nothing that proves the WH is lying about anything. Your piece simply doesn't address the WH plan. The plan is much more complicated than 'where the debt is.'
Come on man.
Actually, I attempted to determine the number of student loan debtors by income category but didn't have too much doing that. But what I did post shows that most of the debt that is owed by those in the upper income categories and that it was highly unlikely 90% of those whose debt will be forgiven, actually transferred to taxpayers who never signed for the loans, will be for those earning less than $75,000. Again, if we can determine the number of debtors earning less than $75,000 and the number earning more than $75,000 and less than $125,000 then we will have the answer.