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Loan forgiveness, class warfare and politics

Discussion in 'Politics, Elections & Legislation' started by g7777777, Oct 26, 2011.

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  1. g7777777

    g7777777 TS Supporters TS Supporters

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    It came up that President Obama had signed an executive order forgiving all student loans after 20 years.

    There is no such thing as loan forgivenss of course. Someone pays for that. The loans are debts to the federal government or to private institutions.

    Shouldnt we also give rebates to those that were dillegent and paid on their loans?

    What about home loans? Lets forgive those and give rebates for those that previously paid their debts.

    Doesnt this all make sense?

    I am all for rebates of debts that I have paid.

    Regards from Iowa

    Gene
     
  2. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Gene, unusual but I am in total agreement with you. I grew up poor worked my a$$ off to provide a home for my family and all of a sudden here comes the Govt. forgiving loans cutting with mortgages and all of these other "freebees". Where were they when I had to pay my debts. Nowhere and it doesn't matter my mother taught me responsibility. what the hell is with kids today they think we owe them everything and the Govt. agrees with them. My generation didn't get breaks like this and we never expected anything like this. The world is really changing and it doesn't seem to be for the better. Bulge.
     
  3. mrskeet410

    mrskeet410 TS Member

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    GN777777 - Forgiveness is after 20 years of payments. No pay, no forgiveness.
     
  4. Joe Potosky

    Joe Potosky Well-Known Member

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    Kansas City Business Journal
    Date: Wednesday, October 26, 2011, 7:45am CDT.
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    The White House has announced a new plan to allow college graduates to cap their federal student loan repayments two years sooner than previously allowed under federal law, The Washington Post reports.


    The “pay as you earn” program, which caps repayments at 10 percent of discretionary income, now will start in January and could reduce student loan payments by as much as a couple hundred dollars a month, administration officials said.


    Through the plan, borrowers would be allowed to consolidate student loan debt to reduce interest costs. The plan also forgives remaining debt on federal student loans after 20 years; current law forgives the debt after 25 years.


    President Obama is expected to authorize the plan through an executive order.


    http://www.bizjournals.com/kansascity/blog/morning_call/2011/10/obama-plan-accelerates-student-loan.html
     
  5. earlybird

    earlybird TS Member

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    You guys are just too old and cranky. When your generation were struggling to repay your college loans, you didn't have as many necessities to pay for as today's borrowers. Cell phones, cable tv- things like that. I believe the specifics of the executive order reduce the percentage of "discretionary" income that is required for repayment, and forgive the unpaid balance after 20 years. I'm thinking the devil lies in the discretionary part.
     
  6. Joe Potosky

    Joe Potosky Well-Known Member

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    Schools not expected to cut cost as the federal government will pay the bills...

    <iframe width="640" height="360" src="http://www.youtube.com/embed/h1nLVPtMs-M?rel=0" frameborder="0" allowfullscreen></iframe>
     
  7. earlybird

    earlybird TS Member

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    The federal gov't? Well then, that's ok, just so long as it's not me. That wouldn't be fair, since I repaid my student loans- every effin penny- 30 years ago. WHEW! -that was close...
     
  8. Recoil Sissy

    Recoil Sissy Well-Known Member

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    It's always the same with socialist obummer and the congressional dems. Purchase the votes of society's losers by screwing fiscally responsible adults.

    Welcome to government run everything.

    sissy
     
  9. g7777777

    g7777777 TS Supporters TS Supporters

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    Early bird- you do pay

    When a loan is forgiven the taxpayer, an invester or the consumer pays.

    The money comes from somewhere. That somewhere may be a drop in the federal revenue.

    Or it could be a loss to a company you either are invested in or use. Such as a bank.

    Someone will make up for this shortfall and other forgiveness plans and that someone is the taxpayer.

    Regards from Iowa

    Gene
     
  10. earlybird

    earlybird TS Member

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    Gene- a feeble attempt at sarcasm, not to be taken literally. I'll do better.
     
  11. yakimaman

    yakimaman Well-Known Member

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    I have a nephew, borrowed heavy to get a B.A in poli sci and couldn't find a job that suited him (couldn't find a job at all actually -any he could get were "beneath him") so back to school on more student loans for an M.A. in another unemployable category. He works part-time as a waiter, parties a lot, having a great time as a professional student. He's very excited about the programs Obama wants to put through. He will be the one with the poster that says "down with corporate greed" - or "we demand equality". My sister-in-law (a history major from the 70s who never got over the socialist crap spewed in every university back then) is pissed at me because I don't want much to do with the kid (he's 30 years old for Christ's sake!). We have two generations of kids out there now with no work ethic and a sense of entitlement that is just staggering to me. All Obama has to do is play to it and he's got them standing in line for him at the polls. Kiss Latino ass, make it a "color" issue and he'll have 4 more years to wreck this nation.
     
  12. mrskeet410

    mrskeet410 TS Member

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    I'm bothered more by how it was done than what was done. It should have gone to Congress for their action. It shouldn't have just been by executive order.

    Now I'm reading it was sent to the Congress as part the giant jobs bill, and since Congress didn't act on it....... Well, it seems too many things are muddled into giant bills that prevent Congress from rationally examining the merits of the individual proposals. But still, it should have been sent to Congress as a discreet bill to be acted upon by Congress.
     
  13. g7777777

    g7777777 TS Supporters TS Supporters

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    early bird- I knew that

    But wanted to put emphasis-

    People really dont know that this money being forgiven comes from somewhere.

    Gene
     
  14. otnot

    otnot Active Member

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    When the government can create money out of thin air, what are they forgiving?

    <iframe width="560" height="315" src="http://www.youtube.com/embed/hxdsfa8OFVc" frameborder="0" allowfullscreen></iframe>
     
  15. halfmile

    halfmile Well-Known Member

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    It's actually
     
  16. halfmile

    halfmile Well-Known Member

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    It's actually a great deal. You borrow a pile of our 70 cent dollars we have today, and only have to pay back with the 30 cent dollars the future promises.

    What could be better?

    HM
     
  17. earlybird

    earlybird TS Member

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    When you take responsibility for your decisions and actions out of the equation, why WOULD you worry overmuch about your bad choices? Paternalism is the most subtle, and cruelest kind of class warfare, and it's being waged by Liberals AGAINST those whom they profess to help. -Pat them on their disheveled little heads, pander to the laziness and weakness inherent in most everyone, give them enough to get along in the world with little or no real effort on their part, and ask nothing in return (except for votes, of course). In the short term it's MUCH easier than accepting responsibility for your life. That part about becoming a permanent member of the underclass? That's a long term issue; worry about that later. Here, have some more Kool-Aid.
     
  18. dhip

    dhip Active Member

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    Only way for loan forgiveness is accross the board.Sign a law that as of a certain date and time,NO ONE owes anything,Every business and individual becomes debt free,no bills,Also put world on Notice as of that date and time,The US owes nothing to anyone.Everyone starts with 0 balance we all start over.

    OH,,bring all troops home first and protect the boarders before initiating the law.

    Doug H.

    You have my permission to write me in for President,,,LMAO
     
  19. halfmile

    halfmile Well-Known Member

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    In Biblical times they had the "Year of Jubilee", when all debts public or private were canelled.

    I like it.

    HM
     
  20. yakimaman

    yakimaman Well-Known Member

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    Year of Jubilee indeed; can I get advance notice? I'd like to have a bigger boat, a vacation home on the water and a couple of cars and oh, maybe a new Seitz and just more and more stuff.
     
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