Senile Biden Now Shitting All Over the Constitution costing each taxpayer $2,100

[berryberry]

Unreal the Senile Biden administration has no idea how much their illegal student loan forgiveness plan is going to cost each of you hard working responsible Americans to pay for these deadbeats

Watch

https://twitter.com/i/status/1562863025463250951

[berryberry]

In Senile Biden’s America:

A waitress working double shifts now has to pay for the student loans of the tenured college professor.

Unreal.

Even CNN realizes this:

CNN’s Chris Wallace says Senile Biden’s student loan bailout doesn’t “deliver” for working class Americans.

“If you’re a working class person who never went to college, you’re not gonna get any of this $300 billion”

https://twitter.com/i/status/1562837305353797632

[berryberry]

[berryberry]

Top Obama economic adviser torches Senile Biden's illegal student loan forgiveness plan

Jason Furman , a Harvard professor of economics and the chairman of former President Barack Obama's Council of Economic Advisers, heartily criticized President Joe Biden's Wednesday action to forgive $10,000 in student loan debt for borrowers earning less than $125,000 per year.

"Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless. Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse," Furman, one of the Left's leading inflation hawks, wrote

https://www.washingtonexaminer.com/r...dent-loan-plan

[berryberry]

Pretty rare for the Washington Post editorial board and the Wall Street Journal editorial board to be aligned on a policy issue. If they both think something is a mistake, it's probably pretty bad.


"Abuse Of Power": WaPo And WSJ Slam Biden Student Loan Handout; Penn Wharton Sees Trillion Dollar Cost

After the Biden administration announced its ham-fisted scheme to eliminate $10,000 in student loans for borrowers making less than $125,000 per year, and $20,000 for Pell grant recipients, the Washington Post and the Wall Street Journal editorial boards independently wrote about what a stupid idea it is.



"This is easily the worst domestic decision of his Presidency and makes chumps of Congress and every American who repaid loans or didn’t go to college," writes the Journal editorial board.

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The Post, meanwhile, said that Biden "Has generally embraced sensible reforms over flashy gimmicks. But his Wednesday student loan announcement did just the opposite," adding that the plan to forgive both the $10K and $20K levels are "ill-conceived and misdirected."



https://www.zerohedge.com/political/...on-dollar-cost

[berryberry]

[HDGristle]

Forget Adam and Chris.

Boebert is appalled by Karen's who are going to get their degrees in lesbian dance theory paid for thanks to Biden.

Why wasn't that a thing when I got a degree?

[berryberry]

Jonathon Turley - the plan to waive up to $1 trillion without congressional approval is dangerous and unconstitutional. Democrats cheering this plan in Congress are celebrating their own institutional obsolescence. These members are applauding a president waiving a trillion dollars unilaterally because he knew that he could not get such a massive waiver from Congress. For those who claim to be fighting for our constitutional system and democracy, this may be a good place to start.

[Salty Again]

... I'm not seeing the Congress attempt to stop it...

#### Salty

[berryberry]

Originally Posted by Salty Again

... I'm not seeing the Congress attempt to stop it...

#### Salty

Someone with legal standing has to file suit. Not technically sure if a member of Congress has legal standing - although they should attempt it

[Mistershark]

Originally Posted by berryberry

So are you a deadbeat who did not pay of their college loans and is now getting an illegal handout from Senile Biden?

All your whining about PPP is a giveaway and a self-own. I was NOT a proponent of the PPP program, however - PPP was forgiven ONLY when used to pay wages and rent. And the wage payments directly offset unemployment costs for the federal government.

Also, PPP was done by law, passed by Congress. in economic emergency that “borrowers” did not cause. Anyone who can't see the difference is clueless.

Comparing on program passed into law by Congress with another that program that is a lawless cancelation of debt voluntarily incurred, already deferred in emergency is asinine. Only ill-informed libtards would try to compare the two.

Libtards demand the responsible now pay the debts of the irresponsible, and they'll use the IRS against taxpayers to make sure. This transfers private debt obligations onto the backs of the working class and responsible citizens.

The PPP loans were a massive scam that gave taxpayer money to the rich. There are hundreds of articles about fraudulent use and investigations into the PPP loans. Things may have been different if Trump hadn’t removed the entire oversight committee for some reason…

Republican hero and “Jewish space laser lady” Marjorie Taylor Greene had $183k in ppp loans forgiven. I’m sure she ‘would not recall’ this if asked though.

Republican hero and pedophile Matt Gaetz had over $400k in PPP loans forgiven. Does he have a fleet of ice cream trucks and a couple prom dress stores we don’t know about?

The Republican Party is fine with giving taxpayer money to the rich, but come up crying when it might actually go to a larger swath of voters.


I’m just responding to your post about PPP loans, so I trust you won’t go whining about being off topic?

[Mistershark]

Originally Posted by HDGristle

Forget Adam and Chris.

Boebert is appalled by Karen's who are going to get their degrees in lesbian dance theory paid for thanks to Biden.

Why wasn't that a thing when I got a degree?

That would have been a fun minor. If only there was a university on Earth that actually taught that. But no, it’s all engineering, IT, biochemistry, accounting, and marketing. Some of the majors the boomer republicans are making up by stringing random words together sound fun.

[chizzy]

Originally Posted by Mistershark

That would have been a fun minor. If only there was a university on Earth that actually taught that. But no, it’s all engineering, IT, biochemistry, accounting, and marketing. Some of the majors the boomer republicans are making up by stringing random words together sound fun.

really? all engineering, IT, chemistry, accounting and marketing?

Me thinks you have no fucking clue what a shitload of kids major in...........

[berryberry]

Originally Posted by Mistershark

The PPP loans were a massive scam that gave taxpayer money to the rich. There are hundreds of articles about fraudulent use and investigations into the PPP loans. Things may have been different if Trump hadn’t removed the entire oversight committee for some reason…

Republican hero and “Jewish space laser lady” Marjorie Taylor Greene had $183k in ppp loans forgiven. I’m sure she ‘would not recall’ this if asked though.

Republican hero and pedophile Matt Gaetz had over $400k in PPP loans forgiven. Does he have a fleet of ice cream trucks and a couple prom dress stores we don’t know about?

The Republican Party is fine with giving taxpayer money to the rich, but come up crying when it might actually go to a larger swath of voters.


I’m just responding to your post about PPP loans, so I trust you won’t go whining about being off topic?

Did you even bother to read what I wrote?

I was NOT a proponent of the PPP program, however - PPP was forgiven ONLY when used to pay wages and rent. And the wage payments directly offset unemployment costs for the federal government. If there was no PPP program, then there would have been much higher unemployment costs. That said, I did not like the PPP program.

Also, PPP was done by law, passed by Congress. in economic emergency that “borrowers” did not cause. Anyone who can't see the difference between that and a Senile President illegally forgiving student loans is clueless.

Comparing on program passed into law by Congress with another that program that is a lawless cancelation of debt voluntarily incurred, already deferred in emergency is asinine. Only ill-informed libtards would try to compare the two.

[berryberry]

Biden’s Student-Loan Fiasco - it's even worse than you think

The Dow Jones Industrial Average fell more than 1,000 points on Friday, caused apparently by Fed Chairman Jerome Powell’s attempt to use a brief speech to channel the ghost of Paul Volcker. Obviously, this was part of the market’s worries, but the stage was set when the Biden Administration announced a student loan forgiveness program last week. The more we learn about this, the worse it looks.

The executive order would send an already very bad student loan system – a system designed more to create jobs for academics than to really help students – into overdrive, generating huge costs for taxpayers, soaring college prices, and a massive shift in resources toward the already bloated college sector, which already generates negative marginal value-added for both students and our country.

The Biden Administration says the changes would cost $240 billion in the next ten years. The Committee for a Responsible Federal Budget says $440 - 600 billion. A budget model from Wharton says $1 trillion. But even that $1 trillion figure might be way too low.

The key is that, as bad as it is, the cancellation of some student debt that already exists is only a small part of the policy change. The much bigger change, and the one that the market has finally begun to absorb, is limiting future payments on debts to 5% of income, but only after the borrower’s income rises above roughly $30,000 per year. For example, if someone makes $70,000 per year, then no matter how much they borrow they’re limited to paying $2,000 per year (5% of the extra $40,000). After twenty years, any remaining debt would simply disappear.

Think about the perverse incentives!

For the vast majority of students, choosing this “income-based repayment” system would be a no-brainer. And once they pick it, they wouldn’t care at all whether their college charges $35,000 per year (tuition, room, board, and fees), $85,000, or even $150,000. In fact, students would have an incentive to pick the priciest college with the best amenities they could find and pay for it all with federal loan money, because their repayments are capped. If you always wanted Rodney Dangerfield’s dorm room from the movie Back to School, you’re in luck!

Meanwhile, students would have the incentive to take out loans greater than what they need because they can turn the excess into cash for “living expenses.” Then they could use it to buy crypto, throw parties, or pretty much anything else. Who cares?!? The government would limit their future repayments.

And here’s what might be the worst part: colleges would have an incentive to enroll students even if they have horrible future job and earning prospects. By enrolling people no matter how poorly prepared they are, a college can charge whatever they want and get huge checks from the federal government. And the unprepared students won’t care because they really don’t have to pay it back. In effect, colleges could create massive and perfectly legal money-laundering schemes.

We are not legal experts and do not know whether the new proposal will be implemented fully. But, if it is, watch out: college costs are poised to skyrocket and academia is courting a political backlash of enormous proportions. Meanwhile, the market is attempting to digest just how far from economic reality politicians have become. The political allocation of capital is a recipe for economic disaster.

Brian S. Wesbury – Chief Economist

Robert Stein, CFA – Deputy Chief Economist

https://www.ftportfolios.com/blogs/E...nt-loan-fiasco