Quote (Thor123422 @ 8 Dec 2020 00:34)
Workin on it.
Though not really a priority since I make way better returns investing than the 5% interest on the loan.
Even if tomorrow they lost all my loan paperwork and I didn't have to pay it, I'd still advocate for student loan forgiveness whether they gave me anything back or not, because it's a good idea, the right thing to do, and the country as a whole would see much greater benefits than the flat monetary value.
yeah so give people who finished school but dont have loans now (for whatever reason) the equitable solution of $50k so they can play stock market as well. maybe they can make 30% gains (or more!) and then go stimulate the economy by buying stuff!!! why should someone who paid their loans off in a timely and fast manner not get these taxpayer benefits to help boost the gdp too?
and if your whole premise is on “boosting gdp” then my equitable solution is still best, as you’re giving more people $50k per person to spend!!! the interest rates being fubar as result is not a big deal anyway as people will just buy stuff with the cash no need to finance anything
now this is assuming the math checks out, it doesn’t though
https://www.forbes.com/sites/jonathanponciano/2020/12/07/bidens-student-loan-cancellation-plan-would-do-almost-nothing-to-boost-economy-goldman-says/https://archive.is/aERWFCode
In a note to clients on Monday, Goldman said it estimates that forgiving up to $10,000 in federal student loans for every borrower would add less than 0.1% to the nation's gross domestic product annually from 2021 through 2030, and over that timespan, it would only add 43 cents in real GDP for each dollar of debt forgiven.
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The cost of forgiving up to $10,000 per borrower would be around $300 billion, or roughly 1.6% of GDP, Goldman estimates, while forgiving up to $50,000 could cost roughly $800 billion, though Biden has never promised that degree of student loan forgiveness.
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Most of the nearly $1.6 trillion in federal student loans to more than 43 million borrowers is held by middle- and upper-income households, who'd most likely save and not spend much of the money from loan forgiveness, Goldman notes, echoing concerns among critics who say that student loan forgiveness would disproportionately benefit individuals with higher incomes.
https://www.urban.org/urban-wire/student-loan-forgiveness-effective-form-economic-stimulusso not only would this mostly benefit pale pasty privileged people (shocker), forgiving $10k per borrower would boost gdp by like 0.1% per year for a decade. hell lets use government math and forgive $500k per borrower, and we get a 5% boost! lmfao!!!
oh little tid-bit, discharging or canceling of >$600 debt is almost always treated as part of one’s gross income.
https://www.credit.com/blog/1099-c-in-the-mail-how-to-avoid-taxes-on-cancelled-debt-14927/have fun saddling tens of millions of people with additional ~5-figure tax bills during a pandemic. doubt this will be exempted in any hypothetical EO because Democrats love taxes! you can have $50k wiped off your loans though, so long as people who paid off loans or paid their tuition get $50k to help “boost gdp”
Quote (Black XistenZ @ 8 Dec 2020 01:03)
at the end of the day a transfer from the bottom 30-40% of society toward the upper echelons. It would redistribute wealth from the plebs to the professional class, and to the banks who would otherwise be on the hook for loans which might be non-collectable and have to be written off.
precisely. the above articles detail this as such
This post was edited by excellence on Dec 8 2020 12:41am