Warren's plan to cancel student debt

[2thDoc]

I'll admit I abhor politics and really must not understand our nation's economy....but can someone explain to me how canceling student debt can be, IN ANY WAY, good for the economy.

We can all comment on what "good" it does for the individual but let's save that for later.

Anyone?

[First Coat]

nope

[trkykilr]

It allows the debtors (consumers) to blow all of the money that they promised to repay when they were consuming something they couldn't afford, on consumer goods. We can all agree that consumer spending is good for the economy.

I rationalize the plan because I like Elizabeth Warren as a person, and I feel like our values line up well. I feel like we would really have some great conversation, given the opportunity.

[willk]

It allows the debtors (consumers) to blow all of the money that they promised to repay when they were consuming something they couldn't afford, on consumer goods. We can all agree that consumer spending is good for the economy.

I rationalize the plan because I like Elizabeth Warren as a person, and I feel like our values line up well. I feel like we would really have some great conversation, given the opportunity.

I call horseshit. She would hate you.

[wob]

I'll admit I abhor politics and really must not understand our nation's economy....but can someone explain to me how canceling student debt can be, IN ANY WAY, good for the economy.

We can all comment on what "good" it does for the individual but let's save that for later.

Anyone?

Right now, there are a lot of young adults (using that term lightly) that don't have a pot to piss in because they have student debt that takes up a lot of their paychecks. They aren't buying new vehicles, houses, or getting married. If their debt was erased, in theory, they would spend that money on things, thus stimulating the economy.

It's basically the same premise as the EIC or the tax stimulus check everyone got under Bush. Taking tax dollars and doling them out to individuals.

I don't see how it can be set up to be remotely fair to forgive student loan debt.

[wskinner]

It allows the debtors (consumers) to blow all of the money that they promised to repay when they were consuming something they couldn't afford, on consumer goods. We can all agree that consumer spending is good for the economy.

I rationalize the plan because I like Elizabeth Warren as a person, and I feel like our values line up well. I feel like we would really have some great conversation, given the opportunity.

You 1/1024th Navajo too?

[Whackumstackum]

I don't see how it can be set up to be remotely fair to forgive student loan debt.

It isn't fair and it encourages people to make piss poor decisions. College is a choice, if you choose to go you should pay for it, not me.

[jcoker]

It isn't fair and it encourages people to make piss poor decisions. College is a choice, if you choose to go you should pay for it, not me.

This

[gobblinfever]

Between 10 years in school and residency my wife has a pretty good chunk of debt I’d love to see disappear. That being said I don’t agree with it. As Ed said she chose that path and her salary reflects her education. Too many people go and rack up $250k in debt to get a PhD in art history and complain because they make 40k a year as a teacher. Sounds like a piss poor investment to me. Education is an investment. Some people are make good investments and some don’t. I don’t want to foot the bill because some made a shitty one.

[2thDoc]

How about all the money that was supposed to go to the lenders? I understand the premise of letting the idiots spend idiot money on idiot things but there is also an opposite but equal reaction from the other side. You cant have one without the other....

[River Rat]

The lenders will get their money........funneled by us (the taxpayer) through this program.
Education is an investment. Great point that is lost on so many young folks, including myself when I was in college.
Instead of punishing the taxpayer, put pressure on these schools to lower the costs of attendance. The inflation of college isn't anywhere near the going rate of inflation. Yes, I know people are still paying the premium. At what point is there some push back though?

[JJ1965]

I need someone to forgive my mortgage. I promise to spend all that money on something else and boost the economy.

[huntinghagen#12]

Between 10 years in school and residency my wife has a pretty good chunk of debt I’d love to see disappear. That being said I don’t agree with it. As Ed said she chose that path and her salary reflects her education. Too many people go and rack up $250k in debt to get a PhD in art history and complain because they make 40k a year as a teacher. Sounds like a piss poor investment to me. Education is an investment. Some people are make good investments and some don’t. I don’t want to foot the bill because some made a shitty one.

I'm in the same boat ... I have no student loan debt at all, but my wife has a good amount (pharmacy school). A part of me would love to not have that money leave my account every month, but the other part knows it's not right.

[2thDoc]

I agree with River rat that the cost of college is absurd in relation to the value of the diploma.

[Glenn]

Those .gov loans are subsidized. It's a vote grab scenario only as the .gov is clearly not concerned with debt at the federal level. So What's a few more billion when you are already trillions in debt.

[uga_dawg]

The end goal is government funded college for all.

[uga_dawg]

Those .gov loans are subsidized. It's a vote grab scenario only as the .gov is clearly not concerned with debt at the federal level. So What's a few more billion when you are already trillions in debt.

It's over 1.5 trillion. Maybe 2.



What about the people that paid their loans off during the same time? Or do we just punish them for foolish financial decisions? They gonna match 529 plans?

[trkykilr]

I agree with River rat that the cost of college is absurd in relation to the value of the diploma.

It isn't all about the diploma, is it?

[2thDoc]

well its not all about the parties. Is it all about the learning?

College has a price. That price should be reflected in pay after college. That seems to be how it works.

Ergo, yes its about the diploma.

[Black Bart]

I agree with River rat that the cost of college is absurd in relation to the value of the diploma.

Caveat emptor?