dagblog - Comments for "White House Student Loan Forgiveness Could Cost About $400 Billion"

6 Republican-Led States Sue

artappraiser — Fri, 30 Sep 2022 06:22:23 +0000

In reply to White House Student Loan Forgiveness Could Cost About $400 Billion

6 Republican-Led States Sue to Block Biden’s Plan to Erase Student Loan Debt

The lawsuit accuses President Biden of overstepping his authority in directing the government to cancel as much as $20,000 in student loan debt for millions of people.

Photo caption: Leslie Rutledge, the Republican attorney general of Arkansas, filed the lawsuit, joined by Kansas, Missouri, Iowa, South Carolina and Nebraska.

By Michael D. Shear @ NYTimes.com, Sept. 29

WASHINGTON — Six Republican-led states took legal action Thursday to block President Biden from wiping away billions of dollars in student loan debt, even as the administration tried to avoid a court challenge by reducing the number of people eligible for relief.

A lawsuit filed in federal court by Leslie Rutledge, the Republican attorney general of Arkansas, accuses Mr. Biden of vastly overstepping his authority last month when he announced the government would forgive as much as $20,000 per person in student loan debt, a far-reaching move that the nonpartisan Congressional Budget Office estimated could cost $400 billion over the course of the next three decades.

“President Biden’s unlawful political play puts the self-wrought college-loan debt on the backs of millions of hardworking Americans who are struggling to pay their utility bills and home loans in the midst of Biden’s inflation,” Ms. Rutledge said in a statement on Thursday. “President Biden does not have the power to arbitrarily erase the college debt of adults who chose to take out those loans.”

In a news release on Thursday evening, the Education Department issued its own estimate of the program’s cost: $30 billion a year over 10 years, with a total cost of $379 billion over the life of the program. Department officials said they estimated that some 81 percent of eligible borrowers would apply for relief. (The C.B.O. estimate said that as many as 90 percent would apply, a number that was initially downplayed by White House officials.) [....]

Life really isn't fair and

PeraclesPlease — Tue, 27 Sep 2022 01:46:55 +0000

In reply to uh oh. there's gonna be a lot

Life really isn't fair and level. Yes, i paid back my student loans - worked some curious low-paid non-profit giga to postpone repayment, some of the best, most defining experience of my life.

And this loan forgiveness goes to college attendees - so a stimulus to presumably a large swaths of America's most capable, who will presumably use much of that money for fairly reasonable expenses or new ventures or what-not, possibly a perfect storm of citizen stimulus - so the nation will largely get this money back in tough times and reduced spending. (Note in 2009 Obama played along and wouldn't give direct stimulus to individuals, just bailed out banks and investors and car companies...)

But MSM seldom reads jobs reports or reports economic stats fairly as high priority, so we'll see how it gets twisted.

uh oh. there's gonna be a lot

artappraiser — Mon, 26 Sep 2022 21:22:33 +0000

In reply to White House Student Loan Forgiveness Could Cost About $400 Billion

uh oh. there's gonna be a lot of feedback like this:

Nucking FUTS!!! As I've been saying for a while, I paid MY student loans back. Oh? YOU paid all YOUR student loans back too? https://t.co/Jlxqi0SNno
— Bob Page (@BobPagesports) September 26, 2022