Cancelling $4T in taxes for 815 billionaires but not $1.7T in student debt for 40M Americans is the modern version of let them eat cake.
@QasimRashid It's absolutely not, though.
That's not how the government works, that's not how government finance works.
To say that those students don't need to pay for their share of the government budget isn't about letting them eat cake or whatever you think that means. It's about defunding government programs that our democratic process decided needed to be funded in that way.
No, you have that completely backwards.
@pkraus The federal government treats the loans as a source of revenue, effectively as a tax.
It's not about whether you pay any other tax, it's about saying they don't have to pay their taxes in this case even though the government was relying on those revenues to fund government programs.
@pkraus The federal government treats the loans as a source of revenue, effectively as a tax.
It's not about whether you pay any other tax, it's about saying they don't have to pay their taxes in this case even though the government was relying on those revenues to fund government programs.
@volkris @pkraus @QasimRashid ??? The government literally prints money. They aren't a business that relies on revenue. Taxation is simply magicking money away to keep the dollars value where they want it.
@volkris @pkraus @QasimRashid That might make sense (although it definitely doesn’t) if the bulk of student loan programs weren’t privately financed (but government guaranteed).
@pedrobizbikedu The bulk of student loans that we discuss for giving at the federal level are federally funded, that's why we talk about forgiving them at the federal level.
The privately funded loans aren't under the jurisdiction of the federal government, they're a completely different matter.
@volkris True enough. I think I’m living in the past.
@volkris @pkraus @QasimRashid student loans are like.
Loan 70k
Pay of 80k
Still have 60k left to pay
@volkris @pkraus @QasimRashid the forgiveness was for the 60k left to pay as the loans were already paid off
@Chesi if they were already paid off then there wouldn't be anything to forgive.
In your example you still have 60k that you haven't paid off.
That's quite a lot that's not paid off!
@Chesi if they were already paid off then there wouldn't be anything to forgive.
In your example you still have 60k that you haven't paid off.
That's quite a lot that's not paid off!
@volkris @pkraus @QasimRashid you really dont get how student loans work...
The forgiveness was for the overdraft.
But its okkeep aucking trumps dick, maybe he'll harras your daughter someday if you suck deep enough
@volkris @QasimRashid the federal government here is able to finance all that from general taxation. Just saying.
Well yes, that's exactly what happened.
The federal government financed loans as it considered it a financial investment. It financed the loans knowing that the interest upon repayment would pay for federal programs.
It's BECAUSE the federal government financed those loans through taxation with a plan to pay for other programs that the payments need to keep coming in.
Again, I was a critic of that financing plan, but here we are.
@volkris @QasimRashid the $4T that got canceled though never actually existed, right? It’s not like anyone would have spent that money.
@volkris @QasimRashid Dude, I borrowed 84 thousand. If I live long enough to pay it off, it's over 950 thousand!! So kiss my butt Einstein.
@Ponygirl Don't look at me. The federal government decided to tap you to fund federal programs.
Yeah I think that's pretty shitty of them, but it's what we're left with. And you know a lot of the people that were involved in that, we keep reelecting them.
So that's where we are. The federal government is relying on you paying that back because you're a source of revenue to pay for the federal government.
If they let you off the hook then Federal funding goes away.
Again, I thought that was a bad idea at the time. I spoke out about it being a bad idea. But we elected these people, they did it to us, and we reelected them later, so I guess we're cool with it.
@volkris @QasimRashid so the students in wherever don't pay any tax?