Biden vacates $1.2 billion in student debt relief - How in the world is this legal?

The libs are getting desperate for votes. They saw the polls of younger voters swinging towards Trump.

No such thing as "wiping out debt." It is simply "transferring debt." The $138 billion will be paid regardless. Who is paying it is all that changes.

How can he do it? That point is in dispute, and I’m convinced he can’t/shouldn’t.

Is it bribery? Where do you draw the line on campaign promises and policy? Nearly all kowtow to seniors on Social Security and Medicare to the extent that they can’t even advance plans to phase in changes that wouldn’t affect current recipients (or those on the cusp). But they’re a big voting bloc, and their votes get “bought” that way. And so on.

Is this a winning strategy? A high % of those benefiting probably would’ve voted Dem anyway. Among those disengaged/undecided and struggling to pay loans, do the campaign strategists really expect commitment and follow-through on voting in Nov? I guess they must have data, but it seems dicey.

I do feel for those encumbered by debt, but I loathe the idea of relatively lower income people who never went to college having to pay for other people’s student loans.

He is trying to achieve what he couldn't by enhancing the hardship/income based forgiveness. I believe these people have been paying back the loan in very small amounts for x number of years due to low income but they were not making much dent because they're paying back so low amount while the interest accrues. I think Biden just made this path to forgiveness much easier. So he basically forgave loans but for only ones with low initial amount. Those with bigger amount can still get this but they have pay back for a much longer period first.
This is no doubt Biden buying votes off taxpayer's money. Going forward, they should privatize the student loan altogether. Private banks won't lend to people who will not likely pay it back without government guarantee. It won't happen because the left will cry foul but don't borrow money and spend on a garbage degree that will hold you back. Remember they said everyone needs a degree because not having one is holding people back. Going to college is an investment like anything else. Make a wise and best decision out of it. Majoring sociology or ethnic studies at a mediocre school isn't one of them.

Just to weigh in here, I racked up $144,000 with undergrad and grad school. Have t paid a Penny in 4 yrs. Thanks aging Boomers for footing my bill, you guys don’t seem to need the $$ anyway. On a side note, I’m using some of that loan money to fly first class to 🇪🇸 Spain. Thanks ladies !

briden bibes

Is it like trump bribing the wealthy through tax reforms he passed?

theguardian.com

Trump’s tax cuts helped billionaires pay less than the working class for first time

https://www.theguardian.com/profile/dominic-rushe

Economists calculate richest 400 families in US paid an average tax rate of 23% while the bottom half of households paid a rate of 24.2%

Open link

Actually, this wasn't a bad approach for last 20 years. I made the mistake of paying back everything in first 2 years. I had about $70K loan out of grad school. I believe that loan would have only ballooned to $100K with very low interest rate and Covid respite. If I had actually put that $70K in the market, it would have easily been worth $200K now over the last 20 years. That is being very conservative. And the time value of money and inflation made $100K worth feel like nothing. The cost of same education has gone up 300% since I graduated.

Now we know Dick said “well, when the President does it, that means that it is not illegal.” Now we know Dick was wrong, but we know that Dick had a point. There is the saying it is better to ask for forgiveness than permission. At a certain point Joe is just doing what he feels is within his rights as chief executive, as the Department of Education is within the Executive branch. We can say that without authorization by Congress of a specific loan forgiveness program, the President does not have the authority to forgive student loan debt. So the argument comes down to did Congress authorize what Joe is doing? It could be argued that it did and it didn’t. So the argument goes on.

To you, doing the right thing is bribery.

Since these spending measures are not coupled with taxes, you are already paying through inflation. Anytime the government gives you something for free, you end up paying way too much.

Trump tried to bribe voters with Covid relief. It did not work for him.

Nixon, Reagan, Bush, WBush, Trump bribed rich people with tax cuts? How in the world is this legal?

My sister went to law school and graduate school x 2. She's not a young adult. Deleting student loan debt is not a gift to young people. If Biden administration were trying to get the vote of young people, Biden administration would announce all public universities are tuition free and federal government plans on buying 10% of private colleges and universities. Deleting student loan debt can be seen as stimulus checks for professional class.

Legality: If all benefit from student loan debt deletion then legal issue is less of a challenge to defend. Even though many Libertarian-types do not believe in public K-12 public school education, K-12 public school education survives because there is no means testing. Social security and Medicare survive because there is no means testing. Affordable Care Act suffered so many law suits because it went for a quasi public quasi private combo with Medicaid as a significant foundation. If Affordable Care Act wanted to avoid legal challenge after legal challenge, Affordable Care Act should have been a government sponsored single payer plan like Austria's and England's.

Fairness: Canceling of student debt does not seem fair to you (me either). There is a randomness. If I knew my student loans were going to be canceled I would have bought a house sooner and I would have bought more shares of SPY as a young man. If I would have known student loans were going to be canceled, I would have remained in private college and not transfer to an inexpensive non-flagship public university. I get your fairness concerns. Going forward, become an ally for tuition free public school for all, age 3 to age 23. $100 billion in student loan deletion is better than giving 1/2 a trillion dollars to Israel and Ukraine, correct?

You are a great representative of why the intelligent can rarely feel at home in the Republican Party.

Rojo, get serious.

1) This was a campaign issue of his.

2) George W. Bush gave out a tax rebate to all Americans leading up to election.

3) Donald Trump broke with tradition and instead of having the signature of the Treasury Department Head on the checks he sent out, he had HIS name...the egotistical Donald J. Trump on those checks. THAT'S the most pandering I've ever seen from a President...I mean, OF COURSE IT IS!

Not a bribe. A very real policy and stance that Biden and many other Democrats (I'm not 100% on board, but I do see some merit) are for.

You're dead wrong on this.