[Lanny_McDonald]

Originally Posted by HockeyIlliterate

Oh hell no.

Oh hell yes.

They aren’t “predatory loans,” no one was forced to take them out, they aren’t oppressive for those who made good decisions, and blanket forgiveness creates moral hazards and likely rewards many who are undeserving or who don’t need it.

Actually, yes, a lot are forced to take them out and have horrible terms attached to them. Once you enter a program you get no value out of it until you have achieved completion of said program. If you walk away early, regardless of the situation, you have that loan hanging over your head and no way to ever have it discharged. Most people go to school to better themselves and their situation in life and many are being screwed over because of the oppressive terms of the loans they are locked into.

Save the moral hazard bull####. Again, Trump just gave $1.6 TRILLION in tax breaks and windfalls to the top 1%, those in society who need it least. He just made the rich richer. Where is your moral outrage there? On top of that, Trump's COVID relief allowed these same people to take out billions in loans, and then Trump made it so they didn't have to pay those back. Again, where is your moral outrage and claims of moral hazard there? 1.2 million people just made out like ####ing bandits, and everyone else is left holding the bag. Time for main street to get a fair shake and get some forgiveness.

Besides, why are student loans deserving of special treatment? Where is your call for mortgage or car loan forgiveness? Medical debt forgiveness? Credit card forgiveness?

Student loans are special IMO. They are taken out by people trying to better themselves and their communities. When someone educates themselves they improve not only their own prospects but those of the community they live in. Education is a way to impact large populations quickly and give them a chance for social mobility.

Car loans, and credit card debit are very different. They really are a result of discretionary spending with no greater benefit to the society as a whole. They can be discharged through bankruptcy. I would never agree to kill that off as most spending like this is truly on discretionary spending. Mortgages are very different as well, but there have been means put into place in the past to help out during crisis situations. When the housing crash happened the government allowed millions to short sell their homes, without penalty, to get out of underwater loans. So programs like this have worked in the past and kept the system afloat.

Medical debt is something that should also be wiped clean, but that will have to come with the implementation of universal healthcare. You should never have to go into debt because you had the misfortune of getting sick or injured. Another one of the many short comings of our system here in the United States. The almighty dollar is the primary driver behind everything and that is not how a high performing society remains at the top of the heap.

Wiping out student loan debt in an effort to let people buy “big ticket items” does little other than swap out one debt for another. In that case, those advocating for such an act aren’t really against debt, or even economic progress. They are just against having to pay their obligations as to a certain undertaking.

That's bull####. The intent of forgiving student debt provides a great deal of benefit to society as a whole. Our systems are revenue driven. When there is no revenue flowing into those systems, they fail. The intent is to kick start the economy by giving people more discretionary cash to go spend and get more jobs into the economy. More jobs in the economy means more tax revenues, which means greater health to our social systems, like Social Security. This is where pin head conservatives don't have a ####ing clue. You want to solve the insolvency of our social programs, get people to work and get people paying income tax! More jobs means more revenues. More spending means more demand for products and then more jobs. We have tried this trickle down economics bull#### for decades and its been a failure. Time to try some trickle up economics and give a bunch of people who are the primary target for our spending economy a chance to kick it into gear!

I want tp point out just had badly our student loans systems are broken. Explain to me why a person with a student loan is getting bent over by the government for 6.5-9% interest on loans when that same government is getting money at a rate of .25%? Government is non-profit, but here they are raking money in hand-over-fist on this student loan ponzy scheme. They have made it impossible to have student debt erased, even from the predatory institutions who conned their customers. I would also like to point out that because these predatory institutions got away with the bad practices of predatory loans the rest of the industry chased after them, making the problem that much larger. The whole system is broken and needs to be wiped clean. We gave 1.2 million people a benefit of around $1,300,000 dollars a head when all is said and done. Why is it wrong to give 44-48 million people a benefit of around $32,600? Try and square that one.