Of course he did. I read somewhere else that he signed off on $785 million dollars in weapons for the ‘Kraine this week. Until somebody starts shooting these sonsabitches…but whadda I know.
Back in the Before Times, my daughter came home from school unexpectedly. With a long face, she told me she wasn’t ready for university yet, and was dropping out. I was disappointed but not perturbed; serious university programs are tough sledding. I told her it was alright - she could get a job and live at home rent free, or move out on her own if she wanted. Going to school and getting a meaningful degree takes a 1000% commitment… and if she wasn’t ready… I could understand that.
But then the rest of it came. She was dropping out of school to take a Mickey Mouse fine art program at a no-name school in Calgary. I told her she was nuts. I forbade it - and she reminded me she was an adult and could do what she wanted. I was going to rip her head off when the doorbell rang. I answered it…and there were my in-laws. They came flouncing in and invited themselves into the debate. I was haughtily informed by the outlaws that my daughter had to follow her dreams, and the money would follow that. She had to follow her own path, and that was all there was to it. I was forced to eat the big green one on that, but I told my daughter that she was on her own. They would be HER loans, and she would pay them because I would not.
Four years later she was an angry lesbian with a useless degree and a pile of debt. I told the in-laws they were free to help her out with the school loans because they had promised to support her on her decisions. I doubt they did, though.
I dunno if she still struggles with student debt or not. For you Yanks… Even if the financial crunch weren’t so bad… Biden had no business passing that legislation. I hope a legal challenge of some sort scuttles this… but it’s probably not likely. If he gets away with it, who else will get to hand of the bills for their bad decisions to the rest of us?
The actual damage for student loans was done by BiteMe's master some 13 or 14 years ago when they put the tax payers totally on the hook for all of them. This move was only for his base really so he can say he did it and get them to vote for Femocrats this season. Tax payers were going to have to pay those loans off regardless cause no way the ex-students were ever going to as a whole. Might make a few responsible ones cheer but compared to all the other debt not even a drop in the bucket for tax payers. Still it isn't right to those of us who did pay our own, even if mine was less than a 1000 bucks way back when.ReplyDelete
I got out with about 6K. And that is because I got lazy. I took the full 9.9 years to pay it back. Being THE wage earner at broadcast engineering jobs didn't cut the mustard very thick. Mom wanted to pay it for me, and she did for a couple years. Then she passed away suddenly and I finished it out. I think it was 60 / month. But it was a Texas guaranteed loan, and if I didn't pay it back, I couldn't renew my driver's license. I could go to jail for it, too. But that was back when we were responsible adults.ReplyDelete
These kids will pay that back in spades with future ever increasing taxes, fees, etc, socialism, ad nauseam gov largess. Crazy me had to scrape by to pay back $6k, after getting a measly $5k from my Gi Bill, to go to a shitty state school and get a worthless degree. The only thing my degree did for me was teach me to id and hate commies, and a military commission. I told both my kids, there are a lot of ways to pay for college or tech schools, but Im not one. Both went to the military and got tech training and experience, they did 4 years and out, got their money and benefits, the kids now get $50k. So, lunch box Joe can go piss up a rope. Hey dummies there is no free lunch. Remember this 20 years from now when you are paying 50-70% in fed taxes on your income total. Tell me how it was free then.ReplyDelete
With regards to Joe the Usurper canceling some student debts: You have to understand how modern banking works, especially at the federal (“We own the printers!”) level. It costs them nothing in the short term to cancel debt. That doesn’t mean they won’t still raise your taxes, though.ReplyDelete
Debt is money created out of nothing. It’s an entry in a spreadsheet. When you pay it off, the money returns to being nothing, a ‘0’ in the spreadsheet. Only while the debt is active does the money exist. The trick is that you have to pay real money as the interest. When debt is canceled, the bank loses nothing but the income stream of interest payments.
Paying off debts is deflationary. The money is returned to sender and destroyed. Canceling debts is inflationary, because the money isn’t destroyed. It’s still out there, being traded around. It’s exactly the same as printing money and handing it out. Okay, well, to be honest, it’s the issuance of the debt in the first place that is inflationary. But if the money isn’t zeroed out again through repayment, it is a permanent net increase in the money supply, making the rest of the currency worth just that bit much less.
Ah, the joys of modern banking. What, you thought that the banks could only lend out money they actually had on deposit? Silly citizen, that hasn’t been the case for decades.
In traditional fractional reserve banking, if a bank maintained a 5% reserve, they could lend out 95% of total deposits. In modern fractional reserve banking, they can lend out 19 times their total deposits. And if you put the loaned money back into a bank account, it counts as a deposit.
As an item of curiosity, the current mandatory reserve rate is: zero. Banks can create all the debt money they like, with no limit. They’re just numbers on spreadsheets, after all. Until the Fed monkeys around with the reserve percentage, forcing small banks to call in their loans, bankrupting small businesses. (Anybody else remember 2008? This is what really happened then to collapse the economy. And when small banks couldn’t meet the new, higher standard, the Fed forced them to sell out to the big banks.) (Never forget that the 2008 recession was a choice the government made. It didn’t happen by accident.)
thank you i am simple minded but you have made it understandable you should be a professor thank you againDelete
In the past the goobermint via the IRS changed some forgiveness to income on the individual and you had to pay taxes on it. Wonder if they will do that again.ReplyDelete
eveything biden and obama have done is illegalReplyDelete
they hand out edicts as though they were emperor
you would think congress would object to being over ridden like this
it isn't real money anyway since the usa is bankrupt entirely
only God knows the results but we are in for a very terrible time
If the RNC had any guts, they would run a nationwide ad showcasing how unfair it is to those who paid for their college.ReplyDelete
l will give you a laugh, all those billions "pledged" to Ukraine, hardly any has been actually sent, if memory serves Japan and one other country has actually "donated" the full amount, (sorry, this sounds like the Amber Turd testimony, "l use pledge and donate together"), the United States proudly announcing the billions and billions they have pledged, but they have actually only SENT about 10 billion in cash so far. ..... so it begs to ask, where is the rest of the "pledged" money.. Uni-party off-shore bank accounts?ReplyDelete
You know, I was a no-shit actual marine biologist in my 20's. Pretty good one too. Turns out that only someone who has the mentality of a pastor or a missionary can stomach being poor but a happy worker, though. The student loans had to be repaid, and I got tired of not being able to fill my tank for 2 weeks after making a payment, and then I met my wife, who can get pregnant just by washing my underwear. Best thing I ever did was quit my career and run away to be a merchant marine. Better life, better income, no education needed.ReplyDelete
I get that kids want relief from that. Nobody put a gun to their head and made them go to college. Except for their parents, their teachers, basically every adult in their lives from age 6-18. Just that. But I gave up my legitimate, hard earned and maybe impractical dream because the bills MUST be paid. And that's OK. It's inhumane and evil to NOT allow students to face consequences for their actions. Sure, there are mitigating influences, bad advice, pressure applied by trusted authority figures... but we make our own choices and WE must pay for them ourselves. I was frigging 44 when I finished paying for a degree I didn't need. And it forced me into building a much better life for myself than I had ever dreamed of when I was a student. Thank Christ even that D-bag Clinton wasn't so stupid as to pull this stunt. My life would have sucked if I didn't learn to pull my own weight.