Uh-oh. POTUS has pissed off AOC.
[Translation for those not obsessed with politics.] President Joe Biden has angered U.S. Rep Alexandria Ocasio-Cortez.
Why?
He’s placed restraints on what was going to be a volcano of money for college deadbeats students in debt. Early on, there was talk of waving a wand and making all student debt disappear.
[Translation for those who don’t do numbers.] The debt, estimated at #1.75 trillion, does not “disappear.” If the students don’t pay off their loans, someone else will. That “someone else” are taxpayers, the majority of whom did not attend college. Plus the large number who took out student loans and paid them back — and will have to pay them again. Ain’t equity fun?
Paying debts used to be the way things worked in America. Now we seem to be encouraging a generation of grifters.
Biden will go the cheap, cutting the gift down to $10,000, and that will not apply to everyone, even though we know most of those who owe student loans are well off.
I ask, why $10,000? Why not the once hinted-at $50,000? Why not $5,000? Why not $14.75? The 10 Large is an arbitrary number Biden pulled out of his patootie.
And why single out student debt, when there are so many other kinds of loans — The Mother Of All Loans, mortgage, plus credit card, auto, personal? I’ve been a taxpayer for 60 years. Don’t I deserve a break with my mortgage?
Back to AOC.
The student debt bribe forgiveness will be limited to those earning less than $125,000 a year.
“What the F! How you be so mean to a brown-skinned girl from the streets,” AOC did not say, but should have.
The last I read, the socialist Rep from NYC owes $17,000 on her student loan. She graduated cum laude from Boston University in 2011 with a B.A. in international relations and economics. Economics?
As a member of Congress, her base pay is — are you seated? — $174,000. She virtue signals owns a Tesla, average price about 70Gs. (Does she have an auto loan? Who does she want to pay that off for her?)
OK — she “earns” 174 Large and the economics major can’t pay $17,000? Give me a break.
Honoring her obligations is obviously a low priority with her. And those with her mindset.
Even with the limitations — which anger progressives who think no one should pay for anything — the $10,000 bribe writedown will cost a minimum of $300 billion, according to CBS News.
Guess what? That will pretty much clobber Biden’s much ballyhooed Inflation Reduction Act.
When government spends more without taking in more, the result is inflation. You don’t have to be an economist to figure this out.
If student debt is sort of a trap, Biden’s plan does nothing to solve that problem. Instead of shifting debt to others, why not drive down interest rates so that future borrowers will have an easier path?
But no, that would not put dollars in pockets.
So the bribe forgiveness will hurt the economy, encourage colleges to raise tuition, create irresponsibility among the young, and take an axe to the American virtue of self-reliance.
But other than that, the bribe is just peachy.
Let’s not forget showing up at the Met Gala, at 30 Grand a ticket, wearing a white dress with “Tax the Rich” written in bright red across it. She’s a classic Champagne Socialist and one of the biggest contributors to the credibility problem that continues to plague the Democrat party.
Go sit down and shut up now, little girl. Your little gremlin generation still has a LOT to learn.
But she IS cute. 😁
Stu,I got in trouble saying that about 4-5 years ago.Rut Ro!… but its the damn truth.
Sorry you had trouble.
Well, I’m no economist and I don’t pretend to be. While I question this decision, I am willing to wait and see how it affects the economy going forward. Obviously, there are two schools of thought on this: one says that the economy will improve because, sans debt, these people will be able to pump more cash into it. The other says that it will cause inflation go even higher and have a negative impact. I have little issue with helping people who need it (not sure this qualifies, but I have an open mind). But the real culprit here is the ridiculous cost of a college education. My school was about $5k per year in 1976. That same school is now $35k per year, which I could NEVER afford, nor should I have to given what that degree was gonna get me in the way of a job. That kind of an increase has certainly not been accompanied by a corresponding raise in incomes, lord knows. Certainly, something is amiss here. And this action, regardless of whether or it helps or hinders the economy, ain’t gonna fix it. So for now, I’m gonna cross my fingers and watch. And hope.
As I reported in a previous column, the students who are actually poor already have programs to help them.
As also reported, this bribe helps mostly well-off graduate students.
Stu. It is always good to read your columns. Much of what you say in this one is true. However, you’re avoiding the root of the problem. The American dream is on life-support. It is impossible to have a successful society that relies on its young folk to be required to have a college degree in order to compete successfully in the workplace, while also telling them that that degree will cost them more than the average price of a home in America. When you went to school, the cost of a college education was probably about $10,000… Per year. That amount buys you three months at most schools now. Without telling you what I earn, I will tell you that my monthly payments for the education of my three kids is staggering. I can imagine countless better things that I could do with that money than to give it to an educational institution. This is the only choice did many Americans have, if they don’t want their children to walk around with a $250,000 debt necklace at the age of 22. How much do you think that Republicans and their banker friends had to do with creating this system of paying for education? Just curious.
The answer in all of this is not about AOC, or Biden, or the Republicans even. This one is about America and if we can secure our competitive future without financially choking an entire generation. I don’t know the answer to that.
Freeze, your thoughts on the problems with our higher educational system cut right to the heart of the matter. What you said is clear and concise.
My question to you is why have we not seen anyone else say anything even close to what you have said? They want to pussyfoot around the issues you have talked about without coming up with a viable plan of action to fix these problems.
Thanks, and I have no clue. Seems like capitalism run wild to me. Perhaps some regulation of what these colleges are doing expenditure-wise is in order? But those Republicans, they HATE regulation on private business, right? 🙂 Really, EVERYTHING doesn’t have to be a profit-center, public transportation being a prime example — public transportation ALWAYS loses money. Some things that help people live better lives simply cost money and do not (and SHOULD not) produce a profit. This is why it’s always dangerous to have stone businessmen in politics. The only thing they know is profits, and they believe people should simply follow their orders 100% of the time. Doesn’t work that way in government. You need people who care about other people, people who can negotiate and compromise, and people who are statesmen who see the big picture. We need more of those.
Freeze what you said will peobably never happen, at least in my lifetime, because it makes too much sense.
Eric, I previously suggested a solution: Don’t but what you can’t afford.
https://stubykofsky.com/cutting-student-debt-rewards-irresponsibility/
A third thought. Biden made nobody happy with this. Not the out-of-touch progressives and certainly not the so-called conservatives. But more to the point he’s probably ticked off the large contingent of middle road folks.
Wanda, I think it depends on if the middle road people feel they are gaining or losing. If they feel they are gaining because their loans are being paid they are probably okay with it. There will also be some who feel that helping others is the correct thing to do.
You are probably right, but as one of those middle types who doesn’t like my tax dollars wasted, it makes me apoplectic that so much of this forgiveness involved predatory institutions like ITT. Really throwing our money away (to say nothing of duping poor students who actually thought they were getting an education).
You make some good points Wanda. In the end it is the predatory institutions that are the real winners.
If you take two sides of the reasoning behind college costs and Government grants to both colleges and students, you can see why the words balanced budgets are never utilized. Milton Friedman has estimated that colleges could operate at a profit, charging about half of what Ivy League institutions pay. When colleges participate in new construction, campus expansion, research assistants, and opening in foreign countries across the world then tuition is paying for costs not related to learning. Over the years student costs rose about 10 percent while spending by colleges rose to almost 80 %. Increased staffing’s of assistant professors to cover professors doing outside research as internal costs of salaries are increased much higher than the cost of living. Just one example of many questionable costs was at the University of South Carolina where the president has spent as much as $879 for a night in hotel rooms and $7000 on Chauffer services. They also paid $350,000 to the widow of Anwar Sadat for one class a week for three semesters.
On the other side the first action taken by Biden should be to study all available information on are the students getting smarter. How many even have jobs as a result of their studied major? And as you so strongly pointed out if taxpayer money is to be used to help all citizens begin with those in need and not voting blocks, students that can’t read or use math, homeowners who are taxed into two jobs, or eviction. Joe Biden in this move is nothing but a political whore who is pushing a partisan overdrawn bank account to cover costs of those undeserving of relief.
See, THIS is how you bring intelligent debate to an issue. I may disagree with you on some of the points, Tom, but I respect your thoughtfulness and I respect that you are not a name-caller like certain other parties on here. Rock on.
Freeze, I guess I have to be included in the “certain other parties” who are name callers because I have done that.
While I am not proud of the times I have done that I will not make excuses for my actions. In the past I have said things that make it appear I justified the name calling. The bottom line is there is no justification. No one forced me to say what I said.
I am apologizing to you and the other people here who, while not on the receiving end of my name calling, none-the-less feel it was not appropriate.
I am not saying it will not happen again. If I am attacked I will respond in kind but I will not “start a fight” from this point going forward.
One more thing. I will continue to refer to trump as the orange-skinned SOB as long as Tony and the others use terms such as dimocrat, dim, etc.
Please give me your thoughts on what I have said here. Thank you.
More and more evidence that the people who voted for this nit wit are dumber than him. The solution is pay your own tuition. These kids and their parents should think what they are signing up for before taking these loans. This country is the only country where you get punished for doing the right thing and rewarded for being a screw up.
Go take your name-calling elsewhere, pallie. We don’t need it here. Or anywhere else for that matter. As usual, you bring NOTHING of value to the conversation. Typical Republican: quick to complain about stuff yet unwilling to offer a solution to anything.
I started commenting on this blog.because of you and a few others who were always name calling. I guess you can’t take a little of your own medicine. And I gave the solution in my post. Your just proving how dumb you are. Get somebody to read my post to you..
Daniel,
Lighten up! You have some good thoughts and comments, just as most . Of course, that will get a rise out of everyone that takes a shot at me.
I try not to attack anyone on this blog. There’s an interesting mix of peoples here.
Stu knows me better than most. He’ll agree that if I get upset, the gloves come off. But why bother?
Years ago, an acquaintance said to me. Tony, when you get pissed off and your at the computer, say anything you want. Curse everyone. Read them the riot act. Yell, Scream, Curse ! Thenhit DELETE ! ( usually, I don’t let myself get that upset )
Anyhow Daniel, stick around,
Tony
Tony I’ll never lighten up on people who are trying to destroy my country. The Biden administration is running this country into the ground and it’s happening rapidly. That’s the problem with Republicans they don’t fight. I’m not going anywhere.
Daniel,
To your 6:13 reply.
We have a lot in common. I would rather try to have a discussion, sticking to the subject, without name calling or cursing. You curse, I curse. There goes that conversation.
The people that you can’t engage with, DON’T.
As for the republican party. For the most part – just like the democrat party – it sucks ! There are very few on either side of the aisle that I would keep around. True, everyone has to negotiate and compromise, BUY, you don’t have to sell out for thirty pieces of silver.
Thus, my election slogan. DRAIN THE SWAMP ! and VOTE THEM ALL OUT ! Each election, we could get rid of a third of congress. Politicians would soon learn that we want ‘Statesmen/women’, elected BY the people, FOR the people !
Tony
HAPPY WEDNESDAY !!!
well boys and girl,
A rowdy bunch we have today. Lots of good comments. As Freeze pointed out, a discussion.
Can we agree that the educational system in this country has been screwed up for decades ? Most, if not all of us have a degree or two. Probably, we all paid our own way, maybe with a help from a grant or the G.I. Bill, etc.
As was also pointed out. We went to further our education because w wanted a better life. I’m pretty sure that nobody here as a doctorate in flower arrangement or equivalent.
Possibly, most of us are aware that colleges and universities keep expanding. Somebody has to pay for it. Definitely, professors and department heads make huge salaries. They are similar to other professionals in that THEY bring in the students looking for an education. Never mind sports. That’s another subject all by itself. I know that salaries at Penn are in the SEVEN FIGURE area for many of those people just mentioned. Doctors at Penn are the same. They are teachers as well as surgeons. Students want to learn from the best. They have a wish list list of schools or hospitals and the teachers that are there. We all know that. It’s the salaries that are kept secret.
So, why does a four year ticket cost 80 or 100 Thou ? Because it does. Because everything in a capitalistic society can get corrupted and often times, it will.
How do we fix it ? Not so easy for sure. Think of the United States as something that you excel in or are very familiar. Construction for example. If you want to renovate a house in Philly, do you go cheap and only do cosmetics or do you do an entire gut ? Me, I’ll do a gut. The house is old. People have worked on the house over the years. Maybe they did good work, maybe not. I’ not taking a chance on structural, or any ot the mechanicals. Do it once – as best as you can, any you’re good for years.
Same with America. Everything needs work. Everything needed it yesterday . Politicians go for the band-aide quick fixes. ( look at the streets in Philly. years ago, they repaired/replaced everything from house to house. the full width of the street. all utilities )
The biggest problem is the lack of funds. Since we make very little product in the USA today, we don’t generate money. Remember Philly in the ’50s & ’60s? All gone.
Freeze is also right about a ‘stone businessman’. It never worked before, but it may work IF congress – not politicians – got together and all met in consensus, just as we are doing here. Tall order, I know.
Tony
Tony, I’m open for debate about anything. I didn’t start the name calling on this blog I’ve only been reading it for a couple of months. I agree with a lot of your politics and to be honest most of the name calling has been directed at you and a few others who disagree with the liberals. So I dish it out to them the same way. They just can’t take it when you turn the table’s on them. You know how overly sensitive they can be.
Daniel,
True . As I said. I don’t bother with the name calling or going down some pointless road, which feeds their ego. Some people on here I partially ignore. When they can be civil, then I’ll engage and discuss.
Daniel,
You may remember when Trump was running the second time for office. Everybody and their brother started playing the dumb game dished out by the dims. Only, from their perspective, it was smart ! Biden in the basement was our joke. I kept telling people that he was in his war room. Hmmmm I think I was right. Don’t push mail-in voting we said from Trump all the way down to the guy on the corner. Not me. I started with, “ARE YOU SH*&^ING ME ?”
The mail-in is not going away. Old people would rather stay home. Old people don’t want to go out in the dark. Old people are afraid to go out .
Golly Gee ! right again ! How could career politicians not see that this was another dimocratic scheme ? We fell for their tricks. WE lost the election. Now, we will see if Trump’s tandems out weigh the dimocrat conspiracies.
Tony
There’s a saying, “In liberal politics, left is right and right is wrong.”
My son John, a Physician Assistant, accepted a commission in the Air Force National Guard to (a) give back to the country, and (b) earn extra money to pay off his HUGE medical school debt. It was a large chunk of money, and it allowed him to pay off the debt, BUT he has to give up seven years of his life. That is NOT a complaint; he is now a major and hopes to put in his 20 years and earn a small pension at retirement. As his father I am so very proud of John, but as a voter I am outraged that others will get a free ride for their college costs for absolutely NOTHING. And salt into the wounds, John’s taxes will now help pay some deadbeat’s college costs. Effing Democrats. Their actions could gag a maggot.
Hello Joe Biden, I am on a fixed retirement income. I paid off my daughter’s college loans about 8 years ago. Can I get 10,000 I could use it.
Spot on my friend
I’m wondering how this aligns with Diversity, Equity and Inclusion. It seems to fail all three tests.
Excellent point!
It’s also a viscous circle. If this policy is to be continued in perpetuity, the people who had their student loans forgiven now will be paying for someone else’s in the future. Careful what you ask for! Happy weekend to all!
Thom Estilow, a happy weekend to you, and the others here, as well.