Yup. Not much point helping kids survive through grinding poverty if they’re just gonna get nuked in the climate wars of 2030 anyway.
This is, at best, 50% joke.
God just do forgiveness for student loans already.
God does forgiveness for everything!
If we had the votes, maybe. But Congress doesn’t appear interested in forgiving loans, and honestly, we are talking about one of the wealthier demographics in the US when it comes to student loans.
It’s not clear to me that Congress is needed to forgive some student loan debt. Of course it would end up in the courts, but the argument is that Biden could do it unilaterally.
Alstein
6112
Unfortunately Capitalism employs God in America.
Yeah from what I’ve read he could do it as an EO, but he’s just choosing not to. I wonder if he’s waiting to closer to the midterms.
It certainly has been the opinion of many people, but the fact of the matter is, we have never seen a president unilaterally forgive student loans before. Not even during the great recession. Using this power to wipe out student debt would be some serious reach added to an already powerful office.
Specifically, the law grants a presidential administration, via the Education Secretary, authority to “enforce, pay, compromise, waive, or release” government-held federal student loans. Indeed, the Higher Education Act provided the authority for President Donald Trump and Biden to pause student loan debt payments during the coronavirus pandemic.
However, experts disagree on whether the president can authorize widespread debt cancellation through an executive order. There’s enough of a legal question that any move by the president would likely prompt litigation, experts said.
“There are instances of presidents’ executive orders being thrown out in the courts because they take actions that were not authorized by laws in the past,” said Jason MacDonald, a political scientist at West Virginia University.
Personally, I would rather not give more power to the presidency. This should be done through congress, our legislative branch.
138
6115
what’s the rationale behind SL forgiveness again?
I assume this:
Education Secretary, authority to “enforce, pay, compromise, waive, or release” government-held federal student loans.
But I’m sure there are strings attached to that statement.
Could you imagine if Trump had that authority, and just forgave the loans from people that went to Trump University or some other right wing ‘higher education’ institution.
Just charge the max, and forgive the loan, and the government picks up the tab.
He’s been quoted as saying (privately, not in front of reporters) that the recipients “will probably use it to buy drugs.”
Yes, that was the basis of my comment.
The funny thing is that there is a limit to how much meth you can do and not collapse / die. If people are going to buy drugs, they’re going to buy drugs even if you don’t give them any free money. So if you do give them free money, probably some of that money is going to make it to the kids in the form of food and rent and so on.
138
6119
What I mean is, there was a time (pre-pandemic) when SL forgiveness got traction because of the shitty job market and kids with lots of debt, etc. Like around the Occupy Wall Street protests. Are folks still just riding that wave?
I think in part, yes. And it’s a recognition that there’s an unholy alliance between higher education and finance to fleece students into a lifetime of debt. And in addition, it’s perceived as a way to redistribute money to those worse off in the absence of higher top marginal rates paired to better social spending programs, which seem impossible to get through Congress.
LockerK
6121
Student loan debt certainly hasn’t got any better since then and is a key reason a lot of my peers are “behind” in life on major purchases (home ownership) and starting families.
I mean, the plain reading of the law says that the executive branch can forgive loans. From there, it’s a question of political will and political consequences.
As for the prospect of a corrupt President using it corruptly, it’s important to remember that if you do something you’re normally allowed to do, but do it for a corrupt purpose, the fact that you’re normally allowed to do it doesn’t mean you haven’t committed a corrupt act. That’s like arguing (as some did) that it isn’t obstruction for the President to fire an AG who is investigating that President because the President has the power to fire AGs. It is obstruction because the purpose matters.
Alstein
6124
I’m really starting to see the younger generation just not want to go to school due to the debt.
They don’t see it as worth the money.
