153k loans disappear with the stroke of a pen...

Replies:

I missed all the fun - El Kabong 2024-02-23 10:12:48
- There's an "in your face FU" aspect that incites people - SixShutouts66 2024-02-24 14:45:55
- There are simple, go forward solutions that are specifically - Raoul 2024-02-23 15:30:31
  - Another simple move that makes sense to me - czeche 2024-02-24 15:28:28
    - entire payment or just interest? - jt 2024-02-25 15:02:05
      - They have it on interest below certain income levels - czeche 2024-02-25 19:42:14
        you don't have to convince me, I know and agree * - jt 2024-02-26 11:16:54
      - Interest was deductible until the early 1980s. Vivid memory - Moose84 2024-02-25 16:54:33
        It's still deductible above the line. But phase out is low - gregmorrissey 2024-02-25 17:07:52
        I'd be somewhat surprised if the full 700k was from 529 - jt 2024-02-25 17:39:14
        Agree, but tax savings likely still substantial - gregmorrissey 2024-02-25 18:06:26
        Thanks. And I am grateful for the 529 Plan program. - Moose84 2024-02-26 07:52:28
        I don't know that I disagree with anything that you say - jt 2024-02-25 18:26:43
        I agree there too - gregmorrissey 2024-02-25 18:32:26
  - I'm on board with this * - catripledomer 2024-02-23 15:49:17
  - I agree with this. * - FaytlND 2024-02-23 15:44:46
- It was fun!... - Kbyrnes 2024-02-23 14:07:07
- I'd also like everyone who receives - FaytlND 2024-02-23 11:54:51
  - Usually subsidies go to dirt poor and people paying - airborneirish 2024-02-23 14:02:57
    - The Tax Foundation has an interesting report on this. - EricCartman 2024-02-23 14:30:57
      - I suspect the poster is referring to features - ufl 2024-02-23 14:47:37
        Correct - using 'subsidy' a bit loosely but - airborneirish 2024-02-24 13:23:58
        No ragrets - EricCartman 2024-02-24 16:13:37
  - My question was has he ever written that about policies - wpkirish 2024-02-23 12:01:58
    - Carried interest has survived under both parties. - EricCartman 2024-02-23 12:55:46
      - My recollection - AquinasDomer 2024-02-23 13:55:29
        Carried interest has been around for a long time. - EricCartman 2024-02-23 14:06:40
        She chose to be the face of it because she has chosen a - wpkirish 2024-02-23 14:44:29
        It did not pass in 2009-2011 nor 2021-2023 despite - Raoul 2024-02-23 15:30:06
  - How about taxing them? - El Kabong 2024-02-23 12:01:35
    - They did this for PPP loans that were forgiven - catripledomer 2024-02-23 14:31:28
      - lenders were able to do it for sales of houses - jt 2024-02-24 11:00:53
        Cancelation of debt has always been taxable as income. - EricCartman 2024-02-25 09:51:43
      - PPP was taxable income? I hadn't seen that - gregmorrissey 2024-02-23 14:57:15
        It counted as revenue on the income statement - catripledomer 2024-02-23 17:24:52
        No it didn’t. Unless recipient wrongly claimed forgiveness - gregmorrissey 2024-02-23 17:38:00
        I will check Federal vs. State, but I am 100% positive it - catripledomer 2024-02-23 22:02:37
        That doesn’t mean it was taxed - gregmorrissey 2024-02-23 22:31:48
        Except, the feds forced businesses to shut down. - EricCartman 2024-02-23 23:54:56
        We’re talking about the double dip which cost me $150b - gregmorrissey 2024-02-24 08:04:06
        This was not a gift. It changed decision-making - catripledomer 2024-02-24 19:52:56
        It was not taxable. So you might want to amend. - gregmorrissey 2024-02-25 07:42:16
        What’s the JE to remove the loan? - EricCartman 2024-02-25 09:55:37
        Depends. Doesn’t really matter. Just a tax vs book differenc - gregmorrissey 2024-02-25 10:20:01
        I understand tax vs GAAP. I passed the CPA exam. - EricCartman 2024-02-25 22:36:30
        There’s nothing at play. It’s just basic math. - gregmorrissey 2024-02-26 00:29:49
        IRS says no double-dipping (see link) - EricCartman 2024-02-26 08:57:00
        Outdated. Congress codified in the next COVID bill - gregmorrissey 2024-02-26 09:23:17
        Thanks. - EricCartman 2024-02-26 14:32:42
        Hope you understand my frustration over the last 2 years - gregmorrissey 2024-02-26 21:48:25
    - Traditionally, it has been. - FaytlND 2024-02-23 12:17:49
- “The Supreme Court blocked path A so I’m pursing Path B” - kormal 2024-02-23 10:52:34
- On #2, it's important to remember that high school gradutes - Tex Francisco 2024-02-23 10:39:50
  - The "affluence" of the HS doesn't matter - El Kabong 2024-02-23 10:44:06
    - I say, let em crash - ravenium 2024-02-23 12:17:39
    - I get the idea in theory but years in banking tell me that - wpkirish 2024-02-23 11:08:29
      - So, because we have a financially illiterate population, - catripledomer 2024-02-23 11:15:47
        Let them declare bankruptcy at least - czeche 2024-02-23 11:44:27
        If we go this direction, then we need to change how loans... - EricCartman 2024-02-23 13:01:08
        They should create a system where if you make good faith - FaytlND 2024-02-23 13:11:37
        Socialist nonsense - airborneirish 2024-02-25 14:52:52
        Socialist nonsense - airborneirish 2024-02-25 14:44:41
        That's the hard part. - EricCartman 2024-02-23 14:37:31
        A variety of ways indeed - El Kabong 2024-02-23 14:12:58
        I'm not sure that analogy works. - FaytlND 2024-02-23 14:46:41
        How educated? * - El Kabong 2024-02-23 15:19:41
        Why do we even need master electricians? - FaytlND 2024-02-23 15:24:38
        The definition of "broader value to society" - Raoul 2024-02-23 14:42:09
        Do you have any evidence to support your second sentence? - FaytlND 2024-02-23 15:30:58
        It is just my sense of the place - Raoul 2024-02-23 15:53:30
        At some level - AquinasDomer 2024-02-23 14:00:23
        This is something I consider as well. - FaytlND 2024-02-23 12:48:54
        Didn’t they experience the consequences? - vermin05 2024-02-23 11:28:08
        Not heartless - catripledomer 2024-02-23 11:35:15
        You're taking me back to 2008... - Kbyrnes 2024-02-23 14:09:23
        I’ll consider this being excessive - vermin05 2024-02-23 11:44:06
        It's not fundamentally different - catripledomer 2024-02-23 11:46:57
        I did not even address the decision and whther it should - wpkirish 2024-02-23 11:23:39
        Sorry. In that case I agree with you. * - catripledomer 2024-02-23 11:31:49
    - Do you think the loan office for a typical for profit school - Tex Francisco 2024-02-23 10:58:27
      - Were those people not already made whole? - El Kabong 2024-02-23 11:58:29
    - What if the contract changes? - czeche 2024-02-23 10:53:11
      - But your actions/response did not change * - El Kabong 2024-02-23 11:59:46
        I'm simply pointing out the change - czeche 2024-02-23 12:20:43
It's also been called vote-buying by some. - G.K.Chesterton 2024-02-22 14:35:58
- This sure is a strange thing about which to get religion - ACross 2024-02-22 18:51:41
  - I didn't begrudge him doing that either - jt 2024-02-22 21:19:31
    - Put me in the "thumbs up" column * - catripledomer 2024-02-23 11:44:05
    - I endorse it also * - El Kabong 2024-02-23 10:14:48
    - I wholeheartedly endorse this post. * - Marine Domer 2024-02-22 23:45:55
- How would you distinguish that from tax cuts? - SteveM 2024-02-22 15:19:47
  - It's a fair question to ask whether Trump tax cuts or - G.K.Chesterton 2024-02-22 23:12:28
  - What's the product here? Votes? * - jt 2024-02-22 16:07:49
    - Services received by the government - SteveM 2024-02-22 16:53:05
      - what sort of services? - jt 2024-02-22 17:10:39
        See my first reply * - SteveM 2024-02-24 09:33:54
        we're not on the same page - jt 2024-02-24 14:26:17
- I don't know. - Rockbrig97 2024-02-22 14:54:44
  - As I said below, if it attempted to fix the core issue - jt 2024-02-22 16:12:09
Also they did not disappear with the stroke of a pen - kormal 2024-02-22 13:25:13
The SAVE program is a replacement for REPAYE - kormal 2024-02-22 13:12:16
I'm not a fan of loan forgiveness either - mocopdx 2024-02-22 12:27:40
- I’m a huge fan of income-based repayment and forgiveness. - kormal 2024-02-22 13:16:40
  - I think these programs are ok, but they need to be - Tex Francisco 2024-02-22 13:46:23
    - They made that improvement - czeche 2024-02-22 15:50:39
      - right - jt 2024-02-23 01:51:08
        I think you can split it into two different problems. - Tex Francisco 2024-02-23 09:03:29
        Why not let the market address both problems? - jt 2024-02-23 11:04:33
        Because the market wont address the problems in fact the - wpkirish 2024-02-23 11:54:03
        wait, Tex said that the market is addressing one of them - jt 2024-02-23 13:40:29
        My fault was just responding to your saying let the market - wpkirish 2024-02-23 17:08:27
  - The money comes from somewhere. - EricCartman 2024-02-22 13:38:54
    - The loan forgiveness is for low income borrowers, and - Tex Francisco 2024-02-22 15:56:55
      - The Top 20% of earners also make all of the money. - EricCartman 2024-02-22 16:41:52
    - We should incentivize more college graduates. - kormal 2024-02-22 15:27:42
      - Hell no we shouldn't. The people who can't pay off $12k loan - Freight Train 2024-02-22 16:38:17
        A garbage degree ad opposed to a business degree? - ACross 2024-02-22 18:58:22
        Was his nickname Maggot by any chance? - akaRonMexico 2024-02-23 14:46:36
        Alas, the one doing the best on ND - ACross 2024-02-23 15:03:30
        Nyet * - ACross 2024-02-23 14:57:54
        I think you have to distinguish between degrees - Kali4niaND 2024-02-22 20:00:47
        You have no credibility on this issue. Zero. - Freight Train 2024-02-22 19:12:19
        Simmer down bean counter * - ACross 2024-02-23 00:42:03
        So you denigrate others’ “garbage” degrees above - ocnd 2024-02-22 19:43:07
        An online degree from Univ of Phoenix for $150k - EricCartman 2024-02-22 23:02:02
        If you can’t pay off a debt used to fund something - Freight Train 2024-02-22 19:46:00
        I resent that college has become a return on investment - jt 2024-02-22 23:25:42
        Why? ROI has always been the game. - EricCartman 2024-02-23 09:13:56
        That premise is 100% false - ACross 2024-02-23 15:16:10
        It’s implied. - EricCartman 2024-02-25 22:39:51
        "Idea of a University" would say otherwise - czeche 2024-02-26 10:24:24
        "Party school like ND." Classic * - jt 2024-02-23 16:56:57
        I disagree, at least to the extent - jt 2024-02-23 11:06:25
        Ha.... - Kbyrnes 2024-02-22 19:25:08
        I disagree that degrees are garbage unless the person is - kormal 2024-02-22 17:57:01
        I think you are fundamentally off base - BigClumber 2024-02-22 19:46:50
        I remember an interview with Spike Lee, maybe 10+ years ago - Tex Francisco 2024-02-23 09:41:07
        Not only do I disagree but this is a depressingly - kormal 2024-02-22 19:49:29
        A very simple thought exercise. - Freight Train 2024-02-22 19:59:14
        “Own” a college degree - kormal 2024-02-22 20:03:43
        A college degree is an asset that was bought. - Freight Train 2024-02-22 20:06:56
        That's hilarious - BigClumber 2024-02-22 19:57:45
        I don’t see the world as I wish it was. - kormal 2024-02-22 20:04:40
        I am sincerely curious. In this better world, - Freight Train 2024-02-22 20:14:30
        An art history degree has zero utility unless it helps - Freight Train 2024-02-22 19:14:34
      - Ironically, too many people attending college is a problem. - EricCartman 2024-02-22 16:36:20
        I repeat that college isn't just to teach people how to work - ACross 2024-02-22 19:02:58
        It’s mostly networking and broing down. - EricCartman 2024-02-22 23:09:31
        You really think it's mostly networking? - Tex Francisco 2024-02-23 09:24:14
        If you live in Houston, probably a lot. - EricCartman 2024-02-23 10:42:09
        Yeah, and accountants learn that you dope * - Freight Train 2024-02-22 20:00:36
        And I take EC's point to be that a traditional four-year... - FL_Irish 2024-02-22 19:14:40
        It is not a coincidence - ACross 2024-02-22 21:31:32
        One wonders to what extent that can be explained as... - FL_Irish 2024-02-22 22:50:39
        But is there really a low opinion of those without - FaytlND 2024-02-23 13:42:38
        I don’t view a college degree as an “asset” for which - kormal 2024-02-22 18:00:27
        A degree most certainly is an asset. - EricCartman 2024-02-23 09:08:04
        I think the point is that it's not solely an asset - FL_Irish 2024-02-23 09:25:45
        I agree with all of this. * - FL_Irish 2024-02-22 17:55:37
  - I'll play devil's advocate - ravenium 2024-02-22 13:23:06
    - Those are all great questions. - kormal 2024-02-22 13:37:01
- It's just a few billion... - EricCartman 2024-02-22 13:02:12
Did you read the details? - vermin05 2024-02-22 12:27:29
- The target of this forgiveness highlights the point jt made. - FaytlND 2024-02-22 12:48:02
  - Agreed * - vermin05 2024-02-22 12:49:24
Impeached? Come on. - ocnd 2024-02-22 12:07:52
Impeachment? It’s a “high crime and misdemeanor”? * - sprack 2024-02-22 12:05:48
- grand larceny * - Jimbo Irish 2024-02-23 11:48:35
The CHiPs and Science Act - Kali4niaND 2024-02-22 12:05:01
- my problem with the current loan forgiveness - jt 2024-02-22 12:20:55
  - Amen - Brahms 2024-02-22 13:31:13
  - That's fair. - Kali4niaND 2024-02-22 12:36:31
    - The Federal Government should get out of the student loan - catripledomer 2024-02-22 13:45:22
  - Agreed - mocopdx 2024-02-22 12:30:26
  - Correct, and why I'm not a fan. - ocnd 2024-02-22 12:27:15
- I actually think that CHIPs is bad policy. - EricCartman 2024-02-22 12:17:50
  - Isn't it a national security play? - fontoknow 2024-02-22 12:41:52
    - Just landed. I'm at ATL. * - ocnd 2024-02-22 13:28:41
      - BBMF * - fontoknow 2024-02-22 13:33:47
  - I don't like CHIPS, but I'll try to justify it... - flapjack 2024-02-22 12:32:15
    - Yea, it is more for the fab and manufacturing companies. - EricCartman 2024-02-22 12:58:12
      - It's not a robust and healthy industry in the united states - fontoknow 2024-02-22 13:35:00
        It could be one. The capital is certainly there to fund it. - EricCartman 2024-02-22 13:43:54
      - I am generally not in favor of 'protectionism' but - enduff 2024-02-22 13:29:31
        Covid certainly exposed the holes in a global supply-chain. - EricCartman 2024-02-22 14:16:09
    - It had Ponch. What more did you need?? * - enginerd194 2024-02-22 12:46:31
      - let's not sleep on that special guest appearance - jt 2024-02-22 16:44:42
  - NVDA can SMAP * - jt 2024-02-22 12:21:37
    - NVDA is up FIFTEEN PERCENT today - sprack 2024-02-22 13:56:36
      - Yeah, they're a solid buy - jt 2024-02-22 16:16:36
    - Just curious, why? - flapjack 2024-02-22 12:39:01
      - No particular reason - jt 2024-02-22 16:05:18
What, precisely, would be the charge related to impeachment? * - FaytlND 2024-02-22 11:57:00
- Knowingly violating the Constitution - Flann 2024-02-22 13:27:04
- Why, engaging in bad policy of course! - IrishJosh24 2024-02-22 12:41:11