Backintheday544 Posted August 25, 2022 Posted August 25, 2022 34 minutes ago, Big Blitz said: Let's check with the CBO - a far more reputable authority and source and one I'm sure has given us the numbers: Biden's student debt forgiveness plan may cost taxpayers an average of $2,000, some policy experts say Based on a total of under 158 million taxpayers in 2019, that works out to $2,085.59 per taxpayer, the National Taxpayers Union found. The Penn Wharton estimate is "definitely going to increase" based on the Pell Grant and income-based repayment features announced by Biden on Wednesday, Wharton professor Kent Smetters said. The Congressional Budget Office has yet to evaluate the total cost of the policy. https://www.cnbc.com/2022/08/24/bidens-student-loan-forgiveness-may-cost-taxpayers-prompt-inflation.html is the point you’re trying to prove that you don’t have reading comprehension? CBO hasn’t score it. The thing you highlighted says that specific thing. The $2,000 cost per taxpayer you highlighted is again, not from the CBO, but from a right leaning policy group The National Taxpayers Union. If you read the National Taxpayers Union policy paper on how they got that number, they took the $330 cost from Wharbutons study and simply divided that by the number of individual tax returns filed in 2019. That is not finding the average cost this will be to an average Joe you pick off the street.
Tenhigh Posted August 25, 2022 Posted August 25, 2022 (edited) On 8/24/2022 at 9:19 AM, BillStime said: So who makes the system run? I assume he is referring to the people with jobs who pay taxes and are willing to actually repay their debt. Edited August 25, 2022 by Tenhigh
Backintheday544 Posted August 25, 2022 Posted August 25, 2022 TCJA was projected to add $1.889 trillion to the deficit per CBO: https://www.taxpolicycenter.org/taxvox/cbo-thinks-tcja-will-cost-433-billion-more-last-decembers-estimate-what-happened This is projected to cost $330 billion. Baes on the National Taxpayer Unions methodology, TCJA would cost an average American $11,900 each. Didn’t see outrage there.
aristocrat Posted August 25, 2022 Posted August 25, 2022 28 minutes ago, BillStime said: lolz - god? jfc Are you implying Fauci was giving Trump talking points or was Trump talking out of both sides of his mouth? He sure did. Did Trump not admit to Bob Woodward that he deliberately downplayed the threat and severity of COVID in February 2020? Why yes - yes he did. Fauci is human and humans are not perfect - and nor is science. You goo do his job if you know all. I want him to do his job better. Not lie about advising trump to shut down the country and then yesterday claim he never recommended that at all. Trump and others listened to him and now you blame Trump instead of fauci 1
BillStime Posted August 25, 2022 Posted August 25, 2022 9 minutes ago, aristocrat said: I want him to do his job better. Not lie about advising trump to shut down the country and then yesterday claim he never recommended that at all. Trump and others listened to him and now you blame Trump instead of fauci Yeah well Trump should have fired him if he didn’t have faith in him.
B-Man Posted August 25, 2022 Posted August 25, 2022 THE STUDENT LOAN BOONDOGGLE: If It Sounds Like an Election Year Handout, That’s Because It Is. Mr. Biden is using questionable Covid health emergency authority — a very shaky assumption — to hand out this election year relief. More or less 70 percent of predominantly middle-class taxpayers are going to be bailing out something like 30 percent of those most well off. Oh, and that’s right, it does sound like an election year handout, doesn’t it? Think of this: With the Schumer-Manchin bill and its business tax hikes and IRS assault squad, the government is coming after typical families and working people. That’s the way this shakes out. Also there’s no debt reduction because in four years the student debt volume will be back to $1.6 trillion. Is this inflationary? Well, yes, at least indirectly. If the interest and principal on your student loan is canceled, then you’ll have more money to spend elsewhere. It bids up demand while Mr. Biden’s enhanced tax and regulatory strangle holds down supply. I oversimplify here, but that’s one way to look at it. If this whole student bailout business costs $300 billion over 10 years, as some are estimating, then that wipes out the Schumer-Manchin deficit reduction. I never bought into their deficit reduction anyway. Another thought: The education department does not remotely have the expertise to handle a $1.6 trillion student loan portfolio. It’s a regulatory and policy agency, not a bank. Shades of the EPA running a $27 billion national “climate bank.” Same nonsense. What these people lack in competence, they make up in hubris and ill-will. This is a giveaway to the Gentry Class at the expense of the working class. As a friend said, “People who have never lived this well are now forced to subsidize people who lived this well.” https://www.nysun.com/article/if-it-sounds-like-an-election-year-handout-thats-because-it-is Even many on the Left are calling it a bribe this morning . 1 2 2
aristocrat Posted August 25, 2022 Posted August 25, 2022 1 minute ago, BillStime said: Yeah well Trump should have fired him if he didn’t have faith in him. Weren't there rumors of that? What would your reaction have been?
BillStime Posted August 25, 2022 Posted August 25, 2022 18 minutes ago, aristocrat said: Weren't there rumors of that? What would your reaction have been? Trump was never going to fire Fauci - he needed someone for you to hate and him to blame.
aristocrat Posted August 25, 2022 Posted August 25, 2022 7 minutes ago, BillStime said: Trump was never going to fire Fauci - he needed someone for you to hate and him to blame. Wasn't my question
Over 29 years of fanhood Posted August 25, 2022 Posted August 25, 2022 20 hours ago, ALF said: What have republicans done to address this problem in the past 20 years ? Nothing!
Big Blitz Posted August 25, 2022 Posted August 25, 2022 14 minutes ago, Over 29 years of fanhood said: Nothing! Did something happen this week that has "fixed" it?
Big Blitz Posted August 25, 2022 Posted August 25, 2022 (edited) 10 hours ago, Buffarukus said: i agree with most of this especially the no real solution part. but i think people of a certain generation are truley blind to the futures bleak outlook as if "they" faced any sort of the challenges today. "i did it" "when i was your age" ect ect. i talk to some of the older guys at work who routinely talk about how the new generation is lazy, weak, yadda. when i look at their youth. lets see, 1 person needed to work in a household with several kids. highschool education provided very good union supplied jobs..my father worked for 1 his ENTIRE life. cost of living was nothing, cars, house, ect. all easily attainable. now your homes have gone through the roof. thats great, if you got in cheap. your pensions still existed. good for you, good guaranteed retirement. it seems very simple to me. work 40 hrs and you get the american dream. that does not exist without something else today. college was sold as that. so at what point do people say kids today are hopeless, school costs, housing costs, a twisted idea on energy and constant weather now virus fear, if not well financed to start, its pretty bleak. bootstraps aint enough! so what exactly would the right be for that isnt lase fair or directly beneficial to themselves in their circumstances? it is afterall your kids and grandkids. as a poster said the right isnt exactly pushing for positive changes to help..its all welfare to then..socialism ect ect. well if you wonder why so many kids are progressive/ communist ect, maybe it because they litterally see no hope in a system that had far surpassed a decent living or chance so might as well advocate burn it all down. theres not alot to lose. at some point the right should realize pandering and lies to groups by the left is going to always be better then just being completely ignored and saying our policies might help you down the line, basically ignoring them. thats not a tactic that will gain voters even in the mess the left has created and sure as h#// is pushing people to accept the circumstances you outlined as they take the only thing on the table. the welfare for votes the left is offering. Exactly what the schools want you to think - spend a few weeks at one and see if the takeaway is truly a focus on excellence. It isn't. It's about equity and diversity is our strength. And we're the cause of all the world's problems. 1. The culture is in shambles. Get married. Stay married. Joint income of what should be well over 100K if you play by all the current rules (which need massive reform that would save tax payer money). 2. Now that you've married in your early 20s not late 30s (because you know, you have to live with each other first to truly know if you want to be together - our culture is awful.) You need to consider moving out of your deep blue ***t hole. 3. The Biggest mistake the GOP has made since 1994 is siding with the now fully controlled Big Woke Corporate America. The Trump Revolution wasn't just an American one - it was one within the GOP that. Hiring American. Stop with the H1B visas and hire skilled American workers. To work here. 4. You will incur debt in your 20s and 30s. Budget as best you can. Food, entertainment, etc. Be smart. It's not easy it wasn't easy for my parents who always struggled and it wasn't easy for me and my wife who at one point due to expenses, life, etc....had over $12,000 in debt. We figured out how to pay that off - because we made smart informed decisions with housing. 5. Kids. Have them. Day care costs added to our debt initially. But if you can, maybe (because you started this family in your early 20s and not late 30s) you can have one parent work - this of course isn't easy. Do the best you can for your situation. You want to have older kids as you hit your late 30s early 40s - prime earning years. What have Democrats done to help with: 1. Rent 2. American jobs 3. Inflation cost of energy, groceries etc They have decimated American life because they hated Trump and Covid super flu we needed to shut it all down. And now we get by design 10 plus years of looming economic catastrophe where they can sell you on more free stuff. Great for their party. A disaster for America. Edited August 25, 2022 by Big Blitz
Chef Jim Posted August 25, 2022 Posted August 25, 2022 6 hours ago, ALF said: Hey do me a big favor and explain what this means Share of benefit from TCJA individual income tax provisions in 2018, by expanded cash income level (2017 dollars) Once you explain it tell me how those numbers were calculated. Aaaaaaaand GO!!
Chef Jim Posted August 25, 2022 Posted August 25, 2022 2 hours ago, Tiberius said: Woo boy! Just got my Treasury Department account unlocked. Now I can buy those juicy I Bonds! Paying 9.62% now. Tell me you don't know anything about I Bonds without telling us you know nothing about I Bonds. Oh BTW the reason they look so "juicy" to nimrods like you is due to our high inflation. Woohoo....that's some juicy ***** right there baby.
Over 29 years of fanhood Posted August 25, 2022 Posted August 25, 2022 43 minutes ago, Big Blitz said: Did something happen this week that has "fixed" it? Nope
unbillievable Posted August 25, 2022 Posted August 25, 2022 I don't think it's going to be that bad for most of us. It's going to hit the education sector the worst. I expect tuition to double in the next 5 years because of this. I predict Student loan debt to hit 3 trillion by 2025. 1
aristocrat Posted August 25, 2022 Posted August 25, 2022 1 hour ago, BillStime said: Trump was never going to fire Fauci - he needed someone for you to hate and him to blame.
unbillievable Posted August 25, 2022 Posted August 25, 2022 I don't remember a time when so many people opposed something so universally; Left, right, middle, and other... everyone. The best argument I heard from the left yesterday was that we can't know how bad this is...
B-Man Posted August 25, 2022 Posted August 25, 2022 "Worse than the cost is the moral hazard and awful precedent this sets.... "Those who will pay for this write-off are the tens of millions of Americans who didn’t go to college, or repaid their debt, or skimped and saved to pay for college, or chose lower-cost schools to avoid a debt trap. This is a college graduate bailout paid for by plumbers and FedEx drivers. Colleges will also capitalize by raising tuition to capture the write-off windfall. A White House fact sheet hilariously says that colleges will 'have an obligation to keep prices reasonable and ensure borrowers get value for their investments, not debt they cannot afford.' Only a fool could believe colleges will do this...." Says the Editorial Board of The Wall Street Journal, in "The Half-Trillion-Dollar Student-Loan Executive Coup/Biden’s student-loan write-off is an abuse of power that favors college grads at the expense of plumbers and FedEx drivers." .https://www.wsj.com/articles/the-half-trillion-dollar-student-loan-executive-coup-joe-biden-debt-forgiveness-white-house-11661378933?mod=djemalertNEWS . "Widely canceling student loan debt is regressive. It takes money from the broader tax base, mostly made up of workers who did not go to college..." "... to subsidize the education debt of people with valuable degrees. Though Mr. Biden’s plan includes an income cap, the threshold does not reflect need or earnings potential, meaning white-collar professionals with high future salaries stand to benefit. Student loans, moreover, are a poor proxy for household income: An analysis by policy researcher Jason D. Delisle found that, in 2016, students from high-income and low-income families were just as likely to take on debt for their first year in an undergraduate program — and students from high-income families borrowed the largest amounts...." That's the Editorial Board of The Washington Post. Biden’s student loan announcement is a regressive, expensive mistake https://www.washingtonpost.com/opinions/2022/08/24/biden-student-loan-forgiveness-mistake/ . 2
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