Top Obama economic adviser torches Biden's student loan forgiveness plan

m.knox

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Biden is an idiot.

https://www.washingtonexaminer.com/...omic-adviser-torches-bidens-student-loan-plan

Jason Furman , a Harvard professor of economics and the chairman of former President Barack Obama's Council of Economic Advisers, heartily criticized President Joe Biden's Wednesday action to forgive $10,000 in student loan debt for borrowers earning less than $125,000 per year.

"Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless. Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse," Furman, one of the Left's leading inflation hawks, wrote in a lengthy Twitter thread Wednesday afternoon.
 

jferretti

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Biden is an idiot.

https://www.washingtonexaminer.com/...omic-adviser-torches-bidens-student-loan-plan

Jason Furman , a Harvard professor of economics and the chairman of former President Barack Obama's Council of Economic Advisers, heartily criticized President Joe Biden's Wednesday action to forgive $10,000 in student loan debt for borrowers earning less than $125,000 per year.

"Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless. Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse," Furman, one of the Left's leading inflation hawks, wrote in a lengthy Twitter thread Wednesday afternoon.
Financially for the country, and politically for the Dems in the fall, this is a stupid plan. The biggest problem I see is that it sets expectations for further write-offs down the road. So the question can be asked: when does this end and what does it ultimately cost? After some significant legislative accomplishments this is a serious misstep. Not to mention he likely does not have the legal authority to do this.
 

m.knox

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Financially for the country, and politically for the Dems in the fall, this is a stupid plan. The biggest problem I see is that it sets expectations for further write-offs down the road. So the question can be asked: when does this end and what does it ultimately cost? After some significant legislative accomplishments this is a serious misstep. Not to mention he likely does not have the legal authority to do this.

The million dollar question surrounding legality is if some entity will sue to challenge it. Now imagine if the big bad GOP sued..... It would play right into the democrats hands. So I'm not entirely sure it is a political misstep regardless of common sense issue you cite. I'm sure a large % of the democratic base loves the idea.
 

psuted

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Financially for the country, and politically for the Dems in the fall, this is a stupid plan. The biggest problem I see is that it sets expectations for further write-offs down the road. So the question can be asked: when does this end and what does it ultimately cost? After some significant legislative accomplishments this is a serious misstep. Not to mention he likely does not have the legal authority to do this.
I don’t think this a very wise move either. It just doesn’t make sense and will benefit more people that don’t need help, and piss off many more people that see it as totally unfair and morally wrong big time. I can’t believe they did this.
 
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m.knox

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I don’t think this a very wise move either. It just doesn’t make sense and will benefit more people that don’t need help, and piss off many more people that see it as totally unfair and morally wrong big time. I can’t believe they did this.

Ted, there are millions of idiots who think we MUST do it.

Again, they are genuine idiots. The average monthly student loan payment to the average starting salary of a college graduate has only increased a couple % if that since I went to school in the late 80's.

Just looked it up again.

Average student loan payment = $393 / month.
Average monthly salary of a college graduate = $4605 / month

That's 8.5%

Shit, mine was 9.8%. Why doesn't anyone make light of this FACT?
 
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WPTLION

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College loans should teach everyone a basic economic lesson. Don't buy something you can't afford.

Of course, college needs fixed. Most people don't need 4 years of college. Problem is if we make college 2 years there will be a lot of people in the unemployment line. Half of all college classes are a waste of time at best.
 

NC.Lion

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College loans should teach everyone a basic economic lesson. Don't buy something you can't afford.

Of course, college needs fixed. Most people don't need 4 years of college. Problem is if we make college 2 years there will be a lot of people in the unemployment line. Half of all college classes are a waste of time at best.
This!! If you want to be a teacher, don’t go to Harvard, it’s not necessary. Plenty of people are successful out of state schools and don’t need to go to private schools. I also have no sympathy for someone majoring in gender studies that has to take out 80-90k or loans.

Is it that much of people to ask them to be fiscally responsible? If you can afford school a or to afford paying back loans after majoring in something stupid, don’t do it!
 
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m.knox

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What is baffling is that the government creates a program to get Americans educated and Americans embrace it to the tune of TRILLIONS OF DOLLARS. Then many in government complain about it.....

How f'd up are these people?
 

m.knox

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LOL... Tax payers don't need to know....

White House won’t give price tag for student loan plan​


https://thehill.com/homenews/admini...se-wont-give-price-tag-for-student-loan-plan/

The White House is declining to give a price tag for President Biden’s decision to forgive student loan debts for millions of Americans amid attacks by Republicans that the plan will add to the deficit and increase inflation.

White House officials have spent the 24 hours since the forgiveness plan was announced skirting questions about its costs.

“Well, that that remains to be determined, and it will be a function of what percentage of eligible borrowers actually take up this opportunity,” domestic policy adviser Susan Rice, who helped lead the student loan forgiveness initiative, told reporters on Wednesday.

“I think it depends on the numbers. Like, you know, unfortunately — and we’re here to encourage as many people to take it up as possible — if 43 million borrowers take it up, that’ll be different than if 50 percent of those 43 million take it up,” she added.

But Rice was unable to give an estimate for the cost if all 43 million eligible Americans took advantage of the program.
 

jferretti

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The million dollar question surrounding legality is if some entity will sue to challenge it. Now imagine if the big bad GOP sued..... It would play right into the democrats hands. So I'm not entirely sure it is a political misstep regardless of common sense issue you cite. I'm sure a large % of the democratic base loves the idea.
Democrats in swing districts hate this idea with all the intensity of a thousand suns.
 
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Sullivan

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This!! If you want to be a teacher, don’t go to Harvard, it’s not necessary. Plenty of people are successful out of state schools and don’t need to go to private schools. I also have no sympathy for someone majoring in gender studies that has to take out 80-90k or loans.

Is it that much of people to ask them to be fiscally responsible? If you can afford school a or to afford paying back loans after majoring in something stupid, don’t do it!

if you’re going to be an art major, don’t come to Penn State unless mom and dad are paying for it.
 

LMTLION

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I agree this is an unconstitutional reckless attempt to buy votes, but isn’t this foolish from a results perspective? It’s not going to buy a meaningful amount of votes. A more effective unconstitutional way to buy votes would be to forgive 10k of mortgage debt.
 

bdgan

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Financially for the country, and politically for the Dems in the fall, this is a stupid plan. The biggest problem I see is that it sets expectations for further write-offs down the road. So the question can be asked: when does this end and what does it ultimately cost?
Nobody in their right mind thinks dems will forgive $10k then tell future generations they're out of luck.
 

m.knox

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Nobody in their right mind thinks dems will forgive $10k then tell future generations they're out of luck.

They've already told Americans like me who deferred a lot of things to save for their kids education that they are shit out of luck. So who knows.
 

JR4PSU

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SE PA
The million dollar question surrounding legality is if some entity will sue to challenge it. Now imagine if the big bad GOP sued..... It would play right into the democrats hands. So I'm not entirely sure it is a political misstep regardless of common sense issue you cite. I'm sure a large % of the democratic base loves the idea.
Absolutely correct. And this is the one thing I am scared of happening. It is a no win situation for the GOP now that the proverbial "cat is out of the bag". You can't put it back in, now. So don't even try. But some numbskull will.
 

m.knox

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Absolutely correct. And this is the one thing I am scared of happening. It is a no win situation for the GOP now that the proverbial "cat is out of the bag". You can't put it back in, now. So don't even try. But some numbskull will.

That said, one can certainly point out that the WaPo finds it ridiculous and so does one of Obama's advisors. I think it is also very safe to point out that there is no real need for such action as average payment hasn't really changed as a % of the average college graduate's salary.
 

m.knox

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"THIS IS TERRIBLE POLICY"

Now Former Clinton advisors are jumping on board.

Former Clinton adviser slams Biden's student loan debt handout: 'This is terrible policy'​


https://www.foxnews.com/media/forme...ent-loan-debt-handout-this-is-terrible-policy


Former adviser to Bill Clinton, Paul Begala, criticized President Biden's student loan debt handout on Sunday during CNN's "State of the Union," saying it was "terrible policy."

"Well it's bad policy as well as bad politics. For that amount of money, you could fund free pre-K for every 3 and 4-year-old for 10 years. You can do a lot more good for poor people, communities of color and the underprivileged by doing pre-K. You could forgive all medical debt, which unlike student debt is not freely entered into," Begala said, adding that he was a "progressive."

He said that Biden's plan was "terrible policy," and noted Ohio Democratic Senate candidate Tim Ryan, who also came out against Biden's plan.

Begala said Ryan's race in Ohio was "tight" and that he couldn't "stand this idea."