Wooooo! Biden cancelled all my student debt! 🥳

@boudinMan
There is actually no real debt; it's just a book-keeping item.

Joe gets a $20,000 loan from the government. The government forgives the loan. Joe pays taxes on the forgiven amount of the loan. The $20,000 is just a line expense item like buying a day's worth of toilet paper for the Congress Critters. The loan is just the cost of doing business in order to have an educated population. It's really no difference that kids going to school from kindergarten through the twelfth grade. Should that total expense be charged to each student as a loan that he has to repay? The student repays the debt by paying taxes over the course of the rest of his life.

The real reason some people get pissed about this issue is that they hate seeing Black students benefit from it. This is really a racial issue and not a purely economic one. Its roots are very deep and involve resistance to funding Black schools when things were really segregated and to resistance to affirmative action when schools became integrated. The same racism that existed in 1866 exists today in 2022. Their new code word is "socialism."

@Diotrephes that might be the dumbest thing i’ve ever read. universities (both public and private) charge students to attend… some students borrow money to pay for tuition and living expenses. if the government “forgives” those loans, the money owed doesn’t just disappear… someone else pays for it. that means tax payers… initially, the government will just print the money to cover the cost, then it will most likely raise taxes… in the midst of high inflation and a recession, thereby exacerbating the problem.

the idea that this is all racist doesn’t even deserve a response, but it’s typical for a leftist. i can just about guarantee you more white people took out student loans than any other demographic group.

@boudinMan
Sure, White people take out more student loans than any other ethnic group but that doesn't really matter. What matters is that some people don't want any Black people to benefit so they are perfectly OK will killing the entire program. All social programs in America have that same problem. In the Jim Crow era it was perfectly acceptable to be openly racist and not to even give the slightest appearance of being nice. Today, those same basic racist attitudes exist but they have to cover them up and they are doing that by yelling "socialism/socialist" at every opportunity. They went ape shit crazy when schools were being integrated and then foamed at the mouth over affirmative action. That's no longer a hot topic so they have moved to "socialism." In a few years it will be another buzz word. But the intent will always remain the same.

Of course it costs a lot of money to operate an university. The professors should be properly compensated and it costs money to maintain the facilities. But who is the highest paid person there? It's the football coach.

To counter affirmative action the universities increase their prices. The effect is it priced just about all domestic students out of the market unless they took out outrageous loans. But that opened up seats for foreigners who can pay the price, usually with their governments footing the bills. The result is that the number of American students of all races is decreasing while the number of foreign students is increasing.

Consider the University of Wisconsin = "Over 4,000 international students from more than 120 countries choose to study at the University of Wisconsin–Madison, and our university is consistently ranked among the top 15 universities in the United States with the largest number of international students."

@Shaveit Thank you for that incisive reply. You should nail that GED any day.

@Diotrephes that's what I just wrote

@BizSuitStacy
Suppose you owe $100 but pay $35 back in taxes. What is the deficit amount? So, do taxes all of it back or just a fraction of it?

@Diotrephes $100. It's called a loan for a reason. The debtor is supposed to pay back the lender. That's how lending works. And the $35 in taxes owed should go to actual shared services, like infrustructure - that's how taxes are supposed to work.