The Socialist juggernaut stops for no one. Thousands of Americans are hostages, never the less the machine rolls on to bankrupt and otherwise destroy the America we know. This amount is small potatoes in the grand scheme of student loan debt. A total of $1.7 trillion in student debts is out there waiting to be forgiven entirely. If kids want to major in basket weaving and other majors that are useless, why should we be on the hook? Better yet, we learn that now 61 percent of Americans paid no taxes at all. The gulf widens:
The Biden administration announced on Thursday the latest in a series of student loan reprieves forgiving the debt of borrowers with total or permanent disabilities (TPD).
More than 323,000 borrowers will be covered under the loan discharge, which will total more than $5.8 billion. Borrowers will be identified through existing data supplied to the Social Security Administration. The administration has now forgiven around $8.7 million in loan debt.
…….
Aaron Ament, president of the National Student Legal Defense Network, told The Associated Press (AP) that Thursday’s announcement is a “huge moment” for borrowers “who can now move on with their lives and won’t be trapped in a cycle of debt.”
The Education department has issued a series of loan discharges in 2021, including forgiving the debt of 92,000 students defrauded by for-profit colleges.
Additionally, due to pandemic burdens, the administration has extended loan forbearance and paused interest on payments through Jan. 31, 2022.
….
American borrowers collectively owe 1.7 trillion in student loan debt.
From The Hill
Bonus: CNBC
More than 100 million U.S. households, or 61% of all taxpayers, paid no federal income taxes last year, according to a report from the Tax Policy Center.
And that is the very best of the swamp.
August 22, 2021 at 9:45 am
[…] Bunkerville notes Sleepy Joe cancelling more student debt […]
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August 20, 2021 at 7:41 pm
Democrats. Standing around a plugged toilet and repeatedly flushing it in hopes it will fix itself. Whilst drowning in shit…
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August 20, 2021 at 9:13 pm
About it Mad….
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August 20, 2021 at 6:51 pm
They are going to go for as much socialism as they can get in two years because they know they could lose the House and Senate and they have a large wish list!
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August 20, 2021 at 9:15 pm
Right on Steve. Can we recover?
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August 20, 2021 at 1:32 pm
I would say this in unconstitutional, but the federal government being in the student loan ‘business’ was unconstitutional from the beginning.
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August 20, 2021 at 3:05 pm
My thought as well but who will complain and adjudicate it? Judicial Watch?
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August 20, 2021 at 11:31 am
Possibly a silly question, but, who was holding that debt? That is, who was the lender of record? Do they just lose their money, or is the government paying off the loans? If the government was the lender, that would seem to mean that taxpayers are the losers. As usual. If banks are losing their money, why? What is the legal authority for government cancelling privately issued loans?
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August 20, 2021 at 3:06 pm
Good questions….. others will have to answer but I know they took over the private banks who were doing it.
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August 20, 2021 at 9:35 am
My son was on the deans list every undergraduate semester for five years ( some courses in jazz/music performance came around only every other year requiring additional semesters) his two post graduate masters-ditto, his teaching, supervisor and principal certifications -ditto. I slaved to pay for his entire education today owing nothing. It may sound hokey but I can proudly say along with scholarships he earned along the way we’re debt free. Our friend’s daughter who f___d around (literally) at Temple completed a four year degree in six years and still owes over $100, 000 for a B.A. in basket weaving. I still can’t decide how I feel about what she’s. heaped upon herself. There’s enough blame to go around. The government with its Monopoly money hand in hand with the institutions bear much of the blame for this debacle repeated over and over and over…
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August 20, 2021 at 10:34 am
Good old Temple…. I got my degree in Anthropology there.. very practical… seriously, I knew I was going on so didn’t matter a whole lot and in the end gave me a wonderful background and have no regrets.. But riding the Broad street Subway was worth one’s life back in the day.
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August 20, 2021 at 1:52 pm
Well I know what I feel about it, Peter. This is a disgrace. It’s like the mortgage help in the last crisis, ‘helping’ out people whose neighbors in the same situation made harder choices earlier and continued to meet their obligations. Those who didn’t got pandered to with easier terms, etc. Gotta be a balance with structuring help for the needy with those like them who apply a sterner effort to life with no reward other than their own satisfaction.
A friend’s nephew got government ‘help’ to go to medical school. In exchange, once he was a qualified doctor, he served 5+ years in a remote outpost inside the arctic circle where no other doctors were going. THAT is how you ‘forgive’ loan debt. You get something of value in exchange. Tell me. What’s the value we’ve gotten? Tell me.
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August 20, 2021 at 5:56 pm
Why did he not “forgive” the whole thing? What is to stop him,,, while we are looking the other way he will pull this stuff off.
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August 20, 2021 at 8:11 am
Come’on man, it’s only money, and not even ours. Timing is everything, I guess. I just finished paying off my son’s education loan.
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August 20, 2021 at 8:23 am
Shucks! 🙂 I think I spent about 15 years. Not bad in those days…$66.67 a month. Of course my rent was $90 a month….demon inflation,
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August 20, 2021 at 7:51 am
Soooo …
When is “mortgage debt” cancelled?
Let me know .. thanks
…and ps
Biden is increasing food stamps because of inflation at the grocery store which of course he created
Gotta give the DemoKKKrats credit they’re going after the VOTES of blacks & college kids
Probably the only ones left who just might vote DemoKKKrat
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August 20, 2021 at 7:57 am
Hocus,
Obama/Biden have been paying quantitative easing for too long to let something like that happen to the banking/stock industry.
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August 20, 2021 at 8:01 am
Hocus,
Don’t you love how the solution that Dementia Joe creates to help the poor (printing more money in the form of food stamps) will just feed the inflation that he purports to save them from?
If anyone votes for Dementia Joe, it is either because they are so hypnotized by the main stream media as to not see the truth or they themselves are demented.
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August 20, 2021 at 8:04 am
Yes, thanks for the reminder.. 27 percent as i recall….digging for votes.
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August 20, 2021 at 8:12 am
Bunker,
Since I babysit college kids during the fall and spring (aka teaching a class in Rhetoric), I have noticed a number of articles tracking the increasing trend of conservative thought among high school and college age kids. It seems that (often) the effect of the liberal pabulum fed to them by public school teachers turns many off to liberalism.
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August 20, 2021 at 7:40 am
My son just finished his last required class during a summer session at the University of North Texas (closing up on his Bachelor of Science in Marketing). However, to support himself, he is doing just what he did for the past few years to pay most of his bills — drive for Uber.
Are you saying he could have wracked up more debt and have that forgiven? I thought that Joe’s plan was to pay for community college.
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August 20, 2021 at 8:05 am
Don’t ya love how only a tiny fraction of the college students out there will qualify for this? Then again, we couldn’t afford to pay for them all.
As for my son, I’ll continue to tell him to keep applying to Marketing jobs — but when he goes in to meet with his federal education loan officer, walk with a limp.
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August 20, 2021 at 8:06 am
Just sprain an ankle… I paid for years….
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August 20, 2021 at 7:35 am
Had Biden not stepped in it so deeply with Afghanistan, do you think this campaign promise would have been forgotten?
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August 20, 2021 at 8:07 am
His minions continue.
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August 20, 2021 at 8:15 am
My bet is that (especially if the Congress starts hearings on Afghanistan) Biden will really turn socialist just as a distraction from his incompetence.
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