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As of October 2024, Biden-Harris have given $175 billion to 5 million Americans for student loan forgiveness.
That averages to $35,000 for each of those 5 million.
No more handouts like that. Use that ~$100 billion to build the border wall and reinforce border security.
.
Holy shit!
Elon & Vivek just released this.
It might amount to something after all:
https://www.wsj.com/opinion/musk-and-ramaswamy-the-doge-plan-to-reform-government-supreme-court-guidance-end-executive-power-grab-fa51c020?st=DueQ9H
Elon Musk and Vivek Ramaswamy: The DOGE Plan to Reform Government
Following the Supreme Court’s guidance, we’ll reverse a decadeslong executive power grab.
Our nation was founded on the basic idea that the people we elect run the government. That isn’t how America functions today. Most legal edicts aren’t laws enacted by Congress but “rules and regulations” promulgated by unelected bureaucrats—tens of thousands of them each year. Most government enforcement decisions and discretionary expenditures aren’t made by the democratically elected president or even his political appointees but by millions of unelected, unappointed civil servants within government agencies who view themselves as immune from firing thanks to civil-service protections.
This is antidemocratic and antithetical to the Founders’ vision. It imposes massive direct and indirect costs on taxpayers. Thankfully, we have a historic opportunity to solve the problem. On Nov. 5, voters decisively elected Donald Trump with a mandate for sweeping change, and they deserve to get it.
President Trump has asked the two of us to lead a newly formed Department of Government Efficiency, or DOGE, to cut the federal government down to size. The entrenched and ever-growing bureaucracy represents an existential threat to our republic, and politicians have abetted it for too long. That’s why we’re doing things differently. We are entrepreneurs, not politicians. We will serve as outside volunteers, not federal officials or employees. Unlike government commissions or advisory committees, we won’t just write reports or cut ribbons. We’ll cut costs.
We are assisting the Trump transition team to identify and hire a lean team of small-government crusaders, including some of the sharpest technical and legal minds in America. This team will work in the new administration closely with the White House Office of Management and Budget. The two of us will advise DOGE at every step to pursue three major kinds of reform: regulatory rescissions, administrative reductions and cost savings. We will focus particularly on driving change through executive action based on existing legislation rather than by passing new laws. Our North Star for reform will be the U.S. Constitution, with a focus on two critical Supreme Court rulings issued during President Biden’s tenure.
No more handouts like that. Use that ~$100 billion to build the border wall and reinforce border security.
Ramaswamy posted on X, “We shouldn’t let the government spend money on programs that have expired. Yet that’s exactly what happens today: half a trillion dollars of taxpayer funds ($516 B+) goes each year to programs which Congress has allowed to expire. There are 1,200+ programs that are no longer authorized but still receive appropriations. This is totally nuts. We can & should save hundreds of billions each year by defunding government programs that Congress no longer authorizes”.
AD says
As of October 2024, Biden-Harris have given $175 billion to 5 million Americans for student loan forgiveness.
That averages to $35,000 for each of those 5 million.
No more handouts like that. Use that ~$100 billion to build the border wall and reinforce border security.
.
Sure they are not reinstating this debt since they lost the election? They probably would have reinstated it anyway.
On the end, that money is actually bailout for BANKS. Those loans were Non-Preforming.
Uhhhhhhh, the debt that was forgiven was issued and held by the Federal Government. It was not held by private entities.
It was a gift from YOU the taxpayers.
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from. Libs use terms like "forgiveness" for a reason. They can't say bank forgiveness. That's what it was.
Tip. Government never lends money (or DOE). Budget is negative for so many years. Government borrows money from FED (issue Bonds) to survive. Banks lends money always. Thats their business.
WookieMan says
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from. Libs use terms like "forgiveness" for a reason. They can't say bank forgiveness. That's what it was.
You are absolutely wrong. It is the Department of Education that makes and holds Federal Student Loans. There is no bank loaning the coin.
There is only a small amount of privately issued student debt issued by banks. Usually this requires a cosigner in the form of parents with decent income. Since it is private debt, Biden cannot touch it.
Misc says
WookieMan says
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from. Libs use terms like "forgiveness" for a reason. They can't say bank forgiveness. That's what it was.
You are absolutely wrong. It is the Department of Education that makes and holds Federal Student Loans. There is no bank loaning the coin.
There is only a small amount of privately issued student debt issued by banks. Usually this requires a cosigner in the form of parents with decent income. Since it is private debt, Biden cannot touch it.
Yup. Ever since Obama nationalized student loans. There are a few 'non-profit' banks that still do because they were tied to some Dem big wigs he needed to pass that bill.
Government BACKED LOANS! They cannot be discharged. Public or private can be forgiven. Basically every single loan outside of a loan taken out by a student on their own which is maybe 5% or less. It was a FED and bank bailout. BANKS. FED is not government giving money out. Not even a debate. You have to pay the loan and Biden just forgave a ton.
Yup. Ever since Obama nationalized student loans. There are a few 'non-profit' banks that still do because they were tied to some Dem big wigs he needed to pass that bill.
"But what exactly does “cost the government” mean? Canceled federal student loans would be immediately added to the federal deficit, which measures how much the U.S. spends minus how much it takes in."
Why deficit? Government has to borrows money (from Federal Reserve-FED and pay interest on it) to pay off variety of banks, which borrowed money for students. D.O.E DOES NOT HAVE A PENNY TO BORROW.
"Canceling federal student loans will cost the federal government hundreds of billions of dollars— and the general public will eventually end up footing the bill."
*Forbes advisor
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from.
WookieMan says
Private banks 100% loan the money. Biden just decided to take Federal money and give it to banks as "loan forgiveness." The money never went to the former student. It went straight to the bank they borrowed from.
None of that is true concerning Federal Student Loans.
Available through the US Department of Education, federal student loans are loans from the federal government that you can use to pay for higher education expenses.
These loans are FROM the federal government itself, not just backed by the federal government.
https://www.fidelity.com/learning-center/smart-money/how-do-student-loans-work
Wife and I had student loans about a decade ago. Nothing was from the federal government.
The university admins are the only winners in this scenario.
WookieMan says
The university admins are the only winners in this scenario.
The quality of education that students get in undergraduate school is poor too.
Top DOGE Elon Musk, House speaker balk at Senate report showing only 6% of federal workers show up in person on full-time basis: ‘Absurd’
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