patrick.net

DOGEWontAmountToShit says

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.

@WookieMan ^^^

And:

https://www.axios.com/2022/08/27/the-impact-of-student-loan-nationalization

Repro covered it pretty clearly. Bonds. That's a loan banks buy and lend upon. Let me know the servicer of your student loan debt? I can promise you it's not the Federal government. They borrow from a BANK called the FED. That's not Federal government. It's just called that.

The US has instituted a policy that doesn't allow default. AKA FUCKING GOVERNMENT BACKED. The government won't let you default regardless. The money still comes from a bank not the government, The FED is a bank. They sell bonds to cover it and pay 3rd parties and GUARANTEE it.

Some of you cats don't understand the play on words you've been fed. 95% of all student loans HAVE to be paid regardless of source. There's no out. Government backed. They agree you don't have to pay your debt. Colleges would shut down overnight if student loans could be defaulted and not paid.

The servicer of the debt works for the Department of Education which holds the loans on its books. There is no bank involved. The debt cancellation was NOT a fucking bank bailout.

"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

REpro says

"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

You are so wrong about so many things. The DOE money that went to the students was already funded through the sale of US Treasuries. The loans to the students are on the books of the DOE as they directly loaned the money to the students. It is the Treasury that sells the bills, notes and bonds. These obligations are to the purchasers of that security not to the FED. The Treasury does not borrow money directly from the FED. Again no banks are part of the loan transaction to the student borrowers.

The only thing that you are correct on is that the general public will eat the cost of the loan cancellation either through taxes or inflation.

Financial world is difficult to understand.

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

HeadSet 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.

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

The FED is a bank. Our government sells bonds to cover it. It's a bank. The federal government does not loan the money itself directly from tax payers. It's all borrowed from a bank/bonds. Then backed by the federal government. If I pay $100 in taxes and let's say say $1 goes to student loans, 100% of that is paid to students by a bank, not the government. The government is the guarantor that it will be repaid. Federally backed.

Wife and I had student loans about a decade ago. Nothing was from the federal government. I'm kind of the active baby on this site. No one seems to have college aged kids or kids at all or ever had student loans. Banks loan the money, not the government. They just back that you cannot default. Not sure what's hard to understand here.

TL:DR - Federal loans are from the FED. A PRIVATE BANK. Other loans are from private banks that the government also backs. College kids are never given a dime from the federal budget besides covering the interest.

WookieMan says

Wife and I had student loans about a decade ago. Nothing was from the federal government.

Yes. And since then the business was nationalized.

Good luck, finding in Federal Government budget position, which point on portion of taxpayers money is dedicated or given to DOE specifically for students' loans.

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.

gabbar says

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.

It was a waste of time for me. Get the experience in the field. An engineer doesn't need to know about the civil war. Does it really make them more educated? I'd rather have a top notch engineer versus someone that can kind of engineer and knows about Gettysburg. Right?

You do that stuff on your free time. If I'm a doctor I can read history in my free time. I don't need to be taught it or take classes. You should be smart enough.

https://nypost.com/2024/12/05/us-news/only-6-of-federal-workers-show-up-in-person-on-a-full-time-basis-scathing-senate-report-reveals/

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’

WookieMan says

College kids are never given a dime from the federal budget besides covering the interest.

Correction, the college kids don’t really get any benefit from federal subsidized loans. The real beneficiaries are the banks who earn interest on a nondischargeable loan, and the universities who raise tuition rates as high as the subsidy will allow.

Patrick says

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’

https://www.ernst.senate.gov/imo/media/doc/final_telework_report.pdf

Bureaucrats Are Playing Hide-and-Seek

Bureaucrats have been found in a bubble bath, on the golf course, running their own business,
and even getting busted doing crime while on taxpayers’ time. Members of President Biden’s
own cabinet claimed to be on the clock while being out of office and unreachable.
Just three percent of the federal workforce teleworked daily prior to the COVID-19 pandemic.
Today, six percent of workers report in-person on a full-time basis, while nearly one-third are
entirely remote.

Most federal employees are eligible to telework and 90 percent of those are. Some come to the
office as infrequently as once a week.
The Biden administration redacted the locations of over 281,000 rank-and-file federal
employees.

Services Suffer as Taxpayers are Put on Hold by Bureaucrats

Phoning It in

Service backlogs and delays, unanswered phone calls and emails, and no-show appointments
are harming the health, lives, and aspirations of Americans.
Thousands of calls from veterans seeking mental health care go unanswered. Remote work may
be partly responsible for the recent baby formula crisis. Small businesses, students, and other
taxpayers seeking assistance are instead getting sent to voicemail.

Public Employees Padding Their Paychecks by Avoiding the Office

Some bureaucrats are claiming to be working in areas with higher pay rates while actually living
elsewhere.

My audits are finding as many as 23 to 68 percent of teleworking employees for some agencies
are boosting their salaries by receiving incorrect locality pay.
Some employees live more than 2,000 miles away from their office and one “temporary”
teleworker collected higher locality pay for nearly a decade.

The best way for the establishment to handle this would be to embrace it and fast track it into existence.
Then just fuck it up like they do every well intentioned agency ever created. There's loads of things they could do, like hold a Congressional vote to replace Elon and Viveck early on while the office is being set up. I mean it's going to be an agency. They don't materialize over night. It will take at least two years before they are up and fully operational. That's a long time for them to put their dirty finger in the pie.

But of course that's not what they are going to do. Instead they are going to unmask and uncover even more dirty secrets that the American people don't know about. Further piss off the voting base on both sides. And make the resolve for the American people to see DOGE a working reality. The Dems and RINOs that stand in the way will be easy picking to replace with DOGE aligned candidates. That will be a fact.

What will be needed to make that a reality is secure elections in the states that still has no ID voting. We will need clean honest fair election in all States, by the midterm. That is the only way DOGE or anything like it will ever be a reality.
The Soros commie judges need to be locked up and thrown off the bench. The City commissioners working with Dominion and Commie operatives to keep the elections a one party decision making process.

The resistance of DOGE is going to be the undoing of every RINO and Commie in politics. It's an issue the voters on both sides can agree on. As we're even seeing true moderate Democrats embracing it.

The voters that wont like it, are the Marxists and the same maskholes that voted for Kamala just because they hate Trump even though they are registered as a Republican.

Booger says

Why did kids backslide so much during the period of scamdemic Zoom edumacation then?

RWSGFY says

Why did kids backslide so much during the period of scamdemic Zoom edumacation then?

They didn't. At least mine didn't. Two college educated parents and both extremely street smart. My boys/nephew laugh at school work. Get mostly straight A's. Youngest is a bit off, but I think that's because we don't push him. Still A's and B's. We push the nephew hard because of his mom still being somewhat involved. My youngest will be fine. Worry more about him impregnating a chick in high school. The ladies like him and he knows it. He's a sly player.

Your kids didn't backslide because youtube replaced the school or because two college-educated parents de-facto homeschooled them? There is a difference between these two scenarios, donchathink?

Next, do you really claim based on your set of one, that none of kids backslid during the time zoom replaced in-person lessons? Because I remember lots of hand-wringing, pearl-clutching and teeth-gnashing accompanying demands to re-open schools on this very site and on many other platforms. Now it turns out school closures weren't a problem?

RWSGFY says

Your kids didn't backslide because youtube replaced the school or because two college-educated parents de-facto homeschooled them? There is a difference between these two scenarios, donchathink?

Next, do you really claim based on your set of one, that none of kids backslid during the time zoom replaced in-person lessons? Because I remember lots of hand-wringing, pearl-clutching and teeth-gnashing accompanying demands to re-open schools on this very site and on many other platforms. Now it turns out school closures weren't a problem?

Agreed. Most kids did slide back, and quite dramatically, despite the generally poor quality of teachers these days. Some developed a mask attachment and other phobias. We need better, not woke teachers, but they aren't the problem with the insane amount of money wasted by the dept of education. It's all the bullshit administrative positions and unions who suck up 80% of the money, teachers don't make a lot.

mell says

It's all the bullshit administrative positions and unions who suck up 80% of the money, teachers don't make a lot.

Correct. Admin explosion

mell says

It's all the bullshit administrative positions and unions who suck up 80% of the money, teachers don't make a lot.

Can confirm this via wife's experience as a teacher.

DOGEWontAmountToShit says

Biden can’t lock anything in, he has no such power. everything executive order does can be undone.

FortwayeAsFuckJoeBiden says

Biden can’t lock anything in, he has no such power. everything executive order does can be undone.

Union contract, not executive order.

Looks like DOGE is not going to be an outside advisory panel after all..



This means all the preliminary lawsuits filed against DOGE as an outside panel are toast.



https://x.com/DefiyantlyFree/status/1881851718641549791

Patrick says

mell says

It's all the bullshit administrative positions and unions who suck up 80% of the money, teachers don't make a lot.

Can confirm this via wife's experience as a teacher.

What is a lot though? My mom was a teacher and is sitting on $2M Cash, $90k/yr pension and collecting SS at 70 as late as she could. As a 70 year old widow let me know how you're gonna spend $130k/year? Pays property taxes and insurance and that's it. Utilities, but we're talking $10k/yr. What do you spend $120k/yr on?

You could go ape shit on vacations. One big family vacation for 10 people maybe $15k-20k? You still have $100k tax free in that year. Love my mom, but I don't buy teacher bullshit. As long as they don't die they have it great. Younger years suck, but doesn't it for most?

Wife makes about $80K, but works 12 hours a day between teaching, correcting homework, and preparing lessons. Around here, that's not enough for a middle-class lifestyle.

On the other hand, it's her choice because we don't really need the money. She could quit and we'd still be fine.

The pension is supposed to be good, but I don't know how good. She's been a teacher for only three years.

Patrick says

The pension is supposed to be good, but I don't know how good. She's been a teacher for only three years.

Is that even enough years to get a pension? I thought it was usually 15-20 years minimum. I could be wrong. I think my mom was 35 years and maybe longer. Masters helped.

I think it's fractional depending on years worked.

Patrick says

I think it's fractional depending on years worked.

In Virginia, the retirement plan is vested. The teacher contributes 4% of salary and the school system matches. The accumulated fund is what is used to pay the retirement. A teacher who only works and pays in just a few years will still have retirement payments, but obviously much less than a career teacher.

The DOGE people in the Trump administration are considering shedding a big portion of the massive office space that the government owns or leases nationwide, managed by the General Services Administration (GSA), including selling two-thirds of the office space the government owns and terminating three-quarters of the leased office space, according to the WSJ.

Much of this office space is vacant or underused and poorly maintained due to lack of funding, according to GSA testimony before Congress in 2023, cited by the WSJ, which further noted:

“A recent report from Sen. Joni Ernst, a Republican from Iowa who chairs the Senate DOGE caucus, found that not one of the headquarters for any major agency or department in Washington is more than half full. GSA-owned buildings in Washington, D.C., average about a 12% occupancy rate. The government owns more than 7,500 vacant buildings across the country, and more than 2,200 that are partially empty.”

The office sector is already in a depression, with default rates that exceed those during the worst moments of the Financial Crisis. Putting this inventory on the market for sale is going to weigh on the already collapsed prices of older office buildings – prices of 50-70% below the last sale before the pandemic are now common.

And terminating leases is going to stress office buildings, their landlords, and their lenders even more, likely entailing more defaults and foreclosure sales. This is a much needed but very bitter medicine to alleviate government waste.

What office landlords and their lenders are facing.

Here we look at the leased office space, where those buildings are, and what portion of the leased space the GSA has the right to terminate in 2025, and also through 2028 (Trump 2.0), based on an analysis from Trepp, which tracks commercial real estate debt and CMBS.

• GSA leases 149 million square feet (msf) of office space around the US.



• GSA pays $5.2 billion in annual rent to private-sector landlords.



• Through 2028, GSA has the right to terminate 53.1 msf of leases, or 35.5% of its leased space, spread over 2,532 properties.



• In 2025, GSA has termination rights on 21.2 msf spread over more than 1,000 properties,
  If GSA terminates all possible leases during Trump 2.0, it would save the government $1.87 billion in annual rent after 2028.



• In the vast Washington DC metro, GSA leases nearly 10% of the entire office market, 35.8 msf in 446 buildings, and can terminate 9.6 msf of that in 2025.



• In the Washington D.C. metro, GSA currently pays $1.47 billion in annual rent.



• GSA leases nearly 6% of the office space in the Kansas City metro (DoD, USPS, Treasury, VA, and USDA), 4.3 msf, of which it can terminate 1.0 msf in 2025.

...and more! https://wolfstreet.com/2025/01/25/doge-seeks-to-shed-vast-amounts-of-government-office-space-heres-how-much-the-government-leases-and-where-and-what-it-can-shed-during-trumps-term/

Patrick says

Wife makes about $80K, but works 12 hours a day between teaching, correcting homework, and preparing lessons. Around here, that's not enough for a middle-class lifestyle.

On the other hand, it's her choice because we don't really need the money. She could quit and we'd still be fine.

The pension is supposed to be good, but I don't know how good. She's been a teacher for only three years.

Your wife will get a pension, and it's a bonus that she started teaching later in life.

I started my teaching career in Watsonville in 1995 at 25 years old. I now teach for Los Angeles Unified School District and am in my 30th year. The way CalSTRS works is as follows (in my situation):

The earliest you can retire with a pension is 55. With 30 years in and retiring at 55 at the end of this school year, I would get about half of my yearly salary.

The way you maximize that monthly pension is by continuing to teach until you reach 61 1/2 years of age. That's why you see so many older teachers limping along after having passed their prime (some still do a good job, but most don't; elementary school teaching requires a lot of energy).

I'm assuming Patrick's wife came into teaching after having raised children. My aunt did that. She started at 39 and taught until she was 61 1/2. She gets a fine pension. So much of the monthly $ increase in the pension comes from those years between ages 55 and 61 1/2.

Once a teacher has taught 5 years in California, he is vested in the CalSTRS pension system.

If you start at 50 and make it to 61 1/2, you'll get a decent monthly pension for an eleven and a half year career!

Thank you @brazil66

I will forward this to her. Didn't know about the 61 1/2 thing.

https://join.doge.gov/