A reporter asked President Joe Biden if he thinks the student loan debt cancelation he announced Wednesday was fair to those who have repaid their student debts and to those who paid for college without taking out loans, to which the president had an eyebrow-raising response.
“Is it fair to people who, in fact, do not own multibillion-dollar businesses to see one of these guys getting all the tax breaks?” Biden replied. “Is that fair? What do you think?”
In other words, Biden is saying that because billionaires who help stimulate the economy with massive financial investments get special tax breaks whereas average Americans don’t, so too people who… well, the logic doesn’t add up. Or perhaps he meant that because it’s unfair that billionaires get certain tax breaks, the unfairness of canceling the debt of people who didn’t repay it just evens it out? Two unfairnesses make a fairness, perhaps. Who knows.
Either way, under President Biden’s plan, up to $20,000 in government-held student debt will be canceled for individuals making up to $125,000 a year, and under $250,000 for married couples.
As a presidential candidate, Biden promised to cancel at least $10,000 in student loan debt per borrower, but kicked the can down the road until now because it could cause inflation to rise, among other concerns. However, with Democrats’ backs up against the wall with the midterms coming up, Biden used debt cancelation as a last-ditch effort to maximize his party’s chances of retaining control of the House and/or Senate.
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12 Responses
I think the logic makes sense. The problem is that we are headed for a recession or worse, and this was no time to cancel so much money in debts. If ever was a time….
This IS a break for millionaires, because the colleges are great big fat businesses – other than the fact they’re exempt from taxes…
Evidence of senility. Trump’s tax cuts were oriented towards “deplorables” (much to the consternation of liberal billionaires in New York and California). It is almost certain the Republicans will point out that the student loan forgiveness largely benefits the rich. In effect Biden said, of course the Democrats support welfare for billionaires and rich corporations, so we are being consistent in adopting a program that prefers the good and worthy rather the deplorables.
It makes perfect sense.
When the millionaires get tax breaks , the millions of Middle class Americans who pay taxes do not benefit from this tax break. They continue to struggle every year with what is left in their bank accounts after paying taxes.
So millionaires get tax breaks to the tune of millions of dollars but millions of other Americans do not get the break.
Is that fair?
If millionaires get tax breaks , then middle class Americans should also get tax breaks.
Do all the people who are complaining now about the Student Loans ever complain that it is unfair that millionaires get tax breaks while the non-millionaire’s pay their taxes annually and never get any tax breaks?
The answer is no because the millionaires pay off congress in order to make the laws that benefit them.
What is astounding? That some of us get more government benefits than others? That should not astound anybody. I don’t know whether the proposed debt forgiveness is too big, too small, or too communistical (and it won’t impact me or my family, B’H), but it deserves careful analysis as a policy, not a “hey, no fair, what about me” reaction. And just to be clear, I do have family members who fully repaid their debts. As far as I know, they are not begrudging any current debtors the relief that they, as taxpayers, will pay for.
@motcha11
its perfect timing!
right in time for the midterms
This illustrates why non-Jews are hayav on any amount of theft even less than prutah. Early gov decisions introduced the idea of canceling and reducing previously taken loans including better deals for those working for government or non-profits, that is themselves. First amounts were small but the country is already conditioned that it is fine to give perks to government people, same way Chinese Commies have priviliges over hoy polloi. So, now all they did is just expanded that theft. There are additional elements of the plan, not just canceling $20k per person – “forgiveness” plans require 5%, not 10% of salary to be paid until that, those already defaulted are undefaulted, etc.
They used to have a CETA, job training program which was eliminated by Reagan which was repaid through taxes. It is unfair that the college graduates start working with a burden of debt. When I went to college, the first 18 credits where paid by the student and after that one was matriculated; not to have to pay tuition anymore.
Judging from the comments, and I think the article as well, the main point in why this is illogical was missed: Billionaires already pay a huge percentage to taxes. A tax break for them just means shrinking the percentage a bit. Enough said.
Too many words. Idiot
What is astounding is the hypocrisy of all those who are screaming how unfair it is when they themselves benefit from other programs of debt forgiveness. In addition to the twisted logic that it somehow is unfair for the government to start a program to benefit people just because other people before did not have that benefit. For example say the IRS starts giving additional child tax credit would that be unfair because other people before did not get it? So the government can never start any benefit program because its unfair to those who did not get it? This is pure meshugas.
These spoiled brats had a terrific four years on campus and took out loans to pay
For their semi vacations from life. Why should those who worked their way through college or were responsible enough to have repaid their college debt by working two jobs and skipping skiing have been pay for these rich freeloaders? Or those who did not go to college? Let their college pick up the payments for their education from their billion dollars endowment funds, not the taxpayers.