The Supreme Court rejected Biden’s student debt relief plan.
So what happens next?
I know one thing that’s not going to happen. The loans will not be repaid. Payments have been suspended long enough that people don’t budget for them anymore. They’ve gotten used to not paying those bills. Good thing they got some relief as the virus really messed up the economy for a while there.
Right now most people are living paycheck to paycheck. Frankly, I’m betting most people can’t start payments again -even if they wanted to.
There will be a lot of people in default. That’s going to seriously affect their credit rating. They won’t be able to finance things like cars and houses. The economy and especially the financial sector, will really take a hit.
The economy was chugging along, in spite of all the recent challenges. This might just be the thing that tips it over the edge. Good job Supreme Court.
Now is the time to prepare for some serious economic disruptions. How you deal with that in your personal lives depends on your own situation. However, I wouldn’t be in a hurry to take on any massive debt right now. Might not be a good time to get that $80,000 pickup truck.
-Sixbears
and what's worse is that, while the loan payments were defered during the last couple of years, the interest wasn't. which means that the $70k loan debt you couldn't afford to repay when covid started is now more like $85k.
ReplyDeleteJoe Biden promises made, promises broken
I'm pretty sure it's the Supreme Court that stopped the plan.
DeleteIt seems odd that adults like us who PAID their School Loans, Car Loans, you know LIFE loans are DEFENDING supposedly Adults that Didn't BUDGET for Collage LOANS they Voluntarily Signed up for.
ReplyDeleteI'm kind of sorry for the Parents that Co-Signed.
Come on 6 Bears, you KNOW the Democrats promise to eliminate College Loans was simply a VOTE BUYING scheme. AND it WORKED looking at the % of Collage age students that voted for Biden.
If you doubt that PLEASE do a little internet search and NOTE the Timing of the Announcement (just 3 heavily promoted months before elections) and how soon after the election "CRICKETS" about DOING IT.
NOT like Biden's handlers had any real limits on getting the Sock puppet to sign ANYTHING EO placed before him, eh?
COULD have been DONE well BEFORE the EVIL Repugs took control of the House so let's be honest and not throw that tiny bit "O shade there.
NOW the Democrats are "OFF THE HOOK" Because the EVIL Supreme Court stopped it.
Mucho sobs and sighs of relief from the Democrats about that.
WHY Sighs of Relief? MANY Major Democrat DONORS are Major Banks that would have TAKEN A HIT from those Student Loans (AND INTEREST) being canceled.
I despise both sides of this corrupt carrion eating bird so please drop the Us vs You nonsense please.
It's a BIG CLUB and You and I are NOT IN IT.
We are Just filling the cheap seats in the Kabuki Theater of US Politics.
I've got nothing against the younger generation getting a break. They were sold a bill of goods. A college education doesn't pay like it used to and costs have soared.
DeleteIf you want to talk about free rides let us look at what happened to big corporations and the wealthy. They got huge breaks over the years.
. . . and yes, the Supreme court is a corrupt political body.
If you want to talk about free rides let us look at what happened to big corporations and the wealthy. They got huge breaks over the years.
Delete6 bears what does that have to do with adults paying their own debts?
Is that a little like having the waitstaff bring YOUR BILL to My table because you feel I have more value or tax breaks?
Ah did you and I get something out of those big corporations? Maybe medicine development, GRID POWER and so on?
Does that mean you and I should sign up for about 30K of freebees (average student debt) and default BECAUSE...well insert reason here?
I looked up the 43-billion-dollar student debt Biden promised to eliminate and divided it between the 143.3 million taxpayers of taxpayers in the USA.
Assuming you are a taxpayer 6 bears you and I are on the hook for
34 billion / 143.3 million = 23,726,448. dollars each taxpayer. As my household has 2 taxpayers that's 47,452,896
Do you really think the banks (Another HUGE Corportation you so dislike) is going to just shrug their shoulders and take that hit?
THEY Donate to Both Political Parties.
Good Luck with that.
. . . and yes, the Supreme court is a corrupt political body.
LOL you didn't complain when they were demurring or supporting your preferred laws, eh? Rowe vs wade springs to mind.
Being so near the 4th of July it might be a good time to read the Constitution and gain a better understanding of the separation of powers in our government.
ReplyDeleteThe SC affirmed that congress controls the purse strings not the executive. Biden could well have petitioned congress for the debt relief he sought for loan holders but instead chose to use his "executive powers", of which he enjoyed none, to make promises he knew he couldn't keep. The real issue is this president and several before have relied on the "executive order" bullshit to act more as third world dictators than elected representatives of the people. No surprise we are evolving into exactly that...a Third World Shit-hole without regard for the rule of law this nation was founded upon and guaranteed by the Constitution.
SCOTUS followed the Constitution. Something apparently neither Joe Biden or yourself have actually read.
ReplyDelete