Thread: Student loan 'forgiveness' is a stealth bachelor tax

I watched this video today.

#CNBC Why Americans Are Drowning In Debt

https://www.youtube.com/watch?v=RNQ2yfyzOi4

No documentary or news report is completely neutral or objective. With documentaries, the author reveals their biases or political slant by the representative case study they use 'humanize/personalize/simplify a complex problem.

In this documentary about about 'Americans drowning in debt,' CNBC tries to convince you that debtors are 'victims' of the vicious 'debt monster' that sneaked up on them and somehow tricked them into spending a lot of money they could not, or do not want to pay back.

The person they chose to highlight this is a woman. She is about 30 years old and lives in a city. Let us tick off all the 'red flags:"

- She borrowed money for a useless non-STEM bachelors degree

- She borrowed money for an even more useless non-STEM masters

- She still owes $52,000 in student loan debt

- She still owes almost $10,000 for her new SUV

- She still owes $180,000+ on her home

- She is $240,000 in debt, which she says makes her 'anxious.'

- She does not like having to choose between buying her necessities and paying her debts every month.

- She complains that even with her masters degree and 10 years of experience,
she sometimes has to work 2 or 3 jobs to make ends meet.

- She works as a.... social worker

Go 7 minutes and 30 seconds, and she sums up her entitled attitude"

"Even just at my age,
I want to be able to embrace and do all the things that I want to do in life.

And it is constantly in the back of my head
whether I should pay off the debt today,
or should I go and embrace the things that my beautiful city has to offer.

No person should have to have that going through their head on a daily basis."

She says this sincerely, and with no hint of self awareness or perspective.

This is the kind of voter that Biden is buying with his student loan 'forgiveness.'

I put 'forgiveness' in quotes. Forgiveness is granted when someone hurts you or society, makes amends, promises not to do it again. Forgiveness is not when Peter breaks into Paul's store, steals from Paul, and Paul pays to fix the broken door and pays for the stolen merchandise.

In this case, the debt does not disappear. It is put on the backs of those that did not go to college or did go but paid their debt.

But why do I call this a unconstitutional theft from some people to benefit other people a 'stealth bachelor tax?'

This plan is a $10,000 gift to those earning less than $125,000 a year, or $250,000 per household. Why was $125,000 picked as the cut off? Is that a lot of money?

It depends upon your location. In low cost of living, low tax, low population, "fly over country" 'red states' $125,000 is a lot of money, money earned by professionals, very successful tradesmen, etc. But in the top 10 urban enclaves, in those electoral college vote-rich coastal blue states, $125,000 allows Biden to gift a key demographic: women who did not major in STEM, who work high-speed tap-dancing yo-yo jobs in government offices, public schools, non-governmental 'foundations,' etc.

In 40 of the 50 states, $125-$100k a year allows you to pay a thousand a month towards your student loan and eliminate your debt within a few years.

This plan robs the plumber, the soldier, the carpenter, the county sheriff, the truck driver to pay off the loan of the blue haired barista at Starbucks or the surly Department of Motors Vehicles clerk with the ring through her nose who racked up $100k in debt to get a degree in Feminist Pottery.

Even the 'poster child' in the CNBC documentary, chosen to be the most sympathetic example of someone 'drowning in debt,' feels like she deserves to enjoy so much luxury and not have to make any sacrifices at all. If she is drowning in anything it is entitlement.

Nailed it.
Vote buying scam. Plain & simple.

They get 17-year-olds to sign a piece of paper that saddles them with debt for the rest of their lives, and it's legal.

150 years ago, it was slavery.
100 years ago, it was debt servitude and the "company store".
Now, it's undischargeable student loan debt.

But it's all the same thing. Trap people, then squeeze them for the rest of their lives. No-one is going to be out of pocket but the bastards that issue the loans. Yes, the debt can simply disappear. It's a paper asset. It's bookkeeping. No-one has to pay out anything.

In any case, this debt forgiveness accomplishes nothing (rather like the emancipation proclamation). After all: they weren't going to be getting the money anyway. Can't get blood from a stone. All they are doing is reducing the amount, and the amount that they are forgiving is all interest on the original principal. They are just forgiving a little of the usury they have been charging. But almost all the people trapped now are still trapped, the lenders are just loosening the noose a little because the slaves are choking to death and that's bad for business. Ten years time, and the miracle of compound interest will put all these people right back where they are now.

Those student loan takers who also received free money through the Pell Grant system are allowed to write off and ADDITIONAL $10,000 off their student loans.

So, just because they they got free money, they are going to get even MORE free money.

The Pell Grants are awarded on the basis of financial hardship. A student who part of a family of four with only one blue collar bread winner could qualify.

Re: It is even worse than we thought!

Sam, as we have about three different recent threads going on about this topic of student loans, although slightly different trains of thought on them, I'm going to merge this 4th thread of yours (Post #4) with your other recent new thread on this topic (Post #1). I hope that is okay. This one had no identifiable thread title to it anyway and I prefer each thread title give a clue as to what's inside so that users can see from the home page without having to click to find out.

This is why I say Don't ever pay for a woman in any way. They are already getting your money from all the taxes , have friend zoned orbiters, simps she smiles at, her exes, current boyfriend, friends , family, and others paying and providing for her.

An older cute woman came up to me the other day and asked me to buy her something to drink while I was walking down the street. I told her NO and If she is thirsty then the soup kitchen is around the corner. She then asks me for $2 as I walking away and I said No and kept walking. A few hours later I saw her sitting on the bench surrounded by other dudes. I bet they didn't give her anything except the D.

Originally Posted by MGTOWFOREVER

This is why I say Don't ever pay for a woman in any way. They are already getting your money from all the taxes , have friend zoned orbiters, simps she smiles at, her exes, current boyfriend, friends , family, and others paying and providing for her.

An older cute woman came up to me the other day and asked me to buy her something to drink while I was walking down the street. I told her NO and If she is thirsty then the soup kitchen is around the corner. She then asks me for $2 as I walking away and I said No and kept walking. A few hours later I saw her sitting on the bench surrounded by other dudes. I bet they didn't give her anything except the D.

There you go! I respect you more for saying NO to that bitch. She didn't just want your generosity, she wanted you and you told her no, not once, but at least twice. Good for you!

Maybe I have a skewed view of all of this, but I see the vote-buying aspect as the side-affect. I think the real issue here is that our Congress and President are taking the first step to paying off the banking industry. I have no doubt that the banking industry pours a serious amount into their lobbying effort and is looking for the payoff similar to what the insurance industry got with the Affordable Care Act. Yes, there are going to be some people who are going to vote for the party that paid off some of their debt, but the real beneficiaries are going to be the banks that are going to get the money.

Going to the OP, I have a hard enough time wrapping my head around anyone who gets themselves into that kind of debt, but when I consider the lending institutions that are involved, I cannot believe that they are that stupid...this is some kind of conspiracy.

Let's start with the initial issue, the loan for a Bachelor's degree. Back in '83, when I was applying for loans to go to college, the bank needed to see my transcripts, my SATs and the degree I was working for. I cannot comment on the subject's grades, so I'll say nothing about the loan for either the undergraduate or graduate classes. However, what kind of idiot bank loans someone with $52K of student loan debt and no job capable of paying it off another $10K for a car? What idiot bank loans someone with $52K in student loan debt and $10K in debt for a car another $180K for a house, especially with a job that won't even pay off the previous $62K?

I have only taken on two major debts in my life; my student loan (which I paid off within four years of graduation) and my home (which is paid off). In both cases, the lending institution investigated me thoroughly. I can only come to the conclusion that in the case of the car and the house, the bank(s) involved had something underhand in mind.

Good vid by Sandman came out today,

Student Loan Forgiveness Mostly Goes To Women - MGTOW

https://www.mgtow.tv/watch/ui7CmLu95lOoTwl

Originally Posted by Mr Wombat

They get 17-year-olds to sign a piece of paper that saddles them with debt for the rest of their lives, and it's legal.

150 years ago, it was slavery.
100 years ago, it was debt servitude and the "company store".
Now, it's undischargeable student loan debt.

But it's all the same thing. Trap people, then squeeze them for the rest of their lives. No-one is going to be out of pocket but the bastards that issue the loans. Yes, the debt can simply disappear. It's a paper asset. It's bookkeeping. No-one has to pay out anything.

In any case, this debt forgiveness accomplishes nothing (rather like the emancipation proclamation). After all: they weren't going to be getting the money anyway. Can't get blood from a stone. All they are doing is reducing the amount, and the amount that they are forgiving is all interest on the original principal. They are just forgiving a little of the usury they have been charging. But almost all the people trapped now are still trapped, the lenders are just loosening the noose a little because the slaves are choking to death and that's bad for business. Ten years time, and the miracle of compound interest will put all these people right back where they are now.

^^^ This.

Our entire banking system is corrupt, not just our student loan system. They hide their dirty rotten tricks into legalese that most people don't understand, much less a 16 year-old kid. They can start the loan at 1.25% interest and then jack it up later to 18% or more. Meanwhile, they sold the loan as a 1.25% interest loan. Then there can be compounded interest on top of that. It's total graft.

Should they read the loan first? Of course, and many of them probably did. But at age 16 would you have understood the legalese that says they can jack up the rate when they want to? I wouldn't have. If it were up to me, I would just change the terms of every student loan to 2% with no "variable rate" (or jacking up the rate) and no compounding. I would have them re-calculate it from the get-go. With that, some students would already have paid it off. Those that haven't, would at least have a fighting chance to pay it off.

Then I would abolish all the banking dirty tricks for all loans, not just student ones. I would include credit cards in that. I got a 6% Visa card, which they later jacked up to 21%, even though I had made every payment on time. They had re-run my credit report and found that my score had gone down thanks to some impossible-to-pay medical bills. That shit was none of their business. Their only business with me was my payments to them, for which every single one was on time. That shit is fucking crooked.

The whole system is usury and is in desperate need of reform. I don't care that Biden is forgiving 10K on some Federal student loans. And, btw, it's on Federal student loans only. Loans issued from private financial institutions are not affected. But just forgiving some of the debt won't fix the corrupt system.

But I would reform the whole thing so that all loans are so simple that any 16 year-old could calculate them with pencil and paper. No more bushwhacking people via legalese.

Originally Posted by sam luis obispo

Those student loan takers who also received free money through the Pell Grant system are allowed to write off and ADDITIONAL $10,000 off their student loans.

So, just because they they got free money, they are going to get even MORE free money.

The Pell Grants are awarded on the basis of financial hardship. A student who part of a family of four with only one blue collar bread winner could qualify.

Target demographic?

Second or third generation immigrants, raised how I was in the 1980’s…

I chose not to go into debt and instead follow my Father into blue-collar hell…

My only debt is a luxury item, which I can pay off by selling another luxury item…

When you’re lower-middle class, life is on easy mode as long as you aim small and stay single…

In all honesty, if I was in £100k+ of debt and some politician said he’d wipe my debt if I voted for him… You can bet your bollocks I’d be voting for that guy on election day! (And I don’t even vote)

I don’t care what society does anymore… I just focus on my own life

I think sandman got it right: follow the money...

mariage rates have tanked. Men aren't signing up to the marriage plantation to financially support women anymore. Predictably, women are just voting for a government that will forcibly extract this financial support from men in the form of taxes, and give that tax money to women in the form of loan 'forgiveness'.

15 years ago, the mortgage crisis demonstrated to everyone that banks had figured out that they could make crap loans to irresponsible people with no chance of paying them back... and then depend on the government to bail them out. Now, banks have once again made a bunch of crap loans to irresponsible people with no chance of paying them back, and are again getting a bail out courtesy of the tax payer. Replace mortgage loan with educational loan, and the game is otherwise exactly the same...

Originally Posted by sam luis obispo

I watched this video today.

This plan robs the plumber, the soldier, the carpenter, the county sheriff, the truck driver to pay off the loan of the blue haired barista at Starbucks or the surly Department of Motors Vehicles clerk with the ring through her nose who racked up $100k in debt to get a degree in Feminist Pottery.

I wonder if there are certain trades that can be paid with cash and so remain undeclared.

What's a big payment people make every month, 25-33% of the income for most, at least when they're young?

Rent. Note how rent is almost never reported to credit agencies, though landlords want to see your credit report. If it was reported, the average credit score would be a lot higher, since most people pay on time every month and on time. It's usually bigger by at least twice than the car payment or any other payment people are making - but again, not reported - by design.

The "nice" thing about a society increasingly single though, is that they can't really target bachelor men without totally revamping the tax code. They'd basically be taxing all singles, male or female, to pay off their loans in a useless loop. If they tax marrieds, they'll just make married people more angry at the system and they're a dwindling proportion of the population anyway, more reason to never marry.

Originally Posted by Montauk

What's a big payment people make every month, 25-33% of the income for most, at least when they're young?

Rent. Note how rent is almost never reported to credit agencies, though landlords want to see your credit report. If it was reported, the average credit score would be a lot higher, since most people pay on time every month and on time. It's usually bigger by at least twice than the car payment or any other payment people are making - but again, not reported - by design.

The "nice" thing about a society increasingly single though, is that they can't really target bachelor men without totally revamping the tax code. They'd basically be taxing all singles, male or female, to pay off their loans in a useless loop. If they tax marrieds, they'll just make married people more angry at the system and they're a dwindling proportion of the population anyway, more reason to never marry.

That's a great point. Paying your rent on time every month should be a huge plus to your credit score. And medical bills should not affect it at all. Our US medical system is so overinflated that most people can't pay off medical debts in what the industry considers a timely fashion.

But, yeah, if you pay your rent every month on time, that's being responsible. But the usury crooks don't want that to count because more people could afford to buy homes, and then landlords would have a tougher time keeping their hands in so many people's pockets.

About T and Obesity.

When I was on off-label use for Clomid (because my swimmers were good but sluggish, assigned by a medical doctor) my T went from 450 to 650 and my gym routine exploded and I lost 20-25lb in 3 months on the same diet I was before. If anything I was eating a bit more. This was in my late 30s.

Despite Big Pharma wanting everybody on meds, T is a strange exception. Docs in the US are like "Lose weight to gain T" but there's not much gain in T from losing weight, just like there isn't in doing "Legs" or "Squats" (it's a ~10% increase for a few hours, and it's found with ALL weight training not just lower/whole body) according to "Broscience" (Gym Tales).

In other words, the lower T could cause the obesity. Which in turn causes even lower T, with the side effect of reducing energy level and increasing weight gain propensity.

"Normal" T is considered in the USA to be 250-1000 as they conflate all adult males from 18-90, so most docs refuse to look at T as a major factor in obesity. Most docs are like "Well, you're 32 and have 300 T, that's within normal range so that's not the problem. Maybe you're depressed?"

A 30, or even a 40 or 50 year old man should not have 300 level T. Maybe at 65 it's acceptable.

I recall reading somewhere average gain in a middle aged man 5'10" going from Obesity II to Overweight is maybe a 10-15% gain in T, which sounds impressive but if you're going from 300 T to 330-350 T, that's not a big improvment. He really should be closer to 500-600.

Also, T increases focus, endurance, as well as libido, and I found it helped me ignore and blow off my exwife's nagging/hysteria when it was higher. Contrary to "I was so aggressive", I was actually more focused and balanced in mood, and more positive overall. It was easier to be disciplined, if that makes sense. When I get some stuff straight, I'll get my T levels tested again and try to keep it at least 600.

Originally Posted by BrainPilot

I think sandman got it right: follow the money...

mariage rates have tanked. Men aren't signing up to the marriage plantation to financially support women anymore. Predictably, women are just voting for a government that will forcibly extract this financial support from men in the form of taxes, and give that tax money to women in the form of loan 'forgiveness'.

Ex-wife was very irresponsible with her money. She was a flight attendant for a regional airline. F/As only get paid when the door of the plane is locked, and only until the door of the plane unlocks. And they are limited to only 85-104 hours of flight a month. Back then, she earned about $18k a year. But she did get a $2.15 per diem for every hour she was away from her home base, and sometimes those jaunts were 2-3 days long, given over-night stop overs.

But it disappeared as fast as she earned it. Layovers in good food towns turned into her buying $75 sushi boats, or $40 of BBQ in Memphis, etc.

When one of her six her credit cards "stopped working" (declined for hitting the credit limit,) she came to me. I would make a big payment, the bank would turn it on, and a month later, one of her other cards would have the same problem. I eventually told her that I would help her with her car payments or her student loan, because those two balances would actually go down and stay down when I made a payment, as opposed to the merry-go-round of her revolving credit.

Originally Posted by ResidentEvil7

There you go! I respect you more for saying NO to that bitch. She didn't just want your generosity, she wanted you and you told her no, not once, but at least twice. Good for you!

Thank you. I am at the point in my life that I just don't care about women. I refuse to be Superman saving the Damsel in Distress. Why? Deep down she is just using me and doesn't give a damn about me. I see through her fake smiles and "nicey femineity talk". Women(except my deceased mom) never gave a fuck about me unless they needed or wanted something from me. Conditional love. Opportunistic. As long as I was providing then it was all good. The second I said no then I was a bastard and she'd tell anyone with a set of ears.

At my age, I am not going to pay for a woman's or anyone's fucked up life choices. Pay your own way or ask all those "like like really hot guys". They were more attractive to you before for fun so let them be more attractive options to help you.