WaPo editors: Biden's Academia bailout is "a regressive, expensive mistake"

royboy

Well-Known Member
Nov 9, 2001
47,062
32,871
1
Lewisville, NC
Couldn't even get the support of the Washington Post, a virtual Democrat house organ.


...In other words, this plan is dishonestly predicated, likely illegal, will blow out the deficit, hammer the working class, and do nothing to solve the actual problems with the student-loan program. So why do it, especially this close to an election? It may buy votes, sure, but that’s not the biggest issue facing Biden and the Left. It’s that the increasingly strident demands for loan forgiveness shows that the entire idea of student loans is a failure — one which fails to improve the lives of its recipients in proportion to their investment.

It’s a bailout of the borrowers, but also a bailout of Academia and its economic model.

The higher-education economic model needed a reckoning for years, perhaps decades, especially with its student-loan incentives. Federal loan guarantees incentivized demand, which in turn allowed tuitions to soar, which in turn made loans more and more burdensome. Colleges and universities raked in the cash while expanding their influence, so it certainly paid off for them.
 

bdgan

Well-Known Member
May 29, 2008
63,345
40,876
1
Couldn't even get the support of the Washington Post, a virtual Democrat house organ.


...In other words, this plan is dishonestly predicated, likely illegal, will blow out the deficit, hammer the working class, and do nothing to solve the actual problems with the student-loan program. So why do it, especially this close to an election? It may buy votes, sure, but that’s not the biggest issue facing Biden and the Left. It’s that the increasingly strident demands for loan forgiveness shows that the entire idea of student loans is a failure — one which fails to improve the lives of its recipients in proportion to their investment.

It’s a bailout of the borrowers, but also a bailout of Academia and its economic model.

The higher-education economic model needed a reckoning for years, perhaps decades, especially with its student-loan incentives. Federal loan guarantees incentivized demand, which in turn allowed tuitions to soar, which in turn made loans more and more burdensome. Colleges and universities raked in the cash while expanding their influence, so it certainly paid off for them.
I disagree with the author. This wasn't a mistake. It's fiscally irresponsible but it was done on purpose.
 

m.knox

Well-Known Member
Gold Member
Aug 20, 2003
110,279
65,631
1
I disagree with the author. This wasn't a mistake. It's fiscally irresponsible but it was done on purpose.

Biden is so damn lousy that he had to give someone something to gain favor.
 
  • Like
Reactions: bison13

Obliviax

Well-Known Member
Gold Member
Aug 21, 2001
110,524
62,433
1
huge differences between the two.

nobody forced a kid to take out a $50,000 loan to get a music appreciation or Thespian! degree.

Consequences are what is required to learn and make changes. Wihtout consequences, you are simply an enabler.

So what will this do? it will simply underwrite stupid "college major" decisions or worse, allow people to drop out before getting their degree, for free. Second, it simply underwrites the ridiculous and exorbitant fees universities continue to charge without revisiting the cost/benefit ratio of such expenditures.

Not only has biden created more of the same, he's made it worse.
 

jferretti

Well-Known Member
Jun 11, 2001
4,096
1,589
1
Biden is so damn lousy that he had to give someone something to gain favor.
Well it's not a novel idea. Betsy DeVoss had to send Trump a memo explaining that loan forgiveness was outside of the Executive's authority.
 

BW Lion

Well-Known Member
Apr 9, 2020
5,885
7,598
1
What I find interesting is that most of the people with significant, life-altering student debt loads AND the inability to repay same in a timely fashion are likely Libtards and were going to vote Blue in the mid-terms anyway. Biden's illegal give away may actually cost the D's votes in November especially because D's who repaid (or were timely repaying) their loans are rightfully pissed.
 
Last edited:

bourbon n blues

Well-Known Member
Nov 20, 2019
25,681
30,418
1
What I find interesting is that most of the people with significant, life-altering student load debt AND the inability to repay same in a timely fashion are likely Libtards and were going to vote Blue in the mid-terms anyway. Biden's illegal give away may actually cost the D's votes in November especially because D's who repaid (or were timely repaying) their loans are rightfully pissed.
I’ve found that many successful democrats live fairly conservatively. And I think your observation is correct here.
 

dailybuck777

Well-Known Member
Jan 2, 2018
11,620
16,783
1
Couldn't even get the support of the Washington Post, a virtual Democrat house organ.


...In other words, this plan is dishonestly predicated, likely illegal, will blow out the deficit, hammer the working class, and do nothing to solve the actual problems with the student-loan program. So why do it, especially this close to an election? It may buy votes, sure, but that’s not the biggest issue facing Biden and the Left. It’s that the increasingly strident demands for loan forgiveness shows that the entire idea of student loans is a failure — one which fails to improve the lives of its recipients in proportion to their investment.

It’s a bailout of the borrowers, but also a bailout of Academia and its economic model.

The higher-education economic model needed a reckoning for years, perhaps decades, especially with its student-loan incentives. Federal loan guarantees incentivized demand, which in turn allowed tuitions to soar, which in turn made loans more and more burdensome. Colleges and universities raked in the cash while expanding their influence, so it certainly paid off for them.
Practical effect of this is to make what was a loan program a give away. Will either kill the student loan program or greatly diminish the amounts that are given away.
 

Latest posts