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<blockquote data-quote="Box Ox" data-source="post: 5379873" data-attributes="member: 48469"><p>You've probably <img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" />ed up if you're a Democrat and the Washington Post's Editorial Board is after you.</p><p></p><p><a href="https://www.washingtonpost.com/opinions/2022/08/24/biden-student-loan-forgiveness-mistake/" target="_blank">Opinion | Biden's student loan forgiveness is an expensive, regressive mistake - The Washington Post</a></p><p></p><p>"Widely canceling student loan debt is regressive. It takes money from the broader tax base, mostly made up of workers who did not go to college, to subsidize the education debt of people with valuable degrees. Though Mr. Biden’s plan includes an income cap, the threshold does not reflect need or earnings potential, meaning white-collar professionals with high future salaries stand to benefit. Student loans, moreover, are a poor proxy for household income: An <a href="https://www.aei.org/research-products/report/the-surprising-role-of-high-income-families-in-student-debt-trends-examining-undergraduate-borrowing-by-income-1995-96-to-2015-16/" target="_blank">analysis</a> by policy researcher Jason D. Delisle found that, in 2016, students from high-income and low-income families were just as likely to take on debt for their first year in an undergraduate program — and students from high-income families borrowed the largest amounts.</p><p></p><p>Mr. Biden’s plan is also expensive — and likely inflationary. The Committee for a Responsible Federal Budget <a href="https://www.crfb.org/blogs/cancelling-student-debt-would-undermine-inflation-reduction-act" target="_blank">estimates</a> that extending the loan pause to the end of the year would cost $20 billion, while forgiving $10,000 for households making less than $300,000 would cost $230 billion. Together, these policies would nullify nearly a decade’s worth of deficit reduction from the Inflation Reduction Act. Moreover, it is <a href="https://www.washingtonpost.com/opinions/2022/05/04/biden-no-power-to-forgive-student-loans/?itid=lk_inline_manual_10" target="_blank">unclear</a> that the 1965 Higher Education Act even grants the president the legal authority to take such a sweeping step, given that it was historically understood to permit only more targeted relief."</p></blockquote><p></p>
[QUOTE="Box Ox, post: 5379873, member: 48469"] You've probably :censored:ed up if you're a Democrat and the Washington Post's Editorial Board is after you. [URL='https://www.washingtonpost.com/opinions/2022/08/24/biden-student-loan-forgiveness-mistake/']Opinion | Biden's student loan forgiveness is an expensive, regressive mistake - The Washington Post[/URL] "Widely canceling student loan debt is regressive. It takes money from the broader tax base, mostly made up of workers who did not go to college, to subsidize the education debt of people with valuable degrees. Though Mr. Biden’s plan includes an income cap, the threshold does not reflect need or earnings potential, meaning white-collar professionals with high future salaries stand to benefit. Student loans, moreover, are a poor proxy for household income: An [URL='https://www.aei.org/research-products/report/the-surprising-role-of-high-income-families-in-student-debt-trends-examining-undergraduate-borrowing-by-income-1995-96-to-2015-16/']analysis[/URL] by policy researcher Jason D. Delisle found that, in 2016, students from high-income and low-income families were just as likely to take on debt for their first year in an undergraduate program — and students from high-income families borrowed the largest amounts. Mr. Biden’s plan is also expensive — and likely inflationary. The Committee for a Responsible Federal Budget [URL='https://www.crfb.org/blogs/cancelling-student-debt-would-undermine-inflation-reduction-act']estimates[/URL] that extending the loan pause to the end of the year would cost $20 billion, while forgiving $10,000 for households making less than $300,000 would cost $230 billion. Together, these policies would nullify nearly a decade’s worth of deficit reduction from the Inflation Reduction Act. Moreover, it is [URL='https://www.washingtonpost.com/opinions/2022/05/04/biden-no-power-to-forgive-student-loans/?itid=lk_inline_manual_10']unclear[/URL] that the 1965 Higher Education Act even grants the president the legal authority to take such a sweeping step, given that it was historically understood to permit only more targeted relief." [/QUOTE]
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