Except that it is not his money alone to decide what to do with that is why the courts have struck them down.
Correct, they struck down the Forgiveness under the 2003 HEROS Act (even though the text of the act plainly stated that it was OK).
Courts have not struck down all the other forgiveness programs and forgivenss actions performed, such as ensuring that PSLF and IDR borrwers got their forgiveness, and Borrower Protection actions where they have forgiven the loans of students that went to for-profit schools that defrauded students.
As to compassion, why doesn't Joe use his own wealth to pay off some of the worst of the cases? He could get John Kerry and George Soros and the Obamas and the Clintons and the Pelosi family and other wealthy Democrats to help.
There is approximately
1.6 Trillion dollars in outstanding Federal Student Loan debt.
While obviously the point of your post is just to attack dems, trying to "pay off the worst cases" would be little more than just a performative and wouldn't even come close to having a meaningful impact on student loans. There's hundreds of thousands of borrowers in some of the "worst of the cases".
And you'd probably criticize them in that case as well, arguing that they're doing it just to use as a PR stunt, which it would be in that case, since it'd be going out of their way to avoid larger-scale forgiveness.
Forgiveness on a larger scale is needed to have any impact, alongside long-term fixes and improvements to stop people from getting stuck in the case where they're making payments on their loan, and not getting any closer to paying it off.
The
SAVE Plan is a big help in that regard. Set up in a way to help insure that the total amount owed can't balloon even higher even though the student is making their required payment amounts.
Except that people can oppose both. Just because I oppose student loan forgiveness does not mean I cannot also oppose bank bail outs/ May a particular person did maybe they did not, but one can oppose both just as one can oppose neither.
And I understand that people can oppose both. It's just frustrating when I see so much gnashing of teeth over Student Loans, while the same groups of people are relatively mum on PPP loans and bailouts for companies.
I would expect there to be a far larger cry out outrage over PPP loans, which was
plagued with massive amounts of fraud.
Many who participated in what prosecutors are calling the largest fraud in U.S. history — the theft of hundreds of billions of dollars in taxpayer money intended to help those harmed by the coronavirus pandemic — couldn’t resist purchasing luxury automobiles. Also mansions, private jet flights and swanky vacations.
They came into their riches by participating in what experts say is the theft of as much as $80 billion — or about 10 percent — of the $800 billion handed out in a Covid relief plan known as the Paycheck Protection Program, or PPP. That’s on top of the $90 billion to $400 billion believed to have been stolen from the $900 billion Covid unemployment relief program — at least half taken by international fraudsters — as NBC News reported last year. And another $80 billion potentially pilfered from a separate Covid disaster relief program.
The prevalence of Covid relief fraud has been known for some time, but the enormous scope and its disturbing implications are only now becoming clear.
...
The looting of the Paycheck Protection Program worked differently — and it could be far more lucrative. The program authorized banks and other financial institutions to make government-backed loans to businesses, loans that were to be forgiven if the companies spent the money on business expenses. Nearly 10 million such loans have already been forgiven. Many of the loans-turned-grants were for millions of dollars, public records show.
Experts say millions of borrowers inflated their numbers of employees or created companies out of whole cloth. For much of 2020, lenders did little to verify the applications, prosecutors and experts say, in part because Congress required the Small Business Administration, or SBA, which ran the program, to issue explicit guidance that in the interest of getting the money out fast, lenders “will be held harmless for borrowers’ failure to comply with program criteria.” The Government Accountability Office warned of fraud risk, but the program continued under that rule.
But again and again, the largest and most vocal outrage targets students. Not the active fraudsters that stole billions from taxpayers during a global pandemic. Those created fake companies to funnel in loan money that was forgiven with out as much as a single payment made. Those owners that took the money intended for their payroll and instead spend it on enriching themselves.
www.yahoo.com
