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  • Biden was the Dem that passed many of the Republican bills including making it impossible for students to declare Bankruptcy on their student loans.

    Current Dems are more right than old Republicans. Republicans just went even more to the right.

    • Cherry picking a bit, there.

      Who Made Student Loans Nondischargeable?

      Allen Ertel, a Congressman from Pennsylvania, pushed to make student loans hard to discharge. Ertel was in the U.S. House of Representatives from 1977 to 1983. Despite stats showing less than 1% of federal student loans were ever wiped clean in bankruptcy, Ertel argued student loan defaults were jumping up. His convincing talk changed the rules, making student loans stick around after bankruptcy unless the borrower faced severe hardship.

      Joe Biden's Dual Role in the Student Loan Crisis

      Joe Biden has affected the dynamics of student loan debt and its dischargeability, playing two distinct roles:

      As a senator, Biden backed multiple pieces of legislation that unintentionally exacerbated the student loan crisis. These laws facilitated the growth of student loan borrowing, often increasing borrowers’ monthly payments and making these loans tougher to discharge in bankruptcy.

      As President, Biden’s policy changes have further altered the landscape of student loan dischargeability, albeit in a different direction. While his administration has sought to alleviate the student loan crisis and lighten the burden on borrowers, the reforms implemented may have indirectly made it more difficult for some student loan borrowers to discharge federal loans in bankruptcy.

      Here’s how:

      1. The administration created the most affordable repayment plan to date, shielding even more of a borrower’s discretionary income from student loan payments. While this new student loan repayment plan provides immediate relief, it might inadvertently discourage some borrowers from seeking bankruptcy discharges.
      2. Biden implemented an interest waiver, effectively reducing the debt burden. While beneficial for most, it could indirectly create an environment where discharging student loans through bankruptcy becomes harder.
      3. All federal student loan borrowers, including those with a consolidation loan, are eligible to get retroactive credit toward income-based repayment forgiveness. This move alone has already erased $39 billion in federal student loans. Experts expect that this will ultimately lead to a $400+ billion bailout by the federal government, again potentially reducing the instances of borrowers resorting to bankruptcy.

      https://www.tateesq.com/learn/student-loan-bankruptcy-law-history

      • As a senator, Biden backed multiple pieces of legislation that unintentionally exacerbated the student loan crisis. These laws facilitated the growth of student loan borrowing, often increasing borrowers’ monthly payments and making these loans tougher to discharge in bankruptcy.

        Yes literally what I said. Cherrypicking lmao. If you want to learn something:

        How Biden helped create the student debt problem he now promises to fix:

        “Biden was one of the most powerful people who could have said no, who could have changed this. Instead he used his leadership role to limit the ability of other Democrats who had concerns and who wanted the bill softened,” said Melissa Jacoby, a law professor at the University of North Carolina at Chapel Hill specialising in bankruptcy

        (please stop using this formatting btw)

  • You are right both sides aren't the same. But by absolute standards, both sides are really really bad and I think that's a fair assessment all things considered. One has to be better than the other, but both are bad.

  • I love that all the Usual Suspects showed up on this thread to push "BOTH SIDES".

  • Just raising the minimum wage won't do anything other than intensify class warfare for anyone who isn't rich or mildly rich (making more than 200k per year) and work further in the Republicans favor. What needs to happen is this:

    1. Cut social security entirely (all this shit does is support the old rich fucks) and instead initiate a universal basic income which yields a yearly income equivalent to working a full time job at 18.50 an hour. Why 18.50? Because that's the amount needed to cover the cost between the 7.50 minimum wage and 26 an hour which is where the minimum wage would be if wages hadn't stagnated. Furthermore this increases everyone's wealth by the same amount so the people at the top effectively get nothing while the middle class is also helped in addition to those near the poverty line (effectively mitigating potential class warfare). Also the homeless would be helped, whereas a minimum wage increase would only help those with jobs.
    2. Pay for the UBI with taxes that massive tax anyone effectively making over 1million a year. This means corporations and billionaires. In order to do this we have to break the slimy garbage they pull to leverage their non-liquid wealth to avoid paying any taxes while further increasing their billions.
    3. Impose strict regulations on corporations so that they cannot arbitrarily raise their costs in response to the newly raised tax rates.
276 comments