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'It's the Right Thing to Do': Schumer, Incoming NY Reps Urge Biden to Cancel Student Loan Debt

Originally published at http://www.commondreams.org/news/2020/12/08/its-right-thing-do-schumer-incoming-ny-reps-urge-biden-cancel-student-loan-debt

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If he “wants to” he can cancel 100% and that is what he should do. We’ll see is Schumer and the rest of the useless Democrats really want to do something for the people who helped elect them or are the beholden to Wall Street Banksters. If they the dems don’t do something meaningful for the people this time, they will lose more seats in 2022 and we will have another Trump in 2024.

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Cancelling student debt is a fine idea, but they also need to cancel all medical debt as well. Also, forbearance for rent debt incurred because of the pandemic.


Cancelling student debt is a disguised transfer from the American Treasury to banks and will do nothing for economic stimulation as money never hits the pocket of the covid-needy.

I’ll believe it when I see it. They will find a way to forgive 50K of your debt and then nail you in the small print. I don’t know how they will do this but I know they have bait and changed us every single time they pretend to do something for the American people. Almost guaranteed the forgiven money will be considered a gift by the IRS with the democrat’s wink, and they will come after you.


Odd how none of them are talking about any actual changes to prevent future students from ending up as debt slaves.


Will it include graduate school debt?

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You don’t have this fact that millions of us are dealing with: I have an income-based repayment plan for the $13,500 I borrowed in the mid-'80s. The loan is now close to $50,000. Every month for the next 20 years, the taxpayers will be paying over $300 on that loan. It doesn’t cover the interest, so the interest will continue to capitalize. By the time the 20 years are over, the loan will have ballooned to about $150,000, which the taxpayers will pay outright. Around $4000 a year for 20 years, and then another $150,000. ALL that money is going to the banks right now. And I’ve had the loan for 35 years already without being able to discharge it. Oh, but it was for graduate education, and there’s a good chance it won’t be included. What difference does it make? A $50,000 (almost all capitalized interest) is a $50,000 debt.


Wow, I didn’t. That’s abominable. Too bad you’re not a corporation, you could declare bankruptcy.

It’s time to redo our jokes. What do you call a banker at the bottom of the ocean? A good start.

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Kill one banker and 2 others will rush to fill their shoes. Burn down one bank and 3 others are built. You can’t win that way.

I estimate that this plan has about as much chance of being implemented as Elizabeth Warren becoming Treasury Secretary. Little to none. Dead on arrival – but “he’s considering it.” Horse-hocky! Biden will need that cash in order to continue the murder of Venezuelans, Syrians, Somalis, Afghanis, and Yemenis as he expands the United States’ policy of state-sponsored terrorism on foreign nations for profit. $740 billion to finance US-sponsored terrorism in the Middle East and Africa, but no checks for average citizens. That’s about the size of it, folks.

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They’re just there so all the lawyers don’t feel lonely.