Maybe they shouldn’t have gotten degrees in gender studies and African culture.
Debt-ceiling deal seals end to student-debt moratorium — a nearly $400-per-month shock to budgets
It was probably going to happen anyway, but the debt-ceiling deal struck by President Joe Biden and House Speaker Kevin McCarthy spells the end of the moratorium on student-debt repayment.
The White House had extended that moratorium until two months after the Supreme Court’s expected ruling on the Biden administration’s $400 billion loan-forgiveness plan — which, in all likelihood, would mean after August. But the debt-ceiling deal, assuming Congress approves it, eliminates the possibility that the moratorium can be extended.
In a note written earlier in the year, Jefferies economist Thomas Simons spelled out the impact.
It’s a big one, affecting some 45 million borrowers. Citing New York Federal Reserve data, Simons said the average student-loan payment for a borrower not in deferment prior to the forbearance was $393 per month.
“This may sound like a modest hit, but the impact on income is very similar to the tax increases associated with ‘The Fiscal Cliff’ of 2013, which was followed by a noticeable slowdown in consumption,” he said.
Simons added that it will be a problem for a significant number of household budgets, given that no payments have been required since the beginning of the pandemic. “Households have already been eating into their excess savings to maintain their preferred consumption in the face of high inflation,” he said. “This suggests that it is very likely that most households that were previously making student loan payments have not been saving the extra money or including the payments in their budgets.”
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Vacate the chair. Start over. We knew he was a Turd. We warned everybody.
Do It !
House Freedom Caucus leaves open possibility of filing a motion to vacate the chair if Speaker McCarthy pushes through the debt deal — @BennyJohnson
Sen. Rand Paul on spending deal: ‘No real cuts to see here’
“Households have already been eating into their excess savings to maintain their preferred consumption in the face of high inflation”.
Have we reached peak idiocy yet?
I am sure it was reached during the “covid” insanity. This is just a continuation and the spiral is ever downward.
There’s always money for :
Weapons
Ukraine
food-stamps
Illegals
but no soup for YOU !
Correct. What a bunch of bought and paid for crazies.
Maybe the school, parents, and society in general shouldn’t have filled the heads of generations of children with unrealistic expectations and goals.
Maybe boomer and GenX parents should have been more vigilant about what their kids heads were being filled with.
Maybe boomer narcissists should pause before blaming children for how, and by whom,they were raised
Maybe parents should not have offloaded THEIR responsibility as parents.
These “kids” are lazy, spoiled, undisciplined, and unrealistic, and that’s not their fault…. because it can’t be a child’s fault for how they were raised and what they were taught or not taught.
Someone surely fucked up, and those someones are largely these people’s own parents and grandparents.
I’m 55. I’m not one of these newly minted graduate wastes. But people my age and older lamenting the situation and not only blaming it on someone else, but actually directly on the victims is some sick psychopathic shit.
A 20 year old in college who was never raised right and then shoved, without guidance from a REALISTIC adult, then saddle with massive debt —that a high schooler has no possible way of truly grasping the future impact of that debt — by that same alleged “parent”, is not only still a child, he/she is an abused child.
Luckily, the vast majority of this debt was not loaned to these kids. It was loaned to their co-signers.
I hope they all default, because fuck shitty parent and the shitty parents of those parents.
While I agree partly, there is a factor that is still under appreaciated as to its full and total impact on those parents.
Today some of us have the luxury of hindsight in just how badly all of society was / IS being gaslit , bullshitted and propagandized by methods we are still uncovering. In short most believed the lies the TV & newspapers told them.
If you are starting from a completely fucked up , manipulated reality then the choices made based on that bad data will be equally messed up.
Garbage In > Garbage Out
“We’ll know our disinformation program is complete when everything the American public believes is false.”
William Casey, former director of the CIA, upon being asked what the goal of the agency was (in 1981).
And peeps in Texas still be wanting their kids to go to Texas A&M. It certainly seems the emphasis on college is not waning. Passing through a town of about 20,ooo the local high school campus was absolutely covered along the adjoining streets with signs from colleges I’ve never heard of…emphasis go to college HS graduates. Of course the military also had their signs posted, be all you can be etc.
Precisely.
All above mentioned are groomers and none of them (universities and military) have ever been forced to face market realities. This is the ultimate in criminal activity that’s being subsidized thru taxes.
As a teenager I was responsible for my actions not my parents nor anyone else.
Chris Rock: “Put the dick down! Get a job! Get a job holding dicks!”
Many of the non payment towards student loans are invested in new cars or nothing because the take home pay won’t take them home .
American companies are not hiring and paying the wages and benefits in significantly large enough numbers to develop a tax base to support top heavy government at all levels .
This is why inflation is the way of life to keep all the plates spinning on the sticks .
All government accounts are insolvent but the checks keep going out .
I was in a burger joint over the weekend and the sign We Are Hiring $14.dollars an hour and a double cheese burger was $10.99 that sums it up .
The food was fine but the service was slow and inept to a point where you wanted to go behind the counter and fix your own food and bitch slap everybody with their FIVE GUYS APRON ON !
Like Gus in Lonesome Dove sometimes the server behind the counter needs a physical lesson in some respect !
If they were honest people to begin with they would have never stopped paying for their loan.