How will Joe Biden GOVERN? General Biden Administration F**kery Thread
- Thread starter FAH1223
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Biden supports this bill. Nancy should have passed it ages ago.
storyteller
Veteran
The estimated distributional effects are — how should I put this? — mixed. Under no scenario does more than 12% of the financial benefit accrue to the bottom income quintile. The optimal scenario is (not coincidentally), $10,000 in relief with a $125,000 income cap. That would maximize the combined benefit for the bottom and second income quintiles, shown with bars in the figure (below) for simplicity.
Amusingly (and remember, I’m allowed to laugh at this because I lean Progressive, so I’m effectively laughing at myself), the worst outcome results from no-questions-asked, $50,000 forgiveness. In that scenario, almost 3% of the benefits would go to the top 5% of earners, and 8% to the top 10%. That’s not surprising. Those earning more than $150,000 per year are more likely to have jobs requiring expensive, advanced degrees.
Note that using Penn’s estimate for the year-one cost of $50,000 in relief with no income cap, the 2.43% of benefits which would accrue to borrowers in the top 5% of earners equates to nearly $20 billion.
Crucially (and unfortunately) more than two-thirds of the debt relief accrues to borrowers in the top 60% of the income distribution in all scenarios. The distributional outcome doesn’t change if you control for so-called “lifecycle effects” by limiting the analysis to borrowers aged 25 to 35.
Here’s How Much Student Debt Forgiveness Will Cost
Update: On Wednesday, the Biden administration confirmed $10,000 in debt relief per borrower subject to income, with additional relief for Pell Grant recipients. The payment moratorium will be exte…heisenbergreport.com
This is kinda funny...66% of the distribution going to 60% of borrowers kinda makes sense, and if you're using 60% of borrowers than you'll be able to get a majority distribution fairly easily because you've factored in...a majority of the borrowers
Also important to note that the top 5% are at 0 distribution in that chart and 90% and up earners make a very small portion of the proceeds. That still leaves that 80-90% range receiving a significant chunk but that chunk is 1) relatively small compared to earners in the quintiles below it and 2) not necessarily demonstrative of a person being "rich" because of how uneven wealth is distributed in this country. There are some cities in America where you can be a top 20% earner while making less than 100K (Link: You Need to Make This Much Money to Be One of the Richest Americans)
But none of that makes up for the similarly small impact at the bottom quintile. Rather, you'd want to see debt forgiveness paired with free public college options that make college education more easily available to earners at the lower end where some people forego it altogether because of prohibitive costs. This bill in a vacuum, helps a LOT of Americans that could truly use the help. But it's not a solution that goes far enough for sure.
AquaCityBoy
Veteran
I never like Kaitlan Collins and her strong ass face.
We didn't forget she used to work at the Daily Caller before she came to CNN.
storyteller
Veteran
10K student loan forgiveness is a nice start to a bigger problem. But the other parts of this are better and I think will have more impact than I could have expected. It’s more progressive than I expected after all the delay.
ADevilYouKhow
Rhyme Reason
Biden’s yet to fill the job that may soon matter more than any other — POLITICO
A regulation czar will shape Biden’s climate and environmental agenda, should Republicans win the House. The post remains unfilled, though the president’s getting closer.
apple.news
ADevilYouKhow
Rhyme Reason
North Carolina mayor under investigation after livestreaming teardown of Confederate monument
A mayor of a North Carolina town is under investigation by authorities after livestreaming the teardown of a Confederate monument. In a Facebook Live video posted on Sunday, Enfield, N.C., Mayor M…
thehill.com
5% income cap!!! 
Let’s go JOE
Let’s go JOE
Worthless Loser
Blackpilled
Biden makes a monumental Executive Order on Student Loan relief, and Nicole Wallace opens up her show with Trump as the top story.
Unbelievable. At least CNN made it their top story.
Unbelievable. At least CNN made it their top story.
