Can we stop with the "targeted" at "low-income" schtick.
First: $125k or $250k HHI is not "low-income".
Second: the income threshold of $125k estimates a program cost of $329b vs no threshold of $344b.
Just own it as a forgiveness for the largest number of individuals you decided for. This isn't for "low-income" and by definition not "targeted" either.
https://budgetmodel.wharton.upenn.edu/issues/2022/8/23/forgiving-student-loans
Op wants to be angry so bad.
Pro
Thank you?
Who fucking cares?
Chief
Pretty confident it wasn't a concern for the reaction of the liberal base that made the Biden Administration implement means testing.
If they had a 100% loan forgiveness policy for anyone under $60k, how do you think that plays on Tucker? If there were videos of millionaires opening their loan forgiveness notices, how fast do you think those videos show up on Hannity?
I agree that placating an irascible right wing ends up with sub-optimal public policy, but if Democrats want to hold onto Congress in the midterms, that's what they need to do.
Chief
That's true - it's kindof unknowable the degree to which this will play out in the midterms. But given that loan repayments resume in January 2023, I suspect midterm politics were at least a consideration.
I will say though that, the lower the income limit, the more racist dog whistles you'd see on Fox.
Your post contradicts your highlights.
It’s individuals UP TO $125k. The administration predicts 90% of eligible individuals make less than 75k
So you’re upset a couple more people get a benefit instead of only the poorer?
Rising Star
I’m also assuming they didn’t want this to largely go to recent grads. There are some people who have been making less than $125k for the last 10-15 years and still owe student loans (bc they prob started out making like 40k).
Pro
Note: screenshot is from the NYTs "The Morning"