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Federal loans, depends how many people can't or won't get a job that enables them to pay the loans back. I don't think that's a large number. If the number defaulting after 20 to 25 years of low paying work is large enough the taxpayer. I doubt it's really that large a number of them get them discharged. If it's a smaller number, then it's just the borrowers. Agency isn't really about making a profit so the defaults just represent a spread that's higher than they could be charging to borrowers if the default numbers were lower. Less defaults, lower interest rates.
There's room for reforms, specifically cutting back the Bush era expansion of federal loans to for-profit schools that are responsible lot of defaults. At the same time, given the lack of funding for junior colleges and cutbacks in votech at junior colleges, those for-profits do serve a purpose. It's a balance acting between the ones that do and the ones like Trump University which do not. Get Rich Quick scams shouldn't (and Trump University never did) qualify for federal loans.
The reform is easy. The government should not be allowed to garrantee a loan or make a loan.
Let the private entities to decide how they want to make loans.
Don't most people on the right rail against millionaires when they don't like what they say. But now, it's "do what they do"?
The title of this subject is correct, we ALL need to have skin in the game. To me, that means a lot, here is a small sampling:
-Everyone who earns, pays their fair share
-Everyone who works, gets paid their fare share
--Execs and owners should enjoy their rewards, but not at 100x and more the working class, of whom they depend.
-Workfare: If you are able to work, then we'll find something for you to do.
-Accept, some people will game the system. it happens on both ends of the spectrum. Don't let perfect be the enemy of better.
Right now, we could use universal healthcare. It works better for the rest of the world than our system does for us.
Pay a living wage. I don't think this should have to be legislated, but I don't see many of the uber-wealthy voluteering to do it. They only will when they are forced to, either by law, or by uprising.
To the above point, there are many companies who pay a living wage, and who thrive. I don't think it is a matter of "i worked hard so you can have a free ride". I think it's a matter of "we all worked hard. I took the risk, I made the tough decisions, I get to make more, HOWEVER I recognize that without you, or someone like you, I can't get rich, so I'll pay you enough to be content. If you want more than "content", you'll need to earn it." <--Right now that is not happening, and it is causing problems. The system, as it is today, is not sustainable. It is broken. I don't know the answer, but it is not pure socialism, and it's not pure capitalism. Seems like most of America can't compromise on this fact, or really on anything these days.
Depending on what color your tie is, it's either all Trump's fault or all Obama's fault. (and "what about the emails..."?)
Were you appointed the dictator or the slave master? Who the hell are you to say what I can or cannot do?
EVERYONE should pay an amount of FEDERAL INCOME TAXES. 45% pay ZERO federal income taxes. Maybe if we ALL had skin in the game, we would care more about where the money went. Why should 45% get to spend MY tax money? If you don't pay federal income taxes, you shouldn't vote. Isn't it obvious that all the people who pay no taxes are going to keep voting to tax OTHER PEOPLE MORE with little to no regard as to how that money is spent?
I am a advocate for a flat tax on gross income, No minimum income, not caps, no credits, no deductions, no excuses.
Too bag the 2017 Congress preferred to maintain a progressive tax system where some earners do not pay any federal income tax.
People WOULD pay taxes if billionaires and millionaires didn't rob their labor for pennies on the dollar. Pay people a livable wage and THEN more could and would pay taxes.
Billionaires and millionaires ROB their labor for pennies on the dollar? Who knew?
Some might say, live within your means.
There are thousands of micro economies in the US.
The masses have been making economic migrations, since forever.
There is decent affordable housing available in every state, save maybe Hawaii. Now, it may not be where you'd ideally like to live.
I searched all over when trying to plan a move to the point I decided it's best for me to give up. The only thing I found was an apartment complex in like a ghetto. The reviews said homeless people lived at the bottom of the stairs looking for stuff to steal and all kinds of atrocities my brain probably repressed reading about.
Also I guess there is affordable housing in every state but not every city in the state. Even so more states are more expensive than others in general.
Quote:
Originally Posted by Myghost
-Everyone who works, gets paid their fare share
Sounds nice but not going to happen. I'm pretty sure they'd claim my fair share would be too expensive for them. I'm okay with that..I'd rather have a meaningful job that could pay me more so if someone wanted to pay me they could pay me in connections or you know a free house but that would be difficult to get since it's an asset.
Last edited by Nickchick; 08-17-2020 at 05:52 PM..
Nah... We tried this "everyone has skin in the game" approach and you guys fought it with everything you had. Find another reason bc you burnt that one to the ground.
You guys?
Congress in 2017 did not consider a flat tax. They did double the child tax credit and retain The carried interest loophole, which Trump promised to eliminate.
I am a advocate for a flat tax on gross income, No minimum income, not caps, no credits, no deductions, no excuses.
Too bag the 2017 Congress preferred to maintain a progressive tax system where some earners do not pay any federal income tax.
As long as you end global QE, that would be fair. Everyone would be poor. Mega corporations and billionaires are like the federal contractors and employees of long ago who stood to gain first and most whenever the economy got into the tank. They received access to the many trillions in largesse from the governments before any help reached the general public. Those earlier groups were resented by the many who worked in economically sensitive jobs and got laid off during the usual economic cycle downturns. The same resentment now brews toward the groups standing at the front of the line whenever there is softness in the economy and the markets. It's not only that they profit from everyone's misery. It's that they're also the most vocal in decrying the use of government funds to help the cyclically unemployed. We see the same thing now with the Trump voicing the same opinions. While begging the Fed to print money and set negative interest rates, they complain bitterly about the few hundreds a month in payments to the unemployed, but say nothing about the trillions given away to billionaires. Those groups are also the ones who were caught stealing the PPP funds intended for struggling small businesses. The projection is that 28 trillion dollars in global QE will be handed out by the end of next year.
So you think the answer is having a bunch of people take out loans and and then not pay them back? I guess you are fine with looting Gucci bags and Nikes, too.
Solution is to stop letting the government loan out so much and change it so yeah, it’s easier.
You increase risk to lenders and they’ll underwrite more seriously. Make it harder for people to get the loans and the cost of education will decline. How many stories they need to put out where colleges target low income people and load them up with government loans who they know don’t belong in college before we get it’s broken.
Quote:
Originally Posted by lifeexplorer
Did anybody force you to take on the debt??? Don’t like the debt, don’t accept it.
You’re completely missing the point and not comprehending.
Also... Please remember that the funny thing about our tax code for federal income tax is that almost every tax break that leads to somebody not paying anything in income tax is also available and used by people who are paying income tax.
Child Care deductions, mortgage interest deductions, dependent deductions, etc. Are all available and used by non-tax and taxpayers.
So the real issue about people who don't pay taxes is why do they earn so little that the credits they're getting offset their tax liability versus other tax payers. That's why this "skin in the game" argument is trash.
I have done taxes for 15 years. Last year I did taxes for a young lady. She had 4 children with 4 different last names. She was also a college student. She had a job. Her tax credits for earned income credit, child tax credit, additional child tax credit and AOTC (American opportunity tax credit) were more than $10,000. She also had section 8 housing , food stamps and Medicaid. Did she know how to milk the system?
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