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Biden's America

Danny Bateman

By Danny Bateman,
in Politics & Religion

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Archy1221 Offensive Coordinator

Archy1221

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8 hours ago, mrandyk said:

Do you mean PPP loans? Paycheck Protection Program is the given name, but the money did little to protect paychecks. Most of the money just went into the pockets of business owners, regardless of their industry. My small town of 10,000 in remote South Dakota saw the following:

 

Medical clinic received $4 million. Are we to believe that less people saw the doctor during a pandemic?

 

Steakhouse received $110,000. They closed their doors in March 2020 and never reopened. Where did that money go?

 

The car dealerships received $211,000 and $166,000, Did people stop buying cars? (I work in consumer lending, they did not stop buying cars)

 

The university's foundation received $507,000. Did people decide that they'd never donate again? Is raising funds for a state school even a necessity?

 

A construction company received $150,000. Did people stop building homes?

 

The non-profit youth dance organization received $23,000. Did their previously received donations disappear?

 

I could go on, and on, and on...and I don't even live in a populated area. Every realtor and farmer received at least $20k each too. Care to tell me how they were impacted? Them farmers kept working as normal. Those realtors saw record profits. They got to pocket giant handouts even though they had no employees and did just fine, if not better than usual.

 

PPP was an absolute joke. Look up your local area and tell me that you agree with where that money went. Some businesses were devastated by the pandemic, but this program did not discern at all whether one went through a hardship. Far more money went down this drain than went towards helping actual working class Americans via student loan forgiveness.

I absolutely agree that the program has ripe for people ripping it off and being held accountable.   I’ve said this same thing before, that the oversight was ridiculous and so was the continued lockdowns that necessitated the largesse of the PPP loans.   Anybody and their brother was going after these loans whether they needed them or not.  When Gov spends new money quickly, inevitably much gets wasted.   
 

However, many businesses depended on it to survive or keep people’s paychecks coming.   I can’t speak for any your individual scenarios, but Hospitals and Medical clinics in my area had patient volume crash for months.   Salon’s and restaurants were devastated by no fault of their own, etc…

 

Yet none of that has anything to do with someone willingly taking out a loan for school that they should pay back.   
 

If Congress wants to change the rules and allow student loans into the bankruptcy process, I’m all for that. 

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mrandyk

Posted
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On 8/27/2022 at 9:00 AM, Archy1221 said:

I absolutely agree that the program has ripe for people ripping it off and being held accountable.   I’ve said this same thing before, that the oversight was ridiculous and so was the continued lockdowns that necessitated the largesse of the PPP loans.   Anybody and their brother was going after these loans whether they needed them or not.  When Gov spends new money quickly, inevitably much gets wasted.   
 

However, many businesses depended on it to survive or keep people’s paychecks coming.   I can’t speak for any your individual scenarios, but Hospitals and Medical clinics in my area had patient volume crash for months.   Salon’s and restaurants were devastated by no fault of their own, etc…

 

Yet none of that has anything to do with someone willingly taking out a loan for school that they should pay back.   
 

If Congress wants to change the rules and allow student loans into the bankruptcy process, I’m all for that. 

The people taking out student loans are generally 18 years old. Can you remember being 18? Were you a fully developed person? Do you think it is reasonable to push tens of thousands of dollars in debt onto kids who can't even drink yet? It is insane. No one knows who they are yet at 18. Your only experience in life is living at home and your enclosed school system. I believe that these 18 year olds (or anyone seeking higher ed) should be able to take classes at minimal cost, while finding a way to pay their living expenses.

 

On the other hand, the PPP loans were established adults taking handouts from the government. I gave you so many examples from my small town. A few businesses did need the money to survive, but like 95% of them were people just putting their hands out to Uncle Sam for no reason other than greed. This cost us far more than student loan forgiveness, and helped honest American workers a whole lot less than student loan forgiveness.

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Archy1221 Offensive Coordinator

Archy1221

Posted
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10 hours ago, mrandyk said:
On 8/27/2022 at 9:00 AM, Archy1221 said:

The people taking out student loans are generally 18 years old. Can you remember being 18? Were you a fully developed person? Do you think it is reasonable to push tens of thousands of dollars in debt onto kids who can't even drink yet? It is insane. No one knows who they are yet at 18. Your only experience in life is living at home and your enclosed school system. I believe that these 18 year olds (or anyone seeking higher ed) should be able to take classes at minimal cost, while finding a way to pay their living expenses.

1). Personal Finance class in HS should be mandatory.

2). It is reasonable to take out a certain amount of debt when needed if your chosen degree will lead to income sufficient enough to live and pay off said debt within the 10 yr repayment schedule.  
3). Community college and a state school will in many cases keep the cost relatively low compared to what most people end up paying.

4) student loan reform should include an income calculator and learning module for chosen fields of study so a student has a good idea of what income will be and what payments will be.  Loan should not be given until the learning module is complete and attested to.  
5) pay your debts, but allow student loan debt to be a part of the bankruptcy process if needed.  

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Archy1221 Offensive Coordinator

Archy1221

Posted
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10 hours ago, mrandyk said:

 

On the other hand, the PPP loans were established adults taking handouts from the government. I gave you so many examples from my small town. A few businesses did need the money to survive, but like 95% of them were people just putting their hands out to Uncle Sam for no reason other than greed. This cost us far more than student loan forgiveness, and helped honest American workers a whole lot less than student loan forgiveness.

1). PPP was designed to not be paid back if conditions were met.  People took out loans knowing this.
2). Government mandated shutdowns which caused harm to business.  It was incumbent upon Government to rectify this somehow.   
3). PPP saved about 8% on the unemployment rate according to MIT study.   Was that worth the cost?  Who knows and up to each individual to decide when casting their next votes. 
4) Anything Gov does quickly when it comes to spending large sums fast is ripe for fraud, however the money has to spent quickly to be effective in this case.   This is proven by the fact that the The second round of PPP had basically no impact on the unemployment rate.   (Larger amounts of the bailout money in 2008 was a waste also and Gov agents admitted later they knew some would be wasted on fraud but it was necessary to get money out quickly in there view).   Oversight is always the problem.   
5). PPP loans have no similarity to student loans so quit equating the two.  
 

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