Current Events > Rand Paul introduces genius bill to solve student debt crisis: pay it w/ 401k!

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#51
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Unknown5uspect
12/05/19 2:12:19 PM
#52:


Squall28 posted...
Complainers just won't be happy until the government bails out their poor decisions.
The precedent was set a decade ago.
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emblem boy
12/05/19 2:15:58 PM
#53:


This is weird and doesn't even seem effective.

I am curious, does it have any weird provisions where you can only take out your contributions?
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Questionmarktarius
12/05/19 2:16:48 PM
#54:


emblem boy posted...
I am curious, does it have any weird provisions where you can only take out your contributions?
Huh?
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Romulox28
12/05/19 2:17:50 PM
#55:


HellRatUFO posted...
Comments like this from the same people that cried at people laughing at Bernie having a heart attack. I mean, I fucking hate Bernies policies, but even I didnt wish death or other terrible things on him. Stay classy, Breadline Bernouts.
lol have fun paying off your student debt with your only retirement savings. how do those boots taste?

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emblem boy
12/05/19 2:18:21 PM
#56:


Questionmarktarius posted...
emblem boy posted...
I am curious, does it have any weird provisions where you can only take out your contributions?
Huh?


Like, can you take out the matched funds from the employee? Or are there any weird rules where you can't take out the gains.
Kinda like how a IRA can have provisions where you can take out your contribution amount early, but not the gains
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Questionmarktarius
12/05/19 2:18:56 PM
#57:


emblem boy posted...
Like, can you take out the matches funds from the employee?
That would be kinda neat.
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Tmaster148
12/05/19 2:19:32 PM
#58:


And people like Rand Paul wonder why the younger generations want to move away from capitalism when this is their solution to the problem they create.

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MarqueeSeries
12/05/19 2:20:15 PM
#59:


Unknown5uspect posted...
Squall28 posted...
Complainers just won't be happy until the government bails out their poor decisions.
The precedent was set a decade ago.

This is what I was getting at, mostly

People complain about these damn millenial liberal arts majors wanting a handout (side note, the amount of liberal arts majors in the US is grossly exaggerated: https://www.niche.com/blog/the-most-popular-college-majors/ )

But who can blame them for expecting that when America has a history of bailouts?
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The Trent
12/05/19 2:20:25 PM
#60:


Tmaster148 posted...
And people like Rand Paul wonder why the younger generations want to move away from capitalism when this is their solution to the problem they create.


lol

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PatrickMahomes
12/05/19 2:22:25 PM
#61:


No further discussion was needed after post #2

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Questionmarktarius
12/05/19 2:23:16 PM
#62:


Tmaster148 posted...
And people like Rand Paul wonder why the younger generations want to move away from capitalism when this is their solution to the problem they create.
Capitalism doesn't really promote the idea of government-issued loans with very loose standards. At least not the non-crony kind of capitalism.

The "student debt crisis" didn't really exist before the Higher Education Act of 1992. Before then, getting a student loan involved going to a bank.
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Hanky_Bannister
12/05/19 2:23:51 PM
#63:


Unknown5uspect posted...
Go to college for your future!

Sacrifice your future to pay for the debt you incurred going to college for your future!

Republicans 101
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sylverlolol
12/05/19 2:24:53 PM
#64:


emblem boy posted...
Like, can you take out the matched funds from the employee? Or are there any weird rules where you can't take out the gains.
Kinda like how a IRA can have provisions where you can take out your contribution amount early, but not the gains

I haven't read of any kind of provisions or limits like that other than it being a...$5250 limit per year, I think, that you can withdraw for this.

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#65
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Squall28
12/05/19 2:31:09 PM
#66:


Just because we have a history of it, doesn't mean it's good for us. Besides, the government's gave the banks a loan, not free money. The government is getting that money back with interest. Do students want a second loan to payoff their first loan with interest?

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Gheb
12/05/19 2:32:03 PM
#67:


I don't disagree with the idea of being able to use 401k funds to pay off student debt. At a minimum it gives the person an additional tax free option to pay debt off. That in itself isn't bad.

But it's only addressing a very small symptom of the problem. It's putting aloe on a sunburn while you still sit in the sun without sunscreen.

Just doing this alone is hardly enough and you just know there are more than a few politicians that would point to it and go "problem solved".

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MarqueeSeries
12/05/19 2:42:35 PM
#68:


Squall28 posted...
Just because we have a history of it, doesn't mean it's good for us. Besides, the government's gave the banks a loan, not free money. The government is getting that money back with interest. Do students want a second loan to payoff their first loan with interest?


Kind of ironic you would suggest that

https://www.huffpost.com/entry/bank-tarp_n_1335006
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Squall28
12/05/19 2:51:45 PM
#69:


MarqueeSeries posted...
Kind of ironic you would suggest that

https://www.huffpost.com/entry/bank-tarp_n_1335006

They're still paying that loan with another loan. That's not what students want. They want free money.

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Sackgurl
12/05/19 3:00:17 PM
#70:


Squall28 posted...
It's allowing people to payoff debt with a tax sheltered account that includes company contributions. It most definitely helps.

most companies have a vesting period where the matched funds aren't "yours" right away, and many others put matched funds into separate accounts with separate rules (example, roth 401k only takes your withholding; company match goes into traditional 401k)

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sondast
12/05/19 3:15:53 PM
#71:


The Trent posted...
which part is this
i can't tell anymore
aren't they both much more about feelings at this point
https://www.youtube.com/watch?v=t7BfSw3GgJk

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Tyranthraxus
12/05/19 3:24:59 PM
#72:


Squall28 posted...
They're still paying that loan with another loan. That's not what students want. They want free money.
They don't want free money, they want everyone to pay some taxes and they want the majority of the benefits of those taxes to go to students which includes them now but won't include them forever and they won't want it to change when it doesn't.

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AlephZero
12/05/19 3:26:57 PM
#73:


Things I would do if student loans were forgiven and Medicare for All was adopted: Hire someone to clean my house. Hire someone to mow my lawn. Hire someone to fix my basement. Hire someone to add a second bathroom. Notice a trend?

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01001100 01010101 01000101 00100000 00110100 00110000 00110010
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Broseph_Stalin
12/05/19 3:31:59 PM
#74:


AlephZero posted...
Things I would do if student loans were forgiven and Medicare for All was adopted: Hire someone to clean my house. Hire someone to mow my lawn. Hire someone to fix my basement. Hire someone to add a second bathroom. Notice a trend?
lol this is the same argument republicans use for giving millionaires tax cuts
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Crepes
12/05/19 3:33:49 PM
#75:


Just do it how they do it in the UK. You still have the loan but you pay it back automatically as an additional tax once you earn over a generous threshold.

The more you benefit from further education in terms of salary in the future the more you pay back up to the amount you borrowed. Interest is added as well at a fairly low rate. Loan gets written off after 20 years (might be longer) as well if you don't pay it all off sooner.

Not sure what the objections to this sort of scheme is. A more educated populace is beneficial to the nation as a whole.

As a bonus it gets young unemployment figures down if more young people stay in education plus you have all the additional services and jobs that a larger university population brings so it seems like a win win all round.

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The only intelligent tactical response to life's horror is to laugh defiantly at it. ~Soren Kierkegaard
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Tyranthraxus
12/05/19 3:40:10 PM
#76:


Broseph_Stalin posted...
lol this is the same argument republicans use for giving millionaires tax cuts
Except millionaires don't hire like that. They hire small amounts of higher paid people.

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Squall28
12/05/19 3:41:57 PM
#77:


Tyranthraxus posted...
They don't want free money, they want everyone to pay some taxes and they want the majority of the benefits of those taxes to go to students which includes them now but won't include them forever and they won't want it to change when it doesn't.

Rofl


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Broseph_Stalin
12/05/19 3:42:56 PM
#78:


Tyranthraxus posted...
millionaires don't spend money on maids, landscaping or renovating their homes

the shit I read on CE, I swear

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Squall28
12/05/19 3:44:14 PM
#79:


AlephZero posted...
Things I would do if student loans were forgiven and Medicare for All was adopted: Hire someone to clean my house. Hire someone to mow my lawn. Hire someone to fix my basement. Hire someone to add a second bathroom. Notice a trend?

You're irresponsible with your money?

Also "please pay for my shit so I don't have to do chores anymore."

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Questionmarktarius
12/05/19 3:48:02 PM
#80:


AlephZero posted...
Things I would do if student loans were forgiven and Medicare for All was adopted: Hire someone to clean my house. Hire someone to mow my lawn. Hire someone to fix my basement. Hire someone to add a second bathroom. Notice a trend?
Soon:
Home-improvement debt crisis
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Tyranthraxus
12/05/19 3:56:54 PM
#81:


Broseph_Stalin posted...
the shit I read on CE, I swear
That's not what I said at all so you couldn't have read it

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Broseph_Stalin
12/05/19 4:00:18 PM
#82:


Tyranthraxus posted...
That's not what I said at all so you couldn't have read it

AlephZero posted...
Things I would do if student loans were forgiven and Medicare for All was adopted: Hire someone to clean my house. Hire someone to mow my lawn. Hire someone to fix my basement. Hire someone to add a second bathroom. Notice a trend?

Tyranthraxus posted...
Except millionaires don't hire like that.

People need to stop pretending they got taken out of context after they said some stupid shit.
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Romulox28
12/05/19 4:03:11 PM
#83:


Questionmarktarius posted...
Soon:
Home-improvement debt crisis
The year is 2030. With their newfound prosperity from M4A and student loan forgiveness, millions of Americans take out home improvement loans (because all Americans know is debt) to install leatherized granite countertops & build open-concept kitchens. These home improvements result in skyrocketing home values and the housing market booms.

Banks rush in to capitalize on a new wave of Home-Improvement Backed Securities. However, when home values become so high that nobody can afford to buy new houses, thousands and thousands of Americans are forced to default on their home improvement loans as they try to recoup their HGTV-fueled losses.

With no collateral backing these home improvement loans, the banks are hit hard. First to go is Lehman-Property Brothers; the rest follow suite. Soon the US is facing near total economic collapse. Millions of Americans are forced to live on the streets, outside of the vacant homes that once gave them shelter.

Seeking protection from the elements, Americans begin to move underground, where they trade farmhouse kitchen sinks and heated bathroom tiles for raw sewage and hunting rats for sustenance. These sewer-dwellers begin to form a desperate, makeshift community underground as the upper class creates an advanced society on the surface. As overcrowding and a mysterious plague threaten those beneath the streets, one brave smuggler decides to climb to the Forbidden Zone, the Surface, and lead a charge against the Surface-Dwellers to fight for the home of his ancestors...

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Tyranthraxus
12/05/19 4:11:39 PM
#84:


Broseph_Stalin posted...
People need to stop pretending they got taken out of context after they said some stupid shit.


Tyranthraxus posted...
Except millionaires don't hire like that. They hire small amounts of higher paid people.


---
It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha."
https://imgur.com/dQgC4kv
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Broseph_Stalin
12/05/19 4:14:39 PM
#85:


Tyranthraxus posted...


Tyranthraxus posted...
Except millionaires don't hire like that. They hire small amounts of higher paid people.

please explain which of these things millionaires don't spend money on since we're all clearly taking you out of context:

AlephZero posted...
Hire someone to clean my house. Hire someone to mow my lawn. Hire someone to fix my basement. Hire someone to add a second bathroom.


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Tyranthraxus
12/05/19 4:27:48 PM
#86:


Broseph_Stalin posted...
please explain which of these things millionaires don't spend money on since we're all clearly taking you out of context:

The hire smaller amounts of higher paid

AlephZero posted...
someone to clean my castle. someone to mow my private golf course. someone to fix my basement in my 8th house. someone to add a twelfth bathroom


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Letron_James
12/05/19 4:29:42 PM
#87:


I'm glad his neighbor beat his ass tbh.

Him and his cooky dad should just go live in lalaland where they belong

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Broseph_Stalin
12/05/19 4:30:02 PM
#88:


Oh so they hire less people to clean their larger homes, mow their larger lawns and add those 12 bathrooms. You're definitely not making a bad argument here.
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Tyranthraxus
12/05/19 4:31:30 PM
#89:


Broseph_Stalin posted...
Oh so they hire less people to clean their larger homes, mow their larger lawns and add those 12 bathrooms. You're definitely not making a bad argument here.

Millions of students hiring local business owners to do the same thing has a significantly better positive economic effect and helps grow small businesses into large ones.

Edit: more money is exchanged as well since smaller transactions are subject to less taxes

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Broseph_Stalin
12/05/19 4:33:05 PM
#90:


when you inadvertently use trickle down economics to argue for free stuff
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Tmaster148
12/05/19 4:36:20 PM
#91:


Broseph_Stalin posted...
when you inadvertently use trickle down economics to argue for free stuff

I don't think you know what trickle down economics means since Tyranthraxus is suggesting the reverse.

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Tyranthraxus
12/05/19 4:38:46 PM
#92:


Tmaster148 posted...
I don't think you know what trickle down economics means since Tyranthraxus is suggesting the reverse.
It's the same guy who just a few minutes ago saw "hire fewer but higher paid" but read "don't spend anything"

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Broseph_Stalin
12/05/19 4:39:40 PM
#93:


Tmaster148 posted...
I don't think you know what trickle down economics means since Tyranthraxus is suggesting the reverse.

Oh my bad what's it called when we give handouts to richer people and justify it on the assumption that they'll hire poorer people and the wealth will trickle down?
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Tmaster148
12/05/19 4:40:51 PM
#94:


Students are rich people and local businesses owners are poor people?

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Broseph_Stalin
12/05/19 4:40:58 PM
#95:


Tyranthraxus posted...
It's the same guy who just a few minutes ago saw "hire fewer but higher paid" but read "don't spend anything"
you've given absolutely zero data showing millionaires use less service workers than poorer people. that's such a dumb argument to make in the first place.
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#96
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Broseph_Stalin
12/05/19 4:42:59 PM
#97:


Tmaster148 posted...
college graduates are richer than maids?

yeah

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Tmaster148
12/05/19 4:43:53 PM
#98:


You could at least quote what I actually typed and respond to that, but I guess you couldn't move the goalposts that way.

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Broseph_Stalin
12/05/19 4:50:03 PM
#99:


Tmaster148 posted...
You could at least quote what I actually typed and respond to that, but I guess you couldn't move the goalposts that way.
75% of college graduates come from upper or upper middle class households and their median wages are ~20k higher than high school grads (non-monetary compensation gap is even wider) so... yes, they are pretty well off. And you're justifying a handout to them because they'll then hire poorer people like maids.

Trickle down economics is cool when it benefits me :^)
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Tmaster148
12/05/19 4:51:59 PM
#100:


You are going off on some weird tangent no one even said.

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