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Canceling student loans


shoshin

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18 minutes ago, SectionC3 said:

I don’t disagree with you.  The whole thing is ridiculous.  Go to a state school and work your way up and pay off your own loans, like I did.  I have no interest in paying for people who went to Ivy League flunky schools and then realized that they overbought and got stuck and can’t live the life that mommy and daddy gave them and now want a bailout.  Get a second job, cut the cable, buy a used phone, whatever.  A little frugality goes a long way.

 

 I can stomach what Biden did because it will help working people—like with trade school debt—and African Americans who, by and large, don’t get as much family assistance with tuition.  But any more than this is a non-starter for me.  

 

And, on the price of college, I completely agree with the sentiment that it’s a scam and that lenders frequently get caught holding the bag when dumb kids have been gouged by places like Colgate and the University of Phoenix.  But free markets are free markets and, unless those institutions have engaged in a fraud, I don’t believe that the government should cap the cost of higher education. Improve the state systems as needed to make them better and perhaps larger?  Sure.  But if Colgate can get what Colgate charges, as much as I think it’s a rip off, it should be entitled to do so. 

You and I aren’t far off. Where I differ is if you want the government to pay for things then it has to be on a go forward basis. Those that took out loans knew that they were taking them. Why not just refinance the terms to a lower interest rate or a longer term? Better lessons will be learned! 

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2 minutes ago, SoCal Deek said:

You and I aren’t far off. Where I differ is if you want the government to pay for things then it has to be on a go forward basis. Those that took out loans knew that they were taking them. Why not just refinance the terms to a lower interest rate or a longer term? Better lessons will be learned! 

I think you’re right.  I can tolerate what’s happened so far, although I’m not thrilled by it. Your approach (totally reasonable, by the way) is to apply “subsidy” to interest rates, namely, pay the principal but at a lower rate financed in part or guaranteed by the government.  Absolutely a fair way to do it. 

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1 hour ago, SectionC3 said:

Hoax.  I never called you a racist.  Also, instead of beating around the bush with your secret, non-socialistic plan, maybe you could tell us what it is.  Until then, have fun aligning with the commies. 


So Chef Jim Crow is a term of endearment. 
 

And there you go. A good lawyer asks good questions before arriving at a conclusion.  Try it sometime. 

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12 minutes ago, Chef Jim said:


So Chef Jim Crow is a term of endearment. 
 

And there you go. A good lawyer asks good questions before arriving at a conclusion.  Try it sometime. 

 

Hoax.  Chef Jim Crow reflects your support of a racist policy.  It doesn’t mean that you’re a racist, or that I have characterized you as such.  Only you have called yourself a racist.  Kind of like acting like an idiot, but not actually being an idiot.  Something that’s best to be avoided. 

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Went to lunch today with some hard working people. They were talking about saving thousands (One had $24k taken off, the other 32K) and I say good for them! 

 

If we are going to funnel money to Iowa conservatives for ethanol, why not help out the people that improved their human capital and are making this country work. 

 

College grads, the backbone of the nation! 🇺🇸 🕺

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14 minutes ago, Tiberius said:

Went to lunch today with some hard working people. They were talking about saving thousands (One had $24k taken off, the other 32K) and I say good for them! 

 

If we are going to funnel money to Iowa conservatives for ethanol, why not help out the people that improved their human capital and are making this country work. 

 

College grads, the backbone of the nation! 🇺🇸 🕺

 

I "worked pretty hard."

So did my wife.

We worked "pretty hard" as officers in the US military.

We paid back our student loans and never once thought of some way to avoid those promised responsibilities.

 

But, this is the Biden Administration. so I agree.

Let's subsidize an industry that has inflated costs far beyond any economic measure for well over a decade, without any justification or reasonable comparison.

 

Let's remove any promissory note given to the American taxpayer, and say it isn't valid.

Let's allow the American taxpayer to bear the burden of failure to comply with legal promises.

 

Let's do it all to get votes, and far, far away from the Legislative process, which allows our representatives to decide.

What a great day for America!

Edited by sherpa
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2 hours ago, SectionC3 said:

I think you’re right.  I can tolerate what’s happened so far, although I’m not thrilled by it. Your approach (totally reasonable, by the way) is to apply “subsidy” to interest rates, namely, pay the principal but at a lower rate financed in part or guaranteed by the government.  Absolutely a fair way to do it. 

You touched on it up above. If the government wants to reduce the cost of college then subsidize or reduce the cost of PUBLIC universities and colleges. This is exactly what’s done with K12 education. It makes literally zero sense to forgive selective loans.  

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25 minutes ago, Tiberius said:

Went to lunch today with some hard working people. They were talking about saving thousands (One had $24k taken off, the other 32K) and I say good for them! 

 

If we are going to funnel money to Iowa conservatives for ethanol, why not help out the people that improved their human capital and are making this country work. 

 

College grads, the backbone of the nation! 🇺🇸 🕺

I don’t disagree with the point about equity, either.  It gets us all to a difficult conversation about what should and should not be subsidized.  
 

I think Deek hits on a good plan for the college issue — apply the subsidy to funding of public college education, rather than to outright forgiveness (I acknowledge that the forgiveness may operate more on interest than in principal).  On the flip side, I don’t want to hear “conservative” farmers whining about socialism when they’re the take on their own right.  I’m totally with you there. 

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I've heard left-supporting people cry about how Bush and Congress "gave away" 700 Billion to auto, banks and housing through the TARP program so why not student loans?

 

https://www.thebalance.com/tarp-bailout-program-3305895

 

"Why TARP Didn't Cost Taxpayers

As of 2018, TARP didn't cost the taxpayers anything. Instead, the Treasury received $3 billion more than the $439.6 billion it disbursed. Of that, $376.4 billion was repaid by the banks, auto companies, and AIG.

The U.S. Treasury made a profit of $66.2 billion from these companies because it bought shares of the companies when prices were low and sold them when prices were high. The Treasury made $5 billion on its TARP fund investment in AIG alone.8

The programs targeted to help homeowners allocated $37.4 billion. As of September 2018, they spent $27.9 billion. These funds were never meant to be repaid.

The TARP program quickly turned around the banking industry. In May 2009, Fed Chair Ben Bernanke said that the results of the banking system's "stress tests" were encouraging. The tests found that nine of the country's 19 largest banks did not need to raise additional capital, nor did they need to offset future write-downs of the toxic mortgage-backed securities.

 

In fiscal year 2010, the banks paid back $110 billion and another $38 billion in FY 2011. TARP provided a surplus to the budget in those two years as banks paid back the bailout."

 

Sadly many Dems (especially far left) will never understand the difference between giving away free money and alleviating financial burden/crisis but with accountability.

 

They could have done so much with reducing/eliminating interest rates early in the loan then raising them every two years.  Keeping the rate low for reliable payments, setting up a public service projects volunteer program that goes towards reducing ed. loan debt without having to be hired in to the sector.  Empower people, you left wing idiots.

 

Wait till DOE loan payments start again next year and the faux morons will start crying because they didn't realize interest continued to accrue during the moratorium.

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3 hours ago, SectionC3 said:

I don’t disagree with you.  The whole thing is ridiculous.  Go to a state school and work your way up and pay off your own loans, like I did.  I have no interest in paying for people who went to Ivy League flunky schools and then realized that they overbought and got stuck and can’t live the life that mommy and daddy gave them and now want a bailout.  Get a second job, cut the cable, buy a used phone, whatever.  A little frugality goes a long way.

 

 I can stomach what Biden did because it will help working people—like with trade school debt—and African Americans who, by and large, don’t get as much family assistance with tuition.  But any more than this is a non-starter for me.  

 

And, on the price of college, I completely agree with the sentiment that it’s a scam and that lenders frequently get caught holding the bag when dumb kids have been gouged by places like Colgate and the University of Phoenix.  But free markets are free markets and, unless those institutions have engaged in a fraud, I don’t believe that the government should cap the cost of higher education. Improve the state systems as needed to make them better and perhaps larger?  Sure.  But if Colgate can get what Colgate charges, as much as I think it’s a rip off, it should be entitled to do so. 

Well, the for-profits do engage in a fraud that is very hard to prove.  They target inner-city and economically disadvantaged kids who don't have the education and study habits to be successful at college.  But they sell them the hope of a college education and string them along for a year or two to get the max federal loans and when they inevitably flunk out, the school has our taxpayer money and the former students all the debt.

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2 hours ago, SectionC3 said:

 

Hoax.  Chef Jim Crow reflects your support of a racist policy.  It doesn’t mean that you’re a racist, or that I have characterized you as such.  Only you have called yourself a racist.  Kind of like acting like an idiot, but not actually being an idiot.  Something that’s best to be avoided. 

 

I supported the GA voter bill?  My contention the whole time was it was not based in racism which you were never able to "prove" that it was. 

 

As I've stated before counselor.  You really suck at this.

 

Carry on Hoaxmeister.

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30 minutes ago, Chef Jim said:

 

I supported the GA voter bill?  My contention the whole time was it was not based in racism which you were never able to "prove" that it was. 

 

As I've stated before counselor.  You really suck at this.

 

Carry on Hoaxmeister.

Hoax.  You supported the Georgia bill. Probably now support the Georgia law.   Denying people standing in line to vote the “privilege” of water.  Sick. 

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3 minutes ago, SectionC3 said:

Hoax.  You supported the Georgia bill. Probably now support the Georgia law.   Denying people standing in line to vote the “privilege” of water.  Sick. 


I have a question for you.  Does the bill state which race of people would be denied water?   
 

I assume, based on your logic, buses and subways are often racists.  
 

Sucking big time Hoaxman.  

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1 hour ago, sherpa said:

 

I "worked pretty hard."

So did my wife.

We worked "pretty hard" as officers in the US military.

We paid back our student loans and never once thought of some way to avoid those promised responsibilities.

 

But, this is the Biden Administration. so I agree.

Let's subsidize an industry that has inflated costs far beyond any economic measure for well over a decade, without any justification or reasonable comparison.

 

Let's remove any promissory note given to the American taxpayer, and say it isn't valid.

Let's allow the American taxpayer to bear the burden of failure to comply with legal promises.

 

Let's do it all to get votes, and far, far away from the Legislative process, which allows our representatives to decide.

What a great day for America!

So basically this is the end pf the world as we knew it :(

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1 hour ago, Tiberius said:

Went to lunch today with some hard working people. They were talking about saving thousands (One had $24k taken off, the other 32K) and I say good for them! 

 

If we are going to funnel money to Iowa conservatives for ethanol, why not help out the people that improved their human capital and are making this country work. 

 

College grads, the backbone of the nation! 🇺🇸 🕺

Hard working folks take loans.

Hard working folks prefer not to pay the loans.

Hard working folks catch the break thrown their way by Presidential intervention. 

Hard working folks immediately celebrate emancipation from obligation with booze-fueled over-priced lunch with liberal hipster friend. 

 

 

Just listening to their story, it's like 1929 all over again. 

 

#thestruggleisreal 

 

 

Edited by leh-nerd skin-erd
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1 minute ago, leh-nerd skin-erd said:

 

Hard working folks take loans.

Hard working folks prefer not to pay the loans.

Hard working folks catch the break thrown their way by Presidential intervention. 

Hard working folks immediately celebrate emancipation from obligation with booze-fueled over-priced lunch with liberal hipster friend. 

 

 

Just listening to their story, it's like 1929 all over again. 

 

#thestruggleisreal 

 

 

Oh ya! 1929 again. I guess since Obamacare didn't end the world...yet...this is the new hobgoblin of the nutty right 

 

 

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19 minutes ago, Tiberius said:

So basically this is the end pf the world as we knew it :(

 

Not sure what this really means.

No surprise there.

 

Sticking debt to the American taxpayer is common.

 

Doing it in an industry that has absolutely no justification for it's out of economic reality inflation based on any measurable quant is nothing more than vote buying outside of the legislative process.

 

It's a disgraceful bribe that we are paying for, and nothing more.

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5 hours ago, SoCal Deek said:

Thanks Chef! I’m having a blast. I now get to do what I want to do and only when I want do it. May be heading out your way for the weekend. A few days in the pool sounds great! 😎


Great time to head to the desert.  Shouldn’t be too hot. 😂😂😂

 

People think I’m crazy.  I live outside. I’m outside now and we’re hitting 115-120 today. 

I’m 

I have the ideal situation. I work “full time” two months a year and the other 10 I’m available if needed which is pretty much never.  Gives me a decent amount of additional spending money most of which goes to our travel budget.  2 weeks booked in the British Virgin Islands for next year and that’s only half the budget. 
 

 

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30 minutes ago, Tiberius said:

Oh ya! 1929 again. I guess since Obamacare didn't end the world...yet...this is the new hobgoblin of the nutty right 

 

 

Nothing has ended the world, Tibs, yet you opine as much as anyone.  I'm just glad you and your friends got out of the coal mine for lunch.  

 

Btw--I'm not certain is REM took the PPP loan option or not.  I'll do some digging. 

 

https://variety.com/2020/biz/news/guns-n-roses-eagles-pearl-jam-ppp-loans-1234700398/

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30 minutes ago, sherpa said:

 

Not sure what this really means.

No surprise there.

 

Sticking debt to the American taxpayer is common.

 

Doing it in an industry that has absolutely no justification for it's out of economic reality inflation based on any measurable quant is nothing more than vote buying outside of the legislative process.

 

It's a disgraceful bribe that we are paying for, and nothing more.

You are saying higher education has no justification something, something...huh? 

11 minutes ago, leh-nerd skin-erd said:

Nothing has ended the world, Tibs, yet you opine as much as anyone.  I'm just glad you and your friends got out of the coal mine for lunch.  

 

Btw--I'm not certain is REM took the PPP loan option or not.  I'll do some digging. 

 

https://variety.com/2020/biz/news/guns-n-roses-eagles-pearl-jam-ppp-loans-1234700398/

But your 1929 reference? Like we are about to fall off a cliff. 

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5 minutes ago, Tiberius said:
6 minutes ago, Tiberius said:

You are saying higher education has no justification something, something...huh? 

 

 

 

Maybe you are simply not capable of interpreting what is said.

Actually, I am quite certain you are not, but no surprise there.

What I am sayin is that there is no reasonable economic metric that justifies the escalating cost of college cost.

Not CPI, inflation rate,GDP.

Nothing.

 

It is simply because people are willing to pay ridiculous costs for it.

 

That burden is a decision, and should not be the US taxpayer's debt.

Placing it on the taxpayer is nothing more than bribing a demographic, and again, for the third time, should have been a decision made by our legislative branch.

 

This man is doing nothing more than trying to buy an election.

 

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41 minutes ago, Tiberius said:

You are saying higher education has no justification something, something...huh? 

But your 1929 reference? Like we are about to fall off a cliff. 

You must see the glass as half empty.  When considered as a whole, the equities market has offered opportunities in abundance since 1929. The world didn’t end then, either! 

 

What I’m saying is for your friends, the low water mark (1929) was when they were besieged with debt that was clearly beyond their control.  Now that the obligation has been neutralized, they can push forward and use the savings on expenditures important to them.  

 

It won’t happen overnight, of course, and it will at times be a struggle.  Maybe the newest iPhone is delayed or out of stock.  Maybe their favorite restaurant is booked.  Maybe they want a BMW but have to settle for a Kia.  
 

All I know is they are Survivors and #studentloanstrong. 
 

 

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27 minutes ago, leh-nerd skin-erd said:

You must see the glass as half empty.  When considered as a whole, the equities market has offered opportunities in abundance since 1929. The world didn’t end then, either! 

 

What I’m saying is for your friends, the low water mark (1929) was when they were besieged with debt that was clearly beyond their control.  Now that the obligation has been neutralized, they can push forward and use the savings on expenditures important to them.  

 

It won’t happen overnight, of course, and it will at times be a struggle.  Maybe the newest iPhone is delayed or out of stock.  Maybe their favorite restaurant is booked.  Maybe they want a BMW but have to settle for a Kia.  
 

All I know is they are Survivors and #studentloanstrong. 
 

 

 

That $100 a month less in student loan payments is a savior. :rolleyes:

 

Vote pandering at its best.  

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43 minutes ago, Chef Jim said:

 

That $100 a month less in student loan payments is a savior. :rolleyes:

 

Vote pandering at its best.  

$100 a month x 2 x 12 x 35 years @ __%…If Tibsy’s friends don’t turn into chubby winos getting their lunch drank on regularly, they can make some headway here. They can probably save up enough to pay a lawyer if they get in  another financial pickle down the road. 

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8 minutes ago, leh-nerd skin-erd said:

$100 a month x 2 x 12 x 35 years @ __%…If Tibsy’s friends don’t turn into chubby winos getting their lunch drank on regularly, they can make some headway here. They can probably save up enough to pay a lawyer if they get in  another financial pickle down the road. 

 

Here's the dumb thing.  The monthly forgiveness is not going to give them any "breathing room".  It's just going to be spent.  So they either spend it paying their loan down or buying lattes and avocado toast.  Then here comes the "great!  Their spending will help the economy!" crowd.   Well hate to break it to you folks but the thing that messes the economy up the most in not recessions.  It's inflation.  And adding more $$ to the deficit will likely increase inflation.  I used to fear death.  Now I welcome it. Take me away from the ignoramuses.  

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4 hours ago, GaryPinC said:

Well, the for-profits do engage in a fraud that is very hard to prove.  They target inner-city and economically disadvantaged kids who don't have the education and study habits to be successful at college.  But they sell them the hope of a college education and string them along for a year or two to get the max federal loans and when they inevitably flunk out, the school has our taxpayer money and the former students all the debt.

They ‘target’ the specifically? Everyone targets everyone. Do you think Mastercard isn’t targeting you with their commercials offering cash rewards? Everything isn’t about the inner city! It’s just not.

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1 hour ago, SoCal Deek said:

They ‘target’ the specifically? Everyone targets everyone. Do you think Mastercard isn’t targeting you with their commercials offering cash rewards? Everything isn’t about the inner city! It’s just not.

https://en.wikipedia.org/wiki/Sanford–Brown   I saw the recruiting focus documents from someone I know who worked here in Cleveland for Sanford Brown.  They don't care about your grades, disadvantaged kids from the Cleveland school district were perfect because they want a better life and when most of them failed they left and carried on the best they could.  The school expected them to fail and got as much federal money for them until they left.  They executed a version of a Ponzi scheme where they had goals/quotas for new students specifically from the Cleveland district.

 

Was that the only students that went there?  No, but it was most definitely a focus.

 

If you could open your mind and look beyond your Wight Wing Wetard, you'd realize their approach made a certain amount of sense.  I would guess that's why the   loans of students from these types of schools were the first to be forgiven.  Many of these schools are just money making scams.  Even if you get through their program, the quality of the education is poor and doesn't translate well to further education nor the workforce.

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1 hour ago, GaryPinC said:

https://en.wikipedia.org/wiki/Sanford–Brown   I saw the recruiting focus documents from someone I know who worked here in Cleveland for Sanford Brown.  They don't care about your grades, disadvantaged kids from the Cleveland school district were perfect because they want a better life and when most of them failed they left and carried on the best they could.  The school expected them to fail and got as much federal money for them until they left.  They executed a version of a Ponzi scheme where they had goals/quotas for new students specifically from the Cleveland district.

 

Was that the only students that went there?  No, but it was most definitely a focus.

 

If you could open your mind and look beyond your Wight Wing Wetard, you'd realize their approach made a certain amount of sense.  I would guess that's why the   loans of students from these types of schools were the first to be forgiven.  Many of these schools are just money making scams.  Even if you get through their program, the quality of the education is poor and doesn't translate well to further education nor the workforce.


Wait whut??? All these decades of easy federal money lobbed into the student loan machine had unintended consequences?????   🤯 

Edited by Over 29 years of fanhood
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12 hours ago, GaryPinC said:

https://en.wikipedia.org/wiki/Sanford–Brown   I saw the recruiting focus documents from someone I know who worked here in Cleveland for Sanford Brown.  They don't care about your grades, disadvantaged kids from the Cleveland school district were perfect because they want a better life and when most of them failed they left and carried on the best they could.  The school expected them to fail and got as much federal money for them until they left.  They executed a version of a Ponzi scheme where they had goals/quotas for new students specifically from the Cleveland district.

 

Was that the only students that went there?  No, but it was most definitely a focus.

 

If you could open your mind and look beyond your Wight Wing Wetard, you'd realize their approach made a certain amount of sense.  I would guess that's why the   loans of students from these types of schools were the first to be forgiven.  Many of these schools are just money making scams.  Even if you get through their program, the quality of the education is poor and doesn't translate well to further education nor the workforce.

I think you misunderstood my response. I am not at all shocked that a money making school is trying to …make money. The problem isn’t the school! The root cause of this is the access to cheap money. The government keeps getting burned by this brand of empathetic thinking time and time again. It’s what eventually resulted in a the housing mortgage crisis. 

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This is a habit for Biden.

 

He can make as many saccharine speeches about the rule of law as he likes, but it won’t change the fact that has repeatedly issued spectacularly illegal orders, and then cynically blamed the courts when those spectacularly illegal orders were rejected.

 

 

.

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6 hours ago, B-Man said:

 

 

 

 

This is a habit for Biden.

 

He can make as many saccharine speeches about the rule of law as he likes, but it won’t change the fact that has repeatedly issued spectacularly illegal orders, and then cynically blamed the courts when those spectacularly illegal orders were rejected.

 

 

.


Even if this is true Dems come out on top. Again, loser mentality from the GOP. 

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8 minutes ago, LeviF said:


Even if this is true Dems come out on top. Again, loser mentality from the GOP. 

 

Maybe we allow the legislative branch to strap the taxpayers with a mega expensive bill.

Strange?

That's the way its supposed to work, but I doubt Biden understands any of this normal governmental procedure.

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9 hours ago, BillStime said:

Classic

 

 

You could literally post this sort of thing a hundred times a week. There are all sorts of things being funded in Washington. These particular two are completely unrelated. Not sure how in the world this is in any way  ‘classic’….as you defined it.

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16 minutes ago, SoCal Deek said:

You could literally post this sort of thing a hundred times a week. There are all sorts of things being funded in Washington. These particular two are completely unrelated. Not sure how in the world this is in any way  ‘classic’….as you defined it.


But why do my tax dollars have to go to Mississippi? I’ll never have to drink their water.  Can’t their own residents pay for this?


I pay my taxes and have good drinking water.

 

Isn’t that the mantra we are supposed to preach per the cult?

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53 minutes ago, sherpa said:

 

Maybe we allow the legislative branch to strap the taxpayers with a mega expensive bill.

Strange?

That's the way its supposed to work, but I doubt Biden understands any of this normal governmental procedure.


How many votes do you think this line turns red in November? In 2024?

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14 hours ago, BillStime said:


But why do my tax dollars have to go to Mississippi? I’ll never have to drink their water.  Can’t their own residents pay for this?


I pay my taxes and have good drinking water.

 

Isn’t that the mantra we are supposed to preach per the cult?

 

What happened to that trillion dollar infrastructure bill? Surely there's money in that for this sort of project.

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