Monday, March 17, 2014:
Day of Rest
Slept poorly last night, thinking about going to the dentist before bed. Woke up around 1:45am, stayed up til nearly 3:30am. Got up for work at 6:00am... Does not make for a good day (or mood) of training. I guess since I got in five days last week, I can do with an extra day off this week(?). Stressing over income taxes, and the most recent budget proposal from Obama, which could utterly wreck my finances with respect to my monthly student loan payments. If you are an American, with any significant student debt, and paying under the Income Based Repayment ("IBR") program, I would highly recommend you phone your Congress-person, and plead with them to strike down the proposed budget - or at least the part affecting the IBR program.
In just a few words: the proposed budget aims to force married borrowers to combine their income in order to determine their monthly payments; whereas, currently, they may be considered separately. Not only will this increase your overall monthly payment, but it will also negatively affect your ability to finance other "life events" like buying a house, car, having a baby, etc. The proposed budget fundamentally destroys the aim of the IBR program itself, which was to enable fair management of often massive debt, and enable economic stability and recovery by allowing borrowers to pay off their debt, as well as to stimulate the economy by being able to also purchase a home.
In addition to this development, and other facets, the budget seeks to place a cap on forgiveness of loan balances for those working in (low paying) public air jobs, under the Public Service Loan Forgiveness Program. Therein, the budget would cap the amount which may be forgiven at the end of the borrower's IBR term (typically 10 years) at $57,000.00. For many people, myself included, this could mean that I would be slapped with having to pay taxes on approximately $150,000.00 of "earned" income in that particular year. This would have the effect of falsely increasing my income, and putting me, and thousands of others, into further debt - directly with the IRS. Many people went to school, and incurred this debt, based on their expectation of forgiveness - AND - in exchange, have taken otherwise high earning degrees, and applied them for the public good - at a fraction of their worth.
I was a fan of Obama, until now. This is absolutely egregious, and placates to his corporate masters. The end run will not only serve to diminish America's recovery, by: (1) forcing new debt; (2) prohibiting stimulation through purchase of millions of foreclosed homes; (3) cause mass exodus from desirable government, and public aid focused jobs; (4) flood the already saturated private job sector; and (5) cause private employers to advantageously lower wages, due to heightened supply of workers, and current demand.
In short, this is placing a bubble, on top of the already strained student loan bubble. Not to mention, accelerating the rate under which the Federal Government earns profits from student loans; which they came in at over $40 BILLION in 2013. There are only two private companies who exceeded this figure for profits: Exxon Mobil, and Apple.
The Federal Government should not be in competition with private, for profit, organizations in the race for top earnings!
My Training Blog: http://veganbodybuilding.com/forum/viewtopic.php?f=24&t=35725