President elect Joe Biden has promised to do something with student loan debt. He is under tremendous pressure from the Socialist/Communists to take action immediately upon taking office. Student loan debt is a huge sum of money that is growing daily. Current estimates of amount owed by students is $1.7 Trillion. This number is up from $250 Billion in 2003, so in 17 years it has increased by some 700%.
The Socialist/Communists are demanding an immediate and simple solution to student loans; write the debt off! Another example of the Socialist/Communists rewarding bad decisions and in some cases bad behavior as well. I have seen numerous examples of students using loan to purchase automobiles, vacationing, loaning to friends for their use, etc. etc. The cries about students being targeted by for-profit schools marketing diplomas of questionable value ring hollow. Those who choose these schools have perhaps made a bad decision, but that is their choice and they should be held responsible. I don’t see any move toward forgiving auto loans, mortgages, property taxes, income tax, and all the other fees, licenses, etc that our government collects from taxpayers just because a bad decision may have been made. Where is our bloated Federal government who insists on being involved in each and every undertaking of the American people? Shouldn’t they be pointing out these questionable schools to all? So a student makes a horrible decision borrows 10’s of thousands, sometimes 100’s of thousands to attend college. How many graduate? Doesn’t matter that they waste, purchase automobiles, vacation, loan to others; government will reward all with loan forgiveness. So taxpayers will be held responsible for these terrible decisions adding to our already huge debt of over $29+ Trillion. Only bad decisions rewarded, more on this a little later.
There is no consideration in the Socialist/Communist forgiveness plan for the parents who have paid for their students education through hard work and savings, or who have borrowed money on their home equity to send their student(s) to school. Likewise for the parent(s) who worked two jobs in order to pay for education. How about the student who attends college or junior college all the while working either part time or full time to pay for their college, so they do not have to borrow? Those who made good decisions unlike most of the groups targeted by the Socialist/Communist are left out in the cold as they continue to buy votes with taxpayer money. There is nothing in the plan for good decisions, hard work, and providing what our children need.
While the Socialist/Communist continue to make winners out of losers, reward bad decisions, we taxpayers are footing the bill. The takers now outnumber the givers. We are becoming more “entitled” everyday. Recently a young person related this story to me. At some point one of the proposals was to forgive $10,000 in student loan to every student who had taken out a loan. Students wanted no part of this, want all loans totally forgiven.
Scary, you bet! As I have said many times Socialism/Communism has not worked in any country it has been tried, so looks like despite all this America is positioning itself to be the next test!