It’s not debt forgiveness — it’s debt transference to YOU (Opinion)
The President on Wednesday announced the Federal Government will "forgive" federal $10K of student loan debts for people who make under $125K a year. Although Democrat House Speaker Nancy Pelosi correctly said last year that the President does not have the authority to do that, only Congress does. That minor detail can be circumvented by calling this an emergency under COVID.
Well, that's why debt repayment was delayed for the last two years. However, wiping out the debt is way out of bounds, not to mention unfair, immoral, unethical, nonsensical and counterproductive.
It's counterproductive because it will add to inflation, which is already at staggering high levels, and will almost automatically lead to rising prices of these majority worthless college degrees. It's transferring the debt from people who took out those loans to people who did not at a cost of $300 billion.
Whenever government subsidies anything, as it already does with higher education, the cost goes up.
That doesn't matter to this administration, because the majority of his base has many of these useless degrees, which weren't worth the money and they're all for it.
If this seems like a blatant attempt to buy votes in an all-important midterm election year, you've just earned an A+ in common sense. Lots of people with common sense chose not to go to college or paid to go to a trade school or chose to do it inexpensively or pay off their loans like they promised to. This move just transfers the debt to those people.
What about all of those people who made sacrifices or had the good sense to know it was not worth the money and opted out of college? They get screwed and it sends the wrong message to society. Why play by the rules with debt, with theft, with anything that makes a solid stable society work.
Hey Joe...my car loan "identifies" as a student loan. So, can I stop making payments on my Toyota with 144K miles? The same one I drive to work every day to pay my high taxes? I'll wait for your answer.
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Dennis Malloy only.
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