President Biden announced that he will extend the moratorium on paying student loans again--this time until August. That means if you have a student loan, you don’t have to make any payments until August. Payments have already been suspended for the past 2 years due to Covid, but this has to be one of the most brazen political payoffs ever attempted and it’s one that insults the intelligence of the American voters, even the ones who went out and borrowed $150,000 for an education that will land them a job that pays $40,000 a year.
Here's the head-scratcher: Biden and all his team tell us every day what a great job he’s done with the economy. We are told our economy is in great shape and has recovered swimmingly well. But it sure doesn’t feel that way to families buying gasoline or groceries, much less trying to buy a car or clothing. But if the economy is doing as great as Joe Biden says, then there is no need to extend the moratorium. Somebody is selling us a Whopper by either saying the economy is going great when it isn’t or by telling us that the economy is so bad we have to let people off the hook for the loans they took out.
But Democrats actually want to do more than suspend the payments—they want all student loans to be wiped out. That would cost you the taxpayer $1.7 TRILLION dollars, but heck, it might buy off some very gullible people who would vote for Democrats for giving them free money. I say that if you’re going to wipe out student loans, why stop there? Why not wipe out home loans, car loans, home improvement loans, and credit card debt. And for those of us who paid off our debts? Clearly we are the suckers who would now get to pay off the debts of the people who didn’t pay theirs.
This isn’t about “caring” or being “compassionate.” If the government wants to allow people to restructure the terms or interest rate, that’s just fine. But to arbitrarily erase a loan for people who aren’t paying what THEY agreed to is just plain nuts.
I feel for young people who took out huge loans for an overpriced education instead of carefully determining if the cost of that education was worth it. Maybe it would have been smarter to go to a community college. And will this apply only to college? That wouldn’t be fair for the people who paid to be trained as plumbers, electricians, welders, brick masons, or finish carpenters. Frankly we need a lot more skilled labor who can fix and build things than we need people who sit around Starbucks thinking deep thoughts and drinking 5 dollar coffee.
If you take out a loan—any kind of loan--it’s YOUR responsibility to pay it back. If you later encounter a catastrophic health issue or you serve in the military, then maybe there would be a way to help you out. But just to wipe out the debt of someone who as my mother used to say had a “Champagne appetite and a Coca-Cola pocketbook” and bought something they couldn’t afford to pay for whether it was a new truck, a big house, designer clothes, or an Ivy League education is hardly the way to teach responsibility.
And if the government decides to pay off the debts for those who failed to make payments, then will it send a check to us suckers who paid for our education as we went and worked our rear-ends off to do it?
If you honestly think erasing all the student loans in the country is a great idea, you probably are going to vote for Democrats anyway. But I’m sure you won’t mind if people who owe YOU money for something won’t be expected to actually pay you for it. Nah—if you run a business and your customers owe you, just wipe it out. Forgive their debts and obligations. And then come back and tell me how great it is to be a liberal Democrat!