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April 15, 2022

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!

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Comments 1-2 of 2

  • Dennis Price

    04/17/2022 11:45 PM

    I keep hearing about the Democrat plans to buy votes by eliminating student debts. Once again that just further encourages people not to accept responsibility for bad choices. As a college graduate whose parents worked hard and saved money to help pay for my college in addition to my working full time jobs, I understand how much college can cost. I object to giving students a free ride for a degree that will not yield a decent job or are in school just to party. I graduated without any education debt, why should I or my children pay off their debts.

    Instead, if they have incurred debt, why not provide graduates with an incentive for responsible choices such as offering tax breaks to corporations who would match (or even make) their payments in return for gainful employment just like they do 401Ks. Surely they could get bipartisan support from our Congress. It’s what some people call a compromise. You know, like what our representatives used to do back in the good old days.

  • Charles Chadwick

    04/15/2022 01:44 PM

    I agree with this article. If they forgive student loans We would have people who did not go to college pay the taxes to forgive students who chose to go to college.

    Just like the bailout of companies in 2008 we are paying for it through taxes. The federal government financed this college adventure. If they cancelled it then everybody pays for it through taxes.

    Student loans discussions are interesting these days. I hear and see more emotions/opinions than facts are being displayed. The bottom line is student loans are an ASSET. The news will not tell the facts. As long as a student is alive the government KNOWS they are able and capable to make a payment.

    Also, the taxes that could be generated by a student trying to pay off their loans is a greater asset ???????????? than to forgive the loan!

    We bail out companies/corporations why? These institutions provide jobs and employment ( students works pay taxes and generate money to make payments).

    Why would the government bailout a gold mine? Debt = real money ??

    I know it’s hard for some students , but I wish the media would tell more FACTS. I paid back my student loans and my goal is to help others see the facts. If they were to forgive I would want my money back far as equality.

    People don’t want equality these days they want equity. Equality means each individual or group of people is given the same resources or opportunities. Equity recognizes that each person has different circumstances and allocates the exact resources and opportunities needed to reach an equal outcome.

    Please see video I explain in details