Contrary to what Gary Horton would have us believe (Aug. 31), the motivation behind the Democrats and Joe Biden’s student loan debt relief plan had very little to do with student loan debt relief. It was pandering, vote buying, in its purest form.
Was the bailout even necessary? Unemployment among college graduates is at a near record low, around 2%. College graduates also make, on average, a million dollars more of earned income over lifetimes than their non-college graduate counterparts. Furthermore, only about 8% account for nearly 40% percent of the $1.7 trillion in student loan debt. Of those, many are doctors and lawyers, high wage earners, who will, more than likely, be able to comfortably pay down their student loans. Why can’t a working couple making up to $250,000 per year pay off their student loans? Joe Biden doesn’t think so.
Where’s the “fairness” as progressives are so quick to trumpet, in burdening working blue-collar families, who never had the benefit of a college education, or those of us who scrimped and saved to pay for our own educations or those of our children, to attend college, to pay off the student loans of others, many of whom are the children of the liberal elite?
Furthermore, there are currently no limits to federal advanced degree student loans. Nor are there any requirements for colleges to have any financial skin in the game, to ensure that their graduates have an education that can guarantee some form of economic success when they graduate. Case in point: Only about half of all college graduates are working in jobs that require a four-year degree. How many more college-educated baristas do we need? How many more AOC’s do we need to tend bar?
At a cost of $300 billion, Biden’s plan will cancel $10,000 in debt for borrowers who make less than $125,000 this year and an additional $330 billion over the next 10 years. So much for the left’s war on inflation.
Going into the midterm elections, look for more vote-buying and pandering from the left. Reparations, anyone?