Patricia Suzanne | Why should my family pay your student loan?
Well, we are all effectively closed for the holidays. Can also spend some time reviewing the family income tax table before the end of 2020. You can’t be more festive than that, can you?
No one wants to think about taxes, especially these days. But at a broader level, the subject is worth discussing when it comes to our government’s spending habits. Regardless of your political affiliation, you will probably find it easy to name a variety of questionable federal projects or programs. If you haven’t thought about it, Citizens Against Government Waste (www.cagw.org) is a wake-up call.
No doubt elected officials are busy, as usual, inventing new ways to spend your money.
In June, Senator Bernie Sanders introduced a bill to write off all student debt. All $ 1.3 trillion.
This feeling has been picked up by the senses. Chuck Schumer and Elizabeth Warren, as well as representatives Alexandria Ocasio-Cortez, Ayanna Pressley and other members of “The Squad”.
They do this when anyone with half a brain knows that debt elimination is neither magic nor free. You and I will be forced to pay back these loans… in the form of a tax hike. Frankly, I didn’t sign a promissory note for someone else’s college loan. Have you?
Pressley wants to write off student loan debt, up to $ 50,000 per person.
“This will go a long way in ensuring a fair economic recovery,” she said, adding that this debt is also a matter of racial justice.
What does this have to do with race? Are black and brown students more in debt than white or Asian students? Would a white man with a Harvard Law degree who now earns $ 200,000 a year be denied a stay on his student loan because of the color of his skin? Will low-income Blacks and Maroons ask for an exemption on their tax returns so that THEIR dollars cannot be used to pay for this inherently discriminatory regime?
A large percentage of high-value student loans are for graduate degrees – law school, medical school, etc. But think about the earning potential there. High undergraduate debt is often the result of a deliberate choice to attend an expensive private college rather than a more affordable public school. In addition, many students of truly modest means are already receiving significant financial assistance, largely from government sources.
Are you in debt? A mortgage, maybe? An auto loan, a personal loan, an overdue credit card balance or two? Why is THIS debt less worthy of government largesse?
Think about the number of elected officials who would benefit from the elimination of student debt. According to financial information released last year (publicly available), 59 current members of Congress, including three members of The Squad – Ocasio-Cortez, Ilhan Omar and Rashida Tlaib – have student loan debt. The total owed, collectively, is approximately $ 5.8 million! If a bill to erase this were to be passed, would they recuse themselves? Do not hold your breath.
It makes no sense to expect someone else to pay off a loan that you have voluntarily accepted. Relaxed policies for such debt in the first place allowed students to borrow money not only for books and tuition, but also for living expenses – housing, meals, transportation and more – which made it easier to get through university while reducing finances. . Gee, now Bernie wants MY family to pay for your several years of apartment rent? I do not think so!
Forgiving this kind of debt is a slap in the face for those who have saved up for college, lived at home, and found a job. Not to mention the students who paid off their loan (s), those who chose to attend cheaper schools, and others who simply opted for careers without a degree. I was in debt when I finished my studies. I paid it and never got anybody else’s money.
And what about the universities that received all this money?
Isn’t that some kind of inherent promise that if you get a college degree you’ll get a more lucrative job? Graduate workers are among the highest paid in the economy. So if they are now struggling to repay their loan, why shouldn’t their alma mater participate?
Harvard University has an endowment fund of $ 41 billion. (By the way, they still charge all tuition fees for online learning!) With such a large endowment fund, have they considered covering some of the debt incurred by students graduating from their august university? Same question at Yale, Princeton, Stanford, MIT and a few wealthy public schools like the universities of Chicago, Michigan, Pennsylvania and Texas.
And one last question – why would the Democratic Party, which has always promoted itself as the party of the working class, now come up with proposals that would cause its supporters to lose senior loans? The answer is (drumbeat) – the important party members these days are wealthy – Silicon Valley, Hollywood, Big Pharma, etc.
If you don’t believe it, check their list of donors for the current election.
Patricia Suzanne is a professional writer, retired small business owner and conservative Republican activist. She was born and raised in the former Golden State of California, now a land of desperation and decay for all but the elite leftist Democrats and their cronies.