The student debt problem remains, but there are always options. Senator Bernie Sanders, I-Vt., Reps. Alexandria Ocasio-Cortez, D-N.Y., Maxine Waters, D-Calif. and Senator Elizabeth Warren, like spoiled children who can’t get what they want the fair and proven legislative way, will create a workaround. The aforementioned representatives are suggesting, or, even insisting, that President Biden achieve what they cannot accomplish via legislation by issuing an executive order relieving millions from their student debt. An executive order would be a great boon (in the way of votes) for the Democrats who pushed for it. Look for such a move close to the election, where it will be firmly in the minds of voters.
To quote Senator Elizabeth Warren: “Student loan debt is crushing millions, especially during this pandemic. It’s an anchor dragging down our struggling economy.” So adding trillions to the government debt will be a good economic move?
President Biden suspended student loan payments from March of 2020 to May of 2022, so if no student loans were paid for all of those months, how would they be dragging down our economy? Many of the debtors are using what they would have paid on their student loans to become stock day-traders, and pay off other debts. A nice try by Warren, but the facts deny her rhetoric (as if that was something new.) How can money not being collected and left as spendable cash to the debtors drag down a struggling economy? The pause in payments has cost the taxpayers 100 billion dollars so far, according to The Wall Street Journal. Now, if they could just suspend mortgage and car payments, think about what that could do for the economy. We probably shouldn’t give them ideas like that.
There are many people who paid for their college education, and, of course, those “rubes” who sacrificed and paid for their college education will get a big fat nothing from all of this. While the government officials think that they’re helping the poor, consider this: What about the students who took out loans and then went to graduate or professional schools, such as medical school or law school? In another attempt to help the poor, the forgiving of college debt will, in fact, help the high-wage earners who took out college loans and entered lucrative professions.
Once again, mistaken government intentions (created by representatives seeking re-election) will help the rich get richer. Giving away hard-earned citizen money to the wealthy gentrified class is nothing new to American politicians, and a pessimistic viewpoint would suggest that they already know that lots of wealthy citizens will reap the benefits of not paying for what made them wealthy. If those affluent Americans pay back any of their undeserved windfall, it will likely be campaign money to the representatives mentioned in the first paragraph. That’s the Democrats, always claiming to help the poor, while actually enriching the well-heeled gentry who help the poor. It’s the “trickle down” theory, don’t you know.
The forgiving of college debt will, in fact, help the high-wage earners…
All of the students, and their parents, who sacrificed new cars, vacations, nice clothes, dinners out, nicer homes, worked second jobs, who lived on ramen noodles and Kool-aid, (or Beefaroni and near-beer on holidays) get nothing. Well, perhaps a thank-you from the members of the U.S. Congress, who, by the way, are getting wealthy from stock market trades that the average citizen can’t obtain. All the while, the U.S. national debt gets higher, with no end in sight. The working-class citizens who didn’t get to go to college will have the privilege of paying for the education of those who attended college, went on Spring Break, took summers off, attended frat parties, and are now their bosses making more money than their blue-collar subordinates. Life isn’t fair, and some Democrats intend to keep it that way.
In all of this insanity, there is alternative plan, which will create a much fairer and balanced (love that term) result. All of the citizens who made the sacrifices for an education and didn’t get any money, have an option. If the government insists that those who racked up college bills don’t have to pay, then those who sacrificed and paid are owed compensation as well, and since they are asking for a government handout, they might as well ask for interest on their college debt. No doubt, there will be plenty of law firms that will be willing to file on behalf of the “rubes” who paid, when they could have racked up great debt and then be miraculously relieved of having to pay for one of the most valuable assets a citizen can have.
I will be anxiously watching the media for the commercials seeking those who paid and got nothing, probably before the ink is dry on the executive order. For a meager percentage to their legal representatives, there will be millions of parents and students who will dash into the courts and seek fair compensation, or, let’s use a Democrat term, reparations. It’s the fair thing to do, and millions will be messaging the law firms who will seek reparations for those of us who paid and sacrificed. The road to Hell is paved with good intentions. So go ahead, Mr. President, sign an executive order and forgive all of that debt. See you in court.
Jeffrey Neil Jackson is an
Educator & Literary Mercenary