A while back, I was reading a story that featured a Minnesotan woman, who, ten years later, still had huge student loan debt. It was a bad decision. She decided instead of attending a Minnesota university, where she would likely be in deep debt, to enroll at Arizona State. Why? Because she wanted to wear flip-flops in February and she was spending monopoly money so the debt wasn’t real. I don’t have a single sympathy for her. There are many people like her. Instead of thinking of the consequences of assuming a debt for a useless sociology, gender studies, or “English major” degree, they collectively expect others (taxpayers) will foot the bill.
While 42 million Americans owe money on student loans, only 50 percent are owed for graduate education.: lawyers, doctors, PhDs, or various Masters in…something. This means that 50 percent of those owing money took out contracts without knowing what they would be buying. They also know how much it will cost to repay their debts. But because of an arbitrary delay, they aren’t paying a dime back.
The two-year grace period for those who have borrowed for bad degrees or loans to graduate programs has been extended. They will not be required to repay any of the loans they took out. Biden extended the repayment pause until August 2022. There is no “good faith” reason for debtors not to pay their debts. Biden, his talking paragon Jen Psaki and other economists believe that the economy has exploded. Inflation can be a positive thing. Why has the government not halted repayments despite a compelling reason, or even good faith? My belief is that the reason for this moratorium was clear and evidently political.
Biden, and all Democrat candidates for reelection by August will drown. Something dramatic will be needed to create a reason — any reason — to vote for a Democrat. They are currently the party of inflation and groomers. The ticket is to cancel student loan debt. Biden will announce in the Rose Garden that his Administration is cancelling the debts of the millions who made promises to pay, but have become so accustomed to not paying the bills they won’t even notice any new debt. Biden and his party will hope that he can generate votes with the basest of all motivators — a monetary bribe. Joe will not pay voters to vote. Instead, Joe will cancel $1 trillion of debt in order to make millions of happy patrons. Biden is hopeful that Republicans won’t complain and will instead take the blame for their inability to vote.
Who is the beneficiary? People who don’t deserve it. Who pays taxes? Everybody who has to pay taxes.
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