The government has been committing usury (or guaranteeing usurious commercial bank loans) for decades and everyone sees it is a problem. Unbridled loans have indebted lower classes who thought the government was helping them out and enabled vanity-driven snobs seeking elitism. Americans became addicted to the idea of college and it got expensive. Student loans are one result of a society obsessed with pseudo-intellectualism and / or unrealistic aspirations.
This isn't about whether or not I think kids taking out loans got hosed. Of course they did. I think they were to some extent culturally pushed into making a decision they were not mature or responsible enough to make. Colleges scammed them by promising them the world and societal cheerleaders helped by telling them to follow their dreams, however asinine they may have been.
I sympathize some, but my sympathy has its limits, especially with this sense of entitlement and victimhood of anyone who opted to take out massive loans. They got what they wanted. They chose to take out a loan to make a purchase. How that personal investment turned out is not my problem. I know I can't pick up the tab, and no one else should either. I have my own bills to pay and I can't take on anyone else's.
I'm not opposed to people wanting an education to better themselves, though I do not think everyone should go to college. But colleges have made out really well by having an endless money fountain without any accountability while telling everyone they need to go to college. Debt forgiveness does nothing to address this, and "free college" won't either.
The extreme cynic in me keeps seeing what the end game is. If loan forgiveness and free college are like anything else the Democrats do these days, expect a caste system of identity politics. If you attended a Christian institution, you will be ineligible. There will be the inevitable questionnaire about your political leanings. Are you conservative? Do you support Israel? Are you pro-life? Do you eat at Chick-fil-A? What is two plus two?
And then there is the matter of government expansion. The bureau of student loan debt relief will be a nightmare. It'll chew up a massive budget and spit out propaganda. There will probably be a new czar and a website that’ll crash with the rollout.
The government will hold that over your head for years. I wouldn't be surprised if there were a box to check on whether or not you received a "debt reduction or loan forgiveness" on tax forms and credit applications. And another for "Are you registered with the Democrat Socialist Party?"
As a bonus, your windfall due to loan forgiveness gets taxed and you’re paying into some other nonsense program. Hey you can afford it now, right? Big Gov helped you out. Stop being stingy.
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