Home Financial responsibility Biden’s student loan debt forgiveness is outrageous

Biden’s student loan debt forgiveness is outrageous

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President Joe Biden’s student loan forgiveness program isn’t just bad policy, it’s bad policy, which I guess is good for my side of the aisle.

Biden, on his own, “forgave” $10,000 in federal student loan debt and $20,000 for students who received Pell grants, for anyone earning less than $125,000. Sounds nice and generous, doesn’t it? It’s not. This is both very unfair to the majority of Americans and probably not legal.

It appears President Biden has embraced his former boss’s theory that “we’re not just going to wait for legislation…I’ve got a pen and I’ve got a phone.” —Barack Obama, 2014

Sorry, guys, you’re supposed to “wait for the legislation”. This is how the US government is supposed to work. Congress is supposed to hamper your actions if they don’t like your ideas. This little thing called the Constitution is packed full of rules that the three branches of government check each other, so that no one becomes too powerful. It seems that over the past two decades, this concept has been kicked out with an all-too-often-used stroke of the pen. Yes, Trump misused his pen too. They all lately.

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Moreover, the debt is not “forgiven”, the person who does not repay it has just transferred it to the taxpayers. This is the unfair part. Imagine being a family that saved and sacrificed for 18 years to send their child to college, and now you have to pay for someone else’s child’s education? Twenty million of them? What about the student who worked full time during the day and went to night school, paying his own fees all the time? Now this person has to pay the student who partied every night and took his spring break in Cancun? Imagine being a hard-working plumber earning $65,000 a year and being told you have to pay for the higher law degree earning $124,000 a year?

What about those who went to college on the GI Bill? These students had to pay back their education by doing things like serving in combat zones in Afghanistan and Iraq. Many have sacrificed their body and their spirit. Some their life. This is how they paid their debt for a college degree. Now they, and the families of those who made the greatest sacrifice, must shoulder the financial responsibility of a 22-year-old graduate in “Memeology” from the University of Texas at Austin (real degree), as they still suffer the consequences of the war? It’s not unfair, it’s outrageous.

All of this is what Biden’s “quill stroke” just did.

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We absolutely have a higher education problem in this country. To begin with, it costs way too much. On average, over the past 30 years, tuition has outpaced inflation by nearly double. That’s almost 200% above inflation. It’s obscene. Why? Probably because colleges and universities have figured out that if someone can get a student loan, backed by the federal government, they can charge whatever they want and do things like buy a table for the dining room that costs $17,000, like UNH did a few years ago. They can just pass it on through tuition because everyone has a student loan.

Why are they allowed to get away with this? Because students and their parents did not pay attention when they enrolled them in school and in a student loan program. Knowing that they could afford tuition, people stopped paying attention to what they could actually afford, even through loans, and did not consider tuition when choosing a school. For too many people, it’s just free money they’ll worry about later. Then later they realized that a 1st century Venetian art degree wouldn’t get you a job that would pay off the loan you took on.

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That’s the other thing, why are degrees like “Leisure Studies” (Southern Illinois University) and “Pop Culture” (Bowling Green University) even offered, let alone enrolled? Because for four decades we’ve been telling high school students, you need a four-year degree. Not everyone does. How many of us have had difficulty finding a plumber, electrician or other skilled worker when we need one? There is a known shortage in New Hampshire of people working in the trades. For reasons I don’t understand, we’ve downplayed the value of trading jobs and ignored the very good income you can earn working there. There are 25-year-old plumbers who own their own house, have no school debt, and earn more than the 32-year-old with a degree in “puppet arts” (University of Connecticut), but this guy has to repay his student loan?

Of course, there is also the problem of predatory loans. Student loan rates can reach 13.95%. It should be illegal.

So, as someone with a senior in high school, I agree, we have a problem with the cost of higher education. The answer is certainly not to perpetuate the problem, by erasing part of the debt. He tells universities to keep buying $17,000 dining tables, a $40,000 eSports arena for video games, and many other ways colleges and universities waste your money…now, thanks to Joe Biden, your tax money. He says to people who have worked hard to get a job or pay for their education, your efforts don’t count, why did you bother? He tells students to keep taking loans they can’t afford to repay because they’re getting degrees in a field that only 46% of them will actually work in because a money fairy will forgive him a day.

As to why this is politically an issue, as I mentioned at the start? Less than half of the country agrees with this “forgiveness program”. Why ? Just read above.

Alicia Preston Xanthopoulos is a former political consultant and member of the media. She is originally from Hampton Beach where she lives with her family and three poodles. Email him at [email protected]