Mentally challenged usurper “Sniffer” Joe Biden renewed his desire to cancel college debt for those who took it upon themselves to take the money, by up to $10,000! Libtards and no good commie members of the New Socialist Democrat Party have been calling out for $50,000 to be forgiven.
Let me give you the pure and unadulterated truth as far as I see and understand it. I will try make it simple incase any democrats who voted for Biden read this as if it’s not simple they will not comprehend – yes, even those with college degrees!
Firstly let me clearly state that a college degree is not a right. Not as an American or anyone else. It is also my right to not have to pay for or subsidize someone’s college education. I understand certain professions need a degree but how many graduates have degrees in fields they never use? How many graduates are on unemployment? How many of those are on unemployment because they cannot get a job in the useless field they chose?
These young adults and their parents chose to take on a loan. That comes with a commitment to pay it back on the terms they agreed to. Just like any other loan.
Why do they not go to community colleges? Or trade schools? Most of the worlds very successful entrepreneurs were drop outs or did not go to college. Richard Branson, head of Virgin, is a prime example.
I look at myself. I have a South African high school diploma. I have travelled the world, held many jobs, run highly successful large companies, earning good money all my life and supporting my family. My daughter did not go to college but through great work ethic and determination earns 6 figures and is a senior executive in a large company.
Now, as this administration filled with thieves, traitors, criminals, fraudsters and other evil beings sees their demise in the mid term elections, they have resurrected this vote catcher to possibly forgive $10,000 of college debt. This is on top of students not having to have made payments seemingly for ever due to the China Virus debacle.
There is a real cost to America to forgive $10,000 of this debt to all students. Those loans are federally backed. All of them. The total it would cost us is $321 Billion. This is per an analysis by the Federal Reserve Bank of New York. That would benefit about 11.8 million borrowers, or roughly 31.1%, and cancel 30.5% of loans delinquent or in default prior to pandemic forbearance. Looking at it another way as of December 2021, the outstanding balance for federally owned college loans was $1.38 trillion. Our national debt stands at $30 Trillion.
Democrat lawmakers are clamoring for Biden to take executive action and cancel $50,000 of debt. So multiply the figures above by 5. Our national deficit totaled a record $2.8 Trillion for fiscal year ending 2021. How many of the students getting loan help don’t actually need it? How many come from rich families? $192 Billion of it would go to families in the top 20% of wealth. $29 Billion to those in the lower 20% of wealth.
About 1 in 6 American adults owe money to college loans. This is now the second largest amount of loan value after mortgages.
Reducing or eradicating college loans is also unfair to those that kept their word and paid back the money as they agreed to. Should they get a $10,000 check too? Of course not.
As Biden sees his polling numbers tank he is desperately looking to bribe voters.
Putting all this money back into an already boiling, sky high inflation economy, will only increase inflation thereby further hurting everyone other than the uber rich.
Suck it up buttercups! You wanted to go party for 4 or more years instead of working. Pay the piper. Stop looking for handouts. Stop all this socialist thinking and reliance on big government. They will run out of tax payers money sometime!
©Fred Brownbill. All rights reserved.