We find it quite humorous the new USA Socialist Democratic plans to forgive $2.4 Trillion of government student loans. It seems quite obvious these politicos realize their only chance of leading the federal government via elections is to give away free candy…i.e. let millinials and younger generations skate on paying for their educations. A few points no pundits seem to be mentioning…
These plans are being offered by congresspeople who haven’t balanced a federal budget since Eisenhower times and are sitting on over $22 Trillion of foreign debt PLUS trillions they owe back to the Social Security fund loaded with IOUs versus real assets. This is like a bankrupt business that gives up collecting on its receivables and surrenders to failure.
Then there is the reality that these school loans were basically borrowed against the taxpayers…since everyone should understand that governments produce no real money or assets that can be loaned, but survive off almost limitless taxing of the governed. So, one could argue that the socialists are simply giving money back to the taxpayers as a rebate of some kind through this loan forgiveness. This is almost acceptible if it meant that the government was now going to start cutting back and balancing their books. Unfortunately, this will only further bankrupt the US government.
One hopeful idea might be IF these loan payments were not simply forgiven, but the payments would go into individual retirement plans for these former students who will probably NEVER have enough savings to retire by the time they reach their 60s or even 70s. This would be the only idea that makes sense where all loans would be renegotiated into protected retirement fund payments that neither the borrower or their congresspeople could touch or borrow…EVER!
That friends is the ONLY forgiveness plan that makes sense. Convert the debt to restored and protected retirement funds for these former students…MOST of whom never got a job in their chosen field of study anyways and are working almost minimum wage while trying to pay off huge student loans. That’s an idea we might be able to support…again, as long as government entities can’t touch those funds for at least 100 years.