Hey, why stop here? We could do away with similar debt for home loans, car loans, medical bills, credit card debt, and business loans, among others, right? Why not? If we’re going to use treasury money, ie, Other People’s money to take care of people who legally signed up to assume a legal debt, we can help others
Elizabeth Warren unveils ‘broad cancellation plan’ for student debt
The $1.5 trillion student debt crisis has an increasing number of former officials and prominent businesspeople calling for a solution to the crisis.
And 2020 presidential candidate Elizabeth Warren joined that chorus on Monday when she unveiled a “broad cancellation plan†for student debt.
“Higher education opened a million doors for me,†Warren wrote in a Medium post. “It’s how the daughter of a janitor in a small town in Oklahoma got to become a teacher, a law school professor, a U.S. Senator, and eventually, a candidate for President of the United States. Today, it’s virtually impossible for a young person to find that kind of opportunity.â€
Well, if they’d stop obtaining degrees in worthless disciplines, often ending in “Studies”, they would be hireable. Also, it’s not exactly easy for kids to claim minority status to get cushy positions like Liz did.
The Massachusetts senator’s plan involves forgiving up to $50,000 in student debt for 42 million Americans before reforming the higher education system “that created the crisis in the first place.â€
Remember, this is a higher education system that is run primarily by Democratic Party voters. The schools are staffed by Democrats, run by Dems, the teachers are Dems, and the students are Democrats (until Dem policies screw them and they become Conservatives). Obamacare, ie, the Patient Protection and Affordable Care Act put the federal government in charge of most student loans. The cost of books at these Democratic institutions are utterly ridiculous, and the leftist teachers who write books know they can force kids to pay stupid amounts for the books.
And the kids never seem to have a problem finding money to head to spring break or weekend drinking
While it comes with a one-time cost to the federal government of $640 billion, Warren argued that the plan would simultaneously boost the economy and close the wealth gap. (snip)
Currently there are $1.5 trillion worth of student loans out there, roughly 11.5% of which are more than 90 days delinquent or in default. The average student loan borrower holds about $28,650 in debt, according to Student Loan Hero.
Collection agencies are increasingly turning towards wage garnishments—obtaining a court order to make employers set aside portions of debtor’s paycheck — to get their money back.
Warren aims to cancel $50,000 in student loan debt for every person who has a household income of below $100,000.
For those who earn between $100,000 and $250,00, she promises a “substantial debt cancellation,†and that $50,000 amount “phases out by $1 for every $3 in income above $100,000.†In other words, a person who has an income of $130,000 would get $40,000 of debt cancelled, while a person earning $160,000 would get $30,000 off.
Now, we could discuss the insanity of “cancelling” the average $28,650 in debt for those making $100,000 a year, but let’s consider what this is really about: patronizing young kids and the Democrats at the colleges. You get Someone Else to pay for the debt (unsurprisingly, Liz is going to have The Rich pay for it through a tax) and you keep the kids voting Democrat, as well as voting for Liz. You make those who run colleges happy because they get all their money, including the 11.5% which are 90 days late (that’s repossession time with a care), immediately.
And what happens next? What about those who are going to graduate with debt soon? Do they get a break? Of course, Liz wants to make college free. Democrats are very cavalier with spending Other People’s money.
