Biden’s Student Loan Forgiveness Program Is a Huge Blunder That’ll Benefit the Top 10%…Surprised?
With little exception, job applicants with college degrees are more likely to be hired than those without. The field of study is often less relevant than the discipline and fortitude it required of the applicant to attain their educational goals. A degree in tiddly-winks is better than no degree at all.Â
But this also means that the college-degreed applicant probably needs the job more to help pay off the student debt theyâre up to their eyeballs in. A college degree doesnât necessarily assure a higher-paying job, it merely increases the chances of finding one.Â
Old man Joe thinks he has a way to help out debt-ridden former students who canât make enough money in one lifetime to pay off their loans that keep collecting interest charges. But to do this requires a sense of fair play so he canât slight the bigger majority of degree holders who donât need the money. Itâs quite a conundrum that Biden maybe should have left well off alone.Â
The proposed $10,000 or more per student would certainly bring a sigh of relief to those who need it, but wait thereâs moreâ¦ The bulk of the money would end up in the hands of executives and professionals who would likely use the windfall to fund their next vacation. What the heck? Free money.Â
Letâs walk through Bidenâs plan. Oddly, lower-income degreed workers tend to have less student debt than those who took over their daddyâs Ford dealership. Theyâve used their well-founded ethics to sacrifice each and every monthly payment.
Stay with me. Because the remaining debt is higher for upper-income graduates who could pay it off but wonât, their higher unpaid balances will get them a bigger check. This means that three-quarters of the designated money, your tax money, would flow straight into the hands of above-median income earners who donât need it, but as always, will take home the prize.
Those in the highest 10% income bracket will benefit the most from not paying their bills. When Bidenâs handlers warned him of how his cockamamy student loan forgiveness plan could come back to fart in his face, he turned his hair-brained scheme up a notch by proposing an income cap.
Because Bidenâs and the typical Americanâs world have yet to merge as one, he figured anyone earning $150,000 or more annually didnât need the money. Disqualifying them from the benefit would make sure the money got to where it was needed the most. The average U.S. income is $67,521, college grad, or not. Good call, Joe.
Fair isnât always fair. Bidenâs throwing a sucker punch at the single mom who worked her butt off to get through school and come out of it debt-free while feeding her kids and paying the rent. Sheâll get nothing.
Heâs forgetting about the veterans who donated four years of their lives to be awarded the infamous G.I. Bill. They paid a high price for their education. They get nothing.
Or the mom and dad who scraped and saved so their kid(s) could have a better life than them through education. Nope. Nothing. What about the student who had to opt for a small unknown community college over a major university? They were smart enough to get into one, they just didnât want to start their adult life deep in debt. Once againâ¦
A big part of gaining further education is in learning the valuable life lessons that come with the package. Theyâre equally as important as academia. Struggling a bit to achieve that final piece of paper builds character and a better understanding of the world a graduating student is about to come into real-life contact with.Â
It might be in Bidenâs better interest to scrap his foolish idea and better direct his attention to the over-abundance of more pertinent issues. Some things are better off left alone, others things are not, i.e., the economy, the border, healthcare, etc., etc., etc.Â