Louisiana Students Amass 22 Billion Dollars in Student Debt
Well the hits just keep on coming... right on the heels of the Democrats' deceptively named "Inflation Reduction Act," (which will do NOTHING to reduce inflation. Quite the opposite... in fact, it will, by design, make things much worse. Don't be fooled... this Act has nothing to do with inflation, it's simply the "Green New Deal" repackaged. It's all about the environmental regulations. Economists predict this will do nothing but raise taxes on working people, increase federal regulations, and, oh yeah... don't forget the 87,000 new IRS agents that will be hired) Joe Biden announced his ludicrous "Student Loan Debt Forgiveness Plan" this week, which is supposed to offer relief to debt ridden students. But understand, this 'forgives' nothing. That money still has to be paid back. The difference now is, it simply transfers anywhere from $300 Billion dollars, up to, and some say, over $850 Billion dollars, to taxpayers. And by taxpayers, they mean you and I.
According to whitehouse.gov. Biden's plan is to 'forgive' up to $10,000 of the debt for each student, providing that student makes less than $120,000 per year.
Provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President’s campaign commitment. The Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action. To ensure a smooth transition to repayment and prevent unnecessary defaults, the pause on federal student loan repayment will be extended one final time through December 31, 2022. Borrowers should expect to resume payment in January 2023.
This devastating plan is different from the $1400 checks the government was handing out like Halloween candy over the past 2 years in several ways. The main difference is the government was responding then to a crisis THEY created. The nationwide lockdowns were an unmitigated disaster. In 18 months, the Biden Administration completely obliterated the entire US economy. An economy, by the way, that was booming. Manufacturing was returning to the US, minority unemployment was at historically low levels... gas was under $2 a gallon... But then, under the guise of health and safety, people were told to stay home. No... were ORDERED to stay home... And because no one was out shopping anymore, because no one was going out to eat anymore, because no one was going to work anymore, small businesses began to shut down across the country... workers were furloughed, or outright lost their jobs completely, because where they used to work didn't exist anymore.
The difference with this student loan 'forgiveness' plan is, this is not a bailout for some unforeseen, unfortunate circumstances. Students went to college with the full awareness of the costs. They signed the paperwork knowing they owed this money THEY borrowed. So why do I have to pay THEIR debt?? My wife has had to go to the emergency room a couple of times over the last few months. Is the government going to come in and pay our medical bills? What about the family who racked up credit card debt buying lord knows what... are we going to pay their credit cards off for them? How about the guy who buys a brand new bass boat or a new $200,000 motor-home to take to LSU to tailgate... well, now he can't make the note... why don't we pay that debt off for him? It makes just as much sense as paying off someone's student loan.
Maybe the issue isn't how expensive college has gotten... maybe the real issue is, college isn't worth it anymore. Higher education has become nothing more than incubators for the radical left indoctrination of our youth. Maybe, let's teach personal responsibility. This is what happens when everybody gets a trophy. They grow up and want everything handed to them. Well... suck it up buttercup... life doesn't work that way. Well... wait... maybe with Biden and the left... it does. Only difference... WE pay for it...