Sen. Elizabeth Warren is trying to buy the 2020 election with our tax dollars.
Sanders and Rep. James Clyburn have joined together in legislation to forgive student’s college loan debt up to $50,000 each. If passed, it would help nearly 42 million people.
Why do Democrats always think amnesty is the answer for everything (immigration, pardons for donors, and now for college freeloaders). Going to college is a choice that many uses to build a real skill (nursing, engineering, medical, astrophysics). Some use it as an excuse to party for four years, and if those are the people receiving forgiveness, I don’t think many Americans will join this idea.
Warren isn’t the answer; she is the problem.
Warren: “The student debt crisis is real and it’s crushing millions of people — especially people of color. It’s time to decide: Are we going to be a country that only helps the rich and powerful get richer and more powerful, or are we going to be a country that invests in its future?”
Clyburn: “For far too many students and families, the cost of higher education has meant daunting debt and a lifetime of student loan repayments”
This issue makes me so angry! Advanced education is an adult decision!
While we are at it can we please cancel all credit card debts that will help 200 million Americans mortgage debt that will help another 100 million Americans. What the heck why don’t we cancel all debts and outlaw lending. Will help 350 million Americans.
Here is Warren’s press release:
We write in regard to your student debt cancellation policy proposal. Our analysis of this policy suggests it would have a substantial impact on student debt forgiveness and would greatly benefit households with the least ability to repay.
We modeled debt forgiveness and projected first-order changes in net worth using a policy where debt holders with a total household income below $100,000 receive up to $50,000 in student debt cancellation. Above this threshold, the cancellation amount is gradually phased out, with households receiving roughly $0.33 dollars less in debt cancellation for every dollar of household income above $100,000. Households with a total income of $250,000 or more are not eligible for cancellation. Our analyses suggest that over 95% of borrowing households are eligible to receive some student debt cancellation under this policy.
We project the policy would result in total loan forgiveness for up to 76.2% of households with student debt. Households at the bottom and middle three income quintiles would experience substantially higher rates of student debt forgiveness (80% or more across these groups) compared with households in the top income quintile (less than 50%).
Similarly, we estimate that the policy would benefit households that experience relatively limited benefits from higher education. The total forgiveness rate is projected to be 90% among households headed by someone who attended but did not complete college, 87% among households headed by an Associates degree holder, and 72% among households headed by a bachelor’s degree holder. This is in contrast to a projected rate of 28% for households headed by a doctoral or professional degree holder.
So let me get this straight. All those kids willingly signed loans for their education. The education presumably gives them a “one up” on those less educated. They will make more money over their entire lives for said education, but all of us, including those that had to skip education because they couldn’t afford it, now get to pay for those who received the education.
Did anyone force those students to take out loans? Who or what made those loans available to people who apparently couldn’t think beyond receiving the loan amount? What does forgiveness mean? Does the lender take it in the ear? Guaranteed student loans are Federal or state funded loans for students looking to finance their college education. So I guess that means the taxpayer takes a bath for the convenience of the greedy student who got in over his head?
Sorry, but I have no sympathy for college students who have taken out extravagant loans to subsidize years of partying, new cars and attendance at universities that have jacked up tuition because of all the “free” government student loans. These individuals made poor life choices and should be held accountable for those decisions.
I once supported this – but not anymore.
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