Biden tries to bribe voters by forgiving student loan
We put five children in college (one is still in school). We saved. We never took out loans because we didn’t want our children to go into debt. Our children have been to William & Mary, Mary Washington, Dartmouth, Johns Hopkins and the University of Pennsylvania. So far, the total cost of these colleges has exceeded $ 600,000.
Last Tuesday, the Democratic presidential candidate Joe biden reaffirmed his commitment to a broad forgiveness of student loans at a municipal event in Miami: “I will eliminate your student debt. If your family made less than $ 125,000 a year, like ours, Biden will write off any debt incurred at public universities. He promised others would benefit as well: “Everyone gets $ 10,000 taken out of their student debt. In addition, he pledged to give the young people $ 15,000 for the down payment on their first home.
Should we just borrow all that money and send our kids to public universities? If that was the case, we could have had $ 600,000 to spend on all kinds of other things: nicer cars, nicer homes, or fun trips. Or it is money that we could have given to our children and grandchildren when we died. We always bought used cars that were one year old. My Ford Taurus lasted 16 years and traveled over 225,000 miles. My wife’s Pontiac Transport lasted almost as long before rust kept it from passing the annual state security check.
But we didn’t complain. We promised our kids that if they worked hard and got into a good college, we would find a way to pay for them to go. We were proud of our children’s hard work and believed that going to a top university was important to their success in life.
So, because we have saved and behaved responsibly, Joe Biden will punish us. Those who have not saved or worked 80 to 90 hours a week, who have spent their money on nice things, are now forcing us and other taxpayers to foot the bill for the education of their children.
How is that fair?
It’s also not fair to those who don’t go to college. People who go to college tend to be the wealthy citizens of the future. Why should those who did not go to college, and who are relatively poorer, end up giving large sums of money to those who did and are going to get rich?
Has anyone thought about the impact these policies will have on people’s behavior? He tells people that they don’t need to save to send their kids to college, that they don’t need to save to buy their first home. If Biden wins and implements his programs, Americans will surely cut their already low savings rates. It will make our country poorer.
Biden’s proposal will also spell the end of many private schools, which will struggle to compete with tuition-free public universities. The Obama administration has shut down private for-profit colleges, and a Biden administration will end work with many private, non-profit colleges.
Student debt has exploded over the past decade, but the cause is rather ironic. At the start of the Obama administration, the government took over student loans from banks. But the government was much less concerned than the banks of getting their money back. He kept giving loans, even though it seemed like the student would never be able to pay them back. So now we have a situation where the government is lending too much money to some people who have gone to fields that are not paying enough.
Biden and the Democrats are squarely trying to buy votes. Promising tens or even hundreds of thousands of dollars to young people is nothing less than corruption. And to do this, they use my family’s money and the money of other families who have made sacrifices for their own children.
The opinions expressed in this article are those of the author.