Mass student loan forgiveness — $300 billion to $1.7 trillion, $10,000 per student for 40 million Americans — is being pushed by Biden. The idea is wrong – counterproductive, irresponsible and should be stopped. There are five reasons against this idea.
You will say, “My God, the economy is tough, life is tough, students are in debt; where is your compassion for those who need free money, loan repayment? The answer is, think harder.
As someone from a family with no money for education, who worked, earned, received and repaid loans of over $100,000 for college and law school, never wanted he is forgiven, never imagined it, wouldn’t want to be forgiven now, please listen to me.
First, when someone takes out a loan – for a house, a car, or a college – they learn something. They tell something about themselves to a lender, whether it’s a government, bank, school, business, or parent. They say – “trust me, I’m making a commitment, I intend to honor it”.
Take it a step further: When taking out a loan for college, someone says, “On my honor, recognizing that the future, the economy, my skills and my life are uncertain, I promise to repay it”. They ask for and pledge the confidence of a lender, making a pledge of confidence in themselves.
Historically, a long shadow was cast over people – often by their own conscience, tied to a sense of honor – if they couldn’t get out of debt. Over time, the concept has evolved. Debt was seen as acceptable, necessary for basic needs like home or school, and it became commonplace.
Indeed, there was no dishonor in going into debt, as long as we kept our word to the lender and to ourselves, that a loan or debt incurred, pending honorable repayment, was honored.
What exactly happens to honour, to that process of pledge and fulfillment, of investing in oneself with the risk of failure, of trusting others in us and ourselves in ourselves, when we are suddenly relieved – by a hovering federal government – of this obligation?
In short, the process breaks down – honor is no longer expected, risks taken are no longer believed to be real, trust to prove is suspended, a chance to show that we are up to the pledge is taken away. Like receiving anything, especially something that we assume we have to pay for, is deprecated.
Second, think about reality. Where did the $300 billion – or God forbid, $1.7 trillion – come from? You want honor, truth, honesty? It comes from other people’s bank accounts, from the hard work and sweat of the brow of another man or another woman; that’s where it comes from.
In other words, there is no free lunch. When you accept federal largesse, as if that money were chosen from the “magic money tree,” you are actually — and knowingly — putting your own debt, stress, burden, and obligations on the backs of another. So here is the second attack on honor.
Third, what does the idea of a broad, means-tested, indefinite federal debt forgiveness teach to those watching from the outside, who aren’t borrowers or even taxpayers, maybe just kids ? What does this act say to someone?
He says the federal government is ready to give money regardless of the federal debt, now $30 trillion. Giving away money we don’t have, lacking fiscal discipline, forgetting the responsibility of not spending what you don’t have, stifling taxpayers, driving up inflation, further depreciating the dollar and weakening the economy is both reckless and immoral.
“Whoa,” you say, “now that’s a strong statement!” Yes it is. But think about it. Who will pay this debt through inflation? Wage earners, middle class families, those who are barely holding on. Who else? Future generations, those who can’t afford it, haven’t asked for it, get nothing out of it, are yet to be born. Does that sound immoral to you?
Fourth, think about the obvious motivation for debt cancellation. Democrats want to buy votes with money. What could be better than buttering bread on both sides, giving you loans, only to forgive them.
Ask yourself “at what cost?” Just your vote for greater dependence on the federal government, less control over life, concentrated power, a little public corruption – not much, just a little. But history is made – and freedom is undone – little by little, in small increments, while you nod your head and sleep.
To paraphrase Edmund Burke, all it takes for evil – benevolently described – to prevail is for good people to do nothing, look away, accept it, imagine that a little is good. Is it? You tell me? And are there a few dollars in the account, debt relief that you promised to pay back, okay if all they want is your vote? Do you remember the Charlie Daniels song, “Devil came down to Georgia”? Souls sell, sell?
Fifth, this opens the floodgates to socialist debt cancellation at all levels, beyond education, to any “equitable” or “wealth redistribution” scheme for votes, debt relief for cars (electric, for example), houses (for “social justice”), credit cards (federal support for disadvantaged, underserved, minority, even majority debt), any other debt you want. Is this the way to teach personal responsibility, to keep a nation solvent, to protect the future?
In short, a lot of things look good at first glance, but aren’t on closer inspection. The idea of giving free money, more magic federal dollars, to 40 million Americans – from business owners to lawyers, from the voluntary unemployed to doctors – is smart. It might bring in a few votes. This is also false.
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