East Texas News – The political spectrum argues over the wrong things
By Tony Farkas
A friend of mine, obviously on the opposite side of politics to me, took an attitude of apathy toward the recent action on student loans taken by President Biden.
In case you’re more concerned about rising consumer prices over everything and missed it, the president announced a $20,000 student loan forgiveness plan for about 8 million borrowers, at provided they meet certain income criteria.
As with just about anything political these days, there are two schools of thought on this – for or against.
Some believe that it is a charity, which will place the burden of paying the scheme on all taxpayers, especially those who have not taken out such loans, and those who have and reimbursed them in accordance with the signed contracts.
The other side of the camp thinks that since the burden of loan repayment in a rotten economy is too heavy and the amount of loans to be repaid is too large, this is exactly the kind of help that governments should give to their voters.
Arguments made by opponents include personal liability, wasting taxpayers’ money and playing fools who repaid the loans.
The other side even went so far as to use the parable of the loaves and fishes from the Bible as an analogy to prove the anti-crowd argument is ridiculous, before giving up completely and ignoring anyone who hates the idea.
According to White House fact sheets, there is about $1.6 trillion in student loan debt, and the president’s plan will write off about $4 billion. The reasoning is that the skyrocketing cost of education combined with the cost of living in this beautiful country is awfully heavy.
I am in the anti camp, but not for the normal reasons. I am particularly bothered by the fact that the government has lent so much money – about 28% of what the government spends each year, for example, when there is nothing anywhere that gives the government federal power, authority or even permission to be a banker, loan officer, loan guarantor or educator.
Moreover, there is nothing in the Constitution that even allows the government to have anything to do with education. The Department of Education was elevated to cabinet status in 1980, the new kid on the block, so to speak.
Now, of course, it’s a massive corporation that comes with its own police force (which raided a home in California because of someone allegedly cheating on student loans).
This money should never have been distributed, but rather used for other necessities. This makes the idea of whether loan forgiveness is good or bad debatable.