On the campaign trail in 2020, Joe Biden made a promise that, if elected, he would forgive a portion of student loan debt. Details were announced today that Biden will cancel up to $20,000 in student loans for people earning less than $125,000 a year.
Those who will benefit the most are in the top 60% of wage earners. We're talking about grad students and professionals such as doctors and lawyers.
Democrats do not earn votes -- they buy them.
This is so unfair to the 62.1% of Americans who did not graduate from college. Not to mention the people who did graduate and responsibly paid back their loan. Does Biden really expect that these taxpayers are in favor of paying off the debt of someone who may be earning more than them?
I borrowed $50,000 to attend grad school. It took me ten years to pay off the loan. My average salary over that time was $19,000. I never earned $125,000 in my entire life. The most money I ever made was $27,000 -- the bulk of which was overtime pay.
So now I'm supposed to pay off someone else's loan?
Let me go off on a tangent for just a moment. The statistics say that a college graduate will earn so much more than a high school graduate -- $52,000 vs. $22,000 annually.
Except for that one year, I have never made as much as a high school graduate.
College is probably not worth it for some people, and no guarantee of higher income. Blue collar workers and 16% of high school graduates earn more than most college grads.
My experience was that the professors and loan-holders made a lot of money while I sat in a classroom learning absolutely nothing of value. I wish I hadn't gone to college or saddled myself with such a burdensome debt.
This plan will surely backfire on the Democrats especially if a class action lawsuit is filed on behalf of students who responsibly paid off their loans.
House Speaker Nancy Pelosi, D-Calif., said last year that Biden did not have the authority to forgive student loans:
"People think that the President of the United States has the power for debt forgiveness; he does not. He can postpone, he can delay, but he does not have that power. That has to be an act of Congress."
"Suppose your child just decided they did not want to go to college but you’re paying taxes to forgive somebody else’s obligations. You may not be happy about that."
Crunching the numbers, it would cost taxpayers over $300 billion to pay for Biden's plan. The expenditure will only stoke inflation and be a headwind for Democrats in this election year.
Finally, where does the Constitution guarantee anyone a college education? If you choose to go to college then be responsible for that decision. Your obligation should not be my burden.
Addendum
You may be wondering why I did not benefit from a college degree. I graduated during the time of Affirmative Action. The sign in the window said, "White Men Need Not Apply".
It was enforced discrimination legalized by the United States government. A quota system was designed to ensure preferential hiring of women and minorities.
I had to leave my hometown because I couldn't find work, and it was always the same script:
"You have the qualifications, but there are government-mandated quotas that we have to fill."
Hiring managers actually said this to my face. I couldn't sue because a Democrat-controlled Congress had effectively legalized discrimination.
My American Dream was never realized, and I had to settle for jobs that only paid minimum wage. Through it all, I never marched or smashed windows or set police cars on fire -- but I did maintain my dignity and self-respect.
Democrats could not strip me of that.
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