A vast majority of Americans are of the belief that a new plan from President Joe Biden to cancel thousands of dollars of student loan debt per borrower could result in another massive increase in the inflation rate, which honestly, is not something most average folks in the country can afford.
Have you been to the grocery store lately? The cost of food has skyrocketed to ungodly proportions, making it very difficult for even the more well-off among us to afford things to eat. Just imagine how difficult it is for those who are living paycheck-to-paycheck to provide for their families.
According to The Daily Wire, “White House officials are weighing a move to cancel $10,000 of student debt per borrower earning under $125,000, according to a report from CNN. The decision, which is slated to be made public on Wednesday, occurs as the White House also considers whether to extend the present pause on federal student loan payments, which is currently poised to expire on August 31.”
Then we have 59 percent of Americans who are terrified that canceling student debt “will make inflation worse,” according to the results of a new survey that was conducted by CNBC. A total of 30 percent believed that there shouldn’t be any cancellation of student debt, with only 19 percent of adults between the ages of 18 to 34 holding this position.
“The results reflect earlier polling that shows Americans are generally distrustful of the Biden administration’s economic policies. In a survey conducted earlier this summer by CNN and SSRS, 68% of respondents disapproved of Biden’s performance, while a slim 25% supported his efforts to combat inflation,” the report revealed.
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Another interesting result of the survey revealed that 34 percent of folks who responded to CNBC’s survey said that “only those in need” should have their student debt canceled, which is a slightly higher number of “yes” responses than the 32 percent who support canceling the debt of all borrowers.
A report completed by the Brookings Institution went on to explain that a third of student debt is actually owed by the wealthiest 20 percent of American households, while only 8 percent of the debt is owned by the bottom 20 percent. This is mostly due to the fact that graduate degrees are usually necessary to land lucrative jobs.
Here’s more from the Daily Wire report:
Senate Majority Leader Chuck Schumer (D-NY) — who believes that “all President Biden has to do is flick his pen” to erase up to $50,000 in debt per borrower — also rejects the notion that student loan cancellation is not particularly helpful to lower-income Americans.
“Let’s dispel one awful myth right here: This is not a problem that concerns the wealthy or the Ivy League,” Schumer contended. “All of these fat cats, and people who never want to see help for working people and poor people come up with these myths.”
However, Lawrence Summers — who served as Treasury Secretary under President Bill Clinton and National Economic Council Director under President Barack Obama — argued on Monday that funds for loan cancellation could be better allocated elsewhere.
“The worst idea would be a continuation of the current moratorium that benefits among others highly paid surgeons, lawyers and investment bankers,” Summers then pointed out. “If relief is to be given it should not set any precedent, it should only be given for the first few thousand dollars of debt, and for those with genuinely middle class incomes.”
Guys, there’s a little thing called “personal responsibility.” It might be a new vocabulary word for current generations of entitled young folk to learn. Curious as to what it means? Well, to put it simply, it means that if you want to go to college, you are responsible for paying back your loans. Not the taxpayers of this country.
Most individuals are already struggling to afford college for their own children. Why in the world would they want to see tax rates increase, taking money away from their families, to ensure that some random guy they’ve never met doesn’t have to pay back his college loans?
You wanted to go? It’s your responsibility to pay for it. Simple as that.