No, thanks to Biden’s instant student loan satisfaction
In August, after President Joe Biden announced the administration’s plan to forgive millions of Americans between $10,000 and $20,000 in student debt, I listened to the debates, read the Facebook comments, and had some interesting conversations with my husband about what that means everything.
For me, it could very well result in taking $10,000 off the student loans I have left because I graduated from Arizona State University. Sure, for a moment I thought this is great. That’s a huge amount that would allow me to repay the entire loan much sooner than expected.
However, that thought of instant gratification faded when I really started to look at the bigger picture and realize that this isn’t as great as those pushing for this big payout think.
Even many economists are wondering what the plan would mean for an already struggling economy. Would it make inflation worse? Would middle-class families foot the bill? Many questions came to my mind.
As the days and discussions continue, I cannot see this as anything other than a political ploy to buy votes ahead of the Midterms.
Let’s face it: Democrats seem to be learning from past mistakes and taking advantage of Americans’ short attention spans by stringing together multiple PR victories ahead of Election Day. It’s not a bad strategy.
The protracted student-loan strategy, however, only shows an administration and Congress as a whole refusing to truly address, discuss, and work to fix a broken system.
I would happily forgo the immediate gratification that $10,000 would bring to fix the system so my three children can go to college without the problems our students face today.
Take all the billions of dollars Biden is willing to fork out to pay off or pay off people’s loans and apply them to repairing the system. Fix the credit system itself, fix the credit forgiveness system and for God’s sake do something about the incredibly ridiculous tuition fee Our institutions charge fees.
Do you want to turn things around and make a difference, as you claim? Then fix what’s broken.
While $10,000 is viewed as this wonderful gift from the government, my question is what happens next?
Think about it — a student who had a number of student loans that he paid off for his bachelor’s degree gets that gift applied to his loans. In some cases, the amount can even pay off. What now? Does that person then go ahead and get a master’s degree? Again, they will sign the same loan documents that they signed before.
When they get tired of paying those loans, does the government step in and pay them back?
As a quote often attributed According to Albert Einstein, the definition of insanity is “doing the same thing over and over again and expecting different results”.
The results here will be no different. The instant gratification and joy that many Americans feel about it today will fade in anticipation of more.
How much money do we have as a country to keep doing this? I’m not convinced we have it now.
This measure taken by the Biden administration is nothing more than a small band-aid applied to a bleeding wound that requires immediate surgical attention.
Thelma Grimes is the South Metro Editor for Colorado Community Media, an eight-county newspaper chain co-owned by The Colorado Sun.
Vail Resorts rebounds from pandemic and labor disputes with best-ever financial performance in 2022
The largest resort operator in North America reported a record 17.3 million skier visits and $2.5 billion in revenue for…
Planned Parenthood’s suspected gunman is not receiving compulsory treatment for the time being
By Colleen Slevin, The Associated Press A mentally ill man accused of killing three people in a 2015 Colorado…
Buena Vista residents had to pay $166 to get mail. Now the USPS says it will be free.
Most Colorado communities have at least one way for residents to receive their mail for free. But in Buena Vista…
Body of Telluride skier Hilaree Nelson found on Mount Manaslu in Nepal
Nelson went missing Monday after skiing from the 26,775-foot summit. Rescuers searching with a helicopter found her body on Wednesday.
An old ball court in Grand Junction has been brought back to life with a game not played there in almost 50 years
Professional athletes competed at a Basque handball show last weekend, bringing lamb, red wine and community spirit