People cry, “My body, my choice.” Well, I say, “Your student loan, your payments.”
Transferring student debt (or ANY debt) from those who borrowed to those who did NOT borrow is SLAVERY.
Biden isn’t “forgiving” or “canceling” debt. He’s shifting the burden from those who went to school to those who didn’t. Or to those who went to school and already paid. IT’S WORST THAN TYRANNY. IT’S SHEER EVIL.
Does this mean college is now free?
Why don’t we just make EVERYTHING free and let the government pay UNLIMITED amounts for UNLIMITED goods?
Of course, it is not really “debt forgiveness.” It is a debt transfer. The loan payments that will no longer be made by debtors will effectively be picked up by taxpayers. The money borrowed to make up for the lost revenue will need to be paid for in the form of higher taxes or lower spending in the future. The canceled loans migrate from the balance sheets of the borrowers to the collective balance sheet of the U.S. taxpayer, including many who never went to college or have already paid their loans down.
One question is how the Federal Reserve will react. Very likely, it will need to offset the inflationary pressure created by Biden’s scheme with higher interest rates. This very likely means that unemployment will wind up even higher than it otherwise would have and the looming recession will cut deeper and last longer. Part of the cost of relieving ex-college students of their debt will be throwing people out of work and damaging businesses across America.
Michael J. Hurd, Daily Dose of Reason