Schumer Is Wrong To Assume Cancelling
Student Loan Debt Will Close The ‘Wealth
Gap’
Daily Wire,
by
Beth Baumann
Original Article
Posted By: Imright,
4/7/2021 12:56:59 AM
Senate Majority Leader Chuck Schumer (D-NY) on Tuesday made the case for cancelling $50,000 in student loan debt for borrowers across the nation. According to the senator, student loan debt burdens millions of Americans and “right now” is the time for lawmakers to act. Schumer described getting a higher education as a “ladder up” with “student debt being a weight down.” He cited a number of reasons for Americans taking on massive student loan debt, including the skyrocketing cost of tuition and low-wage jobs that are available for college students.“So many people have a mountain of debt on their shoulders. Americans are $1.7 trillion [in debt].
So the Government establishes the student loan. Higher learning takes the cash and raises their prices (tuition) because the Government hands out loans left and right. Prices go up. Students borrow more and more. Government obliges. When students amass huge loans then the Government says they don't have to pay it back. The vicious circle never ends. And it becomes a failed program from Government. And higher learning cost way too much. Big Education. And it becomes owned by the Government.
24 people like this.
Reply 2 - Posted by:
Northcross 4/7/2021 1:32:54 AM (No. 747004)
Any relief for the responsible people who scrimped and saved to pay back their loans, or are we just bailing out the freeloaders?
19 people like this.
Reply 3 - Posted by:
NeverForget 4/7/2021 1:40:28 AM (No. 747005)
#1 -- Nailed it!
9 people like this.
Reply 4 - Posted by:
DVC 4/7/2021 1:53:57 AM (No. 747009)
Schumer is an idiot, a fool and a liar, among other things.
20 people like this.
Reply 5 - Posted by:
RuckusTom 4/7/2021 2:10:23 AM (No. 747015)
This is just like the housing bubble in 2008 when the government forced banks to provide loans to anyone drawing a paycheck. Of course for a while, the housing market in the 00's went crazy - until someone who'd bought a McMansion while working part time at the local gas station couldn't pay on their loan. Same thing is happening here.
When the government gives out "free" money or forces free money into the market, prices automatically go up. Keep that in mind for the push for a $15 minimum wage.
13 people like this.
Reply 6 - Posted by:
stablemoney 4/7/2021 5:11:06 AM (No. 747054)
It's called universal free college education, one of the socialist goals.
11 people like this.
Reply 7 - Posted by:
PChristopher 4/7/2021 5:11:59 AM (No. 747055)
Wde the People end up paying for this and I feel no obligation and have absolutely no desire to suffer the debt of some idiot who borrowed a small fortune to get a degree in Women's Studies, or some equally useless but expensive degree, and is probably among those burning down our cities and trying to bring down this country! You can all go to blazes!
16 people like this.
Reply 8 - Posted by:
mifla 4/7/2021 5:28:31 AM (No. 747056)
Vote for me, I will give you free stuff.
6 people like this.
Reply 9 - Posted by:
F15 Gork 4/7/2021 5:54:40 AM (No. 747062)
That’s the ticket.......cause the mess then make it worse.
9 people like this.
I want a $50k refund then...
6 people like this.
Reply 11 - Posted by:
Muguy 4/7/2021 7:01:50 AM (No. 747086)
I have friends and colleagues who ran up over $100,000 in student loan debt and feel no responsibility to pay it off. I have friends who had that same amount of debt and it took them 15 years to pay if off.
Those persons were in school over 8 years on the "fossil plan", less serious about their studies and partied a lot. They have had gainful employment but have not made much effort to pay off the debt-- just like our government! Now, somehow I should be responsible for their laziness and lack of diligence in letting it all ride???
We saved $150 a month from the time our child was six months old, and the money was gone after two and a half years.
Scholarships to help them to spend at least a year in the amount of $1000/semester helped, but additional scholarships for participation in the Student Senate and working as a resident assistant in the dorm helped to defray much of the cost, so upon graduation, student debt left over was minimal.
One of the persons I graduated with "worked his way through" taking 8 hours at a time each semester, changing majors twice, and it took him 10 years to get that sheepskin.
It took me four years and two summers to keep my GPA manageable by not taking a "full load" with NO partying. His determination was rewarded and he is a very successful businessman now with many employees under him in a profitable business.
6 people like this.
Reply 12 - Posted by:
Venturer 4/7/2021 7:23:40 AM (No. 747093)
Any loan is a burden. They accepted that burden when they took out that loan.
Why should I bear their burden?
8 people like this.
Reply 13 - Posted by:
privateer 4/7/2021 7:31:41 AM (No. 747101)
Shumer is wrong...fill in the blank.
3 people like this.
Reply 14 - Posted by:
snapper451 4/7/2021 7:37:22 AM (No. 747111)
Best example would be what people are doing with the "stimulus" money they have been given. Did they pay down student loan debt? Likely not. More likely spent it otherwise on fun things. These kids are immature and in this day and age, selfish, wanting everything for free. They have been told by their Socialist Democrat overlords that they need to screw the rich and their debt is not their fault.
4 people like this.
Reply 15 - Posted by:
Clinger 4/7/2021 8:01:49 AM (No. 747157)
You freely pay $20 to get your grass cut. The government interjects itself into the transaction and hands the landscaper $10. Your free market value and willingness to pay is still $20 so the guy now charges $30. How hard is that to grasp?
Changing the topic slightly to the income gap, that will never close until we stop trying to close it. Taxes paid are not deducted from the income measured to define the gap nor are benefits received counted as income for the beneficiaries. So the more we rob Peter to pay Paul the less Paul needs to work and the gap increases. If Peter works more to make up for the loss the gap also increases even though Peter is no better off. If Peter works less because at some point why work for almost nothing tell me how that helps Paul.
3 people like this.
Reply 16 - Posted by:
jimboscott 4/7/2021 8:05:47 AM (No. 747161)
"I'm from the government and I'm here to help."
Nowhere is the 'Peter Principle' more evident than in the Federal Government.
4 people like this.
Reply 17 - Posted by:
udanja99 4/7/2021 8:12:15 AM (No. 747170)
Bottom line - this, like reparations, is just another means to further divide the country. Divide and conquer - it has been a strategy since the dawn of humanity.
4 people like this.
Reply 18 - Posted by:
petrichor 4/7/2021 8:49:24 AM (No. 747212)
So if the government pays off $50,000 in debt for all current students do new students get the first $50K free?
4 people like this.
Reply 19 - Posted by:
Strike3 4/7/2021 8:58:58 AM (No. 747222)
Strapped students (and Schumer) are too dense to realize that if you can't land a job that pays well enough for you to repay your student loan, then you either chose the wrong course of study or you are too stupid to have attended college in the first place. Go flip some burgers after high school if you can learn that fine art and you won't have to repay a loan for an education that failed you. I know far too many people, myself included, who climbed the corporate ladder and retired with big salaries and retirement plans without ever having entered the front door of a liberal institution of "higher learning."
6 people like this.
Reply 20 - Posted by:
jasmine 4/7/2021 10:34:47 AM (No. 747353)
FTA: Schumer described getting a higher education as a “ladder up” with “student debt being a weight down.”
What a genius! Yes, Charles, education is a powerful "ladder up." But access to the ladder isn't free. That is why we have low cost student loans, and that is why students sign contracts to pay back the money they borrow, after they start working.
That is also why students who might WANT to attend a four year college for all four years nonetheless opt to earn their first two years of college credits at a less expensive community college where they can live at home. Holding them responsible for the choices they make is part of the socialization process. Whether they attend a state or private university, whether they spend the first two years at a CC and finish at a four year institution, paying off a LOAN is a temporary burden.
What you and your Democrat pals want to do is redistribute wealth taken from all taxpayers, and lavish it upon people in the BEST position to pay it back: Those who climbed the "ladder up" and got their degrees.
If you're really worried about the wealth gap, stop importing impoverished illegal aliens into the US, and try negotiating deals with China that are good for America.
4 people like this.
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