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Apr 29 2022

Student Loan Forgiveness as Class Warfare

Students have run up a $1.6 trillion tab with their loans. Much of this represents absolute waste. Only a minority of productive occupations benefit from a college education. For most students, college is a means of putting off the responsibilities of adulthood instead of embracing them by getting a job and starting a family. It is unjust in the extreme to force the rest of us to pay off loans for extravagantly expensive and often worthless degrees through taxation and increased inflation. Yet that’s what Biden has proclaimed he wants to do:

Biden said at a press conference Thursday that he is considering a plan to cancel “some” federal student loan debt, and would make a decision in the next few weeks.

The Democratic Party is an alliance of elitists and welfare recipients against the middle class. Student loan forgiveness would be a looting spree on behalf of the rich. From the Brookings Institution:

Recently released data from the Federal Reserve’s Survey of Consumer Finances confirm that upper-income households account for a disproportionate share of student loan debt—and an even larger share of monthly out-of-pocket student debt payments.

The upper 40% of households per income owe almost 60% of the student loan debt. The bottom 40% owe under 20%.

Democrats want rich kids to wallow in liberal indoctrination while Deplorables labor to keep the lights on and the shelves stocked.

Compounding the injury, those with less education were more likely to lose their jobs during the unnecessary Covid lockdowns, in part because they work in the physical world and can’t do it remotely.

They say Robin Hood robbed from the rich and gave to the poor. More accurately, he “robbed” from tax collectors and gave the money back to those it belonged to. In contrast, Democrats use inflation to rob from everyone who holds US currency, then buy votes from the poor and give to the rich.

On a tip from Occam’s Stubble.


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