Of course it’s a slam dunk. I don’t even need to read their rationalizations for why. Cut through the crap and the real reason leftists want to cancel student loans is because it basically subsidizes the university liberal indoctrination system.
By cancelling student loan debt, you are encouraging tuition rates to inflate even more.
His rationalization is not that it subsidizes the liberal colleges.
READ HIS REASONS BeLOW:
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Let’s dispense with the two most common objections to student-debt forgiveness. The first is that canceling existing debt would be unfair to the millions of borrowers who met their obligations and now would have to sit by and watch deadbeats receive a windfall.
As I’ve observed in the past, it’s hard to imagine a weaker objection or a more crass formula for governmental paralysis. By its logic, we wouldn’t have Social Security or Medicare today. The argument would be: “My great-grandparents starved in old age and died in the street because they couldn’t get healthcare, so why should yours get a break?”
In truth, the sacrifices some families made to shoulder their debt burden underscores the folly of forcing families to impoverish themselves to attain higher education. Why should we want to ignore the lesson?
The second often-heard objection is that debt cancellation would be a gift to relatively affluent households and to graduates of law, business and medical schools, who complete their education with large debt balances but are entering high-paying fields.
That’s true, but not especially relevant to the problem. Graduates of professional schools account for nearly 12% of the total debt outstanding but only about 4% of borrowers. What’s important is the debt burden on the majority of borrowers, who are working-class and lower-income.
According to an analysis by the Washington Center for Equitable Growth, a progressive think tank, the debt-to-income ratio among households in the lower 50% of the income ladder that hold any student debt is about 1-to-1 — that is, their loan balances are about the same as their annual income.
What’s especially worrisome is that the ratio has more than doubled only since 2001. The ratios for higher-income households also have increased, but remain below 0.25. (in other words, their balances are less than 25% of annual income.)
Black borrowers come off as especially disadvantaged in this calculation — about 30% of them have debt-to-income ratios of more than 0.5. Fewer than 20% of white borrowers have the same burden.
“By cancelling student loan debt, you are encouraging tuition rates to inflate even more.”
Funny thing is the reason the students have the debt they are talking about cancelling is they couldn’t afford the tuition. So raising the rates is like trying to euthanize a dog that was hit by a truck dead on and made flat. It doesn’t change a thing when the new debts will have to be forgiven in four years, just at greater dollar amounts.
This is how we got started on the national debt when in the 1960’s they started borrowing from one fund to foot the bill for another or just made the debt disappear. Pretty soon, everyone owed everyone else. So they inflated the dollar to catch it up until the new debts to the funds came in at inflated prices and they had to start all over again. Liberals do not learn from their stupidity. And too many are money/math challenged.
wy69