Student Loan Forgiveness Was a Misguided Initiative Anyway

Whenever the government opts to simply distribute funds, it's bound cause issues, and understandably so, for numerous reasons. It's not their money, after all. It's our money. And how ever it gets spent needs to at the very least, make sense.

The student loan forgiveness program never did.

If you benefited from the program, it's easy to see why you might support it. But at the end of the day, the bottom line is clear: if it's debt, and it's elective debt like college loans, then the responsibility to repay it should fall on the one who incurred it.

While the program was a key initiative touted by the Biden administration, polls consistently showed it was extremely unpopular—not to mention it wasn't actually constitutional.

When the government is already burdened with its own enormous debts, and is literally hemorrhaging money, how can we, as Americans, support what is essentially frivolous spending of our tax dollars? It makes no sense.

We know the why of course, although the left would never admit to it. They called it a "crisis." They were trying to buy votes from a needed sector of society. It's really that simple.

It's dead in the water now, as was recently announced. Well, of course it is. They don't need the votes anymore. Well, that and the Biden administration knows the program won't see the light of day under the Trump administration anyway.

Nor should it. Because again, it made no sense to do it in the first place.

I think there were a good many people who thought about it and wondered, where else could the money be spent if we could assume we actually had it to spend? What other areas may have offered better opportunities to provide relief, not to just one sector of society, but the masses?

Maybe we could have suspended the federal gas tax to help reduce the cost of gas and diesel. Maybe we could have offered an automatic energy credit to help with the burden of higher energy bills, especially during winter months.

Or better yet, perhaps we could have looked to aid our aging public by raising social security benefits, suspending income taxes on those benefits, or if we wanted to forgive debts, maybe we could have forgiven medical debts incurred by seniors.

The point is that while just giving money away alone rarely makes sense, if it was to be given away, at least one could better digest the notion of doing it at all if what it was given away for made at least some sense.

Set aside, if you will, that many people had to be left scratching their heads a bit at the whole idea of student loan forgiveness. I mean, aren't college grads supposed to be the smartest of the smart? They couldn't figure out how to manage and repay the debt? And wasn't the whole sell of the college education to make more money than non-college grads? But they couldn't repay the debt even with the supposed higher wages? And non-college grads would now have to pay college tuition through taxes on lower wages?

Beyond just giving money away, perhaps what would be better to do is to address why college costs as much as it does, and why the promise is not delivering the goods, but rather saddling students with debt they can't repay in the first place.

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© 2024 Jim Bauer

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