Let’s just assume this happens and becomes law.
Then what?
What happens to kids currently enrolling in College? They get free tuition? Will the government get out of the loan business forcing schools to lower tuition?
This is just a patch without a long term plan for sustainability. It’s pie in the sky thinking.
There’s no thinking involved, it’s pandering
It’s kinda like what would happen if we decided to pay reparations: “Government worker full employment opportunity act” is what it could be called. Or the “government make-work act.”
Both are stupid propositions on the face of it. It’s why only the democrat party so much as feigns taking it seriously. And for all I know, some of them may be honestly stupid enough (or think their constituency is stupid enough) to actually believe it.
The intended goal of this is to lure 45 million people, most of whom have given up any hope of being able to pay these loans off, out to the polls to pull the D lever.
In that regard I suspect this will be very successful.
Congress is using repayment of student debt to finance the gold plated federal retirement system. They can’t forgive student debt without cancelling the retirement system or raising taxes. They didn’t raise taxes to fund government retirement because few taxpayers have a fixed benefit retirement. Incidentally, this is why judges are forbidden to forgive student debt in bankruptcy. Government is a parasite sucking the life from students.
Congress is using repayment of student debt to finance the gold plated federal retirement system. They can’t forgive student debt without cancelling the retirement system or raising taxes. They didn’t raise taxes to fund government retirement because few taxpayers have a fixed benefit retirement. Incidentally, this is why judges are forbidden to forgive student debt in bankruptcy. Government is a parasite sucking the life from students.
I think the government only got INTO the loan business, as a scheme by 0bama, to lead us to this “free college” theme, down the road. Now we are seeing it.