Apparently, the majority of Democratic presidential contenders want to parade student debt sob stories around. These stories don’t show the full picture.
The Federalist:
Of all the pandering showcased during Democrats’ attempts to win back the presidency, wiping out student debt ranked at or near the top.
“I believe that education is the future for this country,” socialist Sen. Bernie Sanders barked during the first round of Democratic primary debates, explaining that’s why we must “eliminate student debt and we do that by placing a tax on Wall Street.” Sen. Amy Klobuchar spoke similarly. “I can tell you this,” the Minnesota senator demagogued, “if billionaires can pay off their yachts, students should be able to pay off their student loans.”
There can be no serious discussion of this issue, however, in 60-second sound bites. So, beyond the soak-the-rich shtick that shades every Democratic economic debate point, the candidates resorted to two tactics: shock and sob stories.
The Shock Strategy
The size of student debt provides the jolt necessary to peddle their plans to the American populace. “I got $100,000 in student loan debt myself,” California Rep. Eric Swalwell bemoaned. “College affordability is personal for us,” South Bend, Indiana, Mayor Pete Buttigieg shared, noting that his household has “six-figure student debt.” So, sure, “I believe in reducing student debt,” Buttigieg announced.
Next came the sob stories. Those student loans are suffocating a generation, the candidates suggested. After all, “40 million of us who can’t start a family,” the diaper-changing daddy Swalwell contradictorily proclaimed, adding that they “Can’t take a good idea and start a business and can’t buy our first home.”
“We can’t put people in a position where they aren’t able to go on and move on,” frontrunner Joe Biden agreed.
Tellingly, when not constrained by the debate format, these same politicians push the same narrative to garner support for bailing out student loans, all while the media provides the Democrats a free assist. more
I still have student debt. It was a calculated decision to increase my income, and I don’t regret it. It is well under control. Anyone making an investment, whether educational or otherwise, needs to consider all the factors before making the decision. A choice to ‘spend 4 (or so…) years finding myself’ at an expensive university has consequences. Your consequences, don’t try to pawn them off on me.
good article … we are totally screwed, as a nation, w/ the ‘entitled generations’
every parent in America would do their kids some good by placing them in volunteer organizations during the summer to help the elderly, the poor & indigent … get a clue Felicity & Jonathan, there are people less fortunate than you & have much more pressing daily life problems than you
I paid off my student loans in the early 90’s. It was only about $10 grand, but it was a big deal to me. I cannot imagine going into a ridiculous amount of debt for the ‘education’ these pillars of higher learning are offering today. I went to DePaul University in Chicago way before they turned. Even as an alum, (undergrad and grad) I haven’t received any notices, propaganda, etc. in years. I guess my lack of a donation dropped me of their list.
Only the Government is stupid enough to take on the risk of funding an education with zero chance of a return on investment.
If I went to the bank for a loan and told them I wanted the money to study how badly invaders from one continent screwed over someone from another one way back in the past, and thus start a business telling everybody in town about it, they would denounce me as a lunatic.
But the Government? “Go Brah, shoot your shot. Here’s 200 grand”
Hot dog!! I reckon I might as well go back to the University as a non-traditional student to get that PhD in philosophy I’ve always wanted! Throw in a universal basic income and I’ll be doing great! Hot dog!!
Oh wait. Economic laws exist.
Dang it.
My wife and I will pay for their college, 3 children, probably $750K when all is said and done. A big hit to our retirement. But we will not pay for weddings. I paid for my own, they can too. We paid for their education. That is enough.
Why do you think Obama had the damn government take over all student loans? One, so he could enslave the younger generation through debt and two, let them off the hook as a way to buy their votes when needed. I hate that bastard. They want people who couldn’t afford to send their own kids to college to pay for other people’s kids. Sick!
You don’t pay the whole damn thing off at once. It’s in your monthly budget. Took me ten years to pay it off.
Just like Left Coast Dan I made the calculated decision to take my time. It’s called “the joys of mortgaging your future”. Wouldn’t trade my university experiences for anything.
What Hambone said.
Both college costs and student debt exploded because of Obama’s federal takeover. And query why interest rates on those loans (which subsidize Obamacare!) are the same now as they were during the Carter administration when mortgage rates soared into the double digits.
Students should be allowed to sue their schools for fraud: their loans will get paid, and schools will stop their b.s. teaching.
It’s pretty simple and on par with every lefty Marxist concept regarding money. The top of the food chain can afford to pay any amount of taxes, the bottom of the food chain does not pay for anything, and the vast middle must be brought under the government yolk to pay for it all.
Borrowing money to get a degree that has no value is a stupid move. And you don’t need a college degree to figure that out.
Rescue the irresponsible by making the responsible pay for it.
That rewards the irresponsible and punishes the responsible.
Behavior that is rewarded is repeated.
Not the best of ideas if they want a unified and peaceful American people.
But maybe they don’t.
Colleges have huge endowments that should be tapped to guaranty student loan debt.
You want that irrespobsible 18 year old taking out $50k per year for a capitalized interest loan that pays your institution? Recourse some of that debt if they are a borderline student.
Otherwise, you have colleges approving people to attend who can’t handle the course load and drop out. Or, they provide majors in bullcrap subjects that do not have a line of sight on employment that could service those debt levels.
They know their graduate job placement stats by major I’m sure.
Never had any college debt.
Course, I was a Plumber.
I knew a guy in the Labor crew who borrowed $15,000 from DC so his wife could open a hair shop. Hair shop flopped and he was saddled with the debt. Happens that he knew “Roach” who was one of Marion Barry’s sidekicks. He went to “Roach” and the debt “disappeared.” Said he’d vote for Barry forever if Barry ran.
Debt shifting is powerful politics. It’s always better to make those who are unorganized pay for those who are – we’ve seen it with Union pension funds (after the Union bosses stole the money), city and state pension funds, GM, “infrastructure,” TARP, SNAP, the insurance industry, Hollyweird, Ethanol, &c.
Vote buying.
The most cynical expedient (outside of “reparations”) in politics.
izlamo delenda est …
Our 3 went thru college after we bought the Texas Tomorrow Fund. When they were born, we bought 120 hours of tuition good at any Texas State school/uni for $8700-$9400 each. What a deal! (Our friends scoffed saying they could do better with the current 8-10% interest rates.,) …But I’ve always liked my relatives method too: parents pay 100% the first year, 75% the second year, 50% the third and 25% the last. I watched their kids hustle to work every summer & through college to make up the difference & took heavy loads at the beginning to maximize mom & dads contributions. They got in & out of school w minimum waste of time/resources.
And I can’t figure out why few kids seem to work for 5 years full time to save for college… I went thru grad school on my own savings. Why parents think they need to keep paying for post-grad work is beyond me but I always get that shocked look when I suggest it to parents wringing their hands about financing college or saving for retirement.
Right on! Choosing to go into debt for a degree is a personal choice. Millennials have not only been brain washed about climate change, they all repeat a standard sound byte that they have it so much worse than any previous generation because of student debt. And if you want to get upset about the high cost of a college education why not go to the root of the problem – the liberal professors and administrators the are making huge salaries and are protected from any ridicule unlike private company CEOs because they vote and donate to democrats. You kiddos are paying for life for the stupid sociology degree you chose that isn’t highly employable to provide the likes of Elizabeth Warren a six figure salary to teach a class or two. And you wonder why they are so quick to want to write off the debt before most people become wise to the issue.
Moral hazard is a slippery slope that must be avoided. It just leads to more poor decisions.
I took out loans and repaid them. I expect. everyone else to do the same.
If I was running for office, I would definitely tell all those who repaid their student loans, and those who did not ,or will not attend secondary education, that I would never support a Demonrat plan forcing them to payoff other people’s loans. I think the numbers would be on my side of the issue.
Uncle Sammy paid a bunch of mine, course, I had to kick in 6 years.