President Biden finally followed through with his student loan forgiveness plans. He is going to forgive up to 10,000 for college student loans and up to 20,000 for Pell Grants. Of course, if you were one of those “rich guys” (individuals making at least 125,000 and a couple making over 250,000), you are excluded from all of the fun.
Now here is the problem. President Biden committed an act of socialism by not including everyone. The ones who make too much money will be paying for those forgiven loans as well as 100% of their own loans. Socialism is supposed to benefit everyone through wealth distribution.
What about the class in Fall 22? Where is their 10,000 worth of free college? Sorry kids, you aren’t part of the problem….yet. You were just born at the wrong time.
If you really look at it, this provides minimal impact. If you are going to be a socialist, then provide 10,000 worth of free college to everyone. The only winner here is the politicians before the mid-term elections. Surely a good percentage of those 12 million people who just received a 10,000 gift from the government will remember to support a local democratic candidate in November.
The more I think of it, what is the big deal? We only have almost 31 trillion dollars in debt. What is another 350 to 400 trillion?
Bob Brooks is the host of the Prudent Money Radio Show every weekday from
3:00 PM - 3:30 PM on KDKR