Biden’s Student Loan Forgiveness Plan Is a Huge Mistake That Will Benefit Only the Top 10%

Candidates for jobs who have completed some college work are, almost without exception, more likely to get hired than those who have not. It’s not often the subject matter that matters as much as the applicant’s ability to demonstrate the self-control and determination necessary to achieve their educational objectives. Tiddly-winks as a field of study is preferable than having no degree at all.

However, this also indicates that the candidate with the college degree definitely needs the job more in order to assist pay off the student debt that they are up to their eyeballs in. Earning a college degree does not definitely guarantee employment at a higher-paying job; rather, it only raises the likelihood of doing so.

Old man Joe believes that he has figured out a method to assist formerly enrolled students who are unable to generate enough money in their lifetimes to repay their student loans, which continue to accrue interest charges even after the loans have been paid off. But in order to do this, he must have a sense of fair play, since he cannot show favoritism toward the greater majority of degree holders who are financially independent. It’s rather a tricky situation that Biden probably would have been better off leaving alone.

Those who are in desperate need of assistance may breathe a sigh of relief at the prospect of receiving $10,000 or more per student, but wait, there’s more… The vast majority of the money would find its way into the hands of professionals and executives, who would most likely utilize the unexpected windfall to pay for their upcoming vacations. Where do we even begin? Cost-free cash.

Let’s go through the details of Biden’s proposal. Strangely, people who took over their father’s Ford dealership likely to have more student loan debt than those who work in jobs that need a degree but pay less. They have allowed their well-grounded principles to lead them to forego every single one of their monthly payments.

Keep up with me here. Those graduates with higher incomes who have the ability to pay off their debt but choose not to do so will get a larger check than those with lower outstanding amounts since their remaining debt is greater. This implies that three-quarters of the earmarked money, which is your tax money, will go right into the hands of above-median income earners who don’t need it but, as usual, would take home the win. Your money would be used for this.

Those in the top 10 percent of earners will profit the most by not paying their bills since they have the greatest disposable money. When Biden’s aides cautioned him about the possibility that his ridiculous idea to cancel student loans might blow up in his face, he ratcheted up the ridiculousness of his concept by suggesting that it be conditioned on a certain level of annual income.

Since Biden’s world and the world of the average American had not yet merged into one another, he reasoned that those earning $150,000 or more yearly did not need the financial assistance. By removing them from eligibility for the benefit, we could ensure that the funds went to the places where they were needed the most. Whether or not a person has a college degree, the average salary in the United States is $67,521. I must commend you, Joe.

It’s not always the case that fair wins. Biden is throwing a sucker blow at the single mother who toiled hard in order to graduate from college debt-free while still providing for her children and paying the rent. She won’t obtain anything at all.

He is forgetting about the soldiers who served our country and gave up four years of their life so that we may have the famed G.I. Bill. They didn’t get an inexpensive education by any means. They are not given anything.

Or the mother and father who scrimped and saved so that they could provide a higher education for their child or children so that they would have a better life than they had. Nope. Nothing. What about the kid who had no choice but to go to a community college that is somewhat obscure rather than a prestigious university? They had the intelligence to go into one, but they didn’t because they didn’t want to begin their adult lives with a lot of debt. When we return…

Learning important lessons about life that come together with the bundle of furthering one’s education is an important component of the process. They have the same level of significance as the academic world. Graduating students who have to work a little bit harder to earn that last piece of paper develop more character and have a deeper comprehension of the world they are going to enter into touch with in their adult lives.

It is possible that it would be in President Biden’s best advantage to abandon his ridiculous proposal and instead focus his attention on the plethora of problems that are more important. There are certain things that are better off being left alone, while there are other things that are not, such as the economy, the border, healthcare, and so on and so forth.

The preceding is a summary of an article that originally appeared on News Sloth.

Written by Staff Reports

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