President Biden’s forgiveness of student loans — or of at least $10,000 — sure has put a damper on my enthusiasm over his deceptively named Inflation Reduction Act. I was thrilled about a cap on out-of-pocket Medicare prescription expenses and billions being dedicated to fighting global warming and saving our environment. I was also pleased to see it improve, by a point or two, Democrats’ chances in November.
I’ve never blamed Biden for the country’s economic woes. No single person, not even the President, has much control over something as massive and complex as the national economy. I chalk up most of the current chaos to Covid and the resulting social upheavals of job and business losses, kids out of school, supply chain shortages, the war in Ukraine, etc. Call me naive if you must.
Yes, I object to student loan forgiveness — for the reasons expressed quite well in these cartoons. Additionally, I think student loan forgiveness could lose more votes than it gains. I think it cuts into the political gains, if any, of the Inflation Reduction Act. Not to mention the need for young people to learn that when they take out a loan of any kind, they are expected to repay it in full. They, not the taxpayers down the street, are the responsible parties. And won’t students of the future be asking, “Why should I have to pay back everything I borrowed when those before me did not?”
I’m also asking myself why should the current generation of students get $10k or $20k worth of forgiveness when my son, now in his 50s, just finished paying off his student loan a few years ago. Yeah, it’s personal.
Biden is certainly not earning himself any forgiveness with this move. At least not from me.