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Buying votes by erasing student debt is wrong
To the editor:
The Federal Student Loan Program was sold as an investment in America's future. "We The People" were told that this investment would pay great dividends as the student borrowers through higher education would gain valuable skills, earn higher wages, contribute more to economic growth and oh, by the way, pay more in taxes.
The amount of outstanding federal student loans has currently surpassed $1.6 trillion. Casting that incomprehensible dollar amount in understandable terms, those student borrowers owe every one of us 330 million citizens $4,900. And if you're an actual taxpayer, you're on the hook for about $12,000. Certainly these preposterous amounts have dramatically increased in recent years as vote buying politicians have signaled canceling the loans and sticking the taxpayers with the debt. This strongly incentivized students to maximize borrowing.
The primary argument for student loan (cancel) transfer falls somewhere between inconvenience and life-threatening consequences for borrowers who solemnly promised to repay their fellow citizens in order to achieve a higher education. Undoubtedly the "free stuff" proponents will cite hypothetical persons who have to choose between loan repayment, food and life-saving medicines. Of course this is nonsense because impoverished citizens are eligible for free food and health care through a myriad of federal and NGO programs.
Why is student loan "cancellation" a really, really bad idea? Not withstanding the country's treasurer is already broke (Taxpayer reminder: the federal government has run up about $250,000 on every taxpayer's credit card) consider the blatant unfairness of these real life situations:
1. A young entrepreneur chooses a non-college degree career. These are our electricians, plumbers, farmers, hair/nail salon operators, carpenters, etc. They took loans to secure equipment and facilities to start their careers. Why are they less important?
2. A military veteran who was required to serve his/her country to earn the G.I. Bill education benefit. Why are they less important?
3. Student loan recipients who kept their commitment and repaid their loans. Why are they less important?
4. Parents and grandparents, millions of them, who scraped, saved and sacrificed for years in order to pay tuitions. Why are the less important?
Some other relevant dimensions to this matter is we find that these educations some would have us foot the bill for are not producing expected results. The majority of college graduates are not finding jobs in their field of study! Perhaps that is because the demand for degrees in popular college studies such as political science, art history and philosophy is lacking in our economy? We sure could benefit from more health care workers and truck drivers.
As a representative of "We The People," you politicians should not use and abuse student loan "cancellation" legislation as a vote-getting bribe, primarily for your personal benefit. To do so discriminates against the majority of your constituents and is logically and morally just wrong.
Robert Allen
Mifflintown