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Opinion — President Biden, What About My $50,000?

Yeah, Joe!?

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President Biden has suggested that he’s now reconsidering the forgiveness of $50,000 per student in student loan debt. As a parent who sent four children to college, each took some student loans, and my wife and I paid the rest like many other families in the country did for their children. As I thought about this proposal, I wondered who would qualify for the up to $50,000 forgiveness? As I thought more about this issue and the complexity of deciding who should get reimbursed, I thought about the other discussion of reparations for slavery. The challenge in both of these issues is figuring out if we’re going to do it how do we do it without alienating millions upon millions of Americans. 

According to the U.S. Census Bureau, there approximately 47.8 million blacks in this country, of which 5 million came in this country as immigrants in the last 10 years. So, we have perhaps 42 million blacks who could be eligible for compensation in some form, or another should come. On the other hand, as you will see shortly, there may be as many as 60 million students holding college debt and might be in line for the cost of forgiveness. 

In the United States, we have 40.3 million people who have completed college carrying $1.5 trillion; they’re approximately 21,000,000 students in college today, and the amount of money in outstanding student loan debt is second only to residential mortgages. Student loan debt exceeds all credit card debt.

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You could ask how did we get into the problem of so much debt? In a word, the answer to the question is government. When the government decided that everybody should have the right to own a home, the government created Affordable Housing loans. In essence, the government decided people who could not qualify for a home loan get a home loan regardless of their ability to repay the loan. The same is true in the college business. Everybody has a right to go to college regardless of their ability to learn and succeed and pay back the loan. 

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According to the Washington Post, of 100 students start 21, one never completes. One-third of those who drop out are from lower-income families.

For a long period of time, private banks loaned the money to pay for college, then they took the risk of defaults but under the Obama Biden administration, that all changed when the U.S. government became the lender of record, so all the outstanding student loan debt are obligations of the United States government, in other words, you. 

-Student loans make up more than $1.5 trillion in outstanding debt in the United States from more than 44 million borrowers.
-Student loans are being securitized as asset-backed securities non as SLABS.
-SLABS has been enticing to investors due to some structural guarantees, but as student debt loads increase, they may become riskier than initially thought.

Here is the critical question: What happens under Biden’s proposed program to the investor who owns SLABS? If the government guarantees the obligation and the loan is canceled, will the investors get all of their money returned?

What about the parents who took out a home equity loan to pay for college? Should some of the $50,000 go to the parents of the students? What about people like me that took the money out of savings to pay the cost of college? The issue is very complicated. The young people what to get rid of some of their debt and just out of school; a student loan payment could be a big as a house payment.
 
Why was debt increased so much in a short time frame? U.S. News and World Report’s analysis of its ranked national universities shows that in the past 20 years, average tuition at private colleges rose by 144%; at public universities for out-of-state students by 165%; and at public universities for in-state students by 212%.

I would like you to look at these numbers and ask yourself did your income go up these percentages over the same time. According to Social Security, the income in 2001 was $31,581, while in 2019, it had grown to $51,916. This is a 64% increase in income over the time frame. You can see the cost of college more than consumed the rise in income, so it should be clear students had to borrow more and more money as the cost of college outstripped the family’s ability to pay the expenses. 

I think this idea is very divisive because those Americans who spent their money to pay for their children’s college education who get left out of any forgiveness program will be furious. Families will become more divided, and voters on both sides will also become angry. We will see examples of cross-generation conflict. 

There are two simple answers to this question. First, put a cap on the increases in college costs of college and remind the student you decided to go. You chose the college. If we made a financial commitment so you could go, then the financial obligations you made are yours. You went to college to improve yourself. I say not too forgiving debt for those who made the decision.   

Dan Perkins is a published author of 4 novels on nuclear and biological terrorism against the United States and is a current events commentator for over 30+ news blogs on a rotating basis. He recently has had commentaries posted on Medium, Conservative Truth, and Newsmax among others. He appears on radio and TV regularly many times a month. Dan’s newest show is called “America’s Cannabis Conversation,” on the W420radionetwork.com. His latest entrance in communications is his first Podcast called “What’s on My Mind?” This can be heard on SoundCloud; just look for the name of the show or Dan Perkins. More information on Perkins can be found on his web site: danperkins.guru

Opinion

Hunter Biden’s Art Dealer Had Grand Chinese Ambitions in 2015

This certainly raises a few new questions…

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Hunter Biden, son of President Joe Biden, has been heavily criticized in recent weeks, as he begins to sell hundreds of thousands of dollars worth of art to anonymous buyers around the world. As one can imagine, the idea that such vast amounts of money are pouring into the First Family without any transparency has led to concerns about foreign interests gaining a foothold in the White House via untraceable transactions. New reporting regarding Hunter Biden’s art dealer is now exacerbating those worries. The art dealer representing the president’s son has longstanding ties to China and said in 2015 that he wanted to be the art world’s “lead guy in China.” Georges Berges, who is representing Hunter Biden as he ventures into the art world, has talked about his business dealings in China in the past, but his reported ties could pose an ethics issue as he sells Biden’s art to anonymous buyers. Here is where it gets wild: Berges said in a 2015 interview with Resident that he wanted to be the art world’s leader in China. “My plan is to be the lead guy in China; the lead collector and art dealer discovering and nurturing talent from that region,” Berges said. “I plan to find and discover and bring to the rest of the world those I consider China’s next generation of modern artists.” He also said that that he believes “China’s economy is transforming the global economy and everything is changing because of a rising China,” and that he was fascinated by “cultural impact” China is “having on the world.” “Cultural power is real power. That is the reason America continues to be the capital of the world, because of its influence on culture for generations and on an unrivaled global level,” Berges also said. “And I…

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News

US Pop Star Offers to Pay Fines For Olympic Team Protesting Skimpy Outfits

The IOC wants the women to remain scantily clad, and this is undoubtedly on account of their incessant greed.

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The Olympics may have built themselves as some sort of prestigious and untouchable global event in years past, but the last few decades have revealed just what a shady cash-grab the games have become. It all began in the 90’s when the financially-struggling Winter Olympics added snowboarding to the games, in a move that was blatantly meant to generate ad revenue from the emerging sport and its fans.  In this quest to cash in, the International Olympic Committee refused to allow any actual snowboarding organizations participate in the operations, which drove several of the world’s best to boycott.  This, in turn, completely ruined the concept that the gold medalists were truly the best in the world, and exposed the IOC as nothing more than a marketing firm. Now, in 2021, a number of female athletes are complaining that they are being forced to wear skimpier clothes than their male counterparts, (often in the same discipline), to which the IOC responded with a “be quiet and play” sort of attitude. Again, the skimpier outfits equate to more ratings, so Olympic organizers are refusing to make accommodations. This has led US pop star Pink to step up.  US pop star Pink has offered to pay the fines handed out to the Norwegian women’s beach handball team, after they wore shorts like their male counterparts instead of bikini bottoms. The team was fined 1,500 euros (£1,295) for “improper clothing” at the European Beach Handball Championships last week. “I’m very proud of the Norwegian female beach handball team for protesting sexist rules about their uniform,” tweeted the singer on Sunday. “Good on ya, ladies,” she added. “I’ll be happy to pay your fines for you. Keep it up.” In doing so, the Olympics will get their coveted cash and these female athletes will be able to perform…

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