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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

Biden Speech Writers Salivate Over Emerging July 4th Narrative

The cringe cometh.

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Whoever is in charge of the story arc over at the White House is really excited about the Fourth of July. This is Independence Day, of course; the day in which we celebrate our decision to kick the British off of the continent over their ever-more-dastardly taxation of the colonies. But, for Team Biden, the 2021 version of Independence Day is going to bring us freedom from the coronavirus. President Joe Biden urged more Americans to get their coronavirus vaccine Wednesday, warning they still had “more to do” in order to celebrate Independence Day with their families. “To celebrate our independence from this virus on July 4th with family and friends in small groups, we still have more to do in the months of May and June,” Biden said. And his speech writers have been stewing on this hokey, on-the-nose narrative for a while. Biden first proposed the idea of allowing families and friends to gather for Independence Day on March 11, but he expressed concern on Wednesday the country was not ready. “If we let up now and stop being vigilant, this virus will erase the progress we’ve already achieved,” he said. We can only imagine what terrible puns and portmanteaus the Biden PR cabal will drop on us come July 4th: “One if by J&J, two if by Pfizer.” “If the Continental Army had has masks, so many fewer future Americans would have died from smallpox.” “You know what else is ‘Common Sense’?  Social distancing.” The cringe cometh, folks.

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Amazon Rolls Out Creepy ‘Pay By Palm’ Hardware at Whole Foods

Is this one of the harbingers of a cashless society?

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Throughout much of modern history, Americans and their cash were two separate things.  One was a human being, breathing and walking about, earning money.  The money was an inanimate commodity of varying value that we used to keep the organism alive, fat, and happy. But in the future, it seems as though we may find ourselves intrinsically, and anatomically indistinguishable from our bank account.  In fact, it appears as though Amazon is banking on it. Amazon.com Inc (AMZN.O) said it is rolling out biometric technology at its Whole Foods stores around Seattle starting on Wednesday, letting shoppers pay for items with a scan of their palm. The move shows how Amazon is bringing some of the technology already in use at its namesake brick-and-mortar Go and Books stores to the grocery chain it acquired in 2017. The system, called Amazon One, lets customers associate a credit card with their palm print. It offers a contact-less alternative to cash and card payments, Amazon said. Of course, the move is being regarded as a terrifying leap into Orwellian territory by privacy experts, as it appears to push us ever closer to a cashless society where hackers and power failures could doom us all to poverty in the blink of an eye.

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