The student loan forgiveness proves that all of those college degrees really are worthless. But is it permissible for Joe Biden to basically pay for college students’ tuition as long as he remains in office in order to buy their votes?
What is the true value of a college degree? We know how much secondary schools charge for the “opportunity” to enroll with them, but this tells us little about the worth of the services they provide.
In-state students typically pay roughly $10,000 a year in tuition, whereas out-of-state students often pay $25,000 a year. These expenses can be covered by federal student loans, but this is the application of tax money from the general public with the expectation of returns; it is not meant to be free money. To be clear, nobody has a right to a secondary education, much less one that is provided for free.
These days, student loans have an average interest rate of roughly 5% and include stipulations prohibiting bankruptcy discharge. People who favor loan forgiveness contend that the price of a degree is too high and that it is hard to repay or escape the loans. In addition, many of these graduates struggle to find employment after graduating from college.
According to recent surveys, at least 45% of college graduates aren’t able to find work once they reach the private sector. Those who are able to find work frequently work outside of their subject of study. Keep in mind that this is happening at a time when official unemployment is quite low.
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The outcome? Holders of four- or eight-year degrees sometimes share lower-paying positions with high school grads. This is very typical and is contributing to an increase in employee dissatisfaction. These students’ visions of six-figure salaries and a life of affluence abruptly ran into the wall of reality, leaving them upset and, on average, $36,000 or more in debt.
But are they justified in being upset? Not really, no.
Ron DeSantis, governor of Florida, recently pointed out: “It’s very unfair to have a truck driver have to pay back a loan for somebody that got a PhD in gender studies. That’s not fair. That’s not right.”
This analysis is correct. The loan might have been utilized for any field of study with unlimited possibility for career advancement and success, yet 45% of these students selected nonsensical majors with little chance of employment. Many of these grads made poor judgments with the money they spent, and now the Biden Administration is rewarding them by forgiving their debt.
The worst part is that these very same students now behave as though they were “victimized” by getting the loans in the first place. No one forced them to take out loans, and no one forced them to choose a pointless and ineffective topic of study. As Joe Biden put it, this is the “best employment environment ever,” therefore they can not claim that the employment market is unfavorable as an excuse.
What then is the primary disconnect? What is the query that no one seems to be posing? Well, would not it be simple for graduates to pay off their loans as high level producers and money makers if the degrees were worth the cost of the loans? Why is the federal government even required to intervene? With the abundance of opportunities available under Joe Biden, should not graduates be able to pay off their loans? Why would they require assistance when the economy is booming?
Here, there are several points to be made:
- The manufactured debt must be repaid; just because Joe Biden promises it will go away does not make it so. Every taxpayer must bear the cost of it, together with the extra drag on the economy, and it is directly added to the national debt and deficit. Why should we foot the bill for the errors of a bunch of underachieving college students or for educational services that do not benefit the economy?
- Is it permissible for Joe Biden to basically pay for college students’ tuition as long as he remains in office in order to buy their votes? Is Joe truly giving the kids a break out of the kindness of his heart, or is this what he is doing? We all know Joe will attempt this again if he succeeds the first time.
- A lot of us previously felt that at least half of all degrees are useless and meaningless, and loan forgiveness only confirms this. If they had any value, the graduates would be able to repay their loans on their own and there would not be a need for forgiveness.
- If we acknowledge that half of student loans are taken out for useless degrees, we must also consider why they were initially granted. Should not loans for students in subjects that are essential, like STEM or business, be given priority while loans for fields that are pointless, like social sciences, be rejected? Why not simply grant loans to professions where there is a shortage of applicants and a significant need for trainees? Why not encourage students to pursue a tough but necessary topic of study? Would not doing this make more sense than simply writing off hundreds of billions, if not trillions, of dollars to the national debt?
- Finally, perhaps making people pay for their errors is a good idea? Perhaps this develops character and motivates individuals to put forth more effort to make their life right. If we pay for their errors, will not they eventually learn that there are no repercussions for their actions? Does this not encourage incompetence?