Biden’s student debt forgiveness is a slippery slope that will make tuition inflation worse and hurt the U.S. economy

 

Biden’s student debt forgiveness is a slippery slope that will make tuition inflation worse and hurt the U.S. economy (msn.com)   . . ."Slippery slope: Loan forgiveness is a slippery slope. Some will argue it started with Uncle Sam bailing out the big banks during the Great Financial Crisis. That is debatable, and there are important differences: The U.S. government then did not “forgive” the banks or give them money but provided high-interest loans. Uncle Sam came out ahead in the end. Arguably, if the U.S. had not bailed out its financial institutions, the U.S. economy would have crumbled. These nuances are somewhat lost, as the public looks at the government’s actions in the crisis as a bailout that set a dangerous precedent. Yes, the government came out ahead, but it could have lost money.

Then, during the pandemic, the federal government threw trillions of dollars at anyone and anything with a bank account. This time Washington wanted to make sure that everyone got the money (not just the fat cats on Wall Street), but due to its ineptitude a lot of this money was misappropriated. Some were showered with more paycheck protection money than others.

"Now comes student debt forgiveness. Anyone who went to college, has student loan debt, and makes less than $125,000 a year receives “forgiveness” from Uncle Sam — and my daughter Mia Sarah.

"Endless forgiveness:

"This executive order doesn’t even attempt to fix the core issue of runaway inflation in college tuition. In fact, it will likely make tuition inflation even worse by throwing more taxpayer money at colleges and lead to endless “forgiveness” in the future.". . .