On Tuesday, a nonpartisan watchdog group made an argument that the Biden administration should consider scaling back plans it has for student debt relief, going on to claim that it could end up having a negative impact on attempts to reduce inflation.
And there’s the whole concept of personal responsibility. People should be responsible for their own decisions regarding higher education. Taxpayers should not be forced to pay for the choices of others. This is a “no s**t” king of thing, as it falls in the realm of common sense, but hey, common sense is not so common, is it?
Here’s more from Newsmax:
The Department of Education announced this week that it will cancel almost $4 billion in student loan debt for for-profit ITT Technical Institute students. This comes as part of the Biden administration’s ongoing efforts to forgive student loan debt, having canceled almost $32 billion in student loans since Biden took office.
In an analysis released Tuesday, the Committee for a Responsible Federal Budget wrote that “across-the-board student debt cancellation could undermine the [Inflation Reduction Act’s] disinflationary gains and deficit reduction.”
the organization goes on to say, “Simply extending the current repayment pause through the end of the year would cost $20 billion — equivalent to the total deficit reduction from the first six years of the IRA, by our rough estimates. Canceling $10,000 per person of student debt for households making below $300,000 a year would cost roughly $230 billion. Combined, these policies would consume nearly ten years of deficit reduction from the Inflation Reduction Act.”
The analysis goes on to finish by saying, “Broad student debt cancellation — whether by extending the pause, forgiving balances, or both — would undermine the benefits of the IRA and demonstrate a lack of seriousness in addressing our nation’s economic challenges.”
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Again, it all comes back to personal responsibility. No one is responsible for your bad financial decisions. You chose college. You are responsible for paying back your loans.
I have a feeling the education bubble is going to burst soon.