Remember when President Joe Biden and the Democratic Congress took resolute action to combat rising prices? I apologize for asking so much of you. It can be mentally taxing to recall the details of events long past. And according to my calendar, the event I’m asking you to recall occurred way back on Aug. 16 of this year.

A couple of weeks ago, in other words.

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John Hood is a John Locke Foundation board member.

(3) comments

Branch

Yes, this executive order IS constitutional and fully legal. And is it really “power-mad” to liberate people from debt-bondage? Seriously? This rhetoric is so stupidly over-the-top for describing an act of great public good. It’s almost parody. Hood’s ideology has made him “sick in his mind; sick in his soul, if he has one.”

The US government is the creditor on 80% or more of student loans. No one is losing money on this deal, taxpayers are not being forced to make up the difference, and no new money is entering the economy. The Reserve/Treasury gave, and now it has forgiven. That’s it. If our economy actually requires that young people are crushed by debt in order for it to function, then the economy is clearly broken. The federal government doesn’t function like a household budget, unlike states, because it is the ISSUER of a sovereign fiat currency. This last point is very inconvenient for conservatives, so they pretend like they don’t understand it.

Hood is angry because student loan debt is a great leverage point for corporations, the US military, etc. to coerce people into careers and working conditions that they would otherwise flatly reject. And now (some of) that leverage is being lost. I personally think Biden should have gone bigger—why not erase all student loan debt?

But is it fair that some folks paid off their student loan debts while a minority of others will get up to $20,000 forgiven? Consider the following: It is nearly ten times(!) more expensive to go to school now than it was in the eighties after adjusting for inflation, while wages have only grown around 0.5% in the same time period. Was the introduction of the polio vaccine unfair to folks who died and suffered from the disease before its invention? Were emancipation and the 13th and 14th amendments unfair to African chattel slaves who never tasted freedom?

Higher education should be tuition free, period. If you paid off your debts and are upset, then maybe you should lobby your representatives for reparations. Living under the yoke of debt-bondage is not economic freedom by any stretch of the imagination. This boomer-logic is totally irrational.

FJB

“No one is losing money on this deal, taxpayers are not being forced to make up the difference”

Of course the taxpayer will be required to make up the difference. That’s where the money comes from. The Federal Government prints money (Credit) and the tax payer is responsible for the bill. Do you believe the federal government is increasing the IRS Tax Force to 87,000 Auditors to pay fewer taxes?

“If our economy actually requires that young people are crushed by debt in order for it to function, then the economy is clearly broken.”

What is broken are the educational institutions themselves. The so called Loving and Caring Liberals that run them are the ones responsible for the massive increase in cost. The members of these educational institutions are benefiting from the student’s going into great debt. These students are going into great debt to pay for the educator’s life styles, benefits, and retirement. The students are going into great debt for the lavish buildings the educators will work in for a life time, but only get to use for a short period of time. In too many cases, the students are going into great debt for a degree that has few to no prospects for a high paying career. What is “clearly broken” is our educational institutions, and I don’t see the educators (beneficiaries) giving up their luxurious perks that they are receiving at the expense of the Students and Taxpayers any time soon.

thechaosaysmuuuu

You've clearly never step foot on App's campus, or any number of public universities.

"The members of these educational institutions are benefiting from the student’s going into great debt."

Faculty sure aren't! Administrators and coaches are who make bank are. Faculty salaries top out *at best* at just over $100k/year, and that's RARE. NTT pay tops out at around $50k/year.

"lavish buildings the educators will work in for a life time, but only get to use for a short period of time"

You've definitely never step foot into an AppState academic building. Many of them are *literally* falling apart. Classrooms with holes in the ceiling and water coming in, mold on the carpets. Broken asbestos tiles. And a lifetime?! You do realize that many faculty are NTT (non-tenure track) and work on single-year or at best 3-year contracts: there's no lifetime employment for them, only the constant stress of job insecurity and insulting low pay.

"giving up their luxurious perks "

Are you kidding me?! Do a half ounce of research next time before you start spouting such inaccurate garbage. Adjunct faculty make just over $15,000/year, with ZERO benefits. Full-time Non-Tenure Track [NTT] faculty make less than $50k/year (even those that have been teaching here for 15 years or more!), and they get *basic* health insurance benefits, which they also still have to pay into monthly, it's the same plan that ALL state employees get, it's not some "special educator's perks". That's it. Heck, faculty don't even get free parking! They're forced to pay to park at the very place they work! What on earth is "luxurious" abut that? There are many faculty on campus that are forced to work second jobs just to pay rent, many who end up on food stamps during summer months when there's no paycheck coming in.

You should be directing your ire towards the real villains: administrators and coaches making 6-digit salaries who are turning universities into entertainment complexes instead of academic institutions. The most luxurious buildings on campus are not academic, they're sports related, and at App Athletics loses $25 million EVERY YEAR, these losses are in large part subsidized by students to the tune of ~$1000/student/year.

What a miserable (and wholly inaccurate) perspective you have.

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