The Student Loan Forgiveness Program is purposely misnamed.
Consider: the student received money and signed a note indicating their promise to repay. Under Biden’s give-away program, the student will not have to pay the money back. Their debt will be forgiven.
Money changed hands. The student spent it. So, who will pay for the money lent? We taxpayers will. The SLFOP is a debt transfer program. Biden just transferred up to a trillion dollars to all taxpayers, according to economist Brian Westbury’s estimate of the true cost.
This is a transfer of debt from a person who took the money and benefitted from the money to taxpayers who received no benefit. We pay through future taxes.
This act, in itself, is morally reprehensible. It clearly articulates the irrational “thinking” of the Left. They have absolutely no problem taking, through taxation, from a person who earned property and giving that property to the undeserving.
The left believes with an intensity unknown to rational people, that government control is proper and correct. The Left’s action goes against the Natural Law defined in our Declaration: the inalienable rights to life, liberty and the ownership of property.
The other moral argument: The student took the money in the form of a loan and obligated themselves to pay it back. When the government edicts that they don’t have to pay their obligation, like any handout, it demoralizes the borrower because they are incapable of meeting their obligations. The student borrower benefited, but in allowing another to pay their debt, they shirk their responsibility. This is catastrophic for the soul.
What is seen is the short-term forgiveness of debt. What is not seen is the defeatist effect on the victim’s psyche. They are deemed unworthy. So, far from helping the student, the Lefts “generosity” destroys them. These are the unintended consequences of the philosophy of victimhood.
Rights always come with Responsibility. They are inseparable. If we have a right to life, we also have a responsibility to protect our life. If we have liberty, it is our responsibility to protect liberty. Same with property.
Don’t be misled by the collusion between the Left, MSM and Academia. They are a minority among us. We the people have the right, and responsibility, to stand against their dangerous ideology.
And according to that logic, underwater mortgages, medical bills and credit card debt should never be forgiven based on that appeal to morality.
Except we do forgive all of the above.
It’s called bankruptcy. And it’s time to allow student loan debt to be discharged under Chapter 7 and Chapter 13.
Bankruptcies are paid for by the person filing bankruptcy. The court fees and cost of an attorney are all required to be paid by the filer, as are any nondischargeable debts that bankruptcy cannot clear. Discharged debts are not paid by anyone; they are absorbed as losses by the creditors.Jun 13, 2022