Senator Tom Cotton absolutely demolished the left’s constantly bandied about idea of “forgiving” student loan debt during a recent appearance on Fox News Channel’s “America’s Newsroom”.
Exposing the “loan forgiveness” idea as what it really is, an entirely unfair and likely inflationary attempt to subsidize the wildly pro-left universities and mainly left-leaning university-educated despite the worthlessness of the degrees provided as shown by students’ inability to repay them, Tom Cotton said:
“It would be inflationary to the economy and inflation is clearly a drag on economic growth right now. Canceling that student loan debt would also be outrageously unfair to most Americans who didn’t go to college, who don’t have a college degree, who don’t have student loans.
“So, for every truck driver, plumber, welder, HVAC repairman, and carpenter who went to work and has been working hard every day since he or she turned 18 years old, they would be underwriting trillions of dollars of student loans for students who voluntarily made the decision to go to college and take out those loans and just like someone who takes out a loan for a small business or a car or a home, should be repaying the loans.”
Cotton then ripped into the universities, saying that they’re the ones who should be on the hook for repaying loans as they’re the ones that charged such mind-numbing amounts for useless degrees, saying:
“If anything, it should be the colleges and universities who so poorly served those students to help repay those loans.”
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Ending his attack on the student loan forgiveness idea by returning to the economic consequences of “forgiving” trillions in debt, Cotton then concluded by saying:
“But if they go forward with this, on top of all the other spending and borrowing, as you said, it will contribute to more inflation, which means economic growth will face even more headwinds, as we just saw this morning when we got the reports for the first quarter.”
Though the points Cotton made about inflation and unfairness will strike home with many voters, furious at the idea of seeing the economy further wrecked and their hard work further spat on by a government handout to the university-educated, perhaps the best point Cotton made was that the universities themselves should be the ones on the hook.
That’s an idea that Ben Shapiro brought up a while back when the leftists really started jumping aboard the “student loan forgiveness” train, saying:
“How about this: instead of forgiving everybody’s college debt, we force all the colleges who scammed millions of Americans into degrees in Useless Theory Masquerading As Valuable Life Skills to grant refunds. That would end the grift real quick.”
But, of course, Team Biden seems intent on making the taxpayer pay for the handout to the most educated, and theoretically most privileged, members of society, a clear slap in the face to the hard-working members of the working class and those who responsibly paid their loans.