Here are the facts of life— You can’t borrow your way out of debt. You can’t print paper money to pay your way out of debt. University students you need to learn these lessons well… especially when you guys, in the aggregate, have borrowed $1.5 Trillion Dollars.
You can’t just demand your generous lenders should forgive your education loans. If you’re smart enough to go to the best universities (on borrowed money) you should be smart enough to repay it.
You lived in the nicest dorms or nice housing off campus for four or five years. You ate free, got cash for clothes and necessities— and plenty of drinking and partying money for too many college students.
Now you want to be forgiven— after all, the Bible says, “Forgive us our debts as we forgive our debtors.” Surely the banks, loan corporations, and the American public believe in the Bible, don’t they?
As a baby boomer, I attended college too. I did it on the cheap— hometown college, worked 30 hours a week, no dorms, no party going, attended every Summer session so I could work and take less hours during regular semesters. I majored in what I wanted a career doing. I made lots of money being a good worker in that industry.
My parents gave me a total of $50 for books one semester. Yes, those were the good old days. I know it cost a lot to go off to college today. But our generation has set a bad example by letting our government live the high life— on borrowed money.
In a nation that has accumulated $26.7 Trillion Dollars in debt, why should borrowing money really matter? Here’s why— up until this morning, every person living in America, adult or child, owes $81,101.
U.S. National debt divided by U.S. population = $81,101.
That’s why I want you to pay your education loans, so the rest of us are not stuck with paying for your bad choices.
For even more depressing stats on U.S. debt, check out this website—
U.S. National Debt Clock
My worse fear is that the Covid19 Pandemic has triggered the Federal Reserve into issuing such massive waves of stimulus money, as you can see above, that any previous plan to ever pay off our debt have disappeared. (Was there ever a plan?)
The only way forward is to inflate the money supply, create waves of more and more new money, and leave the future problems for inflation to deal with. Hey students, on second thought, we’ll pay off your debts, if you’ll pay ours!