Dale Glading's Blog

Biden's Bailout Blunders

Friday, February 12, 2021

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Across America, financial aid officers at colleges and universities are dancing in the streets… and with good reason. Because if Joe Biden and the Democrats have their way, all student loans will be forgiven with a single stroke of his executive order pen.

You know, the same pen that he said only dictators use, but which has since run out of ink from overuse in less than a month. However, that comment was made back in the fall, which is a political lifetime ago. More importantly, it was before the general election when promises made were never intended to be promises kept – at least by Joe “I’ll say and do anything to get elected” Biden.

After all, when you have been trying to get a key to the front door of the White House for the past 32 years, what’s a lie or two between friends?

Somehow, Joe has managed to anger and alienate three massive groups of people, each of which numbers in the tens of millions, with his new policy. The first group is the hardworking parents who scrimped and saved and sacrificed – for decades – so that their kids could go to college and earn a degree. Count my mom and dad in that mix as well as Deanna and me.

Forgoing creature comforts today so that our children could have a better future tomorrow seemed not only right, but strangely honorable. After all, no one forced us to bring three kids into the world (or, in my parents’ case, six) and that means it was no one’s responsibility to pay for their college tuition but ours.

It was a momentous day when Deanna and I paid off the last of our kid’s loans… the ones that were in our names, that is… and it took downsizing (yet again) to make it happen. Our eldest two still owe substantial amounts because they chose to attend a private Christian college, but they have been chipping away at that mountain of debt religiously since the day they graduated from Liberty University. Chris, our youngest, opted to go the county and state college route to minimize his bills and paid as he went.

Now, Bethany and Matt – and millions of their contemporaries – are fighting mad because students who graduated just a few years after them will have all their debts erased by dear old Uncle Sam. And Chris is likewise fit to be tied because, had he known that his college loans would be written in disappearing ink, Mr. Class Salutatorian might have chosen Princeton, Harvard or Yale instead of Indian River State College.

Way to go, Joe. That’s three generations in our family alone who are ticked off with you… with a capital T.

So, what other group of people is just as miffed at “Bailout Biden”? How about those students who, upon graduating from high school, realized that a college education was simply beyond their means to pay – or repay? Instead, these responsible young adults went to trade school or simply entered the work force as 18-year-olds. Just imagine how they feel knowing that they were born a generation too late for all the free handouts...and will now have to pay for all their classmates who majored in art history or gender studies??

Lest I forget, there is one last group of people who will someday shudder at the very mention of Joe Biden’s name. Guess who? Would you believe the very same students whose tuition debt is now being forgiven?

Because someday, in the not-too-distant future, these young people will learn the cold, hard truth that nothing in life is free… and that realization will hit them like a Polar Bear Plunge on New Year’s Day. When they crunch the numbers and begin to understand that their supposedly free tuition is being paid for by exorbitant tax hikes, look out. It will hit the fan!

The same goes for their kids and grandkids when they are told that they will have to endure a lower standard of living because mom and dad (or grandmom and grandad) rode the federal gravy train at their expense.

Of course, Uncle Joe will be long gone by then… which is exactly what he is counting on. Meanwhile, colleges will continue to jack up prices – and loan officers will keep dancing a jig – knowing that the sky is the limit as long as the federal government is paying the bill.

The only problem with that scenario is we, the taxpayers, fund the feds.

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