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Tuesday, September 28, 2021

Schumer Already Trying to Tack On ‘Bad Ideas’ to the GOP’s American Family First Aid Legislation

The Democrats’ are proposing the same student loan forgiveness pitch failed Presidential candidate Elizabeth Warren made on the campaign trail.

College student loan forgiveness is a ‘bad idea’ because the prevailing attitudes among dead beat students and many of their parents that since the government is owed the money, there will be a way out of repaying. The thinking among some is that if we just wait long enough, we will not have to pay, our loans will be forgiven.

This lack of concern about incurring college debt and paying it off carries over into the attitude students possess to complete college on time. Today only 33.3% of 4-year public college students graduate in 4 years, some never graduate.

The Big Q: What to do?

The Big A: There needs to be some harder thought on the part of prospective students. They need to look at the projected annual income for employees in fields for which they are preparing. And more important is to finish college in 4 years.

It is Key that critics and the MSM stop encouraging student loan defaults by promising to remove the responsibility for repayment of student loans. By doing that, the government is modeling behavior many abhor, namely not taking responsibility for poor decisions made in the past.

As for federal policy, elected officials should show some constraint in encouraging people to walk away from their college loans. Buying college voters with promises of loan forgiveness or free college is no way to teach the fiscal discipline or responsibilities that college graduates should possess, and that the nation should exercise.

Here Comes Falling Asleep Schumer and Pocahontas Warren…

Senate Democrats have already started to ‘tack on’ bad aid to the American Family First aid GOP legislation unveiled a student loan relief plan in response to the coronavirus, calling for immediate cancellation of monthly payments for the duration of the national emergency and the payment of at least $10,000 for all federal student loan borrowers.

The emergency plan was announced by Senators Chuck Schumer (D-NY), Patty Murray (D-WA), Sherrod Brown (D-OH) and Elizabeth Warren (D-MA) today.

The tack on sponsors are asking Congress to authorize the Department of Education to make payments for all federal loans, tax-free for borrowers, in lieu of borrowers having to meet monthly payments.

The proposal also calls for the minimum $10,000 debt relief payoff for all federal loan borrowers and the suspension of all involuntary debt collections or wage garnishment for borrowers who have defaulted. 

The coronavirus outbreak brought with it crushing economic uncertainty, and students and borrowers need targeted, quick relief from payment burdens,” Senate Democratic Leader Chuck Schumer saidWe must act now to help alleviate the growing financial strain on students and families across the country.” 

There are about 43-M Americans with $1.5-T in student loan debt. Federal student loans form $1.3-T of that lot.

It is disappointing to see so many in Congress fooled by misinformation from the Left and the fake news narrative about the Department of Educations efforts to protect students from fraud, the rule is consistent with Congress’s intent, it protects students and it treats taxpayers fairly.

The current rules required students to apply for relief within 3 years of leaving the school, and they ended a policy allowing the Education Department to cancel loans for large groups of students that attended schools known to have committed fraud.

In February, President Trump said he wants to put an end to a popular student loan forgiveness program.

Americans owe about $1.7-T in student loan debt. President Trump has proposed several education reform programs.

Notably, he recently signed bill that will fund free education for some trade school programs.

I expect that he will do much more in the future, but forgiving deadbeat students and parents their college is not 1 of them.

Making and Keeping America Great!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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