I know and you know that if a Democrat president signed a bill tomorrow giving every kid a pony, every hard-working goober a shiny new truck and every family a week’s pass to DisneyWorld, Republicans would leap up and howl about how unfair all that is to … kids who wanted a dog, guys who just bought a new truck and families who agree with Ron DeSantis that DisneyWorld is a woke cesspool of transgender grooming.
As the parent of a (fully employed) kid who stands to get roughly $8900 wiped off his monthly bills, I am pleased with Joe Biden’s long brewing decision to wipe out chunks of federal loans. It is certainly a lot of money — up to $500 billion by some estimates — and I don’t see what if anything it does to suppress the rampaging rate of tuition increases. But hey, removing $8900 in bills from mostly middle-class family ledgers counts as a good day to my way of thinking. Those people will almost certainly turn around and (inflation hysteria alert!) spend it on something other than a check to the government.
But while we’re listening to the usual hytperbolic ranting from the usual suspects — Marjorie Taylor Greene, (a bail out for Ivy League brats!), Ohio Senate candidate J.D.Vance, (so unfair to D+ kids who couldn’t get accepted to Hillbilly Ellegy Community Bible College!) and Mitch McConnell (a reckless giveaway to the takers!) let’s pause and consider Minnesota’s own John Kline.
You say you’ve already forgotten old John? The guy who parked himself in Congress representing southern Minnesota’s Second District for 14 years? The guy whose most noteworthy accomplishments were hoovering up prodigious amounts of campaign contributions from for-profit colleges? In turn for proposing more and more legislation that let those, um, conservative benefactors, burrow ever deeper into taxpayer-supported federal guaranteed loan programs? Where they mined fat profits off their hefty tuition costs? While quite often delivering dubious-to-worthless degrees to students then saddled with serious decades-long debt?
That guy.
Here’s a quote from a (U of M) Minnesota Daily editorial back in Kline’s day: “Kline and two others introduced the bill, titled ‘Supporting Academic Freedom through Regulatory Relief Act’, July 10. [Think about that name for a second as you read on.] It would prohibit the Obama administration from restricting federal student aid from schools whose students graduate with lots of debt and have low repayment rates. The for-profit college industry became the subject of much criticism after a 2012 investigation by the Senate Health, Education, Labor and Pensions Committee revealed excessive tuition prices, abhorrent recruiting practices, poor student outcomes and wasteful use of taxpayer dollars. The investigation reported taxpayers had spent $32 billion on companies that run for-profit colleges, but the majority of students who enrolled later dropped out. Federal data also shows that a majority of for-profit colleges receive more than 70 percent of their revenue from U.S. government programs.”
Point being — and I realize I don’t have to point this out to you, dear informed reader — but the howling of today’s MAGA-nauts about the “unfairness” of Joe Biden’s “giveway” is 99.9% pure hypocrisy and bad faith. They led the fight to game the federal student loan program, which certainly did not drive tuition costs anywhere but up while saddling thousands of kids from “hard-working, middle-class families” with a mountain of debt and a generally value-less degree.
And THAT is before we mention ol’ Mitch’s signature accomplishment in the Trump years, namely the $2.3 trillion worth of tax cuts Republicans gave away to, you know, “benefactors”, “productive Americans” and people who don’t blink at $30 cocktails at the 19th hole of their private club. [If you’re scoring at home that’s four times the size of Biden’s student loan forgiveness] Maybe you bought a new Porsche with your winnings off that sweet deal, but my taxes jumped up about $900 the next year.
So, as usual, let’s ignore the raging of cynical fools.
Bottom line here is that I suspect Republicans will go hunting for a judge who will slap an injunction on Biden’s executive decision. And, whether it stands or not, loan forgiveness will do next to nothing to stall out the 130% increase in tuitions since 1990.
Oh, and one more thing, entirely unrelated I’m sure, did you see where the University of Alabama just signed football coach Nick Saban to a contract extension worth $94 million over eight years?
And have you forgotten that the highest-paid public employee in the vast majority of states is a … basketball or football coach?
Though it was certainly painful, we were able to pay for three undergraduate degrees, so no loan forgiveness for them or me. Wah, wah, poor me.
While they got their undergrad paid for, the middle kid still had to rack up six-figures in loans for three years of physical therapy school. Wisely, but unfortunately it turns out, he refinanced the federal loans to get a lower interest rate, which makes him ineligible for loan forgiveness.
Though it didn’t help us, this modest targeted loan forgiveness plan is a very constructive thing to do. Younger generations got hit much harder with tuition bills than past generations, and the economy can’t afford to have a whole generation buried in debt.
You come to the right conclusion, John, but as a policy matter, it doesn’t matter to me whether you suffered or not. Anybody who ever filled out a FAFSA knows putting kids through college is no effing picnic.
Supporting loan forgiveness is not some kind of Boomer martyrdom. Sorry.
I’m sorry: Joe.
First sentence: make it “DemocratIC President” please.
unless you are satirically channeling Repub-speech?