On student debt cancellation

Did you know that college tuition has increased by 169% since 1980? The following excerpt is from an article by Forbes.

In 1980, the price to attend a four-year college full-time was $10,231 annually—including tuition, fees, room and board, and adjusted for inflation—according to the National Center for Education Statistics. By 2019-20, the total price increased to $28,775. That’s a 180% increase (www.forbes.com/).

People seem to freak out about an 8.5% inflation rate, and we are reminded about it on the news constantly, but for some reason we don’t hear about how expensive going to college has become. But why do people go to college, in the first place? I am sure that if one asked most college students, many might say they are investing in their future to have a good career…etc. A better career is indeed important, especially when one must make ends meet in this increasing inflation. Jason Furman, with relevance to student debt cancellation, recently said it is not "free money" and warned it will "hurt" almost everyone. It’s an opinion, but his statement doesn’t address the reason debt cancellation is being considered. Perhaps the question that needs to be asked is who has been hurt by the 169% increase in college tuition?

So, who has the 169% increase in college tuition hurt? I want to make clear that I consider myself to be a conservative. I know that in our world there is liberal propaganda, but we also have conservative propaganda, and I am sure this topic has been a victim of both types. If we want to view this topic responsively, we will have to see both sides, or all sides. Sure, one can say student debt cancelation hurts everyone, but raising tuition also hurts all, although mainly the poor. I don’t think this requires much explanation. A more educated society benefits all, which also doesn’t require much explanation.

I believe both colleges and government are complicit in blame for the increase in tuition. Sure, there is supply and demand, but when one knows the other will meet the challenge it becomes a whole other monster. We want a society in which all have opportunities, and not just opportunity for the rich. This doesn’t mean all will have the same outcome. Same outcome is communism. Speaking of communism, I have often heard talk about Cuba having free education because of communism, which is false. Cuba had free education way before communism, so maybe we need to figure that one out. We wouldn’t even be having this discussion if we had figured this out. Whether you favor capitalism or communism, greed is still a thing in both systems. The topic here, however, is should we cancel student debt?

On student debt cancelation, I'm in favor. Will it really hurt everyone? I highly doubt it…just the opposite. Our politicians seem to believe sending $40 billion to Ukraine, and constantly funneling money to other countries and giving to illegal aliens is the thing to do but helping Americans will somehow hurt everyone. Give me a break? A wall in the Southern border would have cost $25 billion and would have protected Americans for far less than many other expenses. They seem to want to protect everyone, except Americans. Student debt cancellation is more expensive, seemingly, but people having more money to spend helps the economy greatly. If anything, it increases consumer confidence, and that is always good, to say the least. I don't have all the solutions, but I think one can start by cancelling student debt for people making under $75 thousand annually, perhaps. To not drag this out too much, no way will student debt cancellation hurt almost everyone. A continued increase in college tuition will hurt all without a doubt.

 

Reference:

https://www.forbes.com/advisor/student-loans/college-tuition-inflation/#:~:text=Between%201980%20and%202020%2C%20the,there's%20more%20to%20the%20story.