The debate over the $1.7 trillion in college debt is back in the spotlight as President Biden is reportedly considering canceling at least $10,000 of debt per borrower. The president has already extended the freeze on federal student loan payments and collections until August, as the White House figures out what to do about an issue he repeatedly discussed on the campaign trail. But that debt doesn’t just go away. Who ultimately picks up the tab for the forgiven student loans?
Straight Arrow News contributor Star Parker thinks forgiving those loans is not only misguided but teaches America’s youth to disregard the importance of honoring contracts and personal responsibility:
It’s more obvious by the day that President Biden and his progressive allies in Congress do not agree with notions of contractual obligations and personal responsibility.
President Biden and his progressive allies in Congress are working today on initiatives to “forgive” the student loans that certain college students borrowed. They want to wipe out certain borrowers’ responsibility to pay back their contractual debt.
But debt doesn’t just get wiped out. The responsibility just gets transferred to someone else; and in the case of government guarantees, that someone else is taxpayers.
How did we get here?
Well, student loans backed by the government is another child of the allegedly compassionate 1960s.
Doesn’t it make sense to help the less fortunate obtain funds to pay for college?
But as many theologians and philosophers have noted, the greatest charitable act is to help another individual take control of their own life.
Teaching personal responsibility is the most valuable gift that one can provide another.
Yet in America today, our compassionate streak and our moral compass have been passed off to our federal government.
A child growing up in America today looks around and finds that they are living in a nation where debt is larger than the entire economy, and still growing.
But just as inflation shows that the costs of fiscal irresponsibility cannot be hidden, so the costs of teaching our youth that personal responsibility is irrelevant cannot be hidden.
It manifests in the destructive behavior we see now.