. . . we find this example of people who just don't get it.
Four in ten Americans believe that President Trump’s administration should forgive all federal student debt in order to help stimulate the economy, a new survey revealed Friday.
There's more at the link.
The federal government cannot 'forgive' debt. It must be paid, one way or another. In this case, 'debt forgiveness' simply means that the taxpayers of America as a whole will have to pay off the debt assumed by individuals. The student loans will be transferred from their private accounts to the public account. It's precisely the same sort of thing that was used to rescue banks after the 2007/08 financial crisis. The Fed 'monetized' billions upon billions of dollars in bad debt by buying troubled financial instruments from the banks (both US and foreign) and other institutions that held them. All US taxpayers now bear the responsibility for paying for those bad investments. We were lumbered with it without so much as a 'by your leave'.
I'm sorry, but this sort of attitude is what we expect from children, not adults. If you sign a loan agreement, you should do so with your eyes wide open, fully informed about its implications and consequences. All that information is available to you, if you'll just read the fine print. Sadly, many young people don't read the fine print - and are then dismayed when they find themselves trapped in its coils. Sorry, special snowflakes. You signed on the dotted line, so it's your responsibility - not mine.
Even worse is the plight of parents and others who stand surety for such loans. I've heard countless horror stories of parents in their 50's and 60's - some even older - who suddenly find themselves on the hook for hundreds of dollars a month in student loan payments, because their children and grandchildren can't afford (or, in some cases, can't be bothered) to pay up themselves. The older generation(s) complain that their retirement is ruined, that they'll have to go on working forever to pay off the loans. My instant response is, "Why did you sign as guarantors and/or security in the first place?" Surely everyone knows the basic rule that if you can't afford a commitment, you don't make it?
I don't know what the answer is to the crippling burden of student debt affecting so many Americans . . . but I do know that it would be grossly unfair and fiscally irresponsible to make all of us pay for the fiscal fecklessness of the few. They should have known better. Why should we bear the consequences, instead of them?
By the time I left home, my parents were preparing to retire, and couldn't afford to send me to university; so I furthered my education on my own dime (with some assistance from them in earlier years, when they could afford it). Over the course of more than a decade, I completed a Bachelors degree, a post-graduate diploma, and a Masters degree through distance education and part-time study. It was hard work, and I had to sacrifice a lot of my social life to study in the evenings and at weekends; but that was necessary, so I bit the bullet and did it. I didn't go to a 'party school', or enjoy the social scene at university. That's just the way it was. I may have missed out on that experience . . . but I graduated entirely free of student debt, having paid my own way from start to finish. I remain proud of that accomplishment.
Thousands of others have done (and are still doing) the same thing, mostly for the same reason - money (or the lack thereof). Why can't young adults today be expected to do likewise, instead of spend tens of thousands of dollars they don't have, and then object to repaying it?