With the midterms just a couple of months away, the puppet-masters pulling Pedo Joe Biden’s strings decided to implement the first of what are sure to be many offerings to appease the woke mobs in the form of “forgiving” up to $10,000 in student loan debt for people making less than $125,000. Like waving a magic wand, it just disappears!
John Wilder has a solid post covering this topic today, Student Loans, Death, And Taxes, you should check it out.
It goes mostly without saying that this is a huge eff you to working people and an obvious bribe to the people Democrats need to show up in November, this year and in 2024. Most reports that bother to look, like this story from Fox, peg the costs of this scheme at around $300 billion. It will be “paid” for by more “debt” but that isn’t really the point. What this scheme represents is a politically targeted bribe. Lots of people have lots of debt, trillions of dollars in mortgages, car loans, credit cards, etc. Only one kind of debt, student loans, is being “forgiven”. Why is that?
For one reason only, the people carrying around that debt tend to be Democrat voters, specifically people who attended college. White millennials and various younger ethnic minorities who went to college, got useless, overpriced degrees (or often didn’t even graduate) who have no way to earn enough to pay back their loans because they sure as shit won’t work a demanding job to pay them off. These are the voters the Dems rely on to show up to vote (as many time as they can get away with). People who are working class that didn’t go to college? They don’t vote for Democrats, not anymore, at least not Whites. In 2020 exit polling Whites who didn’t graduate from college voted for Trump 2-1. White men without a college degree voted 70-30 for Trump.
The people who voted for Trump get left out of this deal for the most part. That is not a coincidence.
This won’t be the end of it. While many people will have their entire (current) student loan balance wiped out, lots more won’t. According to the Fox News piece linked above…
The nation’s federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.
I am not great at math but that makes it sound like 2/3 of people will still have loan balances after this and that almost half of borrowers owe more than $20,000. Like pretty much everything in America, this is not equal across racial groups as Nina Turner, dumb even by the already low standards of famous black women, points out:
Let that marinate a moment. How exactly is it that black women have on average student loan balances over over $52,000?! Whites have less than a quarter of that balance, although I notice she didn’t break it out by sex for White borrowers. I suspect she cooked these numbers somehow because it doesn’t jive with other stats I am seeing but in every report blacks, and especially black women, were carrying larger balances than Whites and Asians. This is blamed on a lack of “household wealth” in black families, something that is the result of poor decision making on the part of generations of blacks starting with the out of wedlock birth rate, but it also ignores the many race based scholarship opportunities for blacks not available to Whites and Asians. Maybe blacks are just less responsible with debt, something that underwriters have known about since….well since blacks started getting loans.
Also not mentioned, blacks just tend to not graduate from college once they start. I posted about this here, Participation Ribbon Egalitarianism Has No Place In Education, including this chart:
….and wrote:
For white students, only 3 out of 5 have completed their degree six years after starting, which of course means that almost 40% of students start school and likely never complete a degree, and many of them have nothing to show for it other than student loan debt. No one lists on their resume “Completed 4 semesters of college”. For black students it is even worse with 3 out of 5 students failing to complete their degree in six years, and if you haven’t completed a degree in six years the odds are you never will. Schools like the University of Michigan have a staff of almost 100 and spend $11 million a year in their “diversity office” but in the case of blacks the majority of them attending college don’t graduate.
It is hard enough to pay off student loans with most degrees but if you get deep in student loan debt and don’t graduate? You will never pay those loans off.
A dirty secret of college is that most degree programs do nothing to make you more prepared for a decent career. Engineering, accounting, nursing, those sorts of degrees of course do but virtually nothing in the liberal arts or even business degrees are actually useful to a career. The problem is that getting a four year degree in electrical engineering costs the same as a four year degree in Medieval Sodomy Studies. When our daughter gets out of medical school with a large debt load, she will earn enough to pay it back in short order. People with liberal arts degrees? They won’t be in the same position.
What we should do is pass loan “forgiveness” costs back on the universities, at least most of the cost, but also eliminate Federally guaranteed student loans. If you want to borrow money for college, you should have to prove how you will pay it back like you have to do with most loans. If you are going to be a nurse or an accountant, that should be easy, but if your degree is in something stupid you shouldn’t be able to get a loan to pay for it. We already have far too many people in college, that number should be slashed by 50% or more.
Of course that won’t happen. Instead we will get regular waves of loan “forgiveness” and never address the actual reasons why college is so damn expensive in the first place. This is just the latest iteration of the ruling class looting the productivity of the White working and middle class to bribe their voters.
There are no answers, no solutions, other than blanket forgiveness of loans made to blacks 'n browns that will appease the gibs-me-dat crowd and their bleeding-heart (((White))) overseers. It's not bad enough that institutions of higher 'learning' accept their abysmally low test scores for admission. Shadow reparations demands that they "pass" those hopeless mediocrities and then tell them that theirs was a free ride for their exquisite competency at being black 'n brown.
No one ever told me that life is fair when I was growing up. But I had no idea it could be this unfair.
A statement I once heard, and have never forgotten: "Blacks are the race that demands the most from society, yet contributes the least to it."
Agree 100%. I believe University Enodowment funds should be used for loan guarantees. They (collectively) have BILLIONS of dollars donated to them, they should put their money where their snarky mouths are. If they ( the universities) stood to lose out, perhaps they would stop offering loans on utterly useless degrees.
The beatings will resume until morale improves.
Let's not forget that in addition to the 700 Billion dollars we just injected into the economy for well who knows, but it was claimed to be for inflation help last week, now we just forgave 300 billion more dollars for "debt" forgiveness. Just wait 12 to 18months if you think inflation is bad now.
Ok, what doesn't have disparate impact on blacks relative to literally every other demographic? I was going to suggest 'gravity', but have you seen some of those sassy black sistas out there lately? Lawdy, lawdy, spill my fawty. Dat ain't no taint, it's nasty naughty.
Beatings?…What kind? – OFF?
Correct. Once the university is underwriting the loan only then will costs come down and standards be put in place for applicant ability and degree worthiness.
"The only thing that can never be filled is the outstretched black hand."
I was under the impression that most every darkie, and at least three-quarters of the latrinos, were attending under some scholarship scam and didn't need a bank to fund their glorious quests for degrees in wakanda and atzlan studies (as well as being politically seeded into traditional majors where they're not qualified, hence the high dropout rates).
I was also under the impression that most white college twerps voted democrap, so why bribe them? They're already browbeaten and indoctrinated by junior high.
Your theory about sticking it to whites that won't participate in the college racket is very accurate though!
Every morning, many whites go to jobs where they will spend the day thinking of ways to help non-whites. No non-whites get up in the morning and worry about how to help white people.
Voting means nothing. We have to understand that we're where we are because the members of both parties are just meat puppets, thieves and grifters playing their role in this kabuki theater we call " democracy ". We're all slaves in plantation America, and always have been.
The giveaways will continue until the system can no longer sustain them. Classic late stage empire
I'd be interested to see the differences in amounts borrowed. As you said 'Maybe blacks are just less responsible with debt…', I'd put money on the fact that they weren't paying back and their debt snowballed. Far as black women go, most I've noticed that had degrees, the only thing it did for them was give them the ability to use inappropriately large words when they talk to try and sound smarter.
That said, you know it's bullshit because they didn't remove the bankruptcy restrictions. Allow them to declare bankruptcy, and the problem will vanish in a few months.
FWIW my oldest daughter graduated with an art degree, with a minor in special education. After a 1/2 stint in Teach for America, she started a gig as an art teacher at the school district here. One of her friends, who was 100K under, told her they'd forgive the $12K she had left. I told her it was bullshit and to pay it off as soon as she could.
She drove her beater car, lived with a roommate, and 18 months later (may have only been a year) not only paid it off, but had enough saved to pay cash for new Honda Fit.
I told my kids to borrow no more than the cost of a car, and treat the debt like car payments – knocking it out in 4-5 years.
MN Steel that is a solid quote that likely will appear again
They also spend tons of money on non-teaching garbage, the U of Michigan has over 100 staff in their "diversity" office alone. Multiple that times every school in America and you have tens of thousands of people working day and night to keep Whites out of college.
It is levelling off a little now because people are cutting back but that can't keep it in check for long.
Culture, class, decency, etc
They do vote Dem but they have to show up, this is a bribe to get them to the polls in November but also it is a little taste of what they will bribe them with in 2024.
Aw come on, that isn't fair. When we have a natural disaster in America lots of African nations send aid like….um…..like….well I am sure they do, just like Our Greatest Ally Israel that came to our aid back when….um….
You can borrow in excess of actual tuition costs so I am guessing that lots of these stronk blaque wahmen borrowed way more than they needed and then spent the excess on tats and gaudy jewelry and size 12X spandex pants. Now they can't figure out why they should pay back the funds to finish half a semester of classes on the Theology Of Braided Hair.