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Let’s see: You get $20,000 worth of debt canceled (i.e., $20,000 you won’t have to spend) and then you bitch about having to pay taxes on that $20,000 gift from taxpayers.
Only in America…
If you had read the article, you would have seen that he was on track for student debt relief through existing means and not this legally dubious forgiveness announced by the Biden Administration, and thus would not have incurred a tax liability that he instead will now incur automatically. I agree with your sentiments generally, but they don’t pertain to his circumstances.
“the problem of high student debt is not a “direct result” of the pandemic” – This accurate but the real problem is our government making (continuing to make) these loans. 18 y/o teens have little to no education on finances and how loans work. I didn’t have a clue about my students when I signed on the dotted lines. Semester after semester I piled on students loans. That story is the same for thousands of people. I’ve proudly paid mine off. It’s just a small “win” for the little guys struggling to pay off student loans. Until the government turns off the fountain the problem will never go away. It’s eroding the value of most college degrees.
Just a friendly reminder: if you had student loans, you were a student–and if they were sizable enough that this is a small concession, then you were a student at something more than PJ’s Beauty College. This means you either completed or were on the path to a 2-year degree–and probably a 4-year degree. At a minimum.
Even in a place as fortunate and rich and prosperous as the United States, with a somewhat free market in education and an almost limitless array of possible academic pursuits, a student who takes out loans isn’t really a “little guy”. There are far littler guys who didn’t go to school–either because they lacked the ability or the aptitude or the self-discipline, or any combination of the above. But the taxes on their mostly modest incomes (with far less potential to grow over time) most certainly helped subsidize the students, who were at least a run or two higher on the socioeconomic ladder.
Would that we actually have a party that stands up for the interests of the truly “little guy”. But we don’t.
I agree with most all of the sentiments offered here. The main problem in modern society is that people are not held accountable for their actions. A lot of people do not want to take responsibility for their actions. I think it is quite ridiculous to claim that an 18- year old can sign a loan application and then later claim they did not understand it. The law nowadays says that an 18-year old is an adult and therefore responsible for repayment. I bet all of the students had no trouble in figuring out how to cash the check and deposit the funds they received. I know several who went on to grad school and used student loans to buy automobiles and live the good life while they were a student and the ones I know did not work, nor did their spouse. Now they are earning a very good salary but do not feel they should have to pay their loan off. This is utter nonsense. We need to quit making excuses for others’ behavior … Remember the story of the little red hen?