Birdnow's Aviary

December 09, 2020

Schumer Wants Mechanics to Pay Off Harvard Tuition Loans

Jack Kemp

In a brilliant analysis by Terry Jeffrey at Townhall.com, Mr. Jeffrey explains by using a fictional family to show that the idealistic sounding idea of (Harvard bachelor degree and law school grad) Chuck Schumer of having the government forgive $50,000 of tuition loans is really picking the pocket of car mechanics and waitresses via their tax bills to pay off substantial parts of those loans.

The full article includes these remarks:

BEGIN QUOTE

Jim was adopted by a working-class family in the San Fernando Valley, where the father made his living as an auto mechanic and the mother as a maid....

Specifically, under the Schumer-Warren plan, the secretary of Education would issue an order forgiving up to $50,000 in federal student loan debt for each person who holds such debt...

Can a college graduate -- whose median household income is $51,456 more than a high school graduate's -- afford to pay off $24,000 (or even $50,000) in student loans?

Or should an auto mechanic pay taxes -- and interest on an increased federal debt -- so Joe Biden can forgive a Harvard graduate's student loans?

Posted by: Timothy Birdnow at 08:28 AM | Comments (6) | Add Comment
Post contains 196 words, total size 2 kb.

1 My understanding is that these loans would not be paid off but would, by law, simply cease to exist. Which is pretty hilarious if you stop to think about it. It would declare that US currency is a fiction.

Posted by: Bill H at December 09, 2020 09:04 AM (vMiSr)

2 You're right, Bill. Brilliant. You could extend that logic to saying that if U.S. currency doesn't exist, that I don't have to pay my taxes, since there's nothing for me to pay it with -- right?

Posted by: Dana Mathewson at December 09, 2020 04:57 PM (Dao3N)

3 I like that last there Dana!

If debt is simply wiped away there is no value to money. And that means that the public will lose confidence in money, and that will lead to an economic collapse.

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