President Joe Biden acted as if he was being compassionate to people suffering economic hardships when he announced last week his plan for forgiving billions of dollars in student loans. Here’s why his plan is not compassionate enough for people suffering from economic hardships and why he should not do it.
The more educated a person is, the more likely they are to accumulate wealth
- Median annual earnings reflect this phenomenon
- In 2020, men 25 and older who had graduated from high school and worked full time year-round had median earnings of $49,661 vs. $36,256 for women25 and older with a bachelor's degree and full-time work
- Male college graduates have median earnings that are $31,678 more than the median earnings for men who only graduated high school
- How much does it cost to get a college degree and attain these higher annual earnings
College-educated Americans are:
- Males make median annual earnings $31,678 more than the median earnings of those who only graduated from high school
- Females make $25,085 more than high school graduates
- Over the past century, the percentage of Americans earning a bachelor's degree has increased tenfold
- 62.5% of Americans have not earned a bachelor’s degree or higher
Biden's plan to forgive student loan debt is a transfer of wealth
- It unjustly transfers wealth from Americans who did not go to college to those who did, and from Americans (and their families) who did pay for their college and gives it to colleges that charge too much and to former students who will now pay less than they owe
It is an elitist expansion of the welfare state.
- If only there were a news source we could trust. One that told the truth, asked the hard questions others won't ask, and refused to hang anything on anonymous sources.
- CNSNews is that news source.
https://cnsnews.com/commentary/terence-p-jeffrey/bidens-transfer-wealth-wealthier
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