Cancel Student Debt

January 25, 2021

Critic: “Reducing politician’s pay wouldn’t cover anything in the realms of canceling student debt. You can “audit” the long-term politicians in Congress and the Senate, but their finances are already public due to it being law. If we take away tax exemptions from public and private universities, the extra taxes will just be added to the students further increasing their debt. Also, your statement at the end around the 52-second mark wasn’t too thought out. The universities are not “Communists”, the people they hire may be. As a political commentator, you should understand the policy and labels you are throwing around. One more thing to note, the overwhelming majority of degrees are considered “useful” as many jobs do not require a specific degree, they just require a bachelor’s or associate’s in anything to be considered higher educated.” 
Response: There are 535 members of congress. 100 senators and 435 representatives. The average pay per congressman is roughly $174,000 per year. 40% of that income is nearly 70,000. Times 70k by 535 and we get 37 million per year. You would be correct, that the total amount needed to cancel student debt cannot be funded by this alone. Obviously. So let’s take a bracket: those that owe 10k or less. That would cost roughly 75 billion. Taxing universities coupled with removing government guarantee on disbursing loans to those that cannot pay for it, which is immoral and financially disastrous for any student, will incentivize lower costs in tuition. Which leads me to jump to your last point. Many degrees are not “useful”, and that you’re claiming jobs require just about any degree as long as the applicant is ‘educated’ is no reason to go to college. Especially considering that, according to the Federal Reserve Bank of NY, data from 2018 showed that only four in 10 recent grads work non-degree requiring jobs. Not to mention that there are plenty of degrees that earn more per year, whose salary will take care of the disbursed loans which should be a requirement in determining eligibility. Now, let’s proceed with a tax example: The New School. They currently have an average of 7,500 undergrad students, with an average tuition AFTER aid at $50k. This results in a gross income from tuition at $375,000,000, and an additional $400 million after endowments as of 2019. Now I want you to do this math across the country and tell me what numbers you come up with. Universities are not communist. Evidently, I said they operate on a ‘capitalist’ system, which is just a way of saying that as long as they’re making money to pay their commie professors, uptight administrators, and maintain the school, there aren’t any scruples. Hence, the hypocrisy. As a former student myself, provided the information I just gave you, when there are communist groups, marxist professors teaching economics, history, and then written a check by their university that indiscriminately stands by the curriculum, while charging their students 50k after the government cuts them a check for the additional 14k, loaning the rest to the student with interest, for those degrees they don’t need, as a ‘political commentator’ i think I know a little something of what I’m talking about if I’m broadcasting it. Now, do I think that even $75 billion will be covered by politicians and universities? Funny, I don’t think so. In fact, I’ll sit back with a drink and we can both watch how quick they’ll change their tune when the pockets of those same politicians and universities, that advocate for canceling student debt, are exposed.


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