According to Forbes, in 2018, there are 44 million Americans who owe more than $1.5 trillion in student debt. Today’s generation begins their adult life saddled with tremendous student debt. What does that say about tomorrow’s doctors and lawyers and scientists? When they can’t find jobs upon graduation, you could see how this epidemic could devastate an entire generation.
Student debt is a huge problem. During the past election, student debt was considered one of the most important. Interestingly, Donald Trump was silent about how he would tackle student debt. But then, just a few days before the election, Trump announced to the world his brilliant college debt plan.
We would cap repayment for an affordable portion of the borrower’s income, 12.5 percent, we’d cap it. That gives you a lot to play with and a lot to do,” Trump said. “And if borrowers work hard and make their full payments for 15 years, we’ll let them get on with their lives. They just go ahead and they get on with their lives.”
Republicans sitting in that audience, just blindly fluttered their google eyes, and applauded with pride and astonishment. After all, we have to look at this Oompa Loompa every minute of the day on the news, because these morons were fooled. These uneducated bumpkins were so enchanted with every brash word to leap off of those YUGE lips, that he is now our president. Nothing different than a snake charmer. Or a puppet master, dancing his fingers.
People stationed on earth, however, realized Trump’s debt plan was fantastical, and could never work. Trump’s school debt plan was also extremely radical. His plan made Hillarys’ look ultra-conservative. At the time, political analysts credited Trump’s school debt plan with capturing many Bernie Sanders’ supporters. At the time that he announced his plan, Bernie stepped out of the race. Millions of young millennial Bernie supporters with huge college debt, who also despised Hillary Clinton, were desperately searching for something to do with their votes.
Trump’s debt plan thrilled America. It finally looked like students were about to get some relief. Check out this CNN article from November 2016.
Alas, Trump was just dancing behind his smoke and mirrors. He was telling America what they wanted to hear, NOT what he really planned on doing. His school debt plan was not based in reality. Trump didn’t give a rat’s ass about student debt. All he cared about was getting elected.
Jason Delisle, a resident fellow at the American Enterprise Institute said,
If you were going to give loan forgiveness in 15 years, you’re going to forgive a lot more debt than you’re going to make up for in the form of the higher payments they’re proposing, by a lot. I don’t even need to run the numbers. It’s so obvious.” Studentloans
Seems like lessening a graduate’s debt is a no-brainer. Obviously, if you care about our country, you don’t want to burden those in charge of managing it tomorrow with an insurmountable debt. But there is another crucial aspect to the student debt debacle. Those loan companies make a killing off of student’s debts. Loan officers prowl university breezeways looking to for vulnerable and needy students who will sign away their futures.
Guess what? Seventeen months in office, Trump finally proves to the country that his debt plan was nothing more than a gigantic castle composed of playing cards. In fact, just yesterday, Seth Frotman, the student loan ombudsman at the Consumer Financial Protection Bureau, declared in a vicious resignation letter, that the agency “has turned its back on young people and their financial futures.” NPR
Ironically, I wrote this PoliticalHaze like two weeks ago. Getting gullible children to sign away massive student loans is a tremendous business. So is military loans. Sleazy loan companies are centered right outside army gates, ready to pounce a these young soldiers who just recently got a sizeable army bonus. Obama passed The Military Lending Act, to prohibit shysters from stealing money from our nation’s soldiers. This was such a huge business though. Insurance lobbyists have been trying to reverse the law ever since it was implemented. Finally, Trump reversed it!
Who is he working for, me and you or the residents of Trump Towers? This was the corruption he was supposed to be draining. Don’t blame Trump, blame those morons that actually believed his campaign lies.