President Biden just enacted a far-reaching plan to forgive billions of dollars of student debt. And what you might consider a generous move on his part is now being attacked by the GOP and other so-called “leaders” for its failings and omissions. The GOP says it’s just a mistake, shows favoritism and is a blatant attempt to buy votes. Others see it as an opportunity for the next generation to supplement their purchasing power. We agree with that view. Young adults are–or soon will be–purchasers of cars, homes, and all the other products that relate to those big dollar items. Furniture, appliances, home services, building materials, etc.–all these sectors and more will see increased demand. And demand increases stimulate job creation that generates bigger payrolls. This multiplier affect will be felt in all sections of our economy. Yes, some former students may have just missed the plan’s eligibility rules and that is unfortunate. But the line must be drawn because we cannot afford to forgive all student debt. If we are “real” about this–student debt would not be so high if colleges and universities held the line on cost. Federal law should be enacted that limits higher education to a Consumer Price Index rate for annual tuition, board, fees and other charges. Runaway cost increases perpetrated by less-than-intelligent overseers/trustees will undoubtedly lead to re-creating the same debt problem down the road.
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