Divided about debt forgiveness
Published on August 29, 2022 at 12:18pm CDT
Publisher’s Perspective
By Tim Douglass, Publisher of the Pope County Tribune
Last week President Joe Biden announced a plan that could mean that some 40 million Americans would see their student loan debt reduced or in some cases, eliminated.
The plan immediately drew both positive and negative reaction and once again showed just how politically this nation is divided. As with just about every issue these days, the reaction is split by party affiliation.
There are those who say the nation can’t afford it. For some reason, those who say that were fine with a bill that passed in 2017 that cut the top corporate tax rate from 35% to 21%. That was projected to add $1.5 trillion to the deficit over 10 years. And, the normal middle class American did not see a dime of these tax cuts. It mostly went to wealthy large business owners.
The National Taxpayers Union Foundation estimates found that the student loan forgiveness plan would be a total cost of $321.1 billion over 10 years. That’s just 20 percent of the total cost for the 2017 corporate tax cut.
Then there are those who react negatively because they paid off their student loans and were not able to take advantage of this recent debt forgiveness plan. I guess that goes to the argument that because one group struggled, everyone else should struggle as well. And it does not realize the dramatic increases in higher education that have strapped those seeking degrees over the past decade or two. College costs have always been a struggle for those in the middle, but dramatic increases and the ease of getting loans to cover them has left many in a difficult situation, delaying any spending on things that help the economy like homes, cars, etc.
While we criticize people who go into debt to further their educations, we rarely question huge corporate tax cuts or sometimes wasteful defense spending.
Instead, we are forced to argue among ourselves about a benefit that helps young and struggling Americans.
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In hardly seems possible, but another school year is now underway. Most schools, including Minnewaska Area Schools and Glacial Hills Elementary School resumed classes this week.
As I headed to one of the schools to get a few “first day” photos, I realized I should’ve taken a light jacket. It was a fall-like morning, appropriate for the first day of schoool.
Temperatures were in the low 60s and there was a cool breeze coming out of the west.
The fall season was in the air. Even Lake Minnewaska, with some wind-driven waves seemed to look more like autumn than summer on Monday morning.
There’s no doubt we will have more summer-like temperatures for a while yet, but the evenings are getting cooler and we’re heading into one of my favorite times of year.
While some high school students may disagree, fall is a wonderful time of the year. Hunting seasons are just around the corner. Walleye fishing again picks up as the fish sense the weather change and begin feeding for winter. Flocks of ducks and geese can once again be seen in the sky rather than standing along sloughs or lakes. The leaves begin to change, adding yellow and orange colors to the landscape. Fooball gets into full swing and it’s sweatshirt weather, especially in the evening, making a campfire even more inviting. It’s a great time of year, even if it means we are heading into another cold, winter season. Afterall, winter only makes the arrival of spring seem even better.