Student loan debt payoff sending wrong message

If you paid off your college loan like I did, you’re probably feeling like a sucker right now. So am I. President Biden’s loan forgiveness program for student borrowers isn’t the right move at this critical time in our country.
    More importantly, it sends a message that a contract doesn’t mean anything if political points can be scored. What does it teach young people when their promise to pay back this loan is swept away by a President’s pen? What more are recipients going to expect when times get tough? Are they going to lean on the government for bail-outs now every time things get tight financially? Maybe that’s what the Dems want. Let’s face it, there are avowed socialists in their party.
    Reasoning for this, yet another Biden bail-out, include “financial freedom” to buy a home, as an example. What about those folks who borrowed money to start a business? Why is a school loan payoff more vital than forgiving a business loan? (not that I’m promoting that). People starting a small business, which employ the majority of Americans, also have other goals and dreams they’d like to achieve, too.
    As I was reading stories on the issue, this headline caught my eye: “President Biden’s Student Debt Relief Plan is a Welcome First Step in Addressing the Higher Education Affordability Crisis.” As I read the article, there was no mention of attacking one of the real problems—the cost of going to college. The National Center for Education Statistics data shows that from 1980-81 to 2020-21, the cost of attending a four-year college in the U.S. has ballooned from $10,631 a year to $29,033 a year—representing a 173% increase in the last 40 years.
    Instead of forgiving loans, which most likely will face court challenges, let’s work on finding ways to cut college costs including the exorbitant salaries paid to some. Toward  the end of her tenure as a Harvard law professor, Sen. Elizabeth Warren’s teaching duties diminished, and she only taught one course during her final three semesters there after teaching two classes earlier in that tenure. For her final four semesters, in 2010 and 2011, her gross salary from Harvard was more than $400,000.
    That’s just wrong, even for Harvard.
    But Biden’s advisors likely pushed this idea as a way to score political points. Biden will certainly refer to this bail-out when he’s on the campaign trail again touting his support for young people.
    Yet, I found it interesting in his Sept. 1 address to the nation last week, when he also spent time also bashing Trump-supporting Republicans, that he didn’t even mention his loan forgiveness effort. Why not if it’s such a great program? Maybe he just missed it on the teleprompter.