Just Write Off the $1.6 Trillion College Debt.
Progressives say, oh come on, just Write Off the $1.6 trillion College Debt. If our current weak progressive administration acquiesces, it means the Federal government, as guarantor, must pay for what the perpetrator colleges and universities have collected or expect to collect. Is this insanity, the straw that finally breaks the entitlement camel’s back.
How Would You Vote? For or Against?
Progressives like A.O.C., Bernie Sanders, Liz Warren, Nancy Pelosi, Chuck Schumer and yes Joe Biden and Kamala Harris say just write it off. Why are they even creditable. Have they ever run a business or a State or a College and had to meet a payroll? Hell no! Then why does their voice even count? This is a business decision for Congress, not a sorority vote on who should be President.
Realists say, that write off is an ignorant solution, that amounts to One thousand six hundred billion dollars, or Sixteen thousand billion dollars, or a $1.6 trillion write off, to alleviate certain selective voters of their personal education and commitment with a new entitlement. That won’t not cost the taxpayers one cent because there isn’t enough collected in taxes (now $4 trillion) to pay for half of the proposed $7 trillion budget for 2023 with the entitlements of $3 trillion that year. Currently, like the deficit any additional cash outlays have to be borrowed.
The current administration’s deficit spending bills further drain America’s ability to pay cash for anything. Everything in the Build Back Bigger Government’s Green New Deal Infrastructure bill and the American Rescue Plan, require deficit funding for the next ten years with more debt … i.e., US securities and printing currency issued by the Fed, US Treasury to fund the deficit and annual cost of the $1 trillion imbalance in trade (the annual operating loss of GDP). Negative cash flow has been going on since the second World War, totaling over $100 trillion in unrecorded obligations per the debt clock. www.usdebtclock.org.
Let the supporters of a gift quo pro to progressive voters, who believe that the USA can fund anything by just printing currency pay for it. Like the Fed printed 300 years worth of treasuries in 2019–2021 to fund the Pandemic shutdown. Those debt instruments were purchased primarily by China, Japan, Russia, Saudi Arabia and India. This mentality is continually inflating our economy and derivative bubble. With stagnation, creating negative GDP growth. And is destroying the value of the dollar and stock market, around the world.
So, as a voter of yes, for any level of write-off, deepens the debt to GDP deficit. It currently is 125%. Adding another $1.6 trillion is insane. In a bailout of this bankrupt position, the colleges and universities, that profited from the incurrence of the debt must get a haircut, not all Americans. Someone said on TV, well the debt is due to the cost of education. No! It’s the increased prices by the colleges and universities who are quietly blaming the government, not themselves. They seem to forget they’re running a business, not a sorority.
So, ‘who should take the loss … in business its the perp that takes the write-off, not the guarantor if the perp violates the agreement. But oh no the perp, wants all of us to pay their increased cost for salaries and benefits of the professors and overhead. The average salary for professors $143,000 in colleges, and $350,000 in big name universities. Plus, per professor, annual pension debt of $70,000 forever for colleges and $150,000 for universities. Let the professors pension plans pay their share of the write-off. They seem to forget they’re working for a business, not a sorority.
Also, let the endowments pay its share. There are 7,021 colleges and universities in the country in 2021. The average endowment fund for colleges is $10 million and $100 million for universities. That’s total of $7 trillion in funded and unfunded endowments sitting off the perp’s balance sheet and a derivative of the college debt incurred by the students. In addition to the endowments; tax exempt colleges and universities own more then $100 trillion in property, buildings and equipment. Let the endowments pay its share of the write-off and let the colleges and universities reduce their prices by reducing their escalating costs, as a pass through, gettng to a breakeven point. They seem to forget they’re running a business, not a sorority.
Since, its their business so no way should it make it every American and their children’s children’s responsibility.
99% of the colleges and universities, are tax exempt and have accumulated billions annually from that exemption. Let the college and universities tax exemption pay its share of the write off of the college debt. Let them borrow the money, as they want the government to do. They seem to forget they’re running a business, not a sorority.
This type of problem analysis and solving must be applied across all facets of wasteful governmental institutions, by using Free Enterprise quasi reorganization plans to save the Republic.
With our uni-party gridlocked Congress and State legislatures, all policies and proposed spending legislation is partisan with no system of accountability for fiscal responsibility. With no debate, other than afilabuster. America no longer has a bipartisan application of its constitutional responsibilities to the electorate.
In other words our vote doesn’t matter. Only money to get reelected matters, to the 100 Senators 435 Representatives, 9 Justices and a President. Plus, 50 governors and 1 million bureaucrats. Without competitive voting there is no way to improve our GDP versus debt results. The day reckoning is occurring every day as the borders are left open, funding of the Ukraine War hides our involvement in a holocaust and the politicians, who aren’t spending their own money for the bailout, don’t have to share in the write off any debt.
Ultimately, with mail in voting and no voter ID, we have the golden rule. Those with the gold shall ever rule. “As they do in dystopian authoritarian countries”. as predicted by George Orwell, 1984. And is the case in China, Russia, Iran and various derivatives of, that rebuttal to democracy around the world.
Read The American Enterprise Party Trilogy, Volume Two the Manifesto, for how this solution can be accomplished with a third party swing vote in Congress, State Legislatures, County Commissioners and City Mayoral Government.