Someone Will Pay
Yesterday at this time, I talked about the potential problems with the idea of forgiving current student loan debt.
To be clear…the debt will be forgiven in terms of the student having to pay for it. But someone will have to pay for it…and as usual, you probably guessed who’s going to be left holding the bag—you.
Well, not just you, but all of us. If the federal government relieves the student borrower from repaying the debt, it means the federal government will pay it off…paying banks, colleges, anyone who was part of the government student loan program.
So not only did I pay my way through college and law school, but I’ll also get the privilege of paying for someone else’s college education. And all those who could not afford college for themselves…if you pay taxes, you’ll be paying for someone else’s college.
Seems like a good time to remember that essentially, the federal government does not have money. It collects taxes from we the people, and that’s the government’s revenue source.
So every time the government pays for something…it’s actually we the people paying.
If those who distribute these large sums had to remind us of where the money came from each time they made a payment…something tells me there’d be a lot less spending. Because, again, we the people…we’re pretty tapped out.
