On the eve of the democrat debates, the Circus Train is approaching maximum velocity, and the Democrats’race to crazy is far from over. The 20+ candidate competition (I've loss count) is now little more than a round-robin to see who can propose the most insane idea, then use that position to accuse the rest of the field of not being a true progressives. Want restriction on abortion, anything at all, well you’re not a "true progressive." Reluctant to support firearm confiscation, same thing. Voice any support for the continued existence of the insurance industry, and you lose, you're no true believer.
Now, if you expect people to pay back student loan contracts they willingly entered into, you’re "on the wrong side of history."
Bernie Sanders “revolutionary proposal” is to punish Wall Street with a crushing $2.0 trillion in new taxes. He intends to use that revenue to forgive every student loan in the country, including all private and graduate school debt, and make all public universities tuition-free. The problems with this doesn't take an economist to see.
The transaction taxes Bernie supports won’t generate enough to cover expenses. There are already think tanks setting the actual cost of Bernie’s college gambit at well over $3 trillion, and that’s on top of all the other “free shit” he’s promised. Then, there’s the fact that Wall Street will just pass the tax burden on to the consumer. Buying and selling will be more expensive, prices will go up, speculation will go down, and the overall market will be less robust. Wherever it lands in the economic chain, taxation always rests on the back of the end-user. Individuals will bear the burden, not some nameless, faceless, “Wall Street” exec.
And what about all the people who went to college, took out loans, and then worked hard to pay them off. If you did it the way you’re supposed to, Bernie’s plan is the biggest middle finger he could offer.
Like anything that’s given away for “free,” the value of having a college education will decline, and you’ll be the sucker who actually paid for the diploma that everyone else views as a handout. Maybe those of us who put blood, sweat, and tears into repaying student debt, only to see that work considered worthless by Bernie’s ‘revolution’, should be offered reparations.
(Best Of Cain)
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