OPINION: Student loan forgiveness is a straight wealth transfer to those now absolved from their debt (their past choices) from the rest of the society, who made painful, responsible choices, and from future generations.
My wife Rachel and I had our son Jonah in 2001. I was 28 and she was 23. Rachel quit her job and became a stay-at-home mom and part-time student at CU Denver, where she was finishing her bachelor’s degree. Both Rachel and I had immigrated to the U.S. 10 years earlier from the former Soviet Union. I had a master’s degree in finance and a CFA license but was just a few years into my career as an analyst. I was working for a small investment firm, IMA, making $40,000 a year.
As I look back at those years, though they were often trying, they were some of the happiest of our lives. This is the behavior I’d want my kids to replicate: live within your means. Don’t get into credit card debt; pay off debts quickly. Save for a rainy day. Create a budget, categorizing and mindfully allocating your spending to things that are important to you. But making sure you take care of your kids’ education is at the top of the list.
Then, during the pandemic, the federal government threw trillions of dollars at anyone and anything with a bank account. This time Washington wanted to make sure that everyone got the money , but due to its ineptitude a lot of this money was misappropriated. Some were showered with more paycheck protection money than others.
And what about those who never went to college and so have no college debt to forgive? This where the slippery slope becomes a landslide. Interest rates rise and mortgage interest cripples homeowners? No worries, Uncle Sam and Mia Sarah will come to the rescue; they’ll forgive those loans. What if you don’t own a house but have a mountain of credit card debt? Don’t worry, you’ll be absolved too — no one will be left behind.
Why do companies fail and empires collapse? They become arrogant. They forget that their success was earned by sweat and paranoia. They start taking their greatness for granted. They become fat, lazy and contented. The U.S. is not immune from the laws of economics. I explored in detail how this happens and what we as value investors are doing to protect ourselves in a past article.
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