How Biden’s Student-Loan Forgiveness Plan Is Likely to Most Benefit the Top Ten Wealthiest

Without exception, job candidates with college degrees have a higher chance of being employed than those with no degrees. The area of study is usually less important than the determination and discipline required for students to achieve their goals in education. A degree that is tiddly-winks in length is superior to none at all. This also means that those with a college degree will likely need a job more to pay off their student loans. A college degree does not necessarily guarantee a better-paying job but does increase the chances of securing one.

Old Man Joe (President Joe Biden) believes he has the ability to help former students with debt who cannot make enough money in a year to cover their debts that keep accruing interest. However, to accomplish this, he needs to have an understanding of fair play so that he won't be a jerk to the vast majority of graduates who don't require the funds. It's a difficult dilemma, and one that Biden would have done better to leave to its own devices. The administration’s student-loan forgiveness proposal of $10,000 or greater per student will surely be a relief for those who require the money, but there's an additional caveat—it's likely that the majority of the money will end up in the pockets of professionals and executives who could make use of the money to pay for their next trip. What's the deal? Free money.

Let's take a look at Biden's plan. It's interesting that those with lower incomes tend to have lower student debts than those who bought their father's Ford dealership. They've embraced their ethically sound principle of forgoing every month's payment. But keep in mind that because the debt remaining is greater for graduates with higher incomes who have the ability to pay it off, they claim they aren't able to pay the higher unpaid balances that are likely to earn them a bigger check. This means that three-quarters of allotted funds, your tax dollars, will go straight to the accounts of income earners above the median who do not require it but, as always, will get the cash prize.

People in the top 10 percent of the income bracket will most benefit by not having to pay their dues. Biden's handlers warned him about the possibility that his reckless student-loan forgiveness scheme could backfire in his face. He took his hairy scheme to the next level by introducing an income cap.

Because Biden's and the typical American’s worlds have yet to unite, he figured that anyone who earns $150,000 or more a year wouldn't receive the funds. The decision to exclude them from benefits will ensure that the money goes to where it is needed most. The median U.S. income is $67,521, whether you are a college graduate or not. Excellent choice, Joe.

Fair isn't always fair. Biden is hurling a sucker punch to the single mother who worked her tail off to make it through school without hitting the debt button while providing for her children and paying rent. This woman will not be rewarded. He's not thinking about the veterans who sacrificed four years to earn the famous G.I. Bill. They have paid a premium to get their degrees. They are not rewarded with anything. Or the parents who saved and scraped to ensure that their kids could live an easier life than they did by pursuing education. Nope. Nothing. What happens to the student who was forced to choose a tiny, undiscovered community college instead of one of the top universities? They were clever enough to be able to attend one, but they simply didn't want to spend their adulthood buried in debt. Again…

A significant part of getting more education is learning the life lessons that are part of the program. They're as crucial as the academics. A little struggle to get that final piece of paper can build character and give a greater understanding of the world with which the graduating student will come into contact. It could be in Biden's best interest to drop the idea he has put forward and concentrate his energy on the plethora of pertinent issues. Certain things are better left alone, while others aren't—hint: the border, economy, and healthcare. And so on.

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