with Anthony Newcombe
#CancelStudentDebt – some alternatives?
The Issues:
- Who gets relief?
- What happens to those who “responsibly” paid off their debt?
- Who’s on first? ⁉️
Mark Cuban weighed in on this matter a few months ago. If the super-rich say we should do something, then, shouldn’t we just fall in line? America seems to follow the lead of the rich and famous every single time. What changed this time around? Did I miss something?
Background
Anyone who follows me online knows one thing: I’ve made myself abundantly clear on my position regarding this subject matter. It’s littered on my social media profiles, I post about it all the time, and I honestly believe it’s as much a hindrance to our young graduates’ futures as inflation, climate change, gun control, abortion rights, and/or any of the other “hot-button topics” we spend so much time and effort arguing about these days. Let’s face it: a pile of debt does absolutely nothing positive for someone starting out in the current business or real-world environment.
Solutions
However, let’s not be selfish or naive. We know there’s another side. Let’s go there. Right now. One counterargument is: “Why overlook those who paid their balances?!” Let’s not do that.
What if the government followed through and struck $10,000 of student debt for those who are carrying a balance at this time; while also providing a $10,000 federal tax credit to those who can prove they already paid their balances in full? Of course, included could be an “opt-out” provision for those who don’t require either, correct?
Like everything else, it’s never going to be a cheap or simple solution. Just like with all the other ongoing crises: Ukraine, Covid-19, homelessness, etc. However, what it does provide is a reasonable alternative that is fair and all-inclusive. And how do we pay for it? It seems as though somewhere in that $30 trillion dollar pile of debt we’ve accumulated, there must be something that can be shifted around to do this. Congress just needs to work much harder and more diligently to find a way to make this happen.
It’s sort of like that old auto mechanic commercial, “you can either pay me now, or pay me later.”
Any thoughts?
See you in August (try to stay cool till then guys!)
-A.N.
Profile
Anthony Newcombe is a 4-time entrepreneur, author, narrator, and full-stack developer. He blogs about nearly every topic possible and enjoys tinkering in the yard on weekends.