Opinion/Letter: People have to repay their own loans | Opinion
Our president has just announced the cancellation of large student debts. It’s a bad idea. Why should $300 billion of taxpayers’ money be given to the big banks?
Of course, the 43 million students who have decided to go into debt will benefit. When our son paid off his college student’s $65,000, my sweet wife and I dipped into our savings to pay off his debt. Our son currently has a job that pays $17,000 a year, so he would never have been able to pay off his student loan. We saved our son.
Now in my 80s, I’ve learned and relearned this almost biblical advice: neither a borrower nor a lender be.
When we finally paid off our 9 1/2% 30-year home loan, we realized that the big banks had taken advantage of us a lot. But it was our responsibility to pay off the mortgage. We finally did.
Using my tax money to pay off someone else’s credit card debt seems immoral. This will encourage irresponsible behavior on the part of future borrowers who may come to rely on big government to pay for their future spending splurges.
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Incidentally, Henry Kissinger fears that we are on the brink of nuclear war. As a Vietnam War veteran, I also fear that our attention is being diverted from more vital matters. If we’re all dead, who cares about student loans?