Yesterday we had a story about a comms director for a Democrat U.S. congressman who posted a hearty thank you to President Biden for paying off his student loan balance, or "cancelling" it as the Left likes to say.
In that story we noted that this person's "thank you" note was directed at the wrong people:
Notice he thanks Biden, and not the taxpayers -- the majority of whom either did not go to college or paid off their loans -- who actually paid his debt.
Carol Roth starts off by reminding everybody that nothing got "cancelled":
Student debt doesn’t get “cancelled”, it merely gets shifted to other taxpayers.
— Carol Roth (@caroljsroth) June 20, 2024
Roth then received the following challenge: "Show me where taxpayers are being charged for student loan forgiveness."
That challenge accepted and hit out of the park:
When the government loans you money, it is loaning to you from taxpayers (taxes or taxpayer-backed debt).
— Carol Roth (@caroljsroth) June 20, 2024
When you don’t repay that $, the government doesn’t receive the interest and principal it had given you and was expecting back. When it doesn’t receive that, it requires… https://t.co/Oh4RhRUKKV pic.twitter.com/PZHBwBL2YY
Here's that full post in case you can't see it all:
When the government loans you money, it is loaning to you from taxpayers (taxes or taxpayer-backed debt).
When you don’t repay that $, the government doesn’t receive the interest and principal it had given you and was expecting back. When it doesn’t receive that, it requires more taxpayer money (direct cost), less spending or more debt, which requires its own interest payments. The latter, as we have seen in recent years, is not only costly but inflationary and steals purchasing power from workers. That’s how you cost them.
The Biden White House would rather many people continue to believe Joe paid for the "forgiveness" personally out of his "10 Percent for the Big Guy" stash.
To be clear, the CNN headline can be misinterpreted.
— Carol Roth (@caroljsroth) June 20, 2024
The deficit is projected to increase 27% and student loans are contributing to the increase, but student loans are not increasing the deficit 27%. An important nuance for accuracy...
Biden hopes nobody understands any of that.
How do people not understand this concept?
— Nick (@thenickoftime90) June 20, 2024
Let's just say that the level of economic education in public schools is lacking.
The fact that you even had to explain this is proof of why financial literacy classes should be required in every school in America https://t.co/8ga0OHafpH
— Darvio Morrow (@DTheKingpin) June 20, 2024
Many politicians and others prefer people to remain ignorant on certain issues, and economics is one of them.
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