Since Biden announced his Magic Presidential Decree Order for Student Loan Forgiveness I have heard much bemoaning by people (on this site and elsewhere) that this makes them a Sucker for paying off their loans. Are you a sucker for doing so? Yes. Yes, you are a sucker. Not because you were a good little beaver who paid your debts, but because it has been clear for more than 20 years that this was going to happen.

First, some history on Federal involvement in student loans. According to the Peter G. Peterson Foundation the Federal government began to subsidize student loans with the National Defense Education Act of 1958. This bill sought to keep us ahead of the Commies by getting more American’s qualified in the scientific and technical fields. These loans were issued directly to the borrower.
In 1965 the Federal government started the Federal Family Education Loan program. This grift subsidized and guaranteed low interest loans from private lenders. Sallie Mae came about in 1972 to create liquidity in this market and facilitate the scheme.

Under the guise of deficit reduction the Federal government began making direct student loans again in 1992, only this time it wasn’t only for brave sciencemeticians to beat the commies. It was for everyone. Then came THE 2008 BUSH RECESSION. To save all the young adults floundering under the oppressively weight of Predatory Private Lenders, The Magnanimous King Barak Hussein Obama II proclaimed that All Your Loans Are Belong To Us. The Beautiful Queen was finally proud of her country. And that pretty much brings us to present day.

So, how does that make you a sucker? Because, as I said this could be seen in the offing for the last 20 years. Even though I did not know this breadth of history at the time, I could still see it coming when I began taking out student loans. I deliberately only took subsidized loans, because I knew that this would be a carrot eventually dangled to buy votes. ‘But I signed a contract! I must honor it!’ you scream loudly at a cloud while adjusting the onion on your belt. What moral responsibility is there to honor a contract that you know will be arbitrarily altered in the future?

By the way, Loan Forgiveness was already baked in:

Any outstanding balance on your loan will be forgiven if you haven’t repaid your loan in full after 20 years or 25 years, depending on when you received your first loans.

See, now I’m the sucker too! I had this grand plan to stay poor for 20 years and not be able to pay! And I did it! Now Gropin Joe comes around and is going to forgive the loans of all these people who DIDN’T stay poor on purpose!? It’s suckers all the way down, man.

(Details for my invitation to come up to Wisconsin for a get together in May have finally been posted in the forum)