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by the government is another child of the allegedly compassionate 1960s.
Doesn’t it make sense to help the less fortunate obtain funds to pay for college?
But as many theologians and philosophers have noted, the greatest charitable act is to help another individual take control of their own life. Teaching personal responsibility is the most valuable gift that one can provide another.
Our American compassion, our moral compass, has gone awry.
A child growing up in America today looks around and finds himself or herself in a nation where debt is larger than the entire economy, and still growing.
But just as inflation shows that the costs of fiscal irresponsibility cannot be hidden, so the costs of teaching our youth that personal responsibility is irrelevant cannot be hidden. It manifests in the destructive behavior we see now.
The Wall Street Journal
reported that one student loan adviser told them, “I’m seeing them say, ‘I’m going to take out more loans now and go buy GameStop stock with it because it’s going to get forgiven anyway.’” A new Gallup survey reports “32% of currently enrolled students pursuing a bachelor’s degree report they have considered withdrawing from their program for a semester or more in the past six months.”
Thirty-six percent attribute this to financial reasons. But 76% attribute to “emotional stress.”
Of course, the universities love this. What business wouldn’t think the government subsidizing purchase of its product is a great idea?
Per the American Enterprise Institute, from January 2000 to December 2021, college tuition costs increased 175% and college textbook costs increased 150%. Over the same period, the consumer price index for all items increased 65.5%; prices of cars, household furnishings and clothing remained relatively unchanged; and cellphone services were down 40%, computer software down 71% and television sets down 97%.
Per Education Data Initiative, highest default rate — 26.33% — is among arts and humanities majors attending nonselective schools. Can anyone really think such loans make sense?
We need to help our youth who want education to get it. But it must be done prudently.
Teaching our youth that they don’t need to pay back debts is not a good start.
Misguided efforts by Biden and his party to cancel obligations on student loans should be vigorously opposed.
Star Parker is president of the Center for Urban Renewal and Education and host of the weekly television show “Cure America with Star Parker.” To find out more about Star Parker and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www. creators.com. COPYRIGHT 2022 CREATORS. COM