I Might Be a Chump

 

We (Mrs. Tabby and I) paid cash for most of our daughter’s college degree (2007). [My Creator blessed me with skills that have allowed me to earn a relatively high income. We have tried to steward that money for His good, and so have always had a lot of financial cushion.] We did have her take out a small loan (less than $10,000 total over four years) so she would have “skin in the game.” A couple of years after graduation she got tired of the hassle of making the monthly payments, and paid off the loan. Her husband (our son-in-law) hustled for scholarships and work-study programs in his field of study so that he avoided debt through his Ph.D.

Our son signed up for United States Air Force Reserve Officer Training Corps (AFROTC) in part to get the “full ride” scholarship being offered to him. That scholarship committed him to four years of active-duty service after he completed his degree (so he had literal “skin in the game”). He ended up staying in the Air Force longer than four years. He has now left the service, though I think he might still be subject to recall if the world goes really bad. His wife (our daughter-in-law) got a full-ride scholarship at a prestigious college of aeronautical engineering because the college was trying to encourage more women to enter the field of aerospace engineering.

So in our family we have had very little college debt, and none for the last almost ten years. Although we have all earned (and the kids continue to earn) significant salaries, we have not spent to our earnings level. We have exercised financial responsibility. 

So now I find out that after we have all been so careful with the financial resources we control, portions of the substantial federal income taxes Mrs. Tabby and I (and our children) pay are going to pay off the loans of other people. To spare those other people the need to pay off the obligations they took on. Obligations we pointedly did not take on.  

President Biden is sure making us look like chumps for exercising financial responsibility. He’s telling us we were foolish for avoiding or paying off fully debt for college. I’m still glad for non-financial reasons we handled college expenses the way we did. But, President Biden is making it hard for people to understand the reasons a person should exercise financial responsibility.

President Biden is also blatantly using this expenditure of taxpayer money as a reelection campaign event. So we are unwillingly funding the Biden reelection effort. And he’s spending taxpayer money despite having been told by the United States Supreme Court that doing so violates the Constitution. And he’s said he intends to do more of it. [Remind me – which presidential candidate is the “existential threat” to the republic and to the rule of law?]

Published in Economics
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There are 34 comments.

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  1. Percival Thatcher
    Percival
    @Percival

    EODmom (View Comment):

    DonG (CAGW is a Scam) (View Comment):

    EODmom (View Comment):

    If we’re really gonna’ do loan forgiveness, we ought to at least make the universities pay the money back out of their endowments.

    Not at least: they should be the holders of the debt. Then they would have skin in the game of producing graduates with useful skills and knowledge needed and sought by society.

    Or, we could make the adults buying the education service responsible for their debts. Leftists like to complain about Trump University (a real estate investment seminar) as being a scam. What the hell is a gender studies department?

    These are the students populating the ever-expanding HR departments and admissions departments in colleges. It’s why so many actually productive people in industry are tormented and taken away from actual work in the business of their companies to take surveys and do DEI training.

    That’s what comes of increasing the minimum wage. The fast food restaurants become automated. HR departments become staffed with people who should be flipping burgers

    • #31
  2. Tex929rr Coolidge
    Tex929rr
    @Tex929rr

    Percival (View Comment):

    That’s what comes of increasing the minimum wage. The fast food restaurants become automated. HR departments become staffed with people who should be flipping burgers

    Remember when we all thought those progressive college graduates would join the corporate workforce and learn how the real world worked?  And how wrong we were?

    Then again, Bud Light took a huge dump after listening to one of those Ivy League educated morons. And she wasn’t a recent graduate; she was 38 or 39 years old when she almost single handedly destroyed a hugely successful brand.

    I wish I had the slightest idea how this will shake out.

    • #32
  3. Percival Thatcher
    Percival
    @Percival

    Tex929rr (View Comment):

    Percival (View Comment):

    That’s what comes of increasing the minimum wage. The fast food restaurants become automated. HR departments become staffed with people who should be flipping burgers

    Remember when we all thought those progressive college graduates would join the corporate workforce and learn how the real world worked? And how wrong we were?

    Then again, Bud Light took a huge dump after listening to one of those Ivy League educated morons. And she wasn’t a recent graduate; she was 38 or 39 years old when she almost single handedly destroyed a hugely successful brand.

    I wish I had the slightest idea how this will shake out.

    Not entirely wrong. Their path into HR is via DEI “expertise.” They set up the programs to “educate” the workforce, lowering morale and driving off those who the company has the hardest time replacing.

    • #33
  4. Globalitarian Lower Order Misanthropist Coolidge
    Globalitarian Lower Order Misanthropist
    @Flicker

    DaveSchmidt (View Comment):

    Globalitarian Lower Order Misa… (View Comment):

    I don’t see why he wouldn’t cancel all credit card debt as well.

    Cancel all mortages.

    I thought of that, and car payments, too.  But then the banks would lose their ability to foreclose at a fraction of the true value, and resell properties at market rates.  The government should only cancel all non-collateralized debt.

    And everybody would want their credit cards paid off, and then start using them again.  Anyone could win the presidency by promising to pay-off all such debt, and the banks would approve of it rather than offering short-term 0% interest credit cards to steal other credit companies’ debt.  It’s a win-win-win.

    • #34
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