Or they simply refuse to govern, which is even worse. Having never quite recovered from their terrible twos, they mount a Quincy Adams Wagstaff “Whatever it is, I’m against it!” assault on anything that didn’t materialize in their very own stilted minds.
Critical thinking? What fun would that be?
Case in point! When Elizabeth Warren, one of the shrieking Republican multitude’s favorite targets, came up with a plan to cancel some college loan debt, you’d a thunk she’d just released Trump’s tax returns.
So, now conservatives are supporting loan sharks? Those new lows just keep coming, don’t they!
Warren’s proposal might not be perfect, but she is on to something and it’s something that should be considered. The irony is, the student loan racket, which is nothing more than a glorified Ponzi scheme, should’ve been on the Republican radar a long time ago.
It starts with usurious interest rates. You can get a 0 percent interest car loan. If you pay the bill within a year, you can get 0 percent credit card financing. And the going mortgage rate is scant 3.6 percent.
But student loans, which are backed by the full weight of the federal government, somehow carry a 5 to 7.5 vig. On what planet should companies that bear NO financial risk be allowed to charge double the going rate?
Like I said, it’s called loan sharking.
But what makes it even worse is these loan companies target teenagers who don’t understand the ramifications of going into the kind of debt that, in many cases, will haunt them for the rest of their lives.
You and I know that degree in Russian Literature, Art History, or Anthropology will never turn out to be the path to financial security, but most starry-eyed immortal 18-year-olds don’t understand that! Flush with the thought of seemingly unlimited options, when these loan sharks dangle that kind of easy money, they leap at the opportunity without a second thought.
That, in turn, creates an artificial demand that’s sent college tuition skyrocketing.
When I attended Loyola University of Chicago in the early 80’s, I thought six grand a year was outrageous. But now that tuition is an absurd $42,000 a year. Don’t get me wrong, it’s a very good school, but by the end of their college career, some graduates could end up owing 170 grand – if they don’t go on to graduate school.
Warren’s plan should’ve focuses on getting the government out of the student loan business altogether. This would destroy this Ponzi scheme by sending college tuition plummeting such that regular folks could afford a college education without mortgaging the rest of their lives.
“So, how does this affect me,” You say?
When these fine folks finally graduate with those useless degrees, saddled with unsupportable debt, they can’t participate in the regular economy. They can’t get a mortgage, they can’t get a car loan, and screw any luxury purchase.
So, the housing market, already beset by millennial’s inability or unwillingness to buy homes, while in a temporary recovery, will continue to crash. So, good luck making any profit when you sell yours.
Unable to afford anything but basic purchases, and they tend to go online to get the biggest bang for the buck, brick and mortar retailers, already closing by the bucket load, will continue to fail.
Since Amazon doesn’t pay local property taxes, Collar County municipalities will have no choice but to move that burden on to homeowners. And our generally conservative Republican school board members have already jacked our property taxes up to some of the highest levels in the nation.
I know that’s a bit of an oversimplification, but not by much. We’re already feeling the ripple effects of this unsupportable dynamic. Have you noticed how popular apartments have become?
You’d think those “less government” conservatives would be the first ones to call for the feds to get out of the co-signing game. But because it was Ms. Warren who came up with what’s turning out to be a very popular proposal – 73 percent of voters support it – they’re against it.
If ‘What’s Happening in’ Facebook page owner Paul Stukel and I can agree on this issue, it’s gotta be a no-brainer!
In the end, this is nothing more than more Republican governing by temper tantrum, and much like the college loan scam, it’s going to come crashing down around them. And when you consider that the average age of a Republican is a ripe old 50, Alexandria Ocasio-Cortez is just the beginning!