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Taxing the Poor to Pay the Rich
Why we shouldn’t forgive student loan debt
The Democrats used to be the party of the “little guy”. They defended the interests of the poor and working class. I think those days are past.
Recently, progressives have been pushing student loan forgiveness. This is popular among college educated people with lots of student loan debt.
The problem?
We tax the poor to pay the rich. Let me explain.
When the government pays off one group of people, the money has to come from somewhere. That source is taxpayers.
Less than 40% of Americans have a college degree, according to Pew Research. Of those with a college degree, according to the Education Data Initiative, the average medical school graduate owes $241,600 in student loan debt. Meanwhile a teacher would have $10,000 in student loan debt and a mechanic with an associate’s degree would have $6,500 in debt.
How much do these occupations make? According to Glassdoor, mechanics and teachers make about $60,000 a year. How much do doctors make? Again, according to Glassdoor, they make over $225,000 a year.
Meanwhile, according to SmartAsset, those with a high school degree make a little over $40,000 a year.
