I wish to thank each and every person who retweeted my tweet, “What is a student loan?” It is vitally important that the public understands this point. And I am not speaking to financiers here. If you are a member of the financial industry, stop reading. This is none of your business. I am speaking to the people and they must begin to understand.
The national debt of the US – the public debt, is not a credit card. It is not the mortgaging of our nation’s future. It is nothing more than a bunch of savings accounts. It is every, single US dollar that the US government has issued since the founding of the nation, that have not been taxed out of existence. If you have time, add up all cash, US dollars held in reserve accounts and securities accounts and you will see that the total equals the national debt, to the very last penny. It is not the mortgaging of the nation’s future.
Student loan debt, however, is the mortgaging of our nation’s future. It is the national government putting an enormous price on something that should be tuition-free: the attainment of knowledge. In doing so, the national government delays progress and I do not mean this in a political sense (progressive politics). I mean to say, it delays the arrival of cures for cancer, cures for spinal injuries and all sorts of maladies. It obstructs the advent of technology that will make all of our lives easier, more efficient and enhance our quality of life. It puts the future on hold whilst students flounder in oppressive debt and the financial industry swims in an Olympic-sized pool filled with US Dollars. The federal government should provide a university education free of charge.
How do we “pay for it”? When Congress authorizes the spending. The US Dollar is the monopoly product of the US government. The federal government’s supply of US Dollars is always equal to infinity. It spends by simply crediting a bank account with numbers. “Money” is not the issue here – real resources are. They are the finite things.
So, the question is not, “How do we pay for it?” The question is, are their enough schools, classrooms, books, paper, pencils, computers, professors and any goods and services needed to educate? Clearly, the answer is yes or the US would not have such a huge array of universities and community colleges to choose from. Therefore, forgive the debt and let Congress authorize tuition-free education in the United States.
Every day that we allow graduates to flounder in student loan debt is one day of progress lost to those alive today and years of progress lost for our children and their future economy. Tuition-free education is an investment by the federal government in its nation’s future.
It is time to stop the nonsense.