BARREL, WHAT DO YOU THINK OF THESE 6 US DEBT NUMBERS?
- $13.3 TRILLION IS DEBT OF AMERICANS.
- $9.00 TRILLION OF THE $13.3 TRILLION IS MORTGAGE LOANS.
- $1.25 TRILLION OF THE $13.3 TRILLION IS AUTO LOANS.
- $1.02 TRILLION IS CREDIT CARD DEBT.(Average US adult owes $6,000)
- $1.5 TRILLION IS STUDENT LOANS.
- $21.5 TRILLION IS US NATIONAL DEBT.
PORK, my initial thought has to do with the $1.5 trillion in student loans and my corollary opinion that education should be free and that the educational institutions should not be permitted to raise their tuition in order to take advantage of government or institutional student loans. There is good rationale for forgiving outright all student loans because 44 million persons carry $1.5 trillion in student debt and that $1.5 trillion in debt burdens the persons carrying the student debt as well the nation. That same $1.5 trillion in debt depresses the purchasing power and entrepreneurial spirit of 44 million persons, thereby making it inordinately difficult for them to invest in a home, buy a car, or start a family, and engage in many other consumer actions. In the Bible, the book of Deuteronomy chapter 15 verse 1 (KJV) reads “At the end of every seven years thou shalt make a release” which is read by most as requiring that debts be forgiven every seven years no matter a person’s circumstances. Seems to me there is reason to do just that – forgive all student loans every seven years no matter a student’s ability to repay.
Blog post and Barrel & Pork
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