Total outstanding student loan debt stands at $1.58 trillion or about $38,000 per student. That is more than we spend on Medicare and Medicaid or Social Security in a year. It’s more than half the entire official federal budget deficit.
Just as a point of reference in 2020, the total revenue of the U.S. government from all forms of taxes was about $3.42 trillion
Those numbers don’t stop clueless, pandering politicians and advocacy groups.
Gee, senior groups only want $91 billion to give each of us $1400.
And by the way, the unfunded obligation for Social Security over the 75- year projection period is $19.8 trillion in present value and is $3.0 trillion more than the measured level of $16.8 trillion a year ago.
How do we keep re-electing politicians who are so irresponsible? Perhaps because so many voters are equally self-focused and irresponsible.
Except for those who failed to get their degree, or those who decided on a major that has no economic value, it is important to remember just how modest student debt is, relative to potential income.
Per Federal Reserve Bank of New York, in 2021:
Average student loan debt: $39,351
Median student loan debt: $19,281
Average student loan monthly payment: $393
Median monthly payment on student loan debt: $222
Averages are deceiving, in that those with $100,000 of student loan debt incurred that expense pursuing graduate and/or professional degrees – individuals who are, or will soon be the highest paid individuals in America.
If the idiots have their way and waive the debt, the debt doesn’t go away, it gets added onto the $30+T. And, if those who benefitted from college education shouldn’t pay, you think those who didn’t go to college should pay, or those who went to college and worked their way through, how about those who took lower wages in the military or at an employer who offered an educational assistance plan, or those whose parents paid?
Brandon, Bernie, Pocahontas, Sandy and the rest are idiots. The mid-terms and 2024 can’t come soon enough.
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We have the leaders we deserve and your final sentence explains why.
As of this morning on US Debt Clock.org website, the average debt per student is only $39,402, the price of a new family car these days. The US debt is $30 trillion dollars or $239,808 per taxpayer. If you can pay off your car loan, you can pay off your student debt. The price tag of your car is your choice now live with it. The US debt seem like I don’t have a choice. My candidates keep losing while the winners keep spending and buying votes.
The US is paying about $3.3 trillions in interest while only collecting $4 trillion in revenue. This is like paying LESS than the minimum payment required on a credit card. The hole is only getting deeper.
And for those people who are on social security that have to pay income taxes, just remember you might be able to pay less income taxes if you weren’t paying for those freebies that are adding to our national debt.
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I rely on its data, but looking at Medicare and Medicaid beneficiaries they have them reversed Medicare is 62 million not 82 million.