“An investment in knowledge pays the best interest.” ~ Benjamine Franklin
Most countries in the civilized world see education as a necessary investment in their future, crucial for financial success and competitiveness. Most countries do, but not all. What kind of a country doesn’t value education, making it a luxury affordable only to an elite group of children born to the wealthy? The answer: the richest and the most unequal nation in the world— the U.S.A.
Rather than attempt to reverse this situation, Donald Trump and his secretary of education Betsy Devos (who never attended public school) have something else in mind for our children. Details have emerged of an $11 billion proposed cut to education:
- After school programs— eliminated
- The Arts— lost
- Foreign language— disappears
- Physical education— a thing of the past
- Class sizes—increase
- Teacher training— what teacher training?
- Special Olympics— the stuff of legends
- Work study programs— halved
- Pell grants—cut by 4 billion,
- Public service loan forgiveness— gone
And for those whose only option for an education is through student loans, federal loan subsidies take a hit as well. The first action Trump took as president was to eliminate banking regulations.
Private equity firms, Wall Street banks, and the federal government are already profiting large from the student loan industry. 42 million Americans currently hold student loans totaling $1.3 trillion dollars. We have been in desperate need of reform as tuition rates far exceed the rate of inflation, but Trump has tossed a boulder into the arms of a drowning man. Students seeking loans will be chum in the water for predatory loan sharks.
Like healthcare, education will be an entitlement for the wealthy. 10% of Americans have 76% of the money. Incomes of the wealthy steadily increase while incomes of the rest of the population remain stagnant. Donald Trump’s mission seems to be to increase the wealth gap. Why is he doing it? The only answer— a bigger tax cut for the chosen few.
Auto loans and mortgage rates are far lower than interest rates offered for student loans. The message hidden in that fact seems to be that the government doesn’t want you to educate yourself. Consider this: a $10,000 loan offered at a rate of 8.9% will cost the student $25,000 over the course of fifteen years. That is a rate offered to parents with good credit today. The rate after Trump’s changes will be substantially higher.
Once junior moves back home, into what is now the workout room, he/she will have to make a lot of mocha soy lattes at their post-grad job in order to make those monthly student loan payments… and they will make those payments.
There is no way out of this debt. These lenders will take your disability checks, and your pension, they have secured that right. Although Donald Trump has filed bankruptcy six times, doing so will not help those with student loans. They can not be discharged in bankruptcy.
Banking will essentially be organized crime run by white collar criminals engaged in activity sanctioned by Trump.
For future generations, Trump and Devos together are intent on destroying hope for all but the wealthiest Americans. Attending college in America is no longer a step on the road to success, but rather it has become a way to exchange good credit for insurmountable debt.
Get the impression Trump doesn’t care about “making America great again” for anyone but himself? I do.