The Biden administration signaled that they will announce their decision about forgiving college loan debt by the end of this month. One of the hidden items within the Patient Protection and Affordable Care Act (Obamacare) was that the federal government became the primary provider of student loans in America. This endeavor by the federal government into a private sector industry, student loans, also reminds me of the Community Investment Act which came in the late 1970s under Jimmy Carter. That folly put the federal government into another private sector industry, namely real estate mortgages.
It was Carter’s progressive socialist leftist belief that everyone had a right to own a home; therefore, it was the responsibility of the government to enable that right. We all know what happened and the subprime mortgage crisis came to a head in 2008. The real genesis of the financial meltdown of 2008 was the insidious belief in an ideological, not constitutional, right to own a home. We came to a point where over 90 percent of mortgages in America were government-backed, meaning on the backs of the US taxpayer.
The leftists, who suffer from Einstein’s definition of insanity, now want us to believe that attending college is a right that should be paid for by the government, meaning the taxpayer. What will be the economic disaster that follows this folly?
I have written previously about the conflation of constitutional rights versus ideological rights. This is another example in this now long-running battle. And it appears that ideological rights keep winning, resulting in government spending that continues exploding. In 1961 when I was born the debt of the United States was $289 billion and the debt-to-GDP ratio was 52 percent. Fifty years later, when I was sworn into Congress, the debt of America was $14.7 trillion and the debt-to-GDP ratio was 95 percent. Last year, 2021, 10 years from when I was sworn into Congress, and my 60th year of being alive, the debt of America was $29.6 trillion and the debt-to-GDP ratio was 124 percent (The Balance, US National Debt by Year, last updated May 17, 2022 by Kimberly Amadeo).
Why are we on this road to fiscal perdition?
The answer is simple: we have forgotten the duties, responsibilities, jurisdiction, and purview of the federal government. Those duties are listed in the US Constitution, Article I, Section 8. The last time I checked, it said nothing about the federal government providing mortgages, college student loans, or a multitude of other things which are ideological, not constitutional, in nature. Who gets to choose which students do not have to pay back their loans, which is their responsibility as no one forced them to go to college? What about those who took out loans and did the responsible thing, the American thing, and paid them back themselves? What about those who took out loans to attend a trade school and paid them back?
It is no different from when the government recently made the decision as to which businesses could remain open during the pandemic.
Our unalienable rights are life, liberty, and the pursuit of happiness. Those rights are endowed to us by the Creator God (Natural Rights Theory). The progressive socialist left, and indeed most politicians, have embraced a concept of government-guaranteed attainment of happiness . . . and, they decide, based upon their ideology, what that happiness is. Heck, some folks do not have to pay their rent . . . while others pay their mortgages. The Inflation Reduction Act — what a joke — is just the Green New Deal boondoggle, which includes taxpayer-funded subsidies if you purchase an electric vehicle or solar panels.
We need to restore constitutional governance in America, or else we shall be fiscally ruined. This is why we are called the American Constitutional Rights Union . . . not the AIRU (American Ideological Rights Union).
Steadfast and Loyal.