Where’s Groucho Marx when you need him?
Advocates expressed anger and disappointment on Friday in response to news that the Biden administration is leaning toward forgiving $10,000 in student loans per borrower.
Some Democrats and activists have insisted that President Joe Biden needs to cancel at least $50,000 per borrower to make a meaningful impact on the country’s $1.7 trillion outstanding student loan balance. More than 40 million Americans are in debt for their education, and about 25% of those borrowers are in delinquency or default.
“It’s an absolute insult,” said Thomas Gokey, co-founder of the Debt Collective, a national union of debtors.
How dare he give us only $10,000 in taxpayer money stolen from the people who actually earned it? We demand $50,000, $100,000, or $1,000,000.
When you feed bloodsucking parasites, they only get bigger.
Gokey bills himself as a visual artist, he’s had some adjunct professor gigs, but now mostly just seems to be a professional activist. He has an MFA in Sculpture from the Art Institute of Chicago.
Working-class people struggling to pay for bread, meat or a tank of gas are supposed to dig deeper to subsidize this garbage.
Standing outside the Federal Reserve Bank of Chicago, his student debt looming in the back of his mind, 28-year-old artist Thomas Gokey knew what he had to do. The plan was simple. He owed $49,983. Buried beneath the bank in an underground vault sat tens of millions of dollars in shredded money. He aimed to take the minced bills and turn them into a colossal art piece that would sell for exactly $49,983. “I just need one rich person to buy the whole thing,” he thought to himself.
With the aid of the federal government, an industrial paper pulper, and a deckle machine, he executed his ploy. His shreds became pulp. His pulp became paper. His paper became his masterpiece: “Total Amount of Money Rendered in Exchange for a Masters of Fine Arts Degree to the School of the Art Institute of Chicago, Pulped into Four Sheets of Paper.”
It was a clever venture using destroyed money to both critique the astronomical absurdity of student debt while also escaping from it. Yet, like most millennial plots for financial freedom, it failed. (Eight years later, Thomas still sells one-inch chunks for $4.22.)
With the aid of the federal government. That’s the sum total of this story.
NAACP President Derrick Johnson said $10,000 “won’t do anything” for the Black community.
“The average Black borrower has $53,000 in student loan debt four years after graduation, nearly twice the amount as their white counterparts,” Johnson said, in a statement.
“Ten thousand dollars in cancellation would be a slap in the face,”
$10K is a slap in the face?
Imagine the level of entitlement and greed here.
The average income in Alabama is only $27,000. These greedy monsters sneer at the idea of stealing a third of the salary of the people in some of the poorest places in America. If $10K is a slap in the face, what would not stealing any money from taxpayers to give to entitled brats be?