This bitcoinpiece is an opinion editorial written by Bruce Fenton, who hosts Satoshi Roundtable and is running for a seat in the United States Senate at the present time.
The so-called “forgiveness of student loans” that Vice President Joe Biden has pledged is not only the end of responsible economic policy in the United States, but it is also the end of accountability for a great number of people living in the country.
The plan to cancel student loans transfers employees’ wages and wealth to those who owe the money. This kind of contract violates the agreement that people have with one another in decision-making situations in which choices have repercussions. In this situation, there are people whose decisions are not having consequences, and there are also others who have paid off their loans who are being forced to pay for those who did not pay off their loans. In a moral economic system, this is incomprehensibly unfair and impossible to implement.
A lot of people get caring and compassion and terrible economic policies mixed up in their heads. It is hardly kind or compassionate to assist fuel a system that saddles young people with debt for the rest of their lives and then saddles other people for the so-called “forgiveness” of that debt. This system burdens young people with debt and then burdens other people. It is entirely immoral to take money from one person to pay for the debt of another person because doing so violates the rights of the person who is forced to pay the obligation.
The Issues That Arise When the Government Attempts to Regulate Bitcoin Tuition
This, like many other policies and projects undertaken by the government, has results that were not anticipated. The cycle of ever-increasing tuition expenses over the course of the past couple of decades, along with ever-increasing government participation in the process of purchasing tuition, has resulted in much higher expenditures for higher education. Because of the free money and the ease of access for students, there is much less of a constraint on schools’ pricing strategies imposed by market forces. This results in a dramatic increase in the cost of tuition, as has been observed over the course of the past few years. The availability of low-cost credit has led to a significant increase in the cost of tuition.
Unfortunately, this contributes very little to the pupils’ overall success. The students are saddled with significantly increased amounts of debt in addition to degrees that are becoming an increasingly pointless investment.
There is a natural inclination for those academics who depend on government wages to be more pro-government as a result of the government’s involvement in the tuition business, which is another intriguing side consequence of this government involvement in the sector.
In recent years, we have witnessed a significant rise in the number of universities that are dominated by the left, while on the other hand, the left appears to be handing out progressively larger awards to its constituency in the academic world. It seems to me that academia has become extremely biased in recent years, with the majority of institutions of higher learning and the majority of institutions of secondary learning being entirely dominated by one political party, and often the more extreme wings of that party.
Poor Financial Practices at Its Core
n a world governed by fiat currency, problems of this nature are inevitable. The problem stems from corrupt financial practices. If there were no such thing as broken fiat, then college costs would be far lower, and there would be a lot more competition among schools. Students would be held more accountable for their debt, which would increase the likelihood that they would make more prudent choices.
The pupils are the ones who are going to suffer the most as a result of this deception. Students are being instructed to believe that they are entitled to anything for nothing, that their actions will not have any repercussions, and that the world owes them something. Some educational institutions will go so far as to try to persuade students that accumulating student loan debt for a hobby degree is worthwhile. My own preference is for activities that have little practical use in the working world; after all, there are a lot of great degrees that are, at heart, just amazing and valuable pastimes. There is nothing wrong with either this or the choice that anyone makes to participate in these classes. Both of these things are perfectly acceptable. If, however, you choose to work in an industry that does not generate a profit, then it is not the obligation of other people to cover your expenses.
Even though I have a personal interest in comic books, I do not believe that it is within my purview to dictate to another person how they should spend their time or how much money they should earn in order to fund my attendance at a school that specializes in comic books. It is not the right of one person to insist that another person pay for the education of another person, even if it is a major that would ensure a good wage for them after they graduate.
Overall we need more accountability. Responsibility on the part of pupils and their parents is required. We want accountability from educational institutions that have taken advantage of students and left them loaded with debt for degrees that have little to no value. The politicians that persistently devalue and debase our currency and steal from the earnings of people in order to line their own pockets with cronyism ought to be held accountable. In addition, we require responsibility from those who support the system, including the media and others.
Ultimately, we all need to be accountable to ourselves to our money and for our own decisions. Ultimately, we should also keep that accountability to ourselves and never expect anyone else to pay for our decisions, bad or good.