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Debt Does Not Disappear Even If You’re Houdini

Debt Does Not Disappear Even If You’re Houdini

Note: Apparently Google is ending the RSS feature that many people use to be apprised of each new blog post here. That’s not our doing, and you’ll have to make a bookmark and come here to make sure you see my daily posts!

With an election on the near horizon, there is a direct effect on nonsensical reasoning in order to secure votes.

For example, there is no “forgiveness of student debt.” There is a transfer of debt from those to who have incurred it to those who have not incurred it but will pay for it via their taxes. Let’s be honest.

Why not excuse mortgage debt? Or car payments? Or delinquent taxes? How many votes do you want?

The irony, of course, is that it’s like trying to appease Godzilla with a snack. The immediate reaction, even from the beneficiaries, is that the forgiveness is insufficient and should be more.

Something here about an “inch” and a “mile,” right?

Look, a lot of people deserve help to get into higher education (I provide a scholarship at my alma mater, Rutgers). But there has to be some responsibility in the decision to incur debt. I think the tropism now will be to worry about it even less, because there will be more elections down the road and, consequently, more bailouts.

And maybe we ought to rethink the ridiculous premise that everyone should go to college. Have you tried to hire an electrician recently?

Written by

Alan Weiss is a consultant, speaker, and author of over 60 books. His consulting firm, Summit Consulting Group, Inc., has attracted clients from over 500 leading organizations around the world.

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