Never Save for a Rainy Day!
Because more Americans are taking advantage of historically low interest rates to buy new SUVs and Teslas.
And because millions of young people have borrowed hundreds of billions of dollars to cover ever-increasing college tuition costs, which the government says have jumped a mere 1,417 percent from where they were in 1977, Americans now owe more than $1.7 trillion in student loan debt.
The sensible solution to college debt, then, is to get to the root cause of those massive increases in tuition costs, right?
Nope! The government’s solution is to borrow even more money to relieve the college debt individuals willingly took on.
Some super-progressive Democrat senators are even urging President Biden to pay off or forgive up to $50,000 of a student’s college tuition debt.
How our borrowing addiction can end well is anyone guess. We are clearly setting up ourselves - and our kids - for a very unpleasant outcome.
All I know for sure is the mantra of 2021 is widespread and it is this: “Never save for a rainy day!”
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Copyright 2021 Tom Purcell. Tom Purcell, author of "Misadventures of a 1970's Childhood," a humorous memoir available at amazon.com, is a Pittsburgh Tribune-Review humor columnist and is nationally syndicated exclusively by Cagle Cartoons Inc. For info on using this column in your publication or website, contact Sales@cagle.com or call (805) 969-2829. Send comments to Tom at Tom@TomPurcell.com.
Copyright 2021 Tom Purcell, All Rights Reserved. Credit: Cagle.com
