Joe Biden campaign ad featuring Barack Obama - America: Anything is Possible

[PatrickforO]

55. Yeah, I know. Maybe I'm being too hard on Biden, but my perception is

that the new law was drafted specifically to be more advantageous to the credit card companies. In fact, the big companies like MBNA wanted the revisions because they projected being able to squeeze another $85 million a year out of people who under the old law would have been able to discharge that debt completely after their assets were liquidated.

That said, I'm with you on college. I didn't get any full-ride anything, but I went to a state college in my downtown urban area and graduated with no debt. I had to work, of course, and I got a few scholarships and grants that helped me.

Funny, because less than a decade later, I made it through grad school, but emerged with $15K in debt - fortunately I was able to refinance my house and clear that.

But now it's just crazy. In my own state, I'm strongly advocating that the business community begin to look at our kids as an investment in the future prosperity of the economy and create ways to have them be able to finish debt-free or at the least be able to get some of their loans forgiven.

The problem isn't confined to the federal level, either, but also the state legislatures who have reduced higher education funding over decades. Now it is unsustainable. Our state colleges and universities in my state only get about 1/3 of the cost of attendance from the state's General Fund, while 2/3 of the cost is passed on to students. Prior to 1993, this was reversed.

In the meantime, we've added nearly half a million to the Medicaid rolls, the prison population has grown at a 5% higher rate than the national average, and K-12's local tax revenues are stagnant, while the amount that needs to come from the state is growing on a steep upward curve. It is unsustainable.

That's why I bitch so much about the Federal Reserve Act, and advocate public banking so strongly, and gripe about the primacy of the shareholder doctrine - we are in a house of monetary and fiscal cards, and when it falls it's going to be horrible.

The Wall Street people and billionaires do great during downturns, of course; the rest of us not so much.

But back to Biden. He's a good guy and I will surely support him should my candidate be knocked out of the race. I am gratified this time around that our discussions are very much less rancorous than they were back in '16. I'm not seeing that as much now at all, except from one candidate. Sadly.

Regards!