Here is a data point that I looked up yesterday while thinking about how I really feel about college debt forgiveness: the tuition for one semester at the University of Iowa in 1974 (my last full-time college enrollment) was $725.
That amount TODAY would be about $4,300 but would still seem like an incredible bargain.
Thinking about that led me to feel better than my initial reaction was to President Biden's plans, which was that the whole idea was a bit unfair. After all, I had to pay all my tuition and fees, even if if it was difficult (and it was).
I also remembered that I received about $350 per month from GI Bill -- nearly three years in the Air Force qualified me for nearly three years of payments. Adjusted for inflation, that would NOW be about $2,100 per month.
Bottom line: when Boomers such as I start telling tales of working part-time and paying back loans over time and questioning the grit of current students, we are not talking apples and apples. College costs were so different 30, 40 or 50 years ago that they might as well be from the Middle Ages.
I'm sure it's complicated. What isn't? But whatever the reasons for college tuition to have increased at least double the rest of the nation's inflation rate, people my age need to get over it. We never walked to school uphill, both ways, no matter how much we love to share our tales of woe.
I was drafted in 1970 after losing my student deferment by being an idiot and just not attending most of my courses. That 1.6 GPA from freshman year was well-deserved. That led to my Air Force stint and a whole lot of angst. But just because I happened to get drafted (choosing enlistment instead), would it be OK if I insisted that young people today should also face a military draft? After all, I suffered, so why shouldn't everyone else?
Giant corporations have had billions in debt cancelled or otherwise modified several times in the nation's history. Some people get scholarships. Others don't. Some people are drop dead gorgeous. Others, not so much. Some people get a great mortgage rate while others missed the best rates and are hard-pressed to make payments. I get it. Life is unfair in particulars though I would argue that, over time, a lot of inequities sort themselves out.
Government often "chooses" to support certain groups or companies or occupations or ethnic groups or education levels. Every choice means some other group or occupation doesn't get the same support. But NOT to choose is its own choice, and usually unhelpful.
But the wider benefits of providing a boost to 43 million Americans -- the estimate of how many might be able to take advantage of the tuition forgiveness program -- are clear and likely to reveal themselves as important in the next decade.
No truck drivers or window washers are having money taken from them. And who says those truck drivers and window washers didn't go to some sort of tech school or traditional college? And those students saddled with overwhelming debt -- debt that colleges and the government encouraged them to take on -- are likely forcing parents and grandparents to provide help.
The Angry White People Party is predictably irate about injustice and the program, but their complaints about the "elite" getting extra money won't work. First, 43 million people can't be labeled as "the elite." Second, the rich won't get much from this program. After all, they are rich and they have lots of options to deal with debt (including not needing to borrow in the first place).
My bottom line: good for Biden and the Democrats for trying to do something to move a large, complex nation forward.