Ep 171: Free College for Everyone

There is no free lunch in this world, especially when it involves the government. Today, we have yet another financial crisis looming: outstanding college loan debt, which is estimated to be in the range of 1.8 trillion. I have a little experience in this area as I have three degrees, which I paid for the most part on my own, and I had this crazy thing called a job while enrolled in classes for all three. In addition, I was a college professor for a while at a private institution. So I have seen and been involved in this debacle from both sides of the fence.

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You may ask yourself, what does this have to do with you? Well, at this moment we are experiencing record-high inflation and government debt, which I will tell you is not a good combination. By bailing out people, who lack the ability to think and plan properly, then rack up endless student loan debt is not going to help. Matter of fact, that will pump more funny money into the economy, thus causing more inflation. And you should also ask, why should you be responsible for someone’s college loan debt? That is a very important question to ask, I believe. 

Today, Rob Kendall and I (who also paid his own way through college) discuss what this is all about. Not only that, we give solutions, especially for those who want to go to college, but do it responsibly without racking up life burdening debt.

The key is to make the right financial moves, and ignore most of the advice the financial institutions and federal government are telling us, as they do not have your best interests at heart.

Rob Kendall is the co-host of the Kendall and Casey Show heard 9:00 AM to 12:00 PM EST on 93.1 WIBC Radio, Indianapolis. Prior to joining WIBC, Rob served as an elected official for the Town of Brownsburg, where he proudly claims massive tax cuts and government reform as his greatest accomplishments.

Topics Discussed:

* How bad really is the student loan crisis.

* How will a bailout of student loans affect you.

* Is this just a way to buy votes instead of taking care of the problem?

* Why you are the one responsible for your debts not the taxpayer and definitely not the government.

* How did the federal government cause college education tuition to skyrocket.

* Why everyone does not need to go to college.

* Why college should never be free.

* How to go to college responsibility and without racking up student loan debt.

Episode Resources:

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Transcripts :

hey rob thanks for coming on and i

appreciate it i know you’ve been talking

about this a lot and i wanted to to

bring it up because you got stuff to do

you got a lot of stuff going on here my

friend

um

that the student loan debt because they

keep pushing it right we they keep

pushing they keep pushing and people are

why they keep pushing this why

well it’s another handout

and it’s an easy way for them to

basically

push money into the system

backhanded would you explain how that

works how they’re trying to do it well

it’s what all these politicians do it’s

legalized vote buying right i mean they

take

they take uh option opportunities to use

other people’s money or ruin other

people’s existence and improve someone

else’s existence and then go look at

what i did for you in hopes that those

people will

show up in the fall and if you look at

who would be targeted with this

primarily younger people it’s a way to

try to get these people who otherwise

don’t care recognize the direction of

the country recognize their existences

or something think about this right like

inflation is delayed

inflation is delayed all the things the

republicans

trump whatever did in 2020

it was the build-up to what happened in

2021 the government doesn’t

instantaneously happen it’s how they

could shut down society and give

everybody all that money and people went

oh these politicians they’re brilliant

look at these people so if you’re going

to take a group of people who are

uh

disaffectionate they don’t have a reason

to show up to vote they think the

country’s in a bad direction and they go

oh well inflation’s really bad but hey i

just got ten thousand dollars handed to

me

well then they might show up to vote not

realizing

you have no idea what that’s going to

cost you in two years but hey if you

voted in the midterms then what does it

matter right well and it also

increases the inflation and that’s the

part that people aren’t catching on is

they keep delaying this keep delaying it

keep delaying it and we’re getting

closer and closer to that edge so

they’re going to pump basically 1.8

trillion into the economy underhandedly

so people go what’s it matter if you pay

off student debt well the problem is now

all these people who are paying student

debt now have instant cash that they

didn’t have before because they’re not

paying their student loans anymore

now they’re going to go out and they’re

going to buy things and we’re seeing it

right now though more of them will go

out and try and buy a house

they’ll start spending money on cars and

it’s going to drive inflation even

higher

yeah so

he had proposed he being biden

i think uh ten thousand dollars per

student that was the rumored number

floated out there so though whatever it

is 1.8 trillion that exists

about 400 billion would be canceled so

you’re talking about

creating 400 billion dollars of

essentially new printed money right

because the premise of the loan is it

will be paid back over time with

interest so you and me as a taxpayer

gary

we’re fronting that money with the

understanding it’ll be paid back so

while i guess initially was technically

printed it would be re-established in

terms of currency

from the borrower

and thus it would actually be a win for

the taxpayers

long term now you may case whether the

government should be in the student loan

business at all period but on its

promise if the loan is given out and the

loan is paid back you have a better

educated person who can enter the

workforce and

while you help subsidize it ultimately

you make money as a taxpayer in the long

term now if you just cancel all of that

then it becomes printed money because it

was a government-funded resource that is

now an unfunded liability which means

you have to print the money to cover it

the university got paid the professors

got paid so what is that it’s like

everything else with inflation printed

money that’s not backed up by anything

and it’s 400 billion dollars if indeed

it is 10 000 per borrower well

we saw what happened when it was 1.2

trillion 1.9 trillion so if you take a

third of that or a fourth of that

and put that on top of an already

overcooked economy look at how bad

inflation already is you’re going to do

it all over again

when you bring up a good point this

basic math thing which i like to teach a

lot

so instead of 1.8 trillion what you

actually have is 2.2 trillion in

liability it adds so with that money’s

already been paid that 1.8 has already

been paid

now you add 4 billion 400 billion on top

of it so now you and they and

anyone who thinks they’re gonna stop

right here there’ll be around two

they’ll be around three because they’re

going to try and get that 1.8 trillion

paid off because they want all those

votes and and that’s where it’s a huge

problem and i just don’t think anyone’s

paying attention and not only that but

they’re paying off the debt of people

who have the the best ability to pay

their student loans this isn’t for

people like me and you who scrapped

through school you know had a little bit

i had a little bit of student loan debt

i took at the very end as a buffer but i

paid it off in that year it was it was

like 4 500 that was it and i had part of

it still in the bank so i say i paid it

all off that’s not for people like us

who work their way through school who

bust their ass who go to a school they

can afford too

this is for the upper middle class

people who racked up to three hundred

thousand dollars for a liberal arts

degree and now they can’t pay it because

hey they can’t get a job that will pay

it and b they’re too lazy to get the job

that would pay it so

yeah well i was gonna say so yeah that’s

per that’s a perfect thing so like my

girlfriend has been a beneficiary of the

paw so think about how much money has

been lost as a u.s taxpayer in the pause

the past two and a half years

right like there’s no reason if there’s

11 million open jobs

anybody who wants to work

can work in this country there’s no

reason it should still be paused but

think about how much money has been lost

by the u.s taxpayer over the past two

and a half years of the pause on student

loan debt

and how much that has cooked inflation

because that’s un it’s an unfunded

liability it’s money that should be

going back into the treasury that was

printed money that should be

re-established my girlfriend’s a great

example she’s been a beneficiary of that

now she recognizes term that’s

unsustainable and she has used her extra

capital to pay off things like her car

debt etc but most people are not doing

that right they’re spending it on

stuff they’re not thinking ahead because

they don’t have someone as economically

brilliant as me living in their house

going hey you’re gonna you’re gonna pay

the piper on this eventually so you

better get that all any other debt you

have paid off so she’s done that which

has freed up her ability long term but

the average person is still gonna have

all of these things and once it gets

reestablished even if you knock off

ten thousand dollars of student loan

debt what it creates an inflation is

going to be dwarfed and then once the

payments start again you’re still gonna

have to pay money

so

this doesn’t do anything to solve the

issue gary which is the price of a

secondary education the price of the

secondary education is the issue

well and that’s why it’s so high is

because the government took over when i

was

my student loan my student loans were

through a bank

they weren’t through the bank of the

federal government

and i knew i was responsible and those

were on my credit that i was gonna have

to pay those back i knew right and i

think my interest rate was like seven

and a half percent and that was a deal

that was a good interest rate back then

but i knew i had to pay it back and i

knew i had to get a job because what it

did it motivated me right away as soon

as i graduate i needed to get to work

because i needed to start paying on that

because i think you got six months

roughly before the loan the payments

kicked in so i wasn’t making a whole lot

of money i mean i was living paycheck to

paycheck i was poor as all poor can be

but i was i had it budgeted in to pay my

student loans back that was part of the

deal by deferring it to what it did and

transferring over the loans to the

federal government well it crazed

created inflation within the college

market because they all raised tuition

because now they knew the money was

guaranteed they could get as much money

as they wanted because good old

government’s going to pay the bill

they’re the bank

and so by them paying it back i firmly

believe that this that you will see

college tuition go up right after

they give that money out because they’ll

jack it up again

so i uh

so i graduated

14 years 13 and a half years ago i

graduated college

and my entire college education as i

paid cash as i went was 20 000

my girlfriend’s degree

from a set the same institution went to

the same school now we have different

degrees

but it’s the same institution

it cost

double what mine did

the education has not got

double

better

during that time there there there’s no

reason

that college should be

twice as expensive

as it was you know i didn’t graduate in

the 50s

i’m in my 30s now there’s no there’s no

reason

that it should be that expensive and yet

nobody wants to hold that accountable

why

because the democrats and look

republicans don’t do anything about this

either but are in bed with public

education

and college public colleges are public

education and they’re not going to

challenge that they’re not going to take

that on that is how you’ll solve the

issue no one wants to solve the issue

and people have made a great point i’ve

actually seen it’s interesting gary i’ve

seen multiple articles in mainstream

somewhat liberal or to very liberal

publications over the past several weeks

by liberal people

urging biden not to cancel the student

loan

debt because they recognize what it will

do to inflation

and they recognize the issue the cost of

college

is the issue not the student loan debt

[Music]

[Applause]

you

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2 thoughts on “Ep 171: Free College for Everyone”

  1. Avatar photo

    Well you are a doctor of boom, smart move 🙂 Thanks for the info, as it is incredibly important people understand this. We are getting scammed from every direction, that is why I created The Simple Life after all.

  2. Hey Gary – regular monthly donor, logged-out so that I can remain anonymous and to protect the innocent 😉

    FYI on the current cost of state schools – Mrs. Boom and I put our firstborn through State U in Mass (Peoples’ Republic thereof), graduated 5-years ago with a BA with honors, never used the degree, ever, and doesn’t think will ever need to

    Four years: $83K all-in (tuition/fees, room & board, books) Eighty. Three. Thousand. Dollars.

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