In Soviet Russia (and now New Jersey), student loans pay you! Thanks to Assemblyman Lou Greenwald. In some backward attempt to create jobs, the Assembly Democrats have passed a bill that will create a target student loan forgiveness program. A program that relies on an unelected board of unnamed “experts” who will analyze the job market once every five years and make a decision on which career paths should be subsidized. The democrats feel that this will be a great plan for New Jersey because, well, centralized planning of the economy and job market has worked so well in socialist nations around the world, so why not here? It was aptly pointed out by Assemblyman Jay Webber during today’s voting session that this is America, and here we let the market and individuals choose their career paths rather than nudge them with some wasteful government program. Someone should tell Greenwald that the wall came down years ago.
Other issues with the bill? Well, for one thing, it is a transfer of wealth, like most democrat proposed bills. However, this bill transfers wealth from the poor to the wealthy or those who could arguably become wealthy. In order qualify for this program, one must complete their college education and work in a specified field. Then, money coming from the pockets of taxpayers everywhere, whether they be rich or poor, will be funneled to citizens with higher earning capacity. Not only that, but the jobs that are supposedly going to be targeted will include doctors and lawyers. Not exactly a profession that is begging for income subsidies, even if the degrees do come with a high price tag.
So the Greenwald solution? Put that high price tag on the backs of income earners across New Jersey without even specifying the amount of funding that will go into this program. That’s right. This bill obviously will cost a significant amount of money, but the bill does not provide for any dollar amount. So when the program goes live and students begin to qualify, the amount of money that may be put out is limitless. Another smart move in the midst of New Jersey’s horrible budgetary crisis.
If Assemblyman Greenwald wants to create jobs, he should sign on to bills that actually do something for business owners in this state. I understand how hard that could be though, most of those bills come from the other side of the room.
