Disappearing Debt

I marveled at an exchange captured last week between Democratic presidential candidate Elizabeth Warren and an angry father on the campaign trail in Iowa.

Warren hadn’t anticipated such an outburst and didn’t have a better answer when confronted by the man. He was upset at her proposal which would erase everyone’s student debt, a proposal which would cost the country 800-billion dollars by some estimates.

The father approached the candidate and said: “I wanted to ask one question. My daughter is getting out of school. I’ve saved all my money. She doesn’t have any student loans. Am I going to get my money back?’

Warren quickly answered. “Of course not.”

She had nothing. Probably should have anticipated such an encounter.

Look, I have school debt and I’m 62. I should love Warren’s proposal. It would get me out of monthly payments….payments I’ve made since I got out of school 20 years ago. Back then I made a decision that I would get an advanced degree and take the rest of my life to pay it off. But I owe the money and I totally understand the disgust the father showed in Iowa with Elizabeth Warren.

Education isn’t free. I knew that when I borrowed the money and I don’t need a presidential candidate with a magic wand to make it go away. It was my investment in me.

I admire the people who had the commitment to pay up front. Their anger with  school debt forgiveness is righteous.