Student Debt Repayments Jeopardize Social Security

It is no secret to any observer (even one that is occasional or casual in nature) of American politics that the state of affairs both domestically and internationally for the nation are in chaos and disarray. Since the 46th President Joe Biden entered the oval office in January of 2021, it seems as though problem after problem has materialized or become worsened in nature within the country and overseas. Rampant inflation brought about in large part by the presidents radical and reckless spending agenda has crippled the already struggling American working class and reached levels not witnessed in decades. At the southern border, millions of illegal migrants have entered the nation since the beginning of Bidens term, and tens of thousands continue to cross the border by the day. Internationally, enemies of America have been emboldened, responding aggressively in the wake of weak and incoherent leadership from the White House. Russia entered Ukraine in an invasion in early 2022 and remains mired in the bloody eastern European conflict. In the pacific, China continues to challenge U.S. power and recently flew a military aerial maneuver over the island of Taiwan. Days ago, Hamas invaded Israel in the middle east and killed over a thousand innocent civilians.

Returning to the domestic economy, an alarming statistic indicates that some 60% of Americans are living paycheck to paycheck. Unsurprisingly, as the national debt soars over $30 trillion dollars, lawmakers are rightfully worried about the long term consequences of the problem. Student loan debt is another massive problem for young Americans. While many payments were paused during the COVID-19 pandemic, monthly payments are now resuming, and many are worried about being able to afford the costs of the loans.

Payments resumed on October 1st. It is estimated that over 50% of Americans who have loans owe between 10 and 60 thousand dollars. Many claim that their debt is hindering their ability to save for retirement.