Pub. 16 2019 Issue 2

20 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S This issue should not require a great deal of analysis. It’s an issue that will help a candidate gain far more votes than he or she will lose. The reward of coming out in favor of legaliza- tion, considering it is a popular position with voters, will likely far outweigh the risk. Environment President Trump has openly taken the position that climate change is not a concern and that environmental regulation is a giant waste of time. He removed the United States from the Paris Climate Accord, has put people in charge of the Environ - mental Protection Agency who actively want to dismantle it, and has openly derided those who want to take measures to slow down or prevent some of the effects of man-made climate change. His stances have been wildly anti-science, but he has been openly committed to them. Trump is squarely in the camp of not buying into climate science. The Democrats, obviously, will take the opposite stance. The environment is a fairly cut and dry issue, either you be- lieve we should do something or you don’t. However, the real question is what should be done? Much like healthcare, it’s a question of how quickly to change the system. Democrat can- didates will all likely talk about the need to transition to green energy, but a moderate such as Biden will likely emphasize that it must be done in due time in order to not adversely af- fect as many American workers. More hardline environmen - tal candidates will likely take the position that we don’t have time to wait, that the problem of climate change is becoming a more pressing concern by the day. The debate on how to address climate change ends up being divided into three camps: Do absolutely nothing, address the problem incrementally, or address it immediately. This is an issue that could be sharply divided along generational lines. Younger voters (under 40) will likely be far more in favor of immediate action because climate change could be the major crisis of their lifetimes. Education/Student Loan Debt Student loan debt is one of the great crises in the United States, but it’s not discussed nearly enough. Millions of Amer - icans silently carry the burden of never knowing if they’ll be able to truly save money or gain any kind of financial security due to the crushing weight of student loan debt. According to a CNBC article, the Trump administration, “proposed capping the amount of federal student loans that parents and graduate students can borrow, citing a 2017 report from the Federal Re - serve Bank of New York that argues expansion of federal student aid leads to an increase in college tuition prices. James Kvaal, president of The Institute for College Access & Success, also took issue with the proposed loan cap, and rejected the claim that the availability of loans is driving rising college costs. ‘The solution is to invest more in Pell scholarships for low-income students, [and] to work with states to make public colleges and universities more affordable.’” The Trump administration also proposed to cut the number of repayment plans that can be utilized. Of the major Democrat candidates, Warren has come out with the most concrete plan. According to Forbes, “Warren’s ambi - tious student loan forgiveness plan would cancel student loan debt for more than 95% of borrowers, and would entirely cancel student loan debt for more than 75% of Americans with student loan debt. Warren believes that her plan would reduce the wealth gap in America and provide an economic stimulus to the middle class to increase home purchases and help start small business- es. According to the latest student loan debt statistics, there are more than 44 million Americans who collectively owe $1.5 trillion in student loan debt. Today, according to personal finance site Make Lemonade, student loan debt is now the second highest consumer debt category - second only to mortgages and higher than credit card debt and auto loans. By 2023, 40% of student loan borrowers may default on their student loans.” This issue is worth watching because both sides agree that something must be done, but have different solutions. The President's proposal is to tweak the system from within, which arguably doesn’t address the root of the problem (cost of education), while Warren’s plan is much more immediate and drastic. It will be fascinating to see how other Democrat candidates choose to address this issue specifically, as it’s arguably the most pressing financial issue of our time and can no longer be avoided. The root of the problem (skyrocketing cost of education) must be addressed somehow or we’re going to continue to see far too many people denied educational and economic opportunities. n n THE 2020 ELECTION continued from page 19 The debate on how to address climate change ends up being divided into three camps: Do absolutely nothing, address the problem incrementally, or address it immediately. This is an issue that could be sharply divided along generational lines. Younger voters (under 40) will likely be far more in favor of immediate action because climate change could be the major crisis of their lifetimes.