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| The White House/Wikimedia Commons |
The No. 1 priority for the Biden administration is to inflict as much pain and suffering on the American people as possible.
President Joe Biden announced plans to illegally transfer student loan debt from existing borrowers to the rest of the American public on Wednesday, marking the latest abuse of executive power by America’s commander-in-chief.
“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden said in a tweet likely posted by a White House staffer.
As described in the graphic accompanying the tweet, the administration plans to “forgive” up to $20,000 for individuals who attended college on Pell Grants and $10,000 for those who did not receive such a grant. While the new loan “forgiveness” plan only applies to individuals making less than $125,000 a year — a cap which means little, considering plenty of college graduates make less than six figures upon graduation but have a wealthy trajectory — the administration also plans to extend the current pause on student loan repayments through December 31, 2022.
Despite Biden and Democrats’ best attempts to spin their new garbage policy initiative as a “forgiving” of student loans, the stark reality is that there is no such thing. When leftists use terms like “canceling” or “forgiving” student debt, what they really mean is taking money from American taxpayers — the majority of whom chose not to attend college — and using it to subsidize the minority of individuals that opted to pursue higher education.
Moreover, not only will Biden’s plan bail out a fragment of the American populace that chose to take on the responsibility of student loans, it will do so for those who are better financially equipped to repay them. --->READ MORE HERE
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| PBS Newshour/YouTube |
When a reporter asked Joe Biden yesterday if bailing out (largely well-heeled) students was fair to those who chose not to take out loans, the president responded: “Is it fair to people who … do not own multibillion-dollar businesses? They see why these guys getting all the tax credits? Is that fair? What do you think?”
I think it’s an incoherent non sequitur. But there’s an effort on the left to compare the president’s loan “forgiveness” edict with other bailouts, especially the recent Paycheck Protection Program. If we can forgive business loans, why not the suffering grad student, goes the argument.
This is a terrible comparison for numerous reasons. First, PPP loans were enacted by the government to stave off economic ruin it had initiated. The state sent checks so that employment wouldn’t crater after it forced the economy to shut down. In normal times, a company unable to repay debts to creditors enters bankruptcy. And perhaps student loans should also be dischargeable in bankruptcy. Though many of those bailed out by Biden’s executive edict aren’t on their way to ruin, but six-figure salaries.
Second, PPP loans, unlike student loans, were intended to be cash transfers from the government. They were structured to be forgivable “loans” before the law was passed. No one broke a contract. No one changed the parameters of the loans. No president walked in and unilaterally transferred the responsibility of PPP payments to other businesses. --->READ MORE HEREFollow links below to relevant/related stories and resources:
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