Biden’s Student Loan Debt Cancellation Is Illegal
Biden’s Student Loan Debt Cancellation Is Illegal
Biden is likely to announce additional student loan debt cancellations this week, likely sometime today. It’s a bribe that is a slap in the face to all taxpayers who will bear the costs of this move.
The nation’s federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.
Read the above again. People have been whining and clutching pearls over debt they owe that is less than $20,000??? This is debt they SIGNED UP FOR. When they took out those student loans, they signed paperwork signifying that THEY would pay this debt off. But now, since their basket-weaving gender studies woke degree didn’t net them that fancy $250K a year job, they want the government to cancel their obligations and let them walk away scot free.
This move helps HOW many people?
More than 175,000 people are approved to receive about $10 billion in student loan debt cancellation through a government program designed to encourage people to work in public service, the Education Department said.
Which leaves the rest of us holding the bag after receiving a giant slap in the face.
Forgiving student loan debt will cost between $300 billion and $980 billion over 10 years, according to a new analysis, with the majority of relief going toward borrowers in the top 60% of earners.
The Penn Wharton Budget Model estimate was released Tuesday ahead of President Joe Biden’s long-anticipated decision as soon as this week on whether to forgive some student loan debt. White House officials have been trying to combat critiques that such a move would add to rampant inflation that’s become a political liability for Biden and his fellow Democrats.
The group estimated that between 69% and 73% of any debt forgiven would accrue to households that rank in the top 60% of the US’s income distribution.
Want more inflation? Want us to go further into recession? Catering to the few rich whiners out there who can’t manage their money in order to pay off their debts is how that will happen.
We will be footing the bill for the debt of a few.
The White House will announce on Wednesday the transfer of wealth of up to $10,000 from tax payers that pay their bills to "borrowers" that don't.— Hammy ✈🇺🇲 (@e2pilot) August 23, 2022
There, fixed it for you CNN. https://t.co/xRzOlcDezE
As for those who worked hard and managed their money wisely in order to pay off their own student loans? Will they get reimbursed?
That was two years ago. Lizzie would have the same reaction now as she did then, laughter.
$300 to $900 billion. THAT is the cost, that is the slap in the face that we taxpayers will get from this illegal maneuver. Yes, this move is definitely skirting the edges of the law as Forbes noted here. Furthermore, both the Department of Education AND Nancy Pelosi are on record stating that Biden cannot use Executive Orders to wipe out this debt. It’s against the law. Period.
NANCY PELOSI in April: “People think that the president of the United States has the power for [student loan] debt forgiveness. He does not.”pic.twitter.com/0iz8uQeKXG— RNC Research (@RNCResearch) August 23, 2022
Yet good ole Chuck Schumer is pushing this hard.
Senate Majority Leader Chuck Schumer, D-N.Y., one of the loudest advocates in recent years for canceling student loan debt, spoke privately on the phone with Biden, imploring the president to forgive as much debt as the administration can, according to a Democrat with knowledge of the call.
In his pitch, Schumer argued to Biden that doing so was the right thing to do morally and economically, said the Democrat, who asked for anonymity to describe a private conversation.
Here are some facts: Only 37% of Americans have a 4-yr college degree, only 13% have graduate degrees, and a full 56% of student loan debt is held by people who went to grad school.— Greg Price (@greg_price11) August 23, 2022
Biden's plan to cancel it would be like taking money from a plumber to pay the debt of a lawyer.
That’s right. It will be the plumbers, painters, farmers, ranchers, dry-wallers, landscaping crews, retail clerks, waiters, waitresses, and all those who worked hard to pay off their OWN student loans who will shoulder this $300-$900 billion bribe.
Which, if Biden makes this illegal move, going to cost us even more if this scoop from the Washington Post is correct.
SCOOP: White House expected to provide up to ***$20,000*** in student debt relief 4 ***Pell Grant*** recipients, sources tell @DaniDougPost & me— Jeff Stein (@JStein_WaPo) August 24, 2022
Would have to be under $125K ($250K jointly) to qualify.
Other recipients believed @ $10K
Final details TBDhttps://t.co/nQm72h9kQQ
And that is what it is. An illegal bribe to get a few more measly votes from the grad school wokesters who don’t know how to manage their own money. As for reforming the system that has led to these issues? The Democrats haven’t and won’t do anything about that. Thus, unless something changes, there will be a sixth, seventh, and twentieth move down the road to put yet another bandaid on the problem.
UPDATE: Biden went ahead with this illegal move.
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.— President Biden (@POTUS) August 24, 2022
I'll have more details this afternoon. pic.twitter.com/kuZNqoMe4I
And the few who benefit cheer while the rest of us will foot the bill.
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