Biden’s Student Loan Debt Cancellation Is Illegal

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.

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. 

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.

Morally and economically beneficial? Really Chuck? Who will be bearing the brunt of this slap in the face? 

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. 

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.

And the few who benefit cheer while the rest of us will foot the bill. 

Welcome Instapundit Readers!

Feature Photo Credit: DonkeyHotey/flickr/CC BY 2.0. 

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  • LTC Ted says:

    WTF?! Everybody knows the Resident and The Fidouchiary of The Treasury sit, like Mr Pennybags, of Monopoly fame, atop a huge bag of cash, magically manifested. Why, some even understand that corporations pay taxes out of thin air, and not by increasing prices, cutting benefits, and squeezing suppliers, who’d do the same!

  • GWB says:

    designed to encourage people to work in public service
    IOW, that steady, can-never-be-fired, overpaid, over-pensioned, union job sinecure.

    like taking money from a plumber to pay the debt of a lawyer
    More like “taking money from a plumber to pay the debt of an indigent, indulged, mal-educated, over-educate, yet self-righteous, burger flipper.” Because even a lawyer has some legitimate uses. The Doctorate in Puppetry and the Masters in Gender Studies (that’s sexist!) have no real use except to ensure Starbucks has a pool from which to hire narcissistic baristas.

    The biggest problem with all of this?
    The government never should have been guaranteeing education loans to start with. It’s outside their Constitutional purview, and a really bad idea to boot.

  • Citizen tom says:

    Until we the people stop accepting such bribes from the people we elect, our leader won’t obey the Constitution.

    The Constitution protects our rights, that is, the rights of our family, friends, and neighbors. If those rights are not more important to us than the bribes promised to us by scheming politicians, then we are fools.

    • GWB says:

      The Constitution documents those rights.
      We, the People, have to actually protect them. And we’ve forgotten that in the last 100 years.

  • Stephen C says:

    Joe Delaware’s nation of deadbeats, thieves, and dolts. Mine eyes have seen the glory.

  • Scott says:

    OK, before I even read the post I’ll just comment on the headline

    “Biden’s Student Loan Debt Cancellation Is Illegal”

    Since when has that ever stopped this illegal regime? They think the Constitution is toilet paper, and the law is something designed to be used to their advantage only.. (see also Merrick Garland)

  • Scott says:

    Ok, now having read it, I’ll say that many years ago, my wife embarked upon a college degree that she never should have. She realized thus part way through, and failed to complete it. As such, she has been paying on these loans (private, not government) for a long time. Too long if you ask me, as I believe that some of the policies of Fannie Mae are deceitful, and likely illegal. That being said, we have never, and will never ask for the govt to fix the problem that she got herself into. We have refinanced with a reputable company, and will pay them off as promise.

    As for me, I’m slowly working y way through my degree, because I’m paying my own way ( admittedly with some earned scholarships along the way) When I finally graduate, it will be debt free. So like the dad in the video above, I’d like to ask how do I get my “free” 20k, since I’m being responsible about my schooling???

    On a related note, I stronly believe that our current system is horribly broken, and needs to be changed. Instead of offering scholarships to kids as soon as they graduate High School, I believe that it would be far more productive to require students to go out and work in the real world for a full year before receiving those scholarships and moving forward with their educations. I think this would have a dramatic impact on the majors chosen, and the success of students overall. I also think that more organizations should offer scholarships for trade schools offering real skills instead of the crap degrees mentioned above.

  • Taco Lizard says:

    How many parents have sacrificed vacations, better cars, nicer furniture, home landscaping, and a kitchen and bath remodel for 10 years, so they could pay for their two kids to attend excellent private universities without have to go into debt. And now through higher taxes and runaway inflation, we are legally bound to pay for all those deadbeat borrowers? Where was the congressional vote on this? This is absolute despotism.

    EEF JAY BEE and the rest of the Marxist weasels destroying our country.

  • I think Dems know there will be a court challenge and don’t care.

    If handled right, this is a huge political liability for Democrats. The GOP just needs to handle it right.

  • […] Biden’s Student Loan Debt Cancellation Is Illegal — Victory Girls […]

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