Biden’s new student-debt ‘forgiveness’ strategy reflects urgency
Joe Biden, defender of democracy, loves breaking norms when those norms hinder his blatant attempts to buy votes.
His latest student debt “forgiveness” plan isn’t really forgiveness, he’s just transferring debt onto people who did not take out any loans. $7.4 billion of debt among 277,000 borrowers is being shifted onto all of America, regardless of college attendance, with no legal basis or approval from Congress.
Despite the Supreme Court striking down his $430 billion plan in June 2023, Biden continues to push forward with mini debt cancellations, such as:
- In March, $5.8 billion for 78,000 borrowers.
- In January, $5 billion for 74,000 borrowers.
- In August 2023, $39 billion for over 800,000 borrowers.
Another meatball
The White House is proposing a new debt cancellation plan similar to the one rejected by the Supreme Court. Biden claims that canceling debt for affluent blue voters benefits all Americans, but this argument is flawed.
The payoff
Since the Supreme Court rejected Biden’s debt cancellation program, he has continued to propose new plans:
August 2022: $430 billion student loan cancellation plan.
June 2023: Supreme Court ruling against the plan.
August 2023: $39 billion in debt cancellation.
October 2023: $9 billion debt forgiveness for eligible borrowers.
January 2024: $5 billion in debt forgiveness.
February 2024: $1.2 billion debt cancellation for specific borrowers.
March 2024: $5.8 billion debt cancellation for public service workers.
April 2024: $7.4 billion in student loan debt cancellation for various participants.
This move, like all handouts, is funded by higher taxes or national debt, hurting hardworking individuals. It also incentivizes colleges to raise prices, knowing that debt will be forgiven in the future. Most concerning is Biden’s disregard for checks and balances, essential to American democracy. His actions threaten the republic and show a blatant disregard for the system of governance.
By prioritizing personal gain over democratic principles, Biden’s actions are a political disgrace.
