Posted on 08/24/2022 3:07:35 PM PDT by grundle
President Joe Biden’s plan to magically wipe away portions of legitimately incurred student-loan debt is, in certain ways, a perfect encapsulation of his administration’s awful policymaking.
It provides the wrong incentives — moral, economic and political. It abuses executive power. It spends a fortune, yet still not enough to satisfy his party’s progressive base. And it does nothing to get to the root of the problem: overpriced higher education.
The decision, expected to be announced Wednesday, is reportedly to eliminate $10,000 in debt for borrowers who make less than $125,000 (and up to $20,000 for Pell Grant recipients). Biden’s been pressured to cancel all student debt; to his credit, he has so far resisted. But it will still cost billions, and Biden reportedly is leaving the door open to further cancellation by irresponsibly refusing to restart repayments that were paused during the pandemic.
Let’s be clear about what’s happening here: Working-class people will be taxed to fund a benefit for people whose degrees already give them a leg up in the economy. The very families whom “Middle Class Joe” says he worries about struggling with bills at the kitchen table will subsidize the advanced degrees of lawyers, bankers and other white-collar professions. Future generations will bear more federal debt because millions in this one were absolved of their obligations.
Never again should Democrats accuse conservatives of taxing the poor to help the rich. Biden is actually doing it — and he’ll indirectly turn more spending loose in an already inflationary economy.
Also punished by this terrible idea are people who did things the right way. You know: suckers.
If you paid back loans or never incurred them because you sought out cheaper alternatives, your reward is to help people who didn’t think twice about borrowing tens of thousands of dollars
(Excerpt) Read more at yahoo.com ...
Buying the youth vote.
That says it all. People who pay their bills like responsible people are suckers under the illegitimate Biden regime.
GRRRRR
Biden is also forcing you to vote for Demoncrats!
This has the tendency to reward the less useful degrees.
But keep votin’ straight Democrat y’all.😁
But it'll backfire on Democrats, because there's a lot more hardworking people who paid their debts than there are college-"educated" deadbeats. Who does their thinking for them - Pee Wee Herman?
Discrimination!
in college i worked a job so i could eat
knew a student who took out a student loan to get a new stereo system
My ex son in law has $100k in loans for his Psychology degree. He drives a fork lift. No one needs a psychology degree student.
You should have to file bankruptcy for any discharge. I would be all for reforming bankruptcy law to make it easier to discharge at least a portion of student debt through that process.
Meh.
My AA, trade school, and B.A. cost me about $3K back in the day.
We need a really good, free, series of trade schools integrated with apprenticeship programs. Germany does an excellent job.
And reasonably priced local, state schools for useful stuff like accounting and STEM.
Complete and utter F’n BS!
But it’ll backfire on Democrats, because there’s a lot more hardworking people who paid their debts than there are college-”educated” deadbeats.
—
Exactly. This is going to cause resentment with people who managed their budgets and blue collar workers who are now going to pickup the tab for the deadbeat gender studies majors.
Susan Rice at White House podium explains . .
https://pbs.twimg.com/amplify_video_thumb/1562530685943955456/img/d-sjLlRf_kZ2BmuE?format=jpg&name=900x900
But we all know the woke students with their degrees in homosexuality in homo-sapiens studies who are going to get most of this.
These same “workers” are the same useful idiots who voted for biden.
I went to college on the GI Bill as well as student loans, and a couple grants. I paid off my student loans decades ago. I guess I’m a chump, just like everyone else who did the right and responsible thing. God, how I despise Democrats.
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