Posted on 08/24/2022 7:31:26 PM PDT by karpov
Well, he did it. Waving his baronial wand, President Biden on Wednesday canceled student debt for some 40 million borrowers on no authority but his own. This is easily the worst domestic decision of his Presidency and makes chumps of Congress and every American who repaid loans or didn’t go to college.
The President who never says no to the left did their bidding again with this act of executive law-making, er, breaking. The government will cancel $10,000 for borrowers making less than $125,000 a year and $20,000 for those who received Pell grants. The Administration estimates that about 27 million will be eligible for up to $20,000 in forgiveness, and some 20 million will see their balances erased.
But there’s much more. Mr. Biden is also extending loan forbearance for another four months even as unemployment among college grads is at a near record low 2%. Congress’s Cares Act deferred payments and waived interest through September 2020, but Donald Trump and Joe Biden have extended the pause for what will now be nearly three years.
The Administration is claiming, again, that this will be the last extension and is needed to help borrowers prepare to resume payments. But even if the Administration lets the forbearance end in December, about half of borrowers won’t have to make payments since their debt will be canceled.
Most of the rest will only make de minimis payments because Mr. Biden is also sweetening the income-based repayment plans that Barack Obama expanded by fiat. Borrowers currently pay only up to 10% of discretionary income each month and can discharge their remaining debt after 20 years (10 if they work in “public service”).
Democrats said these plans would reduce defaults. They haven’t.
(Excerpt) Read more at wsj.com ...
Brandon appears to have sh!t his Depends again.
Anybody who will get this money was going to vote dem in the first place. He’s gotten no new dem votes with this move.
But he has piddled on the feet of the ‘just regular folks’ on the right margin of the party.
Every American citizen who ever paid taxes should ask Joe where their free $20,000 is.
Won’t give it to them?
And some of them can’t see through this buy-the-vote thing?
While it does favor grads, it wasn’t them Biden was worried
about. Mid terms are coming and he just made a down-payment
for votes.
Oh my 🤣
Please tell me that isn’t real
Because who could fall for that?
Wait, don’t answer that last part.
if it allows them to keep Congress it will be hailed as the most brilliant political move of all time
They are the biggest winners.
Tax payers, Veterans, students who lived frugally and worked, students who paid their loans in full, parents who scrimped and saved all of their working lives, students who worked harder than others to try to secure a scholarship, those who bestow scholarships, and Veterans (I know, I wrote Veterans twice) are the major losers.
I hate this plan too but it is only $10K. I can’t see how this is life altering in any way.
File as many lawsuits as possible over the legal issues and tie it up in the courts till the cows come home-and the rats are no longer in the majority in DC...
I want back $10,000 of what I repaid in student loans, plus interest. It’s only right.
In all seriousness, Biden does not have the authority to do this, and this order needs to be taken to court and struck down.
It is a giveaway of taxpayer money that will cost each of us approximately 2K, which is real money to me and a lot of other working class folks-and most of us paid off our own college loans or just worked and paid for it without a loan-and FJB doesn’t really have the right to do this...
baronial wand?
how about royal scepter
no
this is good news
now all those people have extra money to buy an ev
win win
although there could be a race problem
since whites outpace black in college degrees
you could have high school graduate blacks disproportionately paying for college graduate whites tuition
he just reads whatever they put in front of him
did you catch the crazy uncle joey story before he started reading the teleprompter?
they know they will lose in court
but now everyone can campaign on it
see how it works?
At the very least, we need to ban real usury and make it possible to declare bankruptcy for people who've paid off the original principal of a student loan.
He’s not going to have to deal with the fall of America. He’ll be dead within 20 years at most. He could care less.
“Mr. Biden is also extending loan forbearance for another four months”
Right until the election is over. How convenient. The democrats buying votes.
Well you won’t find any big wig republicans filing a lawsuit to stop him.
Step 3, one list for government, one list for us, Step 6, We take our bucks, we fly to Rio
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