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 ...
The same reason Manchin waited to get the "deficit reduction" bill passed now, to delay the worst effects until after November.
Buys votes from people who already vote DemocRAT. Genius!!!
How long before this country collapses, financially?
When it goes boom it’s gonna go BOOM! big time.
The shock wave will be felt around the world.
This nation is collapsing spiritually, morally and financially.
And there are people actively making it happen. /preaching to the choir
And idiots keep supporting the godless who are making it happen.
The handwriting is on the wall. (cough)
Hello, New World Order.
The debt payoff is a handout to universities and lenders.
It works just the same as a federal/state rebate on buying a car.
If they payout $10K to write off a loan. The university can raise their tuition at least $10K.
After all, you can afford it because now you don't have a loan to payoff. Except for that new loan you'll need for the increased tuition.
Ford raised their price $8K because the government is offering a $7500 rebate.
Sure, and then everything will cost $20k more.
I am pretty sure that the federal government has implemented the communist playbook and we are all being taken down economically, one notch at a time.
Yeah
Just wait till he gives citizenship (amnesty) to 10,000,000 illegal aliens with the stroke of a pen.
It’s coming.
Revenue bills must originate in the house of Representatives
If we still had a republic.
Without the Republican’s help, this stunt will lose more votes for the Democrats in November than it will gain...
Ask me if I care.
I consider him to be exceptional despite the execrable pedojoe bidet diminishing this achievements with his continued idiocies.
Will there be no legal challenge to this unconstitutional action?
Seems as though every time Trump did something there was a federal district judge to stop him within 24 hours.
So taking money off of hard working folk to give to those making 150k is a vote getter. What an upside down world.
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