King Biden’s Pending $10k Student Loan Forgiveness … Has Generated Bipartisan Contempt

Written by Wes Walker on August 24, 2022

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Weak leaders have historically been dangerous. Partly because they compensate for that weakness by pandering to in-groups and special interests.

With the student loan ‘pause’ coming to an end, Biden is getting ready to offer students a $10k handout in debt reduction. That doesn’t mean the debt will go away, it means the government will take that debt on itself.

Americans are poised to foot a nearly $300 billion deal with President Biden’s expected announcement on Wednesday to forgive thousands in federal student loan debt and extend a repayment pause to next year.
According to the Penn Wharton Budget Model, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.
…”[D]ebt cancellation would boost near-term inflation far more than the IRA will lower it,” CRFB wrote in its analysis. “$10,000 of debt cancellation could add up to 15 basis points up front and create additional inflationary pressure over time.”
–FoxNews

Inflationary pressure, eh? Remember way back in 2021 when that was something Joe Manchin cared about?

Manchin was betrayed by the party that conned him into backing the hilariously misnamed Inflation Reduction Act. In reality, it was a Trojan Horse for the Green New Deal. Hard-left Dems whose agenda his vote helped will not be reciprocating by supporting energy legislation he wanted to bring to West Virginia. Face it, Senator. You got played.

On top of that, Biden is about to betray him too, by creating $300B of ‘additional inflationary pressure’. Good goin’ Manchin! Don’t spend those 30 pieces of silver all in one place!

With a stroke of a pen, Joe Biden is about to add $300 Billion to the national debt. Gee, and here we were thinking that separation of powers means that Congress holds the power of the purse so that despotic kings can’t throw around the treasury to please their friends and hurt their foes.

Karl Rove weighed in on that very point this morning.

‘And where’s the authority for the President to do this? If you look at the language, there has to be an extreme emergency. And I thought, listening to the White House, that the economy is goin’ and blowin’ and that everything’s good. … What authority has he got to do this? He’s got one authority: ‘I want to help Democrats in the fall election and juice turnout among the younger voters and I hope to God they will give us their vote in return for being bought and paid for’ — Karl Rove, America’s Newsroom (FoxNews)

Sure he’s pandering to the left. But how are they reacting?

Well, since the left has leaned into victimhood and envy as the engine that drives their movement, don’t go looking for gratitude. They’re going to ask, instead, if their favorite special interest got a big enough share of the pie.

Everyone understands that there is one special interest group whose wrath Joe Biden fears the most. The hard-left identitarian activists. And they are not happy.

The President of the NAACP is already crying ‘racism’.

“If the rumors are true, we’ve got a problem. And tragically, we’ve experienced this so many times before,” NAACP President Derrick Johnson said in a statement on Tuesday. “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.” –FoxNews

Elected Democrats are echoing that sentiment, also invoking racism.

On the other hand, if the left were opposed to this handout, they could just as easily go a different route and would invoke classism.

Citing a recent analysis from a group of economists and data scientists at the University of Pennsylvania, known formally as the Penn Wharton Budget Model, CBS News’ Aimee Picchi noted the plan would cost around $300 billion in the first year. The cost is likely to balloon if stretched out across a longer period of time.
“The benefit of erasing billions in college loans would mostly go toward Americans higher up the income ladder, the analysis also found. More than two-thirds of the debt forgiveness would help people in the top 60% of the income distribution — or those who earn $82,400 or more per year,” Picchi wrote.
She added that such factors “raise questions” regarding the forgiveness program’s “fairness,” since the median household income in the U.S. sits below $70,000.
–FoxNews

That’s what happens when you build a partisan movement that is founded on perpetual change rather than on any objective principles.

Ultimately, the real question of fairness here is who’s stuck with the bill, isn’t it?

If higher education is the access door allowing many people to enter the white-collar business world…

Why should these white-collar workers have that education subsidized by the taxes of hairdressers, truck drivers, waitresses, and janitors?

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Also included in this book, Psalms of War, are reproductions of the author’s original art from his Biblical Badass Series of oil paintings.

This is a great gift for the prayer warriors. Real. Raw. Relevant.