There are two points in my headline that require amplification.
First, Joe Biden didn’t “cancel” anything; he simply trotted out the Democrats’ favorite tool — wealth redistribution — to transfer contractual debt from those who borrowed it to those who didn’t, as in American taxpayers.
Second, Biden took the likely unconstitutional action without an act of Congress — six months ahead of schedule. Now why do you suppose he did that? Why, you don’t think it had anything to do with his dumpster-fire campaign and even worse poll numbers, do you? Of course, you do — and so do I.
As announced by the White House on Wednesday, Biden’s “cancellation” of the $1.2 billion relieved more than 150,000 borrowers of loans they had “signed on the dotted line” to pay back.
Education Secretary Miguel Cardona said in a statement:
With today’s announcement, we are once again sending a clear message to borrowers who had low balances: If you’ve been paying for a decade, you’ve done your part, and you deserve relief.
How so?
By that twisted logic, homeowners who’ve been paying on their mortgages for 10 years or more have “done their part,” too, right? They deserve relief, too — and that relief should come in the form of America’s taxpayers paying off the rest of their mortgages, shouldn’t it?
The mortgage example would be preposterous, and it’s analogous to the transfer of student debt.
Here’s more — and it’s worse than you might think:
The latest round pushes the total relief approved by the Biden administration to nearly $138 billion, benefiting 3.9 million borrowers. That number could grow as more people become eligible for forgiveness under the SAVE program, which has 6.9 million people enrolled. Administration officials have declined to estimate how many borrowers will eventually see loans forgiven under the program.
Yet the efforts fall short of the president’s proposal for more sweeping student loan cancellation — as much as $20,000 in relief per borrower — that was struck down last year by the US Supreme Court. That forgiveness plan was estimated to cost $400 billion.
So here’s the down and dirty:
According to a Bloomberg News /Morning Consult poll of swing-state voters released in December, a plurality of Gen Z (people born 1997-2012) voters — 43 percent — said Biden was doing too little to address student loans.
Moreover, 46 percent of swing-state voters said they supported the administration’s student loan “forgiveness” programs, so given that besieged Biden is virtually a dead man walking, his handlers no doubt decided that pulling loan “cancellation” trigger six months early would likely be a good political move.
The nearly 153,000 borrowers who qualified for Biden’s latest handout will receive an email from “the president” — Biden’s handlers — informing them of their “relief” (gift), according to the White House. Next week, the Department of Education will begin to contact borrowers who are not enrolled in the SAVE Plan but who are eligible for handouts to encourage them to sign up.
Joe Biden’s America, gang.
The Bottom Line
Never forget this axiom: Everything — and I mean everything — the Democrat Party supports or opposes can be connected to the ballot box with no more than three dots.
If you understand that simple truth, you also understand how Biden’s intentional illegal alien invasion (which is now backfiring spectacularly) conflates with transferring billions of dollars of contractual student debt — mostly from Gen Z voters — to taxpayers who didn’t borrow it.
And why no thunderous outcry from hardworking taxpayers? Because a majority of low-information rank-and-file Democrat voters don’t question a damn thing their party says or does.
Related:
Childlike Student Loan Borrowers Throw Collective Hissy-Fit, Say They Will Boycott Repayment in ‘Protest’
Biden Admin Again Thumbs Its Nose at SCOTUS, ‘Forgives’ $5B More in Student Loan Debt
40 Percent of Student Loan Debtors Missed First Payment Following COVID Pause
