Wednesday, August 24, 2022

Biden Cancelling Student Debt - Under What Authority

Feckless Joe Biden announced that he is issuing an Executive Order to cancel between $10,000 and $20,000 in Student Loan Debt per person with loans outstanding. First, under what Constitutional Authority is this possible.  Taxpayer groups need to sue Biden in court to stop this bail out because it is likely to cost American taxpayers $600 billion dollars.  This not only will add to inflation, it is grossly unfair.  Besides, there was a smarter way to deal with this.  Companies can already reimburse up to $5,250 for college tuition and books per year for employees as a tax deductible business expense tax free to the employee.  It is really just another employee benefit.  Why not just extend this benefit to paying off student loans over time.  It would be a great recruitment and retention tool.  But that is too simple.  

About 35% of high school graduates end up with college degrees.  About 13% have student debt; but it amounts to 43 million people.  So, what Biden is doing is to force the other 87% of Americans without student debt, or college degrees who likely early less than those with college degrees to pay for their educations.  This debt forgiveness is going to the top 15% of wage earners, including couples earning $250,000 a year.  And, what about parents who sacrificed to pay for their kid's college educations.  And, how about people like my daughter-in-law who worked for more than 20 years pay off her student loans.  This giveaway is blatantly unfair.  Further, many colleges and universities are sitting on billions in endowments.  Why don't they offer free tuition to families in need instead of continually raising tuitions.  Again, just common sense.  

Those who earn college degrees usually earn more than those that have no college degrees.  Those with college degrees should pay off their student debt no matter how long it takes.  American taxpayers, especially those without college degrees should not be asked to subsidize this debt.  We get it.  Biden is trying to buy votes for Socialist Fascists in midterm elections; but for every vote he just bought, Biden will lose two.  And, this issue will counter the abortion issue.  Odds are pretty good that these people getting a free ride would have voted for Socialist Fascists anyway.  But now the other 87% of the population that just got screwed have another reason to vote for Republicans.  

Joe Biden is desperate.  Biden sees the big Red Wave coming.  Biden must keep his Peep's happy to win elections.  However, in this case, he has made even more enemies that will vote Republican than he gained.  This is one stupid man.   

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