Now this is pandering of the worst sort, and terrible policy. Excerpt:
WASHINGTON (AP) — President Joe Biden on Wednesday announced his long-awaited plan to deliver on his campaign promise to provide $10,000 in debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need.
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced in a tweet. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.
Biden is also extending a pause on federal student loan payments for what he called the “final time” through the end of 2022. He was set to deliver remarks Wednesday afternoon at the White House to unveil his proposal to the public.
It’s impossible to overstate how stupid this is.
See, here’s the thing: Anyone who is agitating for student loan
cancellation transfer to the taxpayers should be asked one question:
“Did you sign the loan agreement?”
If the answer is “yes,” as it always will be, the only acceptable response is “…then shut up and pay off your loans.”
I’d be very interested to know what degrees have the greatest amount of unpaid student debt. I would bet money that the various “(X) Studies” degrees have the most trouble paying off their student loans, because they are crap degrees with no potential for employment at anything above the “do you want fries with that” level.
Here’s the onion:
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness,
So, in this scenario, an Underwater Ethnic Dog-Polishing degree holder who holds some kind of government patronage job, earning $124,999 a year (presumably that’s taxable income, which is a whole different animal than gross income) will have $10,000 of their student loan debt assumed by the taxpayers, to include, say, an apprentice carpenter making $65,000 a year.
Does that seem right to you?
There are worse implications. This “forgiveness” is a stake in the heart of contract law in the United States. These children signed loan agreements – contracts – that included terms for repayment. Now, because of loud shouting by the “aggrieved” class of spoiled children who suddenly found out their degrees are worthless, and because of shameless pandering by the Biden(‘s handlers) Administration, those contracts are being tossed out the window. What aspects of contract law will be next? It’s anyone’s guess at this point; we’re entering an undiscovered country here.