The Biden(‘s handlers) Administration is like the Energizer Bunny on crack; they just keep getting dumber, and dumber, and dumber. Now they’re looking for ways to erase student loans – you know, loans defined by loan agreements, contracts, that these students signed knowing the terms and repayment conditions. Excerpt:
After taking heat from those on the left flank of his party for not embracing their calls for the federal government to “forgive” student debt — that is, reward mostly upper-class Americans who made poor financial decisions while saddling all Americans with more debt — President Biden is dropping hints that he may be looking to begin the process of wiping away at least some student debt.
In a meeting with members of the Congressional Hispanic Caucus this week, Biden suggested that he would again extend the pause on student loan repayment beyond it’s current August end-date in addition to using executive powers to “cancel” the debt of some borrowers.
As CBS News explains:
President Biden is looking at different options to forgive an unspecified but substantial amount of federal student loan debt — a move that would thrill some of his most loyal supporters and financially strapped students nationwide, but is a departure from campaign pledges to provide limited relief.
The president shared his plans during a 90-minute White House meeting Monday with members of the Congressional Hispanic Caucus, participants in the exchange tell CBS News. The move could affect more than 43 million borrowers who hold more than $1.6 trillion in federal student loan debt, the second-largest debt held by Americans, behind mortgages.
And in Tuesday’s White House press briefing, Jen Psaki confirmed that President Biden was looking at “other executive authority options” to cancel debt — due to the proposal being unable to make it through the House or Senate where Biden’s party does technically have majorities, albeit small ones.
So, this “workaround” is something that the Executive Branch has no Constitutional authority to do – that is, toss aside centuries of fundamental contract law to appease some whiny brats who borrowed money to obtain useless degrees. The proper response to these brats is, of course, this: “No. You signed the loan agreements. You pay back the loans. That’s it. Why are you still here?”
Here’s the deal: Even if President Biden(‘s handlers) find a way to do this, one can’t just “cancel” this debt. It can only be transferred, to the taxpayers. So now, the money borrowed by upper-middle-class kids to get degrees in Ethnic Underwater Dog-Polishing Studies will be transferred to the nation’s carpenters, electricians, used-car salesmen and everyone else who actually contributes in some meaningful way to our society.
Still, I kind of hope this goes through, somehow. I can’t think of a better club for the GOP to beat the Dems over the head with this fall, in a mid-term election season that is increasingly looking like a crimson tide.