Who’s paying off the loans of the working middle-class Americans who were unable to afford college, so didn't go?
By Gary Bauer
WASHINGTON, D.C. (Texas Insider Report) — President Joe Biden announced today that the Federal Government is canceling up to $20,000 in Student Loan Debt for families making up to $250,000 a year. It will cost the American taxpayers another $300 billion. Biden’s authority for this move is a mystery – but last summer, Speaker Nancy Pelosi said very clearly that Biden cannot do this.
She told reporters:
“People think that the president of the United States has the power for debt forgiveness; he does not. He can postpone [payments] ... but he does not have that power [of debt forgiveness]."That has to be an act of Congress.”
She also appeared to question whether such a policy was fair, adding:
"Suppose … your child just decided they, at this time, [did] not want to go to college, but you’re paying taxes to forgive somebody else’s obligations.
"You may not be happy about that," Pelosi said.
"You may not be happy about that," Pelosi said.
- READ MORE: Pelosi says President Biden Does Not Have Power To Cancel Student Loan Debt
- In explosive comments, House Speaker Pelosi tells reporters Biden does not have authority to cancel student loan debt.
“Student loan debt relief is spending that raises demand and increases inflation. It consumes resources that could be better used helping those who did not – for whatever reason – have the chance to attend college.
"It will also tend to be inflationary by raising tuitions.”
"It will also tend to be inflationary by raising tuitions.”
- READ MORE: Summers Warns Student Loan Debt Relief Could Worsen Inflation
- Obama Treasury Secretary warns Biden to let Student Loan Payment Moratorium expire
This is just more evidence that Democrats and progressives don’t understand basic economics, and they really don’t get it. But what Biden is doing has nothing to do with economics – and everything to do with politics.
This is obviously an attempt to buy votes and payoff his base voters (young, white, college educated liberals) ahead of an election this November. What’s $300 billion of someone else’s money if it helps you keep power?
That said, the conservatives cannot use purely fiscal arguments to criticize this liberal payoff scheme. They must address the core unfairness of this – and drive home to the American public how the elites are once again getting more benefits at the expense of working and middle-class Americans.
First, everyone who struggled and sacrificed to pay off their own debts now feels like a sucker.
Second, as Larry Summers noted, many working-class Americans were unable to go to college. Americans who work in the trades – like construction or plumbing – who make up the backbone of our economy may have taken out loans to buy trucks or tools needed for their specific line of work.
Who’s paying off their loans?
Second, as Larry Summers noted, many working-class Americans were unable to go to college. Americans who work in the trades – like construction or plumbing – who make up the backbone of our economy may have taken out loans to buy trucks or tools needed for their specific line of work.
Who’s paying off their loans?
Why is the kid from an upper-middle class family making a six-figure income more deserving of this debt relief, but working-class families who just couldn’t afford college get nothing?
Just like the left’s subsidies for $70,000 electric cars in the absurdly named “Inflation Reduction Act,” this student loan debt relief is another transfer of wealth from working-class Americans to wealthy elites.
Could the FBI's Mar-a-Lago Raid & Ukraine be Linked?
Yesterday, I wrote that the Biden White House was likely responsible for triggering the FBI raid on Donald Trump’s Mar-a-Lago home – even though they denied knowing anything about it. Just another lie.
But here’s the Main Point: Biden desperately wanted to get into President Trump’s home. So, he set in motion a series of events that resulted in his Attorney General (Merrick Garland) issuing an unconstitutional warrant so Christopher Wray’s FBI could execute an illegal search in order to find anything they could to prevent Donald Trump from running again. The Democrats and their media allies impeached Trump because he was supposedly using the power of the presidency to launch an investigation of the son (Hunter Biden) of his likely opponent, Joe Biden.
And Consider This: In the middle of a phone call between President Trump and the president of Ukraine, Trump asked the Ukrainian leader to help get to the bottom of the corruption involving Hunter Biden in Ukraine.
If there’s one person who knows that Joe Biden cheated, it’s Joe Biden. And he knows it will be harder to cheat next time. So, Biden just used the entire power of his administration – the Justice Department, the FBI, the National Archives – to launch an investigation to destroy his potential future opponent.
And now the FBI leaks have begun, supposedly claiming there were 100s of "Classified Documents." Uh-ha....
By the left’s own standard, Joe Biden has committed an impeachable offense! And in the meantime, Joe Biden insists Trump's the man he wants to run against in 2024? Right.
Meanwhile, the head of the Drug Enforcement Administration (DEA) is now warning the American public that Mexican Cartels are “killing Americans with fentanyl at catastrophic and record rates like we have never seen before.”
Biden’s reckless open borders policy is killing people!That is reason enough to impeach him.
Gary Bauer is president of American Values. Subscribe here to his daily "End of Day Report," and read it here.
