Biden thinks student loan borrowers deserve a blank check from taxpayers

Nearly every pandemic relief program has expired as the economy, which the president repeatedly touts as growing at the fastest pace in four decades, recovers and COVID restrictions move further into the rearview mirror. 

Americans are finally returning to their everyday lives, balancing the responsibilities of work and family. Yet, according to the president and Democrats in Congress, it is essential that taxpayers continue to fund the largest and most regressive transfer of wealth to the upper-class in modern history, to the tune of $ 5 billion every month. 

BIDEN’S PLAN TO CANCEL STUDENT DEBT ISN’T DEBT FORGIVENESS, IT’S DEBT FOR ALL

Since March 2020, no federal student loan borrower, regardless of income or ability to work, has been required to make a student loan payment – not a single penny in two years. 

These deferments were intended to be a safety net at the height of the pandemic. Two years later, the deferments have turned into a $ 150 billion spending spree predominately benefiting lawyers, doctors, and bankers who racked up their debt in graduate school. 

In fact, the repayment pause – which the White House sees as a shining achievement of its commitment to fairness and equity – provides bachelor’s degree holders a mere ten cents in relief for every dollar provided to doctors. That extra $ 150 billion in unnecessary national debt makes it that much harder to find funding for COVID therapeutics or larger Pell Grants for low-income students and adds the hidden tax of inflation and higher debt for future generations.

Now, facing a stalled legislative agenda and an inflation crisis exacerbated by his administration’s disastrous policies, President Biden is doing what’s politically expedient and extending, for a second time, the “final extension” of the repayment pause and proposing to cancel tens of thousands of student loans for 44 million borrowers. 

BIDEN CANCELING STUDENT DEBT WOULD MAKE INFLATION WORSE, EXPERTS WARN

By caving to progressives, he is breaking his promise to over 100 million taxpayers without student debt who are subsidizing this boondoggle. President Biden is grasping at straws and putting politics over responsible policy.

The left has argued for the repayment pause and advocatefor abolishing student borrowers’ obligations to taxpayers on the grounds of anything and everything from “economic, racial, and gender injustice” to climate change. 

By caving to progressives, President Biden is breaking his promise to over 100 million taxpayers without student debt who are subsidizing this boondoggle. 

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