Biden to the Working Class…Drop Dead!

The editorial team at the Washington Examiner published an opinion lashing out at Joe Biden over the proposed student loan cancellation scheme.  Biden this week announced a strategy to take up to $10,000 per student — $20,000 in some cases – and relieve them of the obligation to repay that amount.  The cost is estimated to be about $300 billion.  This is a little over 1/6 of all student loan debt.  This attempt by Biden to buy votes means that the taxpayers will be on the hook for the money.

The Examiner noted:

President Joe Biden’s student loan bailout is illegal, inflationary, and immoral, all at the same time. It is also divisive.

Nothing separates people more today than the line between those who have and have not gone to college. By giving away as much as $40,000 to families privileged with a college education, Biden is benefiting those most fortunate among us at the expense of those least fortunate, making existing inequalities even worse.

A cursory review of the breakdown of student loans show that more than half of all student loans are held by upper middle class and wealthy families.  According to the Education Data Initiative’s data, 56% of student debt is held by households with graduate degrees. 

There is significant moral hazard here.  Aside from his refusal to collect student loan payments from certain borrowers (discrimination), this attempt clearly violates the law.  As a result, it is undermining the rule of law.  Of course, with this administration, that is nothing new.  By any means necessary, seems to be the rallying cry of those on the left.

The Examiner noted:

The message to borrowers from this bailout is, “Borrow more money, you won’t have to pay it back.” The message to universities from this bailout is, “Raise tuition costs, your students can now spend more.” These messages create an immoral situation in which borrowers are encouraged to borrow more and universities are encouraged to charge more, all without any risk or consequence. Biden has shifted the risks and consequences to taxpayers. This is manifestly unfair.

The whole takeover of the student loan program by the federal government is rewarding some of the most privileged while punishing the average everyday American.  Less than 40% of Americans have a college degree.  Of these many have repaid their loans.  That means that the other 60% and those who did the right thing are getting nothing from this giveaway.  Biden’s college handout is forcing the poor to bail out the rich.

The Democrats see their support eroding among one of their strong constituencies (young college graduates).  This is a blatant attempt to buy their vote.

I agree with the Examiner.  This is Biden telling the working class…Drop dead!

Biden to the working class: Drop dead