Biden believes that student loan borrowers deserve a blank check from the taxpayers

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The Biden administration is once again trying to save its tanking poll numbers by writing a blank check to student loan borrowers using Americans’ wallets.

Almost all pandemic aid programs have expired as the economy, which the president repeatedly claims is growing at the fastest pace in four decades, is recovering, and COVID restrictions are moving further into the rearview mirror.

Americans are finally returning to their daily lives and 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, worth $ 5 billion every month.

BIDEN’S PLAN TO CANCEL STUDENT DEBT IS NOT DEBT FORGIVENESS, IT IS DEBT FOR EVERYONE

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

These postponements were intended to be a safety net at the height of the pandemic. Two years later, the deferrals have turned into a $ 150 billion spending spree that predominantly benefits lawyers, doctors and bankers who put their debts up at graduate school.

In fact, the payback break – which the White House sees as a shining achievement of its commitment to justice and fairness – gives bachelor degree holders only ten cents in relief for every dollar given to doctors. The extra $ 150 billion in unnecessary national debt makes it so much harder to find funding for COVID therapy or larger Pell scholarships for low-income students, adding the hidden tax of inflation and higher debt to future generations.

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

BID CANCELLATION OF STUDENT DEBT WOULD MAKE INFLATION WORSE, WARNING EXPERTS

By bowing to progressives, he is breaking his promise to over 100 million taxpayers without student debt, who are subsidizing this scam. President Biden grabs straw and puts politics above responsible politics.

The left has argued for the payback break and advocatesd to abolish the obligations of student borrowers to taxpayers due to everything from “economic, racial and gender injustice” to climate change.

By bowing to progressives, President Biden breaks his promise to over 100 million taxpayers without student debt, who subsidize this need.

But when they are actually able to legislate, the House and Senate Democrats are (un) surprisingly quiet when it comes to student loan debt. Instead of doing their job, top Democrats are asking the president to do their dirty work for them, calling for a further extension to the end of the year and debt forgiveness by an executive fiat.

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The administration justifies this elitist distribution on the grounds that borrowers are simply not ready to pay their monthly bills. And progressives support this flawed argument by quoting absurdly biased poll data from a group whose mission statement is to cancel student debt, while ignoring data that further relief is unwarranted – such as 2.9 percent unemployment among college graduates and those less than 1 percent of private borrowers need emergency assistance.

FILE - President Biden talks about the severe weather that affected at least five states and left extensive destruction at the Chase Center in Wilmington, Del., Saturday, December 11, 2021.

FILE – President Biden talks about the severe weather that affected at least five states and left extensive destruction at the Chase Center in Wilmington, Del., Saturday, December 11, 2021.
(AP Photo / Carolyn Kaster)

The most worrying excuse for mass cancellation and this permanent pandemic pause, put forward by progressive politicians, is that it mitigates the impact of the resident’s inflation crisis.

Low-income households are hardest hit by inflation and are the least likely to have a university degree. Economists across the political spectrum agree that the payback break has exacerbated inflation – including Larry Summers.

In fact, a recent analysis found that extending the payback break to the end of the year would easily push inflation to above 9 percent. Flooding the economy through forgiving loans with an additional one and a half trillion dollars will not ease inflationary pressures either. And the single mother of three, who pays almost double at the pump and struggles to get food on the table for her family, is not interested in taking on monthly payments for a Harvard MBA graduate.

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So why is President Biden doing this? In short, he places politics and opinion polls above his fiscal and moral responsibilities.

Seven out of ten Americans do not care about this administration at best when we enter the primary season. Desperate times call for desperate measures, and Uncle Joe bets on left-wing ideologues to save Democrats from a disastrous midterm election that taxpayers must curse.

Republican Richard Burr represents North Carolina in the U.S. Senate.

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