Connect with us

News

The bid’s plan to cancel student debt is not debt forgiveness, it’s debt for everyone

NEWYou can now listen to Fox News articles!

America is experiencing inflation, gas prices are the highest, some of the highest in U.S. history, and the Biden administration is planning a money transfer to the richest segment of the U.S. population.

On Monday, during a meeting with the Congressional Hispanic Caucus, President Joe Biden said he was moving toward implementing student loan forgiveness.

The president did not elaborate on how much would be canceled or for whom, but he had struggled to cancel $ 10,000 in student debt per year. student. A lawmaker present took his comments to mean that Biden would cancel all student debt, but CBS News clarified that Biden did not mean “everyone” but would be “open to going beyond what he originally promised as a graduate.”

SCHUMER SAYS THE BID IS CLOSER TO CANCELLATION OF UP TO $ 50,000 IN STUDENT DEBT: CONVERSATIONS “HAVE BEEN VERY FRUITFUL”

The president also did not comment on exactly how this kind of “cancellation” would be possible. Would the lender simply forget about it? Would the government actually pay on these loans? Or would debtors just get a check in the mail?

A few weeks ago, the administration extended the pandemic break on student loan payments, with interest waivers, until August. Why? We are in a time of incredibly low unemployment. Why defer payment of this debt?

And why of all the debt is the student loan in focus from the president? People struggle to fill their cars with gasoline to get to work or pay astronomical electricity bills. Why should a wicker major at Super Expensive Private University get his debt paid while a refrigerator repairman continues to struggle with huge price increases on everyday items due to BidenInflation?

CLICK HERE TO RECEIVE THE OPINION NEWSLETTER

The plan to “cancel” debt incurred while going to college is a plan to transfer wealth from the poor and middle class to the wealthy.

The Chicago Booth Review, a publication of the University of Chicago’s Booth School of Business, found “While the highest income groups have about twice as much student debt as the lowest income groups, research finds that an overall loan forgiveness would disproportionately benefit the rich and save them more. than twice as much money “and would make income inequality worse.

It makes sense. The son of a plumber who went to a local high school, lived at home and worked while going to school so he could graduate without a loan, instead of partying for four years at a lavish private university with climbing walls and luxurious dorm rooms, would now be responsible for the consequences of someone else’s bad choices.

FILE - President Joe Biden at the White House Easter Egg Roll on April 18.

FILE – President Joe Biden at the White House Easter Egg Roll on April 18.
(AP Photo / Andrew Harnik)

It also does not help that this distribution does not come with any plan for what to do in the future. The people who are not paying their debts today are in a great time for employment. What about the people who graduate in four or eight years? What if there is a recession or worse? How many more university debts do we take out to pay? If the system is broken and it is, then why continue to let it work as it is?

CLICK HERE TO GET THE FOX NEWS APP

Senate minority whip John Thune is proposing a bill to prevent the Biden administration from canceling the debt. The bill would also prevent the administration from putting the debt indefinitely or exempt people earning over 400% above the poverty line from attending any break.

This is definitely a moment when Republicans have to fight back and clearly argue for this wealth transfer. This is not debt forgiveness. This is debt-another-pays-it.

CLICK HERE TO READ MORE FROM KAROL MARKOWICZ

Click to comment

Leave a Reply

Your email address will not be published.