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.
The Higher Education Relief Opportunities for Students Act of 2003 empowers the secretary of education to “waive or modify any statutory or regulatory provision applicable to” student loans so that borrowers are not adversely affected by any presidentially declared national emergency. The intent of the legislation was to provide relief for student borrowers in the military who were called into duty due to a national emergency. Former President Donald Trump used this authority to suspend student loan payments after he declared COVID-19 an emergency in 2020.
But COVID-19 is no longer an emergency by any reasonable definition. Biden himself has urged everyone to go back to work. Schools are open again. The crisis is over.
Each time the federal government extends the suspension of federal loan payments — it has done so six times already — it does so on shakier legal ground. A permanent erasure of debt was clearly not envisioned by that statute, nor is it in any way related to the original COVID-19 emergency.
Like Biden’s refusal to enforce immigration laws, his refusal to collect student loan payments from certain borrowers is illegal. It undermines the rule of law.
Worse, Biden’s student loan bailout is indistinguishable from mailing a check to each beneficiary. At a time when inflation is still 8.5% and an even higher 13% for groceries, the last thing the economy needs is for the federal government to put $20,000 checks in the mail. Biden’s recently passed Inflation Reduction Act reduced government deficits by $300 billion over 10 years. This student loan bailout completely undoes that in the space of just one month.
Oh, don’t worry! We will,,,,,,,,,,,,,,,between your starving us and the phony covid vax. we will all drop dead.
Let’s HOPE he is the one WHO drops dead of Dementia !!!! SAVE America Now
Not all student loans are for college. Don’t forget the very expensive technical schools which many students require loans in order to acquire the skills necessary to enter the job market for their career choice; mechanics come to mind.
So what? They should still have to pay their own loans back.