After the Supreme Court struck down his blatantly unconstitutional bid to have the taxpayers pick up $430 billion in student-loan debt, President Joe Biden on Friday came back with a scheme to pay off “just” $39 billion, plus unknown billions more as long as he remains in the White House.
It looks to be on firmer legal ground, but as a matter of policy and even politics it’s a giant middle finger to average Americans.
His original scheme at least would’ve meant some relief to the younger folks it was designed to please.
This one only covers some 800,000 people who’ve been paying for at least 20 years, so no one under 40 wins.
And nearly everyone over 40 (especially those who’ve kept up their payments for decades) is financially secure enough to keep paying.