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Biden’s Devilish Student Debt Settlement Robs the Poor to Give to the Rich, INEZ STEPMAN Writes

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Inez Stepman is senior policy analyst at Independent Women’s Forum and host of High Noon with Inez Stepman

You may be outraged by President Joe Biden’s politically dastardly giveaway for debt to his most loyal voters — and believe me — I am.

But you have to admit – it’s pretty devilishly clever.

The government has said it was about ‘giving people a fair chance’. The opposite is true. It just punishes the people who have followed the rules.

President Biden has characterized this bailout as a lifeline for those struggling financially. Wrong again. It’s Robin Hood in reverse: it robs the poor and gives to the rich.

And aren’t the Democrats always whining that the rich already have too much?

Biden’s student debt forgiveness plan isn’t about fairness or the American dream or campaign promises.

It’s about rewarding Democrats’ most important grassroots: the upper middle class and universities that serve as essential training places for the left-wing cultural revolution.

It’s that simple. And cynical.

The plan so far includes forgiving $10,000 in loans to debtors earning up to $125,000 a year — up to a quarter of a million for couples — and $20,000 for those eligible for Pell Grants, reserved for the lowest-income students.

President Biden has characterized this bailout as a lifeline for those struggling financially. Wrong again. It’s Robin Hood in reverse: it robs the poor and gives to the rich.

The administration is also extending the COVID payment break until after the midterm elections (which must be a coincidence) and cutting payments in half for those with means-tested repayment plans.

The cost of this generosity continues to adjust upward from an initial estimate of $300 billion to a maximum of $1 trillion.

For all of Biden’s false justice about “making sure people have the breathing room they need to buy a house, open a business, raise a family and save for their future,” he screwed the people who have made sacrifices and made several decisions to avoid student debt.

Remember: Senator Elizabeth Warren infamously blew off an irate father who confronted her on the campaign trail in 2020 after bragging about plans to clear student debt.

‘I’ve saved all my money. [My daughter] has no student loans. Do I get my money back?’

“Of course not,” she said.

That doesn’t seem quite fair to me.

But guess what?

Now that furious father who saved and doubled shifts and did the responsible thing has a big new tax burden on his shoulders.

Talk about being punished for doing the right thing: According to the National Taxpayers Union Foundation, each taxpayer will share the cost to the tune of $2,500.

So, who really benefits from this giveaway?

Even President Nancy Pelosi has said that despite loose legislative language, the president does not have the authority to spend a trillion dollars at the stroke of a pen.

Even President Nancy Pelosi has said that despite loose legislative language, the president does not have the authority to spend a trillion dollars at the stroke of a pen.

Well, in the service of the White House’s lies, the government has released misleading statistics that give the impression that these benefits go to the middle and working class rather than Harvard Law students who work as administrators for a year or two before transferring to well-paid permanent jobs.

And all this, of course, has happened without the input of the government who has to steer the budget.

Even President Nancy Pelosi has said that despite loose legislative language, the president does not have the authority to spend a trillion dollars at the stroke of a pen.

“The president can only defer, defer, but not cancel student loans,” she said. “It would take Congressional action, not an executive order, to cancel student loan debt.”

But, of course, immediately after the announcement she took that view, calling it a “bold move” and a “powerful step” rather than a disdainful physical blow to the separation of powers and the role of Congress.

In response to the outcry over this inverted Robin Hood anniversary, with Democrats in swing districts pulling out of this move, the government has offered nothing but more deception.

Although among all the lies, lies and statistics, Biden is right about one thing: student loan debt has been a real burden for at least two generations (until now).

Perhaps the most sickening aspect of this diabolically deceptive policy is that it reflects the general lack of seriousness of its administration in the face of real problems for America.

None of this touches on the underlying problems of higher education.

In four years’ time, the outstanding student debt in the United States will have reached the same level it is now, and taxpayers will be shelled out for another trillion or two, who knows, inflation is a real kicker.

But slapping the first of many plasters on the back at the expense of truck drivers and Amazon delivery drivers won’t get to the real root of the problem, which is that the exponentially exploding college costs, fueled by ever-larger government-backed loans, has grown tremendously relative to the value of the education or degrees that universities provide.

sen.  Elizabeth Warren infamously blew off an irate father (above) who confronted her on the campaign trail in 2020 after bragging about plans to clear student debt.

sen. Elizabeth Warren infamously blew off an irate father (above) who confronted her on the campaign trail in 2020 after bragging about plans to clear student debt.

The irony is that student loan programs designed to ensure access to higher education for the brightest students from poorer families have excluded them.

The student loan market has been almost completely nationalized, with 93 percent of loans held directly by the Ministry of Education.

For every dollar of student loans that become available, universities have been able to raise tuition fees 60 cents, to dazzling amounts that deter working families.

As a result, fewer students from lower-income families are attending college today than 50 years ago when these programs were launched.

And to make matters worse, those same people are expected to pay off the debts of accountants and bureaucrats.

Biden wants to throw open the doors of the granary in a modern panem et circenses – ‘bread and games’ – for his constituencies.

All right, but it’s only right that lower and middle class American taxpayers demand that the bill not be paid on their own doorstep.

If the bill for this decades-long scheme has to come anywhere, it’s on the doorstep of universities that have benefited from it.

After all, they are simply paying for a democratic re-election campaign.

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