Biden ‘Forgives’ Massive Amount of
Student-Loan Debt, Transferring Cost to Public
National Review,
by
Diana Glebova
Original Article
Posted By: Dreadnought,
8/24/2022 1:36:40 PM
President Joe Biden is set to “forgive” up to $10,000 in federal student debt for those making under $125,000 annually, and $20,000 for Pell grant recipients, transferring the cost of the loans to the American public, the White House announced Wednesday. Biden’s decision marks the first time a president has canceled federal student-loan debt in such a broad capacity, and comes months before the midterm elections. He had campaigned on canceling up to $10,000 per borrower during the presidential race, but there was no mention of an income cap.
Biden is also set to extend
Reply 1 - Posted by:
Safari Man 8/24/2022 1:39:19 PM (No. 1257950)
Why aren't these things aggressively challenged in court? Zuckerberg and the other Oligarchs should offer to foot this bill.
12 people like this.
Reply 2 - Posted by:
EJKrausJr 8/24/2022 1:40:28 PM (No. 1257951)
By what authority can he cancel legal debts? He doesn't have the key to the Congressional purse, that is the Congress. CDJ is the executive, Congress legislates. This action is unconstitutional. Lame Duck Joe has again become Criminal Duck Joe. SCOTUS are you there?
24 people like this.
Reply 3 - Posted by:
chance_232 8/24/2022 1:45:33 PM (No. 1257958)
Well.....this effectively negates the "deficit" reduction in the so called "inflation reduction act".
300 billion will buy a lot of votes......
7 people like this.
Reply 4 - Posted by:
sanspeur 8/24/2022 1:47:58 PM (No. 1257960)
but hey NR ..he didn’t do it via nasty tweets . Shut up and enjoy your vote
8 people like this.
Reply 5 - Posted by:
Knotwyrkin 8/24/2022 1:48:21 PM (No. 1257961)
Only for those that didn't save enough themselves, work through it, or were smart enough to avoid it - and you have to promise to vote Democrat.
3 people like this.
Reply 6 - Posted by:
udanja99 8/24/2022 1:50:47 PM (No. 1257964)
So my daughter, who opted out of college, got certified as a hair stylist and makes about $70,000 per year with 2 kids has to pay for student loans for people who make $55,000 more per year than she does?
Evil. Just plain evil.
26 people like this.
Reply 7 - Posted by:
kennedylaw 8/24/2022 1:59:08 PM (No. 1257969)
“People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone, he can delay, but he does not have that power.” - Nancy Pelosi, July 28, 2021
"Never mind." - Nancy "Rosanne Rosanna Danna" Pelosi, August 24, 2022
Seriously, is ANYONE in the press going to ask Nancy if she has changed her mind about Biden not having authority to cancel student debt and, if so, why has she changed her mind?
14 people like this.
Reply 8 - Posted by:
JHHolliday 8/24/2022 2:08:56 PM (No. 1257976)
I put four through college, scrimped, saved and borrowed money on my house. When can I expect my check?
19 people like this.
Reply 9 - Posted by:
M Stuart 8/24/2022 2:18:42 PM (No. 1257979)
Everybody send donations to Judicial Watch. This is unconstitutional. Nowhere does the Constitution allow Biden to give away these loans.
Social Media is FURIOUS! People are screaming. I have called my SenatorBots and their lines are BUSY.
Wrong Wrong Wrong!
9 people like this.
Reply 10 - Posted by:
kono 8/24/2022 2:20:12 PM (No. 1257981)
If he were just canceling the debts the lending institutions would be screaming bloody murder. But he's having federal taxes pay for it. And as long as he can fool the people into thinking SOMEBODY ELSE is footing the bill, they're fat 'n' happy about it. Only when they notice their taxes actually going up will they be upset; but by then, the Dems will already have pulled off the con on them, the Left will be telling them it was the Conservatives' fault, and that same news media will be abetting that lie, too.
4 people like this.
Reply 11 - Posted by:
davew 8/24/2022 2:22:05 PM (No. 1257982)
The real mistake that this policy makes is that it subsidizes even higher costs for college adding to inflation. It also stimulates more consumer spending from those who no longer have to allocate their income to pay off their loans also increasing demand driven inflation. Students tend to spend these benefits rather than saving them which is actually a good thing if the economy is in a recession.
The idea that this money has to come from other taxpayers is an fallacy that is exploited by politicians on both sides of the aisle. They use this to demand that their donors desires are "paid for" while those of their opposition are going to break the debt ceiling.
If this was really the case the multi-trillion dollar COVID relief packages would have drained the entire GDP from taxpayers several times over. All the government has to do is issue special Treasury bonds that can only be purchased by money center banks. The Fed then electronically adds funds to these banks reserve accounts so they can pay for the T bonds.
The main purpose of having people pay taxes is to keep them using the same dollars that the Fed generates with their computer. They could pay off the entire national debt tomorrow with a keystroke but it would tick off all the people who like getting interest on their T bonds rather than sitting on the cash. As long as the amount of cash in circulation is proportional to the production capacity of the country the Fed can avoid causing inflation. The amount of total debt is irrelevant.
1 person likes this.
Reply 12 - Posted by:
DrOstrow 8/24/2022 2:23:54 PM (No. 1257984)
Just keep those printers spitting out stacks of money by the pallet.
That'll keep the inflation raging and keep you in office, Jimmy - er, uh, Joey.
Pay no attention to the laws that say - YOU CANNOT L E G A L L Y DO THIS.
NO ONE will ever even get arrested let alone charged, tried, convicted and
sentenced.
Besides It'll all blow over after Hillary gets 'elected' in 2024 !!
/so ( just in case )
2 people like this.
Reply 13 - Posted by:
lynngirl122 8/24/2022 2:30:42 PM (No. 1257996)
This act is not "evil" it is supposed to HELP the AMERICANS who need help- oh and remember when the BANKS were BAILED OUT and CHRYSLER was BAILED OUT - get over yourselves so righteous and morally indignant these kids need help the forgiveness amount is a joke will make ZERO difference to most people- get off your high horse.
0 people like this.
Reply 14 - Posted by:
Dodge Boy 8/24/2022 2:43:01 PM (No. 1258010)
A note to our recent graduates and millennials, congratulations on your graduation, but...you might have to consider this "forgiveness" as income and pay federal and state tax on it. Have a nice day.
1 person likes this.
Reply 15 - Posted by:
mindsport 8/24/2022 2:50:34 PM (No. 1258019)
Besides Judicial Watch who else is putting together a lawsuit?
3 people like this.
Reply 16 - Posted by:
janjan 8/24/2022 2:56:35 PM (No. 1258026)
Another totally stupid move by the WH circus act. This will make no one happy and will anger far far more people than it will help. I predict a conservative judge will quickly put this on hold. Bide does not have Constitutional authority to appropriate funds. Even Pelosi gets that.
2 people like this.
Reply 17 - Posted by:
Califedup 8/24/2022 2:57:39 PM (No. 1258031)
Hello Congressional republicans. Where in Hell are you? This is clearly a blatantly unconstitutional dictatorial usurpation of the powers of Congress and what to we hear from you Swamp Rat traitors? Either Hot air or deafening silence. Where are the M&M twins, those brave, patriotic leaders of the republicans in Congress? They probably have kids or grandkids who owe tens of thousands on student loans and while we are at it, what does this say about the students who will accept this vote getting payoff on their loans?
The M&M Twins must be removed and replaced. They have got to go.
4 people like this.
Reply 18 - Posted by:
Scribelus 8/24/2022 3:01:32 PM (No. 1258038)
The outlaw "president" purchases more votes from professional deadbeats. This is a matter for Mousy Plousy and Congress to determine.
1 person likes this.
Reply 19 - Posted by:
privateer 8/24/2022 3:09:34 PM (No. 1258045)
In effect, the Vegetable is transferring a legal, financial obligation---willingly undertaken!--- to the backs of the struggling taxpayers. And BTW, AOC makes WAY more than $125 K, so she's SOL.
3 people like this.
Reply 20 - Posted by:
wilarrbie 8/24/2022 3:19:37 PM (No. 1258057)
Cool!! Now do the National Deficit. Tell China we’ve all been forgiven and they can go to Hades.
2 people like this.
Reply 21 - Posted by:
valinva 8/24/2022 3:30:19 PM (No. 1258061)
The borrowers have not been paying on these loans for over 2 years but the interest on the loans has been accruing. So, it is a good chance that very little of the 10K that Biden is illegally "forgiving" is not even much of the original loan. To make matters worse, Biden will extend the loan payment suspension in spite of the greatest economy and lowest unemployment ever according to him. Get ready for another round of loan "forgiveness" just prior to the 2024 election.
1 person likes this.
Reply 22 - Posted by:
moebellini3 8/24/2022 3:49:24 PM (No. 1258080)
This has to be challenged in court or in congress or both. This is pure bullshit. These student loans are no different than a home loan or a car loan. You enter in an agreement for the loan and you are expected to pay it back. This has to be overturned. We are supporting the war in Ukraine, we are supporting millions of illiterate illegal aliens, we are supporting millions of the lazy parasites in this country and now this. Make no mistake, Soros, Obama and Biden are bankrupting this country for a reason. Communism. Wake up already.
2 people like this.
Reply 23 - Posted by:
ByteGuru 8/24/2022 4:07:55 PM (No. 1258097)
I am sure that a whole host of lawyers are working on TV ads that will guarantee 'substantial compensation' to the folks who paid their own way thru Big Education.
While probably not reaching the level of an impeachable offense, it is clearly not on the list of things a POTUS is allowed to. It will be on the way to the USSC just about as fast as the ill-fated gun law.
Best description I have heard: this will make plumbers pay for their lawyers education. Cute but not quite on target because if you are a plumber and need to employ a lawyer, you are indeed helping to pay his education.
0 people like this.
Reply 24 - Posted by:
judy 8/24/2022 5:49:29 PM (No. 1258221)
Biden forgave the debt …taxpayers will pay! Nothing is free!!
0 people like this.
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