Biden’s $5B Loan Forgiveness: Fiscal Folly or Vote-Buying Scam?

The fake news media can’t stop gushing about President Joe Biden and his so-called “generosity” in forgiving $5 billion in student loans for 74,000 borrowers. But let’s call a spade a spade – this is just another example of the Biden administration’s reckless and illegal overreach.

Conservatives are up in arms, and for good reason. The Job Creators Network Foundation President, Elaine Parker, called out Biden’s lawless actions, pointing out that he’s defying the Supreme Court and Congress by handing out yet another round of student loan forgiveness. Not to mention, he’s setting a dangerous precedent that concentrates power in the executive branch. We’ve already seen how colleges use these handouts as a blank check to keep overcharging for tuition, which sticks the hardworking American taxpayer with the bill.

But hold onto your MAGA hats, because the left isn’t satisfied either. Biden’s initial plan to cancel up to $20,000 in loans for individuals making less than $125,000 a year was shot down by the Supreme Court. Now, the relatively smaller amounts canceled only affect a measly 10% of the 40 million-plus people drowning in student loan debt. Biden’s administration should be ashamed of themselves for giving false hope to struggling borrowers while exacerbating the problem.

And let’s not forget that Biden’s Education Department failed its independent financial audit for the second year in a row. This latest vote-grabbing scheme will only encourage more borrowers to skip out on their loans, drive up tuition costs, and punish hardworking Americans who either never went to college or have already repaid their loans. Joe Biden’s “promise” to tackle student loan debt is nothing more than a hollow gesture meant to buy votes.

It’s time for the Biden administration to stop playing politics with people’s financial futures and start focusing on real solutions that won’t hurt taxpayers and responsible borrowers. But don’t hold your breath, because it looks like the White House is dead set on using every tool at their disposal to keep pushing their liberal agenda, even if it means trampling on our constitutional system of checks and balances.

Source: Washington Examiner

Written by Staff Reports

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