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Joe Biden’s Tampering with Student Loan Debt Is a Slap in the Face of Socialism

Joe Biden despises the fact that he has to collaborate with Congress in order to get bills approved. According to the Constitution, the Legislative Branch is given the authority to pass laws, which the Executive Branch is then required to sign before the laws may be put into effect. But the old guy despises the process because of the resistance he encounters and the amount of time it requires to bring a concept into reality. Instead of acting in a manner consistent with American values, he would take out his executive pen and direct subordinates to carry out his edicts.

The socialist idea that Joe Biden wants to see come to fruition is to forgive all outstanding college debt. Cancellation of student loans is nothing more than an attempt by the president to coerce taxpayers into footing the bill for something that they should not be responsible for paying for.

The individuals who took out student loans made an agreement with the lending institution to pay back the total amount that was borrowed. They committed to taking responsibility for their actions and making their payments on time by signing their name on the dotted line. If the president were to cancel the nation's debt and have other people pay for it, this would be an additional step toward a socialist government.

According to a recent article published in Fortune, Student loan forgiveness is an issue that Democrats have advocated for long before Biden took office. They argue that waiving student debt is a step toward addressing racial inequities that will ultimately give a major boost to the entire economy. At the same time, Republicans have stated that forgiveness is most beneficial to those who are already wealthy, while other critics have expressed fear that it could make inflation worse.

When the president makes decisions based on money, it causes the rate of inflation to increase. The Democrats are of the opinion that erasing the national debt will improve everyone's quality of life. However, the obligation does not simply vanish into thin air. It is simply transferred to the responsibility of others to pay. And in this scenario, the individuals who do not have access to student loans will be the ones who are required to foot the bill for everyone else.

The decision made by the president to forgive existing debt from student loans is a cynical political ploy designed to win over supporters for the Democratic Party. They aim to give the impression that they are concerned about the welfare of each individual citizen in the nation. The reality, however, is that they do not care about anyone or anything other than themselves.

Elizabeth Warren is a stalwart advocate for the reduction or elimination of student debt. Because those individuals come from low-income homes that do not have a lot of money, she thinks that the working class will benefit from it because of this. She is a socialist who conceals the fact that eradicating debt will lead to an increase in taxation as well as a meteoric rise in interest rates as a direct consequence of the pace of inflation.

One of the many people who are opposed to the idea of forgiving student loans is Senator Ted Cruz. According to Fortune, Cruz is phoning the president and claiming that the president is breaking the law. The total cost of all of Biden's socialist policies will have to be paid at some point in the future. And to make matters even worse, the elderly guy believes he can spend money that does not exist, which has contributed to the historically high rate of inflation that we are currently seeing.

The liberals are always looking for new ways to make life more difficult for everyone else, and the idea of debt cancellation is just another one of those ways. They are setting themselves up for failure by holding the belief that they should be entitled to everything in life they desire without having to put in any effort to earn it. Taking one socialist step after another won't do anything but bring this country to its knees.

The nasty liberals are of the opinion that the cancellation of debt is such a trivial matter that it will not make much of a difference in the long run and will not materially affect the rate of inflation. But the fact of the matter is that all of Biden's ridiculously petty notions will eventually balloon into enormous problems for everyone.

Borrowers from every imaginable background may feel elated at the prospect of having their debts forgiven, but that joy won't last long if prices continue to rise as a direct result of inflation. The funds that they have saved as a result of not having to make a monthly payment will be swallowed up by the inflation hole that Biden helps build by continually feeding it counterfeit money.

The preceding is a summary of an article that originally appeared on American Retirement Insider.

Written by Staff Reports

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