You can be outraged over President Joe Biden‘s politically craven debt forgiveness giveaway to his most loyal voters – and believe me – I am.
But you must admit – it’s rather diabolically clever.
The administration has said it was ‘about giving people a fair shot.’ The opposite is true. It punishes the very people who played by the rules.
President Biden has characterized this bailout as a lifeline to those struggling financially. Wrong again. It’s Robin Hood in reverse: It robs from the poor and gives to the rich.
And aren’t Democrats always harping on about how the rich already have too much?
Biden’s student debt forgiveness plan is not about fairness or the American dream or campaign pledges.
It’s about rewarding Democrats’ key constituencies: the upper middle class and universities operating as essential training grounds for the left’s cultural revolution.
It’s that simple. And cynical.
The plan so far involves forgiving $10,000 in loans for debtors making up to $125,000 per year – up to a quarter million for couples – and $20,000 for those who qualified for Pell Grants, reserved for the lowest-income students.
The administration is also extending the COVID payment pause until after the midterm elections (that must be a coincidence) and cutting payments in half for those on income-based repayment plans.
The cost of this largesse keeps adjusting upward from an initial estimate of $300 billion to up to a trillion dollars.
For all of Biden’s faux righteousness about ‘making sure folks have the breathing room they need to buy a house, open a business, start a family, and save for their future,’ he has screwed the people who made sacrifices and different decisions to avoid college debt.
Recall: Sen. Elizabeth Warren infamously blew off an outraged dad who confronted her on the campaign trail in 2020, after she bragged about plans to erase student debt.
‘I’ve saved all my money. [My daughter] doesn’t have any student loans. Am I going to get my money back?’
‘Of course not,’ she said.
That doesn’t strike me as fair one bit.
But guess what?
Now that infuriated father who saved and worked double shifts and did the responsible thing has a big new tax burden to shoulder.
Talk about being punished for doing the right thing: According to the National Taxpayers Union Foundation, each and every taxpayer will share the cost to the tune of $2,500.
So, who, really, benefits from this giveaway?
Well, in service of the White House’s lies, the administration has released misleading statistics that give the impression these benefits go to the middle and working classes instead of Harvard Law students clerking for a year or two before heading over to well-paid firm jobs.
And, of course, this has all been done without the input of the branch of government tasked with directing the budget.
Even Speaker Nancy Pelosi has said that despite loosey-goosey legislative language, the President does not have the authority to spend a trillion dollars with the stroke of a pen.
‘The president can only postpone, delay but not forgive student loans,’ she said. ‘It would take an act of Congress, not an executive order, to cancel student loan debt.’
But naturally she reneged on that view immediately after the announcement, calling it a ‘bold action’ and a ‘strong step’ instead of a contemptuous body blow to the separation of powers and the role of Congress.
In answer to the outcry over this reverse robin hood jubilee, which has Democrats in swing districts backing away from this move, the administration has offered nothing but even more deception.
Though among all the lies, white lies, and statistics, Biden is right about one thing: Student loan debt is a real burden for at least two generations (so far).
Maybe the most nauseating aspect of this devilishly deceptive policy is that it reflects the general unseriousness of his administration in the face of real problems for America.
None of this touches the underlying problems of higher education.
In four years, the outstanding student debt in the United States will have reached the same levels as today, and taxpayers will be fleeced for another trillion or two, who knows, inflation’s a real kicker.
But slapping the first of many band-aids on the back end at the expense of truckers and Amazon deliverymen won’t touch the real driver of the problem, which is that the exponentially exploding cost of college, fueled by ever-larger government-backed loans, has grown wildly out of proportion to the value of either the education or the degrees universities provide.
The irony is that student loan programs intended to ensure the brightest students from poorer families could access higher education have locked them out of it.
The student loan market is nearly entirely nationalized, with 93 percent of loans held directly by the Department of Education.
For every dollar in student loans that becomes available, universities have been able to raise tuition 60 cents, to eye-popping amounts that ward off working families.
The result is there are fewer students from families on the lower half of the income spectrum attending university today than 50 years ago when these programs were started.
And now to add insult to injury, those same people are expected to pay off the debt of accountants and bureaucrats.
Biden wants to throw open the doors to the granary in a modern day panem et circenses – ‘bread and circuses’ — for his constituencies.
All right then, but it’s only right that lower and middle-class American taxpayers demand that the bill comes due not on their own doorsteps.
If the bill for this scheme that has been decades in the making should come due anywhere, it’s at the doorstep of universities who have benefited from it.
After all, they’re just paying for a Democratic re-election campaign.