That’s YOUR Bill for Desperate Joe’s Naked Bribe for Votes!
How better to win back their loyalty than with a good old-fashioned quid pro quo? Elect me and the gravy train keeps chugging along.
‘Congratulations! I erased your student loans. Now will you vote for me?’
That’s what President Biden should have said in an email to more than 800,000 student loan borrowers – because his latest scheme to ‘forgive’ some of their $1.78 trillion in outstanding debts is nothing more than a bribe.
‘Your student loan has been forgiven because of actions my Administration took to make sure you receive the relief you earned and deserve,’ read the White House message sent to in-boxes on Tuesday.
Gee – Democrats are so generous with other people’s money.
What had these lucky few done to ‘earn’ and ‘deserve’ this multi-billion dollar ‘relief?’
Very little.
In a bit of bureaucratic sleight of hand, Biden and his dutiful ministerial assistants transformed an obscure Education Department repayment program into a brand new entitlement program.
The monthly payments of hundreds of thousands of borrowers will be capped at five percent of discretionary income, and if they pay these tiny installments for 10 to 20 years their entire remaining loan will be wiped away.
Millions more may find they owe $0 in payments.
And presto!
An estimated $475 billion in unpaid federal student loans is set to vanish into thin air.
What’s the catch?
Those billions of dollars in liabilities will simply be moved from around the necks of these educated elites to above the heads of each and every American.
Liabilities of approximately $1,800 for every taxpayer.
It’s hardly a small amount of money when America’s already running multi-trillion-dollar deficits and existing entitlement programs, like Social Security, are barrelling down the road to insolvency.
This Frankenstein’s monster from the bowels of the bureaucracy may amount to the single most expensive regulation is U.S. history.
And the real motivation behind this bailout isn’t some urgent financial crisis, as Democrats and the mainstream media would have us all believe.
Yes, Americans owe nearly $1.8 trillion in student loans. But millions are also on the hook for $1.5 trillion in auto loans and $1 trillion in credit card debt – and we don’t hear anyone clamoring outside the White House gates to cancel those charges.
No, this is about raw, craven, cynical politics – pure and simple.
Polls show that Biden is struggling with young voters, usually a sure-fire Democrat voting bloc. Without these college-educated 18 to 34 year olds, he can’t win re-election.
How better to win back their loyalty than with a good old-fashioned quid pro quo? Elect me and the gravy train keeps chugging along.
But here’s the most appalling part of this all – those who have never set foot inside a college classroom and those who have diligently scrimped and saved to avoid crushing debts – are taken for suckers.
I worked nights as a security guard from the first day of my freshman year of college to help pay my way. I piled on the coursework in order to graduate in three years and save on tuition.
What do I get from Biden’s voting buy scheme?
Nada. Just a big middle-finger.
As it turns out, I should’ve just hit the frat parties, taken my sweet time and then exploited Biden’s plan and milked the taxpayer teat.
At the end of the day, my woes are nothing compared to the generations of working-class Americans who will be saddled with this grotesque act of unfairness.
Democrats are supposed to support ‘progressive’ policies that help the working class, not ‘regressive’ policies that help the affluent.
Here we have an executive fiat that offers all the benefits to the young college-educated, who earn a median salary of $52,000 a year, and zero benefit to the young who didn’t go to college and earn a median annual wage of $30,000. That salary gap has only grown in the last few decades.
Mad enough to burst a blood vessel? Wait – it gets worse.
Biden may get away with this.
The President’s first attempt to do an end run around Congress and cancel up to $400 billion in college debt was stymied by Missouri, which claimed that his machinations would cripple their state’s loan authority, one of the country’s largest servicers and holders of student debt.
The Justices agreed and ruled that Biden exceeded his executive authority. All those borrowers, who thought they suddenly had more money in their pockets, were severely disappointed. Especially the one-third who spent it already.
However, this time around, there may not be anyone with standing to sue. ‘This is just as illegal, just as brazen as the first round. But there may not be anyone in a position to call them out,’ attorney Caleb Kruckenberg told USA Today.
Either way – I doubt Biden cares.
By the time the courts weigh in on this iteration of the President’s corrupt payoff plan the votes for 2024 will likely have been cast.
Good luck to all the gullible folks who spend the extra cash believing they won’t have to pay it back.
Don’t expect an email from the White House on that anytime soon.
Written by Brad Polumbo for The Daily Mail ~ November 30, 2023
