Joe Biden may be able to forgive student debt with an executive order, giving a kickback to his Democratic constituency

Joe Biden is about to give wealthy Democrats a kickback for their votes. He wants American taxpayers to foot the bill for student debt held by mostly upper-middle-class left-leaning voters.

To the tune of 1 trillion dollars.

Fox Business reports:

Sen. Minority Leader Chuck Schumer urged President-elect Joe Biden to bypass Congress and cancel billions of dollars in student loan debt, arguing it should be part of a broader FDR-style agenda implemented during his first 100 days in the White House.

“Getting rid of student debt,” Schumer said during an interview with The Ink. “I have a proposal with Elizabeth Warren that the first $50,000 of debt be vanquished, and we believe that Joe Biden can do that with the pen as opposed to legislation.”

As higher education expert Preston Cooper writes, “At a cost of roughly $1 trillion, that might be the most expensive policy ever enacted by executive order.”

The Daily Signal points out:

Student loan forgiveness is a quintessential example of regressive policy. As Cooper points out, “the top fifth of households holds $3 in student loans for every $1 held by the bottom fifth.” At the same time, those with the higher levels of debt (exceeding $50,000) “almost exclusively have bachelor’s degrees.”

Moreover, as Cooper explains, 210 million adult Americans do not have federal student loan debt, compared to the 45 million who do. Student loan forgiveness demands that those 210 million Americans take on the debt of those 45 million borrowers.

Most liberals don’t have a problem with using other people’s money to pay off loans for students that decided to go into debt to fund their “colonial studies” degree. But I don’t notice them offering to pay off student loans with their own money.

 
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9 Responses

  1. The demonrat plan is to bankrupt America, bring back ALL of the Obutthead agenda, turn America’s back on Israel, open borders, ( let 125,000 “ refugees” a year come into our country, thereby selling us out) sending our jobs offshore again, taxing us to death, turning us into a third world country. On top of that, our rights and freedoms will be gone! Why are people so blind? The demonrats have TOLD us who and what they are, we better believe them! They are anti American slugs who have no regard for human life! They back the most ghoulish abortion bill ever written, all the while “ touting their faith”. If Biden steals this election our America will be destroyed from the inside! We cannot let this happen!

    1. Today’s new cases of Covid in Georgia was 43,100. We all know what’s coming next. Only mail in ballots sent out to everyone because it is too dangerous to vote in person. We must support the two Republican candidates to save our country. Please send whatever you can. If they lose Schumer will change America and not for the better.

  2. It was just reported that people were coerced to mess up the election, and they admitted to it. Joe Biden, Pelosi, Schumer, Obama and the rest of the Democrat crooks are going down for this election.

  3. I just can’t believe the Democrats are that desperate to vote for a crook like that it must be the ones that were living off the Government free thinking they still will be getting free money they better think again, that just might change, if he does get in office. I just pray that he won’t, President Trump and his attorneys will be able to stop him.

  4. Shummer doesn’t even hide it, he is as big a crook and thief as Brain Deaf Biden head of the Biden Crime Family. There will not be enough money in the national treasury to pay for the first week of payoffs the Democrats owe to all the cheaters who helped them fix the election. This election is probably the biggest movement to destroy this great nation in all of its history.
    I personally hope all of they democratic leaders in the US catch covid and die a horrible death !

    1. Ron – I truly second that motion. Shumer is a piece of drek like all the others. I do not usually wish anyone horrible harm, but I certainly do
      to all of them, and all the RINOs. This is why we need limited years, limited age (I’m 79, so I am being realistic), no pensions, no special medical care, and more working hours for their money, no long vacations, and No funds that come out of our pockets to pay off the people that they kahk around with to keep them quiet, etc.

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