Biden's Illegal Student Debt Scheme

Studies Show Biden’s Illegal Student Debt Scheme Is Welfare For The Richhttps://t.co/PVMmqAChYP

— The Federalist (@FDRLST) August 24, 2022

"I've saved all my money. [My daughter] doesn't have any student loans. Am I going to get my money back?"

Elizabeth Warren: "Of course not."

“I worked a double shift…you’re laughing at me…we did the right thing and we get screwed.”pic.twitter.com/xGWKOZi9av

— RNC Research (@RNCResearch) August 24, 2022

With student loan forgiveness + a payment moratorium extension, BIDEN SEZ:
SCREW the majority of Americans who don’t have a 4-year college degree
SCREW responsible people who pay their debts, didn’t go deep into hock for college
SCREW all struggling under the burden of inflation

— Dagen McDowell (@dagenmcdowell) August 24, 2022

I cannot believe I gave two legs for my tuition. What a dope I am. Ooh-rah!

— Joey Jones (@Johnny_Joey) August 24, 2022

David Harsanyi writes:

“No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” That’s what it says right there in the Constitution. And yet, without any legislation, Joe Biden now promises to “cancel” up to $10,000 in student loans per borrower ($20,000 for Pell Grant borrowers), limited to those with annual incomes of less than $125,000.

Let’s start by pointing out that President Joe Biden isn’t “canceling” or “forgiving” any student loans. Those are preposterous euphemisms favored by Democrats and the media. The debt in question already exists, it has been lent and spent, and those who borrowed the money of their own volition have already received services. This debt isn’t cancelable.

The president hasn’t “forgiven” loans, he’s unilaterally broken existing contracts and transferred the responsibility of payment to taxpayers—many of whom have either repaid their own student loans or never borrowed any money to begin with. Now, if you’re opposed to repaying some stranger’s loan, that’s too bad. A new batch of IRS agents will be there to ensure that you do.

It should also be stressed that capping loan “forgiveness” to those making under $125,000 means absolutely nothing because most borrowers are at the beginning of their careers and have yet to enjoy the durable benefits of a college degree. The average worker with a bachelor’s degree ends up making, on average, $1 million more in their careers (those with graduate degrees $2-3 million more) than a worker with a high school diploma. And yet, the Biden administration is going to compel truck drivers and clerks without college degrees to pay the loans of white-collar workers on their way to six-figure salaries.

Now, of course, even if the student loan “forgiveness” was a boon for the poor, it would still be completely unconstitutional, a moral hazard, counterproductive, and fundamentally unjust. But Biden’s plan—which is going to cost taxpayers around $300 billion, more than all the illusory “savings” that were going to be found in the “Inflation Reduction Act”—is little more than a vote-buying scheme for affluent millennials.

Why the hell should I pay other people's debts?