by Mitch Kokai
Senior Political Analyst, John Locke Foundation
President Joe Biden announced plans to illegally transfer student loan debt from existing borrowers to the rest of the American public on Wednesday, marking the latest abuse of executive power by America’s commander-in-chief.
“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden said in a tweet likely posted by a White House staffer.
As described in the graphic accompanying the tweet, the administration plans to “forgive” up to $20,000 for individuals who attended college on Pell Grants and $10,000 for those who did not receive such a grant. While the new loan “forgiveness” plan only applies to individuals making less than $125,000 a year — a cap which means little, considering plenty of college graduates make less than six figures upon graduation but have a wealthy trajectory — the administration also plans to extend the current pause on student loan repayments through December 31, 2022.
Despite Biden and Democrats’ best attempts to spin their new garbage policy initiative as a “forgiving” of student loans, the stark reality is that there is no such thing. When leftists use terms like “canceling” or “forgiving” student debt, what they really mean is taking money from American taxpayers — the majority of whom chose not to attend college — and using it to subsidize the minority of individuals that opted to pursue higher education.
Moreover, not only will Biden’s plan bail out a fragment of the American populace that chose to take on the responsibility of student loans, it will do so for those who are better financially equipped to repay them.