Staff Reports
As President Joe Biden’s term dwindles down to its final months, the Biden-Harris administration is once again attempting to purchase votes, this time under the guise of “student debt cancellation.” The latest announcement, flamboyantly shared on the White House’s social media, claims to provide relief for nearly 5 million Americans. However, it conveniently glosses over the small detail that this type of “cancellation” is essentially a taxpayer-funded transfer, leaving those who didn’t attend college to foot the bill for those who did.
Nothing screams “affordability” like taking money from hard-working taxpayers and redistributing it to others. The administration has made vague allusions to their various maneuvers over the past year to ease student loan burdens, despite being smacked down by the Supreme Court for their previous attempts. One might wonder why they are determined to keep pursuing policies that simply shift the burden rather than truly resolve the issues of skyrocketing tuition. Of course, higher education institutions are likely to capitalize on these moves, ramping up tuition because, why not? It’s not like they’re the ones paying for it.
Additionally, the timing of this announcement raises eyebrows regarding Vice President Kamala Harris’s ambitions. With her eye on the presidential prize and a need to distance herself from the increasingly unpopular President Biden, this move only serves to reinforce the connection between her and the policies that have caused widespread concern. Harris is likely hoping for some separation from Biden, yet here is the White House reminding everyone just how tightly knit they are in this scheme.
Criticism is pouring in from all sides, including notable figures such as Missouri Attorney General Andrew Bailey, who has stated that these initiatives won’t last long. With the pushback against the Biden-Harris plan in various courts, including a recent injunction from the 8th Circuit Court of Appeals, it looks like the administration is set to face another round of legal challenges. Bailey is gearing up for another Supreme Court showdown, and given the history of this administration’s legal follies, one can’t help but wonder how this latest plan will hold up.
Biden-Harris Administration Tries to Buy More Votes With This Latest Move on Student Loan Debt https://t.co/A4ugig2t9Q
— 𝓒𝓸𝓷𝓼𝓮𝓻𝓿𝓪𝓽𝓲𝓿𝓮𝓓𝓲𝓿𝓪™ (@1776Diva) August 22, 2024
All the while, a recent report from the Wall Street Journal reveals that those who were meant to benefit from this “cancellation” are still grappling with financial struggles. The academic community has determined that, for most borrowers, the so-called forgiveness isn’t exactly life-altering. Instead, borrowers tend to trade one debt for another, piling on new debt with credit cards, auto loans, or home loans post-cancellation. It’s almost as if the administration is creating a revolving door of debt, rather than genuinely easing financial burdens.
With looming court rulings and an impending election, there’s chatter about potential October surprises in the form of further student loan “forgiveness” schemes. Rumors suggest a staggering $147 billion debt relief initiative is on the table, tailored specifically for the election season. Whether this is a desperate ploy to sway voters or just another miscalculated attempt at fiscal gymnastics, one thing remains clear: the Biden-Harris administration seems to be betting everything on financial tricks rather than sound policies.
