OPINION: Biden thinks student loan borrowers deserve a blank check from taxpayers
These deferments were intended to be a safety net at the height of the pandemic. Two years later, the deferments have turned into a $150 billion spending spree predominately benefiting lawyers, doctors, and bankers who racked up their debt in graduate school.
By caving to progressives, he is breaking his promise to over 100 million taxpayers without student debt who are subsidizing this boondoggle. President Biden is grasping at straws and putting politics over responsible policy.for abolishing student borrowers’ obligations to taxpayers on the grounds of anything and everything from"economic, racial, and gender injustice" to climate change.
Yet, when in the position to actually legislate, House and Senate Democrats are surprisingly quiet on student loan debt. Rather than do their jobs, top Democrats are asking the president to do their dirty work for them, calling for an additional extension through the end of the year and debt forgiveness by executive fiat. The administration justifies this elitist handout arguing that borrowers are simply not ready to pay their monthly bills.
The most troubling excuse for mass cancellation and this permanent pandemic pause touted by progressive policymakers is that it mitigates the impact of the resident’s inflation crisis.
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