Today, the Biden administration announced it will unilaterally cancel another $1.2 billion in student loan debt — paid for by American taxpayers, whether they like it or not.
It must be an election year.
Biden operates under a “rules for thee, but not for me (or my supporters)” attitude. His latest move comes via his SAVE program, a $500 billion scheme the Biden administration unveiled mere hours after the Supreme Court ruled his original bailout scheme was unconstitutional.
Didn’t go to college — or already paid your debt? Too bad; you get nothing.
In total, Biden has unilaterally cancelled almost $138 billion in student loan debt — and he wants Americans to “know whom to thank for it.” Adding Biden’s name to relief checks wasn’t “a necessary step” when he took office, but it is now (because it’s an election year).
REMINDER: Eliminating student loan debt is a “regressive policy that mostly benefits high-income households,” according to a former Obama economist, as approximately two-thirds of all student debt is owed by the top 40 percent of households. In fact, bailing out student loan debt could actually increase the cost of college and penalize Americans who responsibly paid their debt.
In short, it’s a bad idea — unless, of course, you need to buy votes.
