Biden’s Student Loan ‘Forgiveness’ Is An Even Bigger Scam Than We Thought
By: Robert Busek
November 17, 2022
The Biden administration doesn’t care that it is subsidizing the irresponsibility of young Americans.
A federal court vacated the Biden administration’s $400 billion student loan forgiveness plan on Thursday, calling it “an unconstitutional exercise of Congress’s legislative power.” Unfortunately, by the time the decision was handed down, the real goal of the gimmick had already been achieved; Gen Z and millennials turned out in droves on Election Day to turn the “red wave” into a “red trickle.”
We’ve long known that the politicians who support this scheme don’t give a damn about the moral implications of using taxpayer money to pay off debt that college students freely chose to take on. Sen. Elizabeth Warren, D-Mass., openly admitted the injustice of the policy on the campaign trail in 2020. What we know now, however, is that the potential recipients of this largess don’t care about those moral implications either.
Bread and Circuses, 2022 Style
When President Joe Biden first announced his “forgiveness plan” in August, the usual suspects fell all over themselves in praise of the unprecedented transfer of wealth. “Squad” member Rep. Ayanna Pressley, D-Mass., tweeted, “This is going to save and change lives.” Meanwhile, business writers like Rhett Buttle of Forbes.com claimed this policy would encourage small business creation and “provide a lifeline to tens of millions of Americans and Main Streets across America.”
A recent poll conducted by Intelligent.com tells a far different story. The online magazine, which bills itself as being “centered around a lifelong commitment to education [and] continuous improvement,” surveyed 1,250 individuals who either had applied or were planning to apply to the program about what they planned to do with the extra money they would have every month. Nearly three-fourths of them admitted they would spend the money not on basic necessities or fulfilling their entrepreneurial dreams, but “on non-essentials, including vacations, smartphone, [and] drugs/alcohol.”
Even more disturbing, the recipients openly embrace their hypocrisy: 73 percent of them admitted that “using student relief to buy non-essential goods is wrong,” while 77 percent agreed that “in terms of their spending habits, it would be possible for them to spend less and save more money.”
Considering the obscenely high income threshold for the plan ($125,000 for a single borrower, double that for married borrowers), it’s clear that most of these applicants aren’t looking for a lifeline, but an unearned windfall so they can “live their best lives” on the taxpayers’ dime.
more
https://thefederalist.com/2022/11/17/bidens-student-loan-forgiveness-is-an-even-bigger-scam-than-we-thought/
