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Star Parker

Founder & President, Center for Urban Renewal and Education

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Biden’s new student debt relief plan will decimate US economy

Jan 26

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The Biden administration recently unveiled its latest initiative to cancel student loan debt by forgiving $5 billion in loans for approximately 74,000 borrowers who took $12,000 or less and have been repaying for a decade. This fast-tracking relief plan is delivered through the public service loan forgiveness (PSLF) program and income-driven repayment (IDR) plans, and it builds upon a previously-introduced Biden program called “Saving on a Valuable Education (SAVE).”

Straight Arrow News contributor Star Parker argues that the newly proposed plan, which she says lacks certain important details, is another example of Biden’s attempt to buy votes for the upcoming election. Parker contends that this “irresponsible and unlawful” government spending is an important factor voters must consider in the upcoming presidential election.

There’s a new program where the Biden administration doesn’t even know how many people will enroll. This is out of control. With it being in an election year, we’ve got to take this seriously. With this being an election year, this just proves once again that one of Biden’s favorite tools is buying votes. He did it before, just months before the midterms, when he announced that unlawful massive student debt plan — that’s when he announced that the first time — went through the courts, he knew it wasn’t gonna go through, but President Biden didn’t care. The midterms with long be over by then.

[House Committee on Education & The Workforce] Chairwoman [Virginia] Foxx saw right through this, stating: “President Biden is downright desperate to buy votes before the election, so much so that he greenlights the Department of Education to dump even more kerosene on an already raging student debt fire.” This is her quote.

The fire is just going to continue to grow. The frivolous spending in Washington continues to decimate the economy and our nation’s national debt. Hopefully, all voters will remember this in November. We do have an election, and this debt is going to come due, and it will be paid eventually. The challenge is who’s going to pay it.

All the Biden administration knows how to do is spend like a drunken sailor. That’s a recent quote from Virginia Fox, a North Carolina Republican in the United States House of Representatives.

Chairwoman Fox is a leader on Republican policies on the Education and the Workforce Committee. And she’s never mince words, nor should she.

Well, this quote could be about any of the millions of times over the last three years that Biden has wasted taxpayer dollars. Chairwoman Fox is referring to his latest attempt to cancel student loans. Yep, his giant student loan bailout was thankfully struck down by the Supreme Court last year, but it’s back. And it shouldn’t come as a shock that Biden will do anything to defy the Constitution. We’ve been living with him for the last three years. Last week, the President announced that he’s continuing to pursue alternative paths. I don’t care what the Supreme Court says. And then he went in and announced an extra 5 billion in student loan relief. This is after already granting 5 billion in December as well as 9 billion in October. That’s that’s $19 billion.

Republicans are having to fight tooth and nail to get at least that much for the border. But yet Biden wants to use that same budget, money to bail out. Students who borrowed the Biden administration has drunken sailors spending, and is proud of this new program that they’ve initiated, it’s called Save. They boast and warn that much more debt bailout is coming, because they keep an eye on people to bail out. According to the administration’s estimates, the average borrower paid 10,956 for every 10,000 they borrowed, and under save, they’ll pay back just $6,121. They fast track this program, which begins next month. Apparently, as early as this month, 6.9 million borrowers have already enrolled in save. A lot of people want to run up debt and then just get out of it and save. You have the Biden administration and miss it. They don’t know where they’re gonna get the money. How many people are going to be borrowing, how much will they be canceling they, how many even qualify through these policy changes that they’re attempting to make. There’s a new program where the Biden administration doesn’t even know how many people will enroll. This is out of control. With it being in an election year. We’ve got to take this seriously. With this being an election year. This just proves once again, that one of Biden’s favorite tools is buying votes. He did it before just months before the midterms. When he announced that unlawful massive student debt plan that’s when he announced that the first time went through the courts. He knew it wasn’t gonna go through but President Biden didn’t care. The midterms with long be over by then. Chairwoman Fox All right through this stadium, President Biden is downright desperate to buy votes before the election. So much so that he greenlights the Department of Education to dump even more kerosene on an already raging student debt fire. This is her quote, the fire is just going to continue to grow. The frivolous spending in Washington continues to decimate the economy and our nation’s national debt. Hopefully all voters will remember this in November, we do have an election and this debt is going to come due and it will be paid eventually, challenges who’s going to pay it like a drunken sailor only caring about the relief in front of them oblivious to the storm that’s brewing ahead.

 

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