President Joe Biden announced on August 24, 2022, that he was forgiving $10,000 to $20,000 of student loan debt per student, or $20,000 to $40,000 per couple. This announcement has both Democrats and Republicans upset. Most of them claim that it is unfair to redistribute debt from people who took out loans to others who did not take out the loans.
David Ditch is a policy analyst specializing in budget and transportation policy in the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation. He claims that there is “a long list of reasons” why Biden’s scheme “is a terrible and corrupt idea.” He gave five reasons for the scheme being a bad idea.
· It’s flagrantly illegal and usurps powers reserved for Congress, which even House Speaker Nancy Pelosi acknowledged a year ago.
· It’s unfair, especially to people who paid back their loans or carefully avoided such debts.
· It’s bad for the economy and the nation’s finances, especially at a time of high inflation and a labor shortage.
· It’s a blatant, desperate ploy to boost turnout prior to the November midterm elections.
· It’s a corrupt financial windfall for those who work around the levers of power in Washington, D.C., since top political staffers tend to have high-priced credentials.
Ditch reminded his readers that Biden was considered to be a “moderate” during the 2020 presidential primaries. However, he moved left to counter Senators Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) and to curry “favor with the hard left.” As part of his moving left, he promised to cancel student loan debt. It is now obvious that Biden was not “moderate” because he does not preside at the center.
According to Ditch, Biden was the “driving force behind the thoroughly flawed $1.9 trillion stimulus package in March 2021.” This package sowed “the seeds of today’s inflation.” He added fuel to the inflation by “proposing a second multitrillion-dollar tax-and-spend boondoggle. His boondoggle did not pass as one bill, but “Congress ended up passing much of that boondoggle over the course of multiple bills.” Ditch concluded, “Yet even a multitrillion-dollar spending spree wasn’t enough to satisfy the administration’s appetite, leading to the announcement of the student loan bailout.”
Biden’s reason for student debt scheme is more absurd than anything else he has said. He claims that it is “OK to add hundreds of billions of dollars to the federal debt with loan write-offs because this year’s deficit isn’t as high as last year’s.”
Sane people would understand that the nation’s finances “were already in bad shape before the COVID-19 pandemic.” A wise president and Congress would be trying to strengthen America’s financial situation by spending less rather than this spending spree of the past twenty months. We have this POTUS for two more years, but we can reign in the spending by electing conservatives to Congress.
Republicans promise to conduct oversight investigations and hearings if voters give them control of the House of Representatives. Since the House controls the nation’s purse strings, representatives could block power grabs by the Biden administration. America will continue to slide down the slippery slope to destruction if Democrats remain in control of the Senate and the House. The only way that we can slow the slide is to take control of the House in 2022.
If we desire to reverse the slide, we must take control of the Senate and the House in 2022 and the White House in 2024. If Republicans fail to take over the government, our nation will be destroyed. If you do not believe me, look at the destruction that has taken place over the past twenty months.