Joe Biden has become willing to pull out all the stops in trying to bribe voters to keep him in the White House for another four years.
Despite the Supreme Court reminding the president that only Congress can spend money and blocked Biden’s initial attempt to “forgive” student loans, the White House has plans to again force the issue just in time for November,
The protests and antisemitism growing on college campuses? Congratulations, America, you’re going to be paying their bills, according to The Wall Street Journal.
The Biden administration is poised to issue a proposal aimed at reducing or eliminating student loan balances for millions of borrowers, according to people familiar with the matter, marking President Biden’s second attempt at large-scale loan forgiveness.
The regulations, which are set to be issued as soon as next week, come after the Supreme Court last year overturned the administration’s first debt cancellation plan, which would have wiped away up to $20,000 in student debt for borrowers making less than $125,000 a year.
Biden is planning to outline the broad strokes of the new proposal during a speech on Monday in Madison, Wis., where he is expected to tout his administration’s wide-ranging efforts to chip away at the student debt burden facing more than 40 million Americans, the people said. A White House spokesman declined to comment.
The president’s advisers hope to use the rules to begin canceling waves of student debt in the run-up to the November election, but the exact timing of the effort will depend on how quickly the administration can finalize the regulations. The debt forgiveness push could give Biden a political boost, especially among young people, amid polls that show him trailing former President Donald Trump, his GOP opponent, in several key states. But the proposal, once it is completed, is likely to face legal action from Republican attorneys general, who will again try to convince the courts to block it.
For a party obsessed with attacking “the rich,” it appears that Democrats are happy to help the wealthy if they are liberal. Student loan forgiveness is one of the biggest handouts to rich people in American history.
New Conservative Post explains: “While student loan forgiveness often gets pitched as helping those in need, in reality, the policy is merely a handout to wealthy liberal urbanites who spent way too much on college but reliably vote Democratic. After all, most universities have need-based aid and scholarship programs. Those who typically take out large loans are from upper-middle-class and well-to-do families.
Analysis from the Committee for a Responsible Budget (CFRB) revealed ‘that America’s highest earners will reap nearly two thirds of the giveaway. That means for 87 percent of American adults without student loans, President Biden is sticking them with a nearly $600 billion tab.’”
It’s also blatantly unconstitutional to merely dole out money to supporters and even Democrats, at least at one time, agreed. In 2021, for example, Nancy Pelosi claimed that the president had no authority to “forgive” student loans.
“People think that the president of the United States has the power for [student loan] debt forgiveness. He does not.”
— Nancy Pelosi (July 2021)pic.twitter.com/0iz8uQeKXG
— RNC Research (@RNCResearch) February 21, 2024
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