Staff Reports
Biden’s administration has waved its magic wand and conjured up nearly $180 billion in student loan cancellations for 4.9 million federal borrowers since he took office. This hefty sum could have gone a long way in reducing the national debt, but instead, it has largely found its way into the hands of teachers, nurses, service members, and law enforcement officials. These “public servants” are now celebrating their role in what is essentially a government-sponsored loan forgiveness party, complete with confetti made from taxpayer dollars.
In a proclamation that could rival an overzealous infomercial, Biden has celebrated his achievements for federal students and borrowers. His highlights include an increase in Pell Grant awards, cracking down on institutions that allegedly “exploit” students, and, of course, reforms to the “broken” student loan programs. It seems his administration has convinced itself that the best way to support hard-working Americans is by erasing their debts while ignoring the underlying financial chaos this could wreak on future taxpayers.
HOW THE HELL IS BIDEN STILL GETTING AWAY WITH THIS:
The Biden administration on Friday canceled another $4.28 billion in student debt for nearly 55,000 public service workers, the U.S. Department of Education said in a statement.
Friday's action brings the total public service… pic.twitter.com/YqzOr2vos3
— LD Basler (@ArmaLite15OU812) December 20, 2024
The president positioned higher education as a “ticket to the middle class,” which for many looks more like a one-way trip to a financial train wreck. The promises made sound great, but the consequences of expanding the safety net seem to be conveniently brushed under the rug. Those “millions” who now have breathing room to start businesses and save for retirement ought to appreciate that this room was bought at the expense of future taxpayers and, potentially, the economy’s stability.
Meanwhile, Biden’s plan faces some serious headwinds from the ever-tiresome Republicans—those folks who just won’t let free money flow without a fight. Their lawsuits have threatened to derail his “Saving on a Valuable Education Act,” and federal judges have sided with them against his proposals. Predictably, the Supreme Court has also weighed in, serving Biden’s plans a swift judicial kick while reminding him that there’s such a thing as fiscal responsibility.
In a slightly desperate plea, Biden is being nudged by fellow Democrats to extend debt forgiveness to those deemed victims of predatory schools. Senators like Ed Markey and Dick Durbin are urging him to act swiftly, but the clock is ticking. With Trump looming on the horizon, it’s almost as if they’re trying to finish a board game of Monopoly before someone flips the table over and takes the pieces back. According to the outgoing Education Secretary, a new management system for the Public Service Loan Forgiveness program is set up to simplify life for borrowers, but one can’t help but wonder if this is just more lipstick on a pig of an already convoluted system.
