Staff Reports
Look at this! Democrats call for increased freebies. What a slap in the face for American workers!
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As Biden tried to spend even more tax dollars giving away free items to assure another Democrat victory, a Texas judge stopped him in his tracks.
reports The Daily Wire. Senator Elizabeth Warren asserts that she has no concerns that President Biden is able to abolish student loan debt.
Warren claimed that Biden was permitted to forgive debt because former Presidents Obama and Trump had already done so on NBC's "Meet the Press." She subsequently criticised the Texas court who determined that debt cancellation was unlawful, asserting that loan forgiveness shows Democrats respect the working class.
WATCH: @SenWarren (D-Mass.) says she has no doubt President Biden has the authority to carry out his student debt forgiveness plan.
"If [the Texas court is] going to play politics instead of following the law, they're going to put the program at risk." pic.twitter.com/1tpaNhHuHs
— Meet the Press (@MeetThePress) November 13, 2022
This Thursday, Judge Mark Pittman of the Northern District of Texas found that Biden's student loan rescue was unlawful and invalidated his proposal to eliminate up to $10,000 of debt for households making under $250,000 or individuals making under $125,000 annually.
According to some misled people across the country, forgiving student loans would be advantageous to Americans.
reports USA Today. Student loan repayment can be challenging at initially because recent college graduates are given a grace period of six months that functions as a student loan moratorium.
Watch,
However, delaying payment caused the debt's interest to accrue, at least until now. The federal government capitalises the unpaid interest by adding it to the borrower's outstanding principle. At that moment, it is typical for the loan to be larger than what was first borrowed. The federal government has also capitalised interest due to debtors halting loan payments.
The Education Department estimates that interest capitalization costs for fiscal year 2019 were close to $22 billion.
The Democrats are the party of free goods, it's a fact. Student loans are now "free," after "free" health care. Regardless, nothing in life is actually free; something needs to be paid for it. The cost in this instance will be covered by American tax payers.
There is no doubt that this is a partisan issue. Republicans are adamantly opposed to cancelling student loans, but President Biden has made it clear that he favours the idea. It is quite evident where the two parties stand on this subject.
In spite of the fact that Democrats try to portray themselves as the party of the working class, cancelling student loans is anything but advantageous to them. To those who decided to take on debt in order to attend college, it practically amounts to a handout. Even worse, many of the people who would gain from loan forgiveness already have plenty of money. One survey found that nearly half of people with school debt make over $80,000 annually. In other words, they have enough of money to repay their debt.
It's time for Democrats to give up on loan forgiveness because it's a lousy concept. There are far better methods to assist the working class if they want to.
The preceding is a summary of an article that originally appeared on Next News Network.
