President Biden recently sent an email to 153,000 student-loan borrowers reminding them to vote for him this autumn.
Actually, his email said that he is going to put America into even more hock to repay the college loans they had willingly taken out years ago.
Putting it bluntly, his email said that the millions of Americans who repaid their student loans, or worked two or three jobs to minimize their college borrowing, or who never went to college at all, must cover the debt of 153,000 people who did.
As it goes, last summer, the Supreme Court said Biden’s ambitious $20,000-per-student college loan-forgiveness plan — which would have cost the rest of us $420 billion — was unconstitutional.
Not to worry, Biden’s staff quickly went to work looking for other avenues to relieve student-loan debt.
They looked for wiggle room in a law that was passed nearly 60 years ago, the Higher Education Act, that they said gives the Secretary of Education the ability to waive student-loan debt.
That bureaucratic trick gave them the authority to forgive debt for the 153,000 people enrolled in the income-driven SAVE program — Saving on a Valuable Education — who originally borrowed $12,000 or less and have made payments for at least 10 years.
Of course, the program doesn’t “save” anything. It simply transfers the bill for about $1.2 billion to the rest of us.
To date Biden boasts he has “saved” $138 billion for 3.9 million borrowers.
But those savings are tacked right onto our $34 trillion national debt that, thanks to the reckless spending of both parties in Washington, is on track to hit $54 trillion in 10 years.
Which brings us back to the student-loan situation.
The New York Times shares the story of Biden visiting the home of one student-loan borrower, 49-year-old educator Eric Fitts.
Copyright 2024 Tom Purcell, distributed exclusively by Cagle Cartoons newspaper syndicate.