President Joe Biden went to Wisconsin on Monday to promote his new program to help people with student loans. It's seen by some as a bribe for the election year and it's not very respectful to the Supreme Court.
As expected, the Democrat’s supporters in the media repeated the White House's ideas about Biden’s Plan B to forgive some student loans. They didn't talk about the cost to taxpayers.
According to Wisconsin Public Radio:
Under the proposal, debt would be canceled for people already eligible for certain federal student loan forgiveness programs. It would also cancel debt for anyone who began repaying their undergraduate loans more than 20 years ago, or graduate loans more than 25 years ago…
According to a press release, the plan would eliminate all accrued interest for 23 million people and cancel out debt for 4 million people.
The government-supported public radio station didn’t discuss the cost to taxpayers. The same goes for the Milwaukee Journal Sentinel in their promotion of Biden’s new bailout. However, The New York Times, while supporting Biden, mentioned that critics worry it could increase inflation and add to the federal debt by billions of dollars.
Why wouldn't it? The New York Post estimated thinks Biden’s latest proposal could be as big as his previous failed program, which was over $400 billion and not allowed by the constitution.
Who is going to give to reduce debt for 23 million borrowers? Do a complete bailout for 4 million Americans? Provide at least $5,000 to 10 million college loan holders (Alone, that's over $50 billion)?
Taxpayers. Taxpayers with student loan debt. Taxpayers without student loan debt. Taxpayers of all types, especially future taxpayers. Because unless Biden and Congress suddenly start cutting government programs to deal with a $34.6 trillion U.S. debt — and it's growing quickly — this plan will be paid for by people now and in the future.
“We’re giving people a chance to make it,” Biden told a group of liberals at Madison Area Technical College in Wisconsin. The Democratic party will need to get a lot of votes again in the big-government city and left-wing Dane County if they want to win Wisconsin, a big battleground that Biden won very narrowly in 2020.
“Today, too many Americans — especially young people — are stuck with huge debts from college,” Biden said during a 15-minute unclear speech as a major solar eclipse darkened much of the sky in the country. A bad sign?
‘Presidential Do-Over’
You didn’t need special glasses to see that Biden’s bailout, coming less than seven months before the presidential election, is meant to help his falling poll numbers.
The most recent RealClearPolitics average of polls shows Biden and former President Donald Trump tied nationally. But Trump is ahead in six of the seven swing states, which are really important for deciding who will be the next president, according to a Wall Street Journal poll. Biden is only ahead in Wisconsin, by 3 percentage points, according to the poll. Trump leads by as much as 8 points in North Carolina, and as few as 2 points in Michigan.
Republican National Committee Chairman Michael Whatley said that Biden wants to use taxpayers' money to gain support from younger people who are increasingly backing President Trump. statementHe referred to Biden’s trip to Wisconsin as the Bankrupting American Tour.
Whatley added that Biden’s plan to cancel student loans for wealthy individuals was previously rejected by the Supreme Court, and his policies are leading to significant inflation.
Biden's previous $400 billion student debt relief order, aimed at 43 million borrowers, was issued in the summer of 2022, prior to the midterm elections. The Supreme Court ruled it unconstitutional and since then, Biden has used his presidential authority to reduce smaller amounts of outstanding student loan payments.
The Times described it as a presidential do-over, although it does not seem to be a legally recognized concept.presidential do-over.
Last month, Kansas led 11 states in a lawsuit against Biden’s loan cancellation initiative, which has forgiven loans for over 150,000 borrowers, as reported by the White House. The lawsuit claims that the president once again exceeded his powers and defied the Supreme Court. lawsuit The Job Creators Network Foundation sued the Biden administration over its debt cancellation initiative that was invalidated by the Supreme Court. The lawsuit, filed in a Texas federal court, stopped the bailout at the district level and paused the application process, allowing the legal challenge to reach the Supreme Court, according to the conservative advocacy organization. SAVE PlanThe Job Creators Network Foundation sued the Biden administration over its debt cancellation initiative that was invalidated by the Supreme Court. The lawsuit, filed in a Texas federal court, stopped the bailout at the district level and paused the application process, allowing the legal challenge to reach the Supreme Court, according to the conservative advocacy organization. more than 150,000 borrowersmore than 150,000 borrowers
The Job Creators Network Foundation sued the Biden administration over its debt cancellation initiative that was invalidated by the Supreme Court. The lawsuit, filed in a Texas federal court, stopped the bailout at the district level and paused the application process, allowing the legal challenge to reach the Supreme Court, according to the conservative advocacy organization. sued The Job Creators Network Foundation sued the Biden administration over its debt cancellation initiative that was invalidated by the Supreme Court. according to the conservative advocacy organization.
‘A Blank Check’
Elaine Parker, president of the Job Creators Network, said Biden’s latest bailout suffers from the same fundamental problems. It illegally bypasses Congress and does nothing to hold the nation’s colleges and universities accountable for making much of the existing mess through exorbitant higher education costs.
Elaine Parker, president of the Job Creators Network, said that every time the administration forgives more loans, it’s like giving a blank check to universities, which tells them to keep increasing tuition fees and overcharging students.The Vicki McKenna Show.”
“The Biden administration is lawlessly ignoring the Supreme Court and Congress by launching another massive student loan bailout program… He is acting as a King, not a president,” – @Elaine_Parker https://t.co/dI20l0P6Ic
— Job Creators Network (@JobCreatorsUSA) April 8, 2024
Biden’s boss, President Barack Obama, drove the massive federal takeover of the student loan program that has proved so costly. John J. Faso highlighted the negative impact of the federal takeover of student lending by President Obama in September 2022.
The New York Republican noted that Obama promoted the federal takeover of student lending as part of the bill that brought us Obamacare — the Affordable Care Act — in 2010. Another example of why you shouldn’t pass a bill “so you can find out what’s in it.” federal takeover of student lending as part of the bill that brought us Obamacare — the Affordable Care Act — in 2010. Another example of why you don’t pull a Pelosi and pass a bill “so you can find out what’s in it.”
“At that time, Obama proclaimed that by cutting out the ‘middleman’, taxpayers would save $68 billion. Banks would no longer underwrite student loans and the federal government would directly lend to students,” Faso wrote. “Every one of Obama’s promises turned out to be untrue.The program didn’t save any money. Loan defaults increased. Colleges accelerated increases in tuitions and fees and student debt skyrocketed. Today’s student loan mess was caused largely by Obama’s failed program.
As he presented his new alternative plan to the Supreme Court decision, Biden surely hoped that the people burdened with student loan debt in swing-state Wisconsin would repay his taxpayer-funded kindness with their votes in November. The White says the new program could take effect 'early this fall,' or not long before the election, according to the New York Post. reported. Perfect timing.
As Parker pointed out, Congress passed bipartisan legislation last year blocking Biden’s student loan bailouts by executive order. Biden vetoed it. She said other changes are stuck in the Senate.
“Senate Democrats do not want to take it up and discuss anything remotely close to solutions because they are in an election year and their goal is to buy these votes,” she said.
Listen to the full interview with Elaine Parker of the Job Creators Network Foundation.
