Biden’s Student Loan Forgiveness Truth Introducing part 3 of the 3-part series on Biden student loan forgiveness.
When President Biden went on 60 Minutes in September to announce that the pandemic was over, he was giving good news to Americans. Unfortunately for Joe, it was bad news because it was under his emergency authorization powers related to the pandemic that he authorized the student loan forgiveness of some undefinable number of hundreds of billions of dollars in student loan debt. Don’t worry. His staff was quick to come out and clarify his remarks about the pandemic being over. They assured us it’s only mostly over, save for the part that lets him promise to forgive student loan debt.
The forgiveness of that debt is likely unconstitutional, but that doesn’t trouble an administration that, like FDR’s administration nearly one hundred years prior, sees the Constitution as an anachronistic, unnecessarily limiting, document that should be viewed more as a set of guidelines than as any type of hard and fast rules.
With the official launch of the student loan forgiveness program just a few days ago, and with over 8 million people already applying, one must wonder what the President’s calculation is in offering a promise that legally he cannot keep.
Media Silence Says It All
Neither the media nor Biden’s statement on 60 Minutes highlighted the illegality of the executive order. What would happen if President Trump had appeared on 60 Minutes and undermined his authority?
For example, what if he had said that there really aren’t any free speech limitations on college campuses at the same time he was issuing his order in March of 2019 to force universities to permit free speech (conservative groups were/are being denied such rights regularly)? What if he had said a couple of months earlier that there was no problem with illegal immigration at the exact moment he was launching his “stay in Mexico” policy? The questions are rhetorical. The mainstream press would have risen in righteous indignation. You can see the headlines in the NYT: Trump Policy on Immigration Incoherent by His Own Admission”
This is, of course, a recurrent theme in American politics. Team-left legislators and leaders can run roughshod over laws and processes without any sort of protest. This comes from a Machiavellian formulation that the ends always justify the means.
We are not a democracy, so conservatives must adhere to an extremely high standard, or they will be labeled hypocrites.
The fact that this program is announced in an election year, and the fact that Biden announced last week that the program would have very lax application standards, sets it up as something that is being done to purposely and shamelessly attract voters to put a bunch of socialist-leaning Democrats back into office to help ensure that their dreams for being able to eat as pigs at the American trough of entitlement don’t come to an end before they are allowed to get their fill of taxpayers’ bailout dollars.
Biden already overstepped clearly by making a blanket statement about student loan forgiveness when he did not take into account that almost 8% of outstanding student loans are “private” student loans (those issued directly by non-government lenders). The federal government has less than zero authority to cancel contracts made between citizens and businesses acting independently of the government. No matter. In return, Biden will promise: “I’ll win the Senate, keep the house, and go after those loan types, too.”
Alternative to Student Loan Forgiveness
Providing five years of interest abstinence to student loan borrowers affected by the pandemic would be constitutional and conservative. People can dramatically decrease their loan balance if they get their financial house in order and increase their payments.
As opposed to his current forgiveness plan, such a system would benefit everyone involved fairly.
Right now, at least eight states have taken action to attempt to stop Biden’s clearly illegal plan. There is a high degree of probability that one of these efforts is going to be successful (one such challenge prior to this going to press has been rejected by a judge but I am certain to be appealed).
Suppose this was the case, what would happen to the Americans who bet on debt forgiveness for their financial futures? This is where it is critical to not place all of your student loan “eggs” in to Joe Biden’s basket. Despite Joe’s genuine belief in the Easter Bunny, the bunny isn’t as real as his ability to leave presents.
Liberals Beliefs: Ends Justify the Means
Liberals do always believe that ends justify the means. In the process, they create false hope and toxic dependency by lying to the American people. In this case, millions of Americans can become dependent upon a false promise made by a false President.
Ensure that your financial plan doesn’t assume debt forgiveness. You need to consult a conservative financial advisor who will make sure that you don’t over-extend on an over-promised handout.