Why Biden is being unfair to Americans by canceling $10,000's worth of loans for student borrowers



Despite the claims made by the mainstream and wishful thinking of Mitch McConnell, it seems most likely that the Democrats are on track to receive an emphatic drubbing during the mid-terms in November.

The myriad crises due to Biden's maladministration such as sky-high inflation, rising fuel prices, the open border that allowed an influx of illegal aliens and illicit drugs, and the crime wave have driven people away from the Democrats.

For the Democrats, these are desperate times that call for desperate measures.

The Democrats have failed in the arena of public ideas, they realize that the only way to enthuse is to bribe them. Failing governments often used freebies prior to elections hoping that their misgovernance will be overlooked. 

Yesterday, Biden announced he would be canceling $10,000 in student debt for borrowers making under $125,000 per year. This was a long-awaited announcement — on the campaign trail, Biden said he would approve $10,000 in student-loan forgiveness.

The Biden administration has already canceled more than $17 billion in student loans for 725,000 borrowers through targeted relief, for government bureaucrats in "public service" and for people who are permanently disabled.

The Federal Reserve estimates that over 43.4 million students in the U.S. owe $1.73 trillion in loans.  The average federal student loan debt balance is $37,113.

The Washington Post reported total outstanding student debt is $1.6 trillion, with 53% of borrowers owing less than $20,000. 

The Democrats hope that a significant percentage of these 43.4 million students and their close relatives will end up voting for them out of sheer gratitude.

But someone has to pay for it, and hence the burden will fall back on, you guessed right, the always exploited taxpayers.

What happens when taxes are raised?

The very wealthy stop investing or transfer their businesses and finances to business-friendly countries. This will hurt the already fragile economy. For the lower- and middle-class who are struggling due to inflation, tax hikes and a weak economy will result in further hardships.  

What about those who didn’t opt for higher education because they couldn’t afford it? This group is already struggling due to inflation and high gas prices. Now this group ends will be funding the education of those who may be on track to secure high paying jobs.

What have dutifully paid off their loans, by toiling relentlessly? Are they being denied easy money because of their honesty?

This is truly unfair.

Debt forgiveness may sound like a compassionate idea on paper but the question remains where does it stop?

Perhaps the government should pardon home loans because everyone has the right to live with dignity under a roof. Perhaps vehicular loans must also be forgiven because families deserve to have a proper mode of transport.

Perhaps the government should pardon farmer loans because farmers  feed of the nation. If farmers receive loan forgiveness so should restaurant owners and all personnel connected to the food industry.

What about medical professionals who set up a practice? They too are serving the nation. Should their loans be pardoned too?

What about pardoning loans taken by people working in the armed forces, law enforcement, and fire brigade? These people place their lives in peril for the nation.

How about teachers? Some of them actually illuminate the student of nation with knowledge. Perhaps they deserve a pardon too?

How about businesses both big and small that are struggling due to Biden’s inflation? Perhaps they deserve a helping hand?

What about those who suffered due to the COVID-19 pandemic?

A recent government report revealed that COVID-19 relief efforts led to possibly the largest fraud in the history of America - an estimated $163 billion were paid to undeserving individuals due to either error or fraud.

What is the likelihood that crooks and identity thieves will not benefit from Biden's news loan forgiveness program?

The case against loan waivers weakens in the wake of gratuitous government spending.

Recently the US Government splurged $10.6 billion and pledged $40 more in aid to Ukraine. The government also provides $52 billion in subsidies for big corporations such as semiconductor manufacturers and offers $45 billion to strengthen their supply chain for high-tech products.  The recently passed Inflation Reduction Act will dedicate $455 billion over the next 10 years to combat climate change. There have been numerous instances of multi-billion dollar bailouts to big corporations.

There is a case to be made that if money can be spent on wealthy corporations and faraway countries why not the long-suffering citizen.

The only option for those really struggling is to extend periods of payment for which a penalty can be charged.

A case for loan forgiveness can be made when an individuals are incapacitated by illness or accident and truly has no means to pay their loan back.

In the end, neither wealthy corporations nor able-bodied individuals deserve any bailouts or loan forgiveness. If they borrowed the money out of their own volution knowing all the terms and conditions, it is their responsibility to pay each and every cent it back.

If one group is bailed out, every other deserves the same treatment. 

If this continues, everyone begins to live beyond their means and irresponsibly which will lead to a total collapse of the economy. This will have a detrimental impact on society in addition to being an unfair burden on the long-suffering taxpayer.

Also appears on American Thinker

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