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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