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STEPMAN: Biden’s diabolical student debt program is robbing the poor to give to the rich

Inez Stepman is Senior Policy Analyst at the Independent Women’s Forum and host of High Noon with Inez Stepman

You may be outraged by President Joe Biden’s politically cowardly giveaway of debt relief to his most loyal constituents – and believe me – I am.

But you have to admit – it’s pretty devilishly clever.

The government said it was about “giving people a fair chance”. The opposite is true. It punishes the very people who followed the rules.

President Biden has called this bailout a lifeline for those struggling financially. Wrong again. It’s the opposite of Robin Hood: he robs the poor and gives to the rich.

And don’t the Democrats always complain that the rich already have too much?

Biden’s student debt relief plan isn’t about fairness or the American Dream or campaign promises.

It’s about rewarding the Democrats’ key voters: the upper-middle class and the universities, who act as essential training grounds for the left’s cultural revolution.

It’s that simple. And cynical.

The plan so far calls for $10,000 in loans for debtors to be forgiven, making up $125,000 a year — up to a quarter million for couples — and $20,000 for those who qualified for Pell Grants, the students with reserved for the lowest income.

President Biden has called this bailout a lifeline for those struggling financially. Wrong again. It's the opposite of Robin Hood: he robs the poor and gives to the rich.

President Biden has called this bailout a lifeline for those struggling financially. Wrong again. It’s the opposite of Robin Hood: he robs the poor and gives to the rich.

The government is also extending the COVID payment pause until after the midterm elections (must be a coincidence) and halving payments for those on income-based repayment plans.

The cost of this generosity is rising from an initial estimate of $300 billion to as much as $1 trillion.

For all of Biden’s false rectitude in “making sure people have the breathing room they need to buy a home, open a business, raise a family, and save for their future,” he has Ripped people who made sacrifices and made other choices to avoid college debt.

Callback: Senator Elizabeth Warren has shamefully bludgeoned an outraged father who confronted her on the 2020 campaign trail after boasting plans to pay down student debt.

“I saved all my money. [My daughter] has no student loans. Can I get my money back?’

“Of course not,” she said.

That doesn’t seem fair at all to me.

But guess what?

Now this angry father who saved and worked double shifts and did the responsible thing has a big new tax burden to shoulder.

Talk about being punished for doing the right thing: Each individual taxpayer will share the $2,500 cost, according to the National Taxpayers Union Foundation.

So, who really benefits from this giveaway?

Even Speaker Nancy Pelosi has said that despite the loose legislative language, the President does not have the authority to spend a trillion dollars with the stroke of a pen.

Even Speaker Nancy Pelosi has said that despite the loose legislative language, the President does not have the authority to spend a trillion dollars with the stroke of a pen.

Well, in the service of the White House’s lies, the government has released misleading statistics that make it appear that those benefits go to the middle and working classes, rather than Harvard law students who work a year or two as clerks before they go to switch to well-paid permanent jobs.

And all of this, of course, without the intervention of the state authority entrusted with the budget management.

Even Speaker Nancy Pelosi has said that despite the loose legislative language, the President does not have the authority to spend a trillion dollars with the stroke of a pen.

“The President can only postpone, delay, but not waive student loans,” she said. “It would require an act of Congress, not an Executive Branch order, to cancel the student loan debt.”

But of course she contradicted that view immediately after the announcement, calling it a “bold action” and a “strong move” rather than a scornful swipe at the separation of powers and the role of Congress.

In response to the outcry over this reverse Robin Hood anniversary making Democrats in swing districts back out of the move, the government has offered nothing but more deception.

Though among all the lies, white lies, and statistics, Biden is right about one thing: Student loan debt has been a real liability for at least two generations (so far).

Perhaps the most sickening aspect of this diabolically deceptive policy is that it reflects his administration’s overall seriousness about real problems facing America.

None of this touches on the underlying problems of higher education.

In four years outstanding student debt in the United States will be at the same level as it is today and taxpayers will have shrunk by another trillion or two, who knows, inflation is a real kick.

But slapping the first of many band-aids on the back end at the expense of truckers and Amazon delivery people won’t touch the real root of the problem, which is the exponentially skyrocketing cost of college, fueled by ever-increasing government-bailout loans, is in none proportion more to the value of the education or degrees that universities offer.

Sen. Elizabeth Warren has shamefully bludgeoned an outraged father (above) who confronted her on the 2020 campaign trail after she boasted plans to pay off student debt.

Sen. Elizabeth Warren has shamefully bludgeoned an outraged father (above) who confronted her on the 2020 campaign trail after she boasted plans to pay off student debt.

The irony is that student loan programs, designed to ensure the brightest students from poorer families get access to higher education, have shut them out.

The student loan market is almost entirely nationalized, with 93 percent of loans held directly by the Department of Education.

For every dollar of student loans that becomes available, universities have been able to match tuition fees ranging from 60 cents to staggering amounts that discourage working families.

The result is that fewer students from families in the bottom half of the income spectrum are attending college today than they were 50 years ago when these programs were introduced.

And now, to make matters worse, those same people are expected to pay off the debts of accountants and bureaucrats.

Biden wants to open the doors to the granary in a modern panem et circenses – “bread and circuses” – for his constituencies.

All right, but it’s only right that lower- and middle-class American taxpayers are demanding that the bill stay away from their own doorstep.

If the bill for this decades-long program has to be paid anywhere, it will be on the doorstep of the universities that have benefited from it.

After all, they are only paying for a democratic re-election campaign.

https://www.dailymail.co.uk/news/article-11166191/Bidens-diabolical-student-debt-scheme-robs-poor-rich-writes-INEZ-STEPMAN.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 STEPMAN: Biden’s diabolical student debt program is robbing the poor to give to the rich

Andrew Kugle

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