The Biden administration clearly intends to cancel student loans on the installment plan.
Just a nibble here and a nibble there until the loans are all forgiven and the people who never borrowed the money (taxpayers) will repay the loans for those who did (dead payers of colleges).
The nibble strategy means that no amount of fiscal absolution will be enough to spark national outrage, but in the end, all that nibble adds up to “Mission Accomplished!”
The Washington Examiner brings us the details: “The Biden administration is offering a new round of student loan debt relief to more than half a million borrowers who were students at Corinthian Colleges.”
This particular giveaway includes nearly 25% of the former total, “The action will see $5.8 billion in full loan releases for 560,000 borrowers, marking the largest loan release in Department of Finance history. Education, and brings the administration’s extended total student debt relief to $25 billion.”
The weird thing about this document is that it doesn’t go to the most vocal element of budding student loan defaulters. This “Anvil Chorus” is made up of Ivy League gender and grievance studies majors with a very short time horizon and a flexible notion of how to honor a commitment.
Corinthian colleges were made up of trade schools where students were trained for jobs inferior to the super-skilled people who make up our elites.
Corinthian alumni really hit the jackpot.
Everybody who attended one of the schools will have their college debt wiped off the books with an eraser bought and paid for by taxpayers.
Even graduates who got jobs and training.
“The Department of Education confirmed on Wednesday that every student who attended a Corinthian school was the victim of fraud and anyone with remaining federal loans is eligible for borrower defense.
“About 100,000 Corinthian borrowers have been approved for Borrower Defense relief.”
It’s obvious that the Biden administration is hopelessly at sea when it comes to economic policy, transportation, crime, and foreign policy, but its big brains are surprisingly subtle and nuanced when it comes to government handouts.
There have been rumors for months that Brandon (aka Joe Biden) is considering “forgiving an additional $10,000 of student loan debt for all borrowers earning less than $150,000 a year or co-filers earning less than $300,000″.
That’s quite a gift for the already wealthy considering that the average income in the United States is $31,000, which isn’t even a third of $150,000.
To begin with this document would have generated public outcry and accusations of hypocrisy.
Starting off with the trade school loan cancellation feels like leveling the playing field for the little folks and will give a solid man-of-the-man perspective for Scranton Joe.
Then he can follow that up later with the $10,000 handout for the rich, presenting it as fair, since all the debt was wiped out for the welders.
And over time, the incremental loan forgiveness program will lead to the complete elimination of college loan debt. That is, until the next generation of deadbeats arrives.
The Washington Examiner found fiscal conservatives who “predict that Biden’s loan relief could exacerbate already historic inflation, and elected Republicans said the initiative should be viewed as an outright bribe to the approach of the mid-term elections”.
So what else is new?
The Democratic Party has viewed government as a gift to its constituents since the days of New York’s Tammany Hall.
Doing what your base wants keeps the left in power, a fact that has eluded Republicans for 50 years.
Michael R. Shannon is a commentator, researcher for the League of American Voters, and award-winning political and advertising consultant with national and international experience. He is the author of “The Conservative Christian’s Guide to Living in Secular Times (Now with Extra Humor!)” Read Michael Shannon’s Reports – More here.