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President Biden Now Wants to Cancel Student Debt Altogether

Posted on Tuesday, December 6, 2022
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by AMAC, John Grimaldi
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WASHINGTON, DC, Dec 5 — The late Senator Everett McKinley Dirksen [R-IL] is said to have balked about excessive federal spending in 1962, cautioning his colleagues that, “A billion here, a billion there, and pretty soon you’re talking real money.” Maybe it is too far in the past for President Biden to recall that message because here Biden is continuing to spend not a billion dollars, but hundreds of billions of dollars of taxpayer money to extend his federal student loan moratorium. 

The president promised to end the moratorium last February but Mr. Biden reinstated it last August, promising that payments would be resumed no later than December 31, 2022. Instead, he has extended the pause yet again until June when, according to CNBC, he intends to move forward with a debt forgiveness plan. The cost to taxpayers to date for his largesse is now more than $150,000,000,000 and growing at an alarming rate. 

However, The Hill reports that over the past several weeks the St. Louis U.S. Court of Appeals put a halt to the president’s plans, the Court of Appeals in New Orleans refused to revive the program and the U.S. Supreme Court has agreed to hear arguments on the issue but not until February.

Newsweek says that the Biden plan is to forgive some $20,000 for Pell Grant debtors and as much as $10,000 for other student borrowers and that some 95% of borrowers would be eligible for debt relief and that as many as 45% would have their debt completely eliminated.

The Committee for a Responsible Federal Budget [CRFB], a non-profit public policy organization based in Washington, D.C., suggests that college graduates with generous incomes may benefit big-time as a result of Biden’s generosity. In a new report published on November 22, CRFB states: “As we’ve shown before, the benefit of the pause accrues disproportionately to those with advanced degrees.  Should the President extend the policy through the end of 2024, the nearly five-year long pause would mean that a typical medical student who graduated in 2019 would effectively have $107,000 forgiven and a law school graduate would have $65,000 forgiven. That’s compared to the average borrower receiving $11,000 of forgiveness. Between 75 to 80 percent of the forgiveness would be from the pause itself and the rest from the effects of higher inflation on eroding debt. New doctors receive almost ten times the benefit of the average borrower and $107,000 more than someone who never attended college.” 

There’s a consensus out there that a student loan payback freeze is not just unfair, that it is bound to fuel a spike in inflation going forward, according to CRFB Senior VP Marc Goldwein. In addition, he told the Daily Caller, that by continuously extending the repayment pause student borrowers will start to think that they might never have to make payments. “The longer this goes, I think the more people are gonna start to question whether they’re ever going to pay back their debt. At some point, it’s probably going to cause people, if it isn’t already, to take out more debt than they otherwise would in hopes that at least they’ll get some of the interest canceled.”

Last August the White House issued a Fact Sheet regarding “Student Loan Relief for Borrowers Who Need It Most…working families…low- and middle-income families.” However, the Student Loan Planner website says President Biden’s “$10,000 in federal student loan debt forgiveness with income limits of $125,000 for individuals or $250,000 for households/families to qualify for forgiveness.” That’s “Forgiveness” with a capital “F.” In its November 15 post the Planner website noted that “Top White House officials have repeatedly confirmed that a decision on student loan cancellation would be made before the ongoing student loan payment pause ends. Biden himself has indicated that he could decide within a matter of weeks.” Talk about upping the ante. 

You may recall that the president declared definitively last august when he last extended the moratorium that, in no uncertain words, “The student loan payment pause is gonna end. It is gonna end – I am extending it to Dec. 31, 2022. And it is gonna end at that time. It is time for the payments to resume.”

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Michael McCaffery
Michael McCaffery
1 year ago

Absolute rampant insanity, and I left out all the curse words.

Dennis Belotti
Dennis Belotti
1 year ago

Where is the Republican protest to this lunacy ??
The GOP majority in January has to stop this incredible Incompetant bastard !

Michael J
Michael J
1 year ago

Biden can’t string two sentences together so I doubt he’s the author of this lunacy. The scary thing is, what’s next?

PaulE
PaulE
1 year ago

Ha! Sure why not. It’s just naked vote buying round 2 from Team Biden and the Democrats. The Domocrat voters are certainly stupid enough to fall for it again, as a lead up to the 2024 elections. So what if Biden doesn’t have the legal authority to do any of this. When has that ever bothered any Democrat at the end of the day? He’ll just do it and then it will take months or maybe years for all the lawsuits to go through the slow moving court system. By then, Biden will have transferred several billion dollars of student loans to the American taxpayers. Money that will never be clawed back after the courts once again rule Biden has NO AUTHORITY to do any of this.

Biden won’t be impeached, because Kevin McCarthy has already stated multiple times in 2021 and 2022 that we won’t use that option. In any event with the Senate in Democrat hands, it is virtually impossible to get the votes to convict anyway as McConnell has also promised NOT to use impeachment against Biden. Elections have consequences and the American people will continue to suffer the consequences for allowing the fraud of 2020 to stand. So just sit back, grab your favorite beverage and enjoy the show. It’s going to around for a long, long time to come.

The Mighty Phantom
The Mighty Phantom
1 year ago

If the lower classes receive trillions in welfare to subsidize huge families that will grow up into liberal voters, entrenching democrats in permanent power, then hard working upper middle classes should receive breaks too.

Denis R
Denis R
1 year ago

I don’t know who raised all the young people to think they are entitled to free everything but this stuff needs to stop. I taught my millennial children that if they wanted something to get a job and earn it. They are teaching their children the same thing.NO MORE FREE MONEY HANDOUTS. GET A JOB!! GET 2 JOBS IF YOU NEED TO.

Tony
Tony
1 year ago

Cancel student debt with your own money Joe. Not with my money. Paid my own way and my kids way thru college. If you don’t pay your own way you don’t appreciate what it costs.

Don
Don
1 year ago

Okay, time for a dementia test!

David Millikan
David Millikan
1 year ago

DICTATOR Beijing biden working hard on BRIBERY for Votes.
Between Student Loan Debt Cancellation to now adding to BRIBERY wanting those under 18 such as 16 years old and younger to Vote. Kids at 16 DON’T have a clue on how our government works let alone the world.
If they Vote at 16, then they can GO INTO THE MILITARY and GO TO WAR if they want them to Vote.
That is the REQUIREMENT for 16 year old’s to Vote.
NO EXCEPTIONS.

Granny26
Granny26
1 year ago

And if they would take courses in college that would help them make a decent living..besides crap like ‘liberal arts’ they could pay their own student debts.

heil biden
heil biden
1 year ago

LIAR

Nana
Nana
1 year ago

What about senior adults who worked as many jobs as 7 at one time to get husband through seven years of college debt free and now receiving less than $700 per month. AND he’s wanting to cut that.

Mike
Mike
1 year ago

Trump has revived white supremacy and hate. That is his legacy.

Professor Sean Clark
Professor Sean Clark
1 year ago

The Executive Branch has no authority here. The Legislative Branch has the Power of the Purse, so *any* POTUS insinuating that they can “cancel debt” (i.e., settle debts with public tax money unallocated to the task) is flat WRONG. The 5th Circuit Court agreed. This is a political stunt, nothing more.

Vena
Vena
1 year ago

Jus like Biden, make promises he never meant to keep.Get everybody’s hope up, happy happy day. Only to drop them like humpty-dumpty, cracked. Why do they listen to him, lie lie lie that’s all he does. Makes up stories only to find out he never did any of it. Hope they learned, and figure out to STOP VOTING DEMOCRAT.

Robin W Boyd
Robin W Boyd
1 year ago

There is no rationality for student loans to be paid off using taxpayer money. Why not pay off all of our mortgages, vehicle loans and credit card debt? Citizens must be held responsible for our actions. We must repay loans we take out!

Carolb
Carolb
1 year ago

President Biden is enjoying spending our tax dollars a bit too much. Someone needs to put a stop to this!

NewDay
NewDay
1 year ago

Biden is tetering on the edge of becoming a madman. He is putting our children and grandchildren’s future at risk just to gain more votes. Look again at that figure, look at the zeros. This is insanity.

Papayec
Papayec
1 year ago

Democrats cancel others’ assets, never their debts.

Letts Brandon
Letts Brandon
1 year ago

This is called buying votes. Which is of course why it is illegal for a President to do. It should be stopped immediately on that fact alone. It also forces all taxpayers to subsidize a sitting president’s re-election, which is also illegal. Of course if he doesn’t run this would not be provable. See where this is going? He can do what ever he wants as long as he doesn’t run in 2024.

Brian
Brian
1 year ago

If he really wants to help people receive money that they HAVE earned, but not receiving, he should cancel the Social Security WEP program. 🙂

Kathi
Kathi
1 year ago

Why doesn’t Biden take his “10%” and pay them off himself?

patriot
patriot
1 year ago

Many would like to cancel Joe Bidum and put a stop to his endless spending of taxpayer money. Our children’s children and their children’s children will still be paying on this unending debt, to China

Herb S
Herb S
1 year ago

Cancel Biden, not the loan repayments.

Steve Clinton
Steve Clinton
1 year ago

Just another way that Lyin’ Biden can guarantee votes from welfare freeloaders and blacks.

DrJ
DrJ
1 year ago

He wants to reward academia for dumbing down and perverting our youth. Good job guys.

Robert Zuccaro
Robert Zuccaro
1 year ago

Better be paying me back for my Sallie Mae loan I paid off in 2012 then…. But its okay because when California votes for reparations, I’m identifying as black MEN descended from slaves under the pronoun of “they” so I get multiple checks.

CCR
CCR
1 year ago

Gee, can I get the mortgage and car loan cancelled??? Really, Joe, what are you thinking?? Oh that’s right, you have all that graft and corruption money….. So if you’re so concerned with the twerps not being able to afford an education, why don’t YOU and Dr Jill pay them?? I used my entire teachers salary for seven(that’s 7!) years to pay for my kids to go to college and we lived on one salary. If we made it work, others can too!! I did my turn and refuse to foot the bill for those who can’t or won’t honor their financial obligation!! ‘nuff said.

Sam
Sam
1 year ago

It’s GOOD to be the King……

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