Biden thumbs nose at Supreme Court, Republicans with new student loan forgiveness plans

 April 10, 2024

The Biden administration is defiantly insisting on giving another 25 million borrowers some level of student loan forgiveness using new programs even though a previous attempt to give more widespread forgiveness was struck down by the Supreme Court. 

The newest plan to buy off voters consists of forgiving interest on loans with balances that have grown since they were first given despite payments and forgiveness for those who have paid on their loans for more than 20 years but still have a balance.

An estimated 23 million borrowers would have their full balance growth canceled and 25 million getting some level of forgiveness under Biden's plan.

The plan should skirt the problem posed by his previous plan to give everyone a set amount toward loan forgiveness because it is mostly concentrated on "runaway interest" and those who have income-driven repayment plans.

Automatic forgiveness

Another aspect of the new plan is that it makes forgiveness automatic even if the borrower doesn't apply for it.

This was done because the red tape involved in figuring out how to apply for forgiveness has prevented around 2 million borrowers from getting it.

Biden is really, really hoping that the more than 30 million people whose loans he has managed to forgive (at least the interest) will be so grateful that they will vote for him in November.

Really, though, it's not that much different than the Trump tax cut in 2017, which he bragged about relentlessly for the next three years.

Well maybe it's a little different: the tax cut stimulated the economy, as all tax cuts do. Even though it "cost" the government money in the short term, people used that money to start businesses and make more money that would then be taxed, and it was a net positive.

Biden claims his loan forgiveness will do the same thing, and maybe it will a little. But in the end, it will cost taxpayers over a hundred billion dollars, even if they didn't actually go to college themselves. How is that fair?

Buying voters

There will be no end to Biden's attempts to buy voters in 2024.

When you don't have a moral compass and have spent the last 15 years arranging for your family members to take payments from the Chinese, Russians and Ukrainians, among others, the sky's the limit.

And to some extent, it's bound to work. Americans as a whole don't seem to think too deeply about it when someone is handing them cash.

We just have to hope it's too little, too late and voters are already so disgruntled about the last four years that they don't fall for his tricks.

" A free people [claim] their rights, as derived from the laws of nature."
Thomas Jefferson
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