Washington Post slams Biden’s student loan handout

The leftward Washington Post, surprisingly, doesn’t appear to be on board with President Joe Biden’s student loan bailout program.

Fox News reports that WaPo, on Wednesday, published two articles in which it actually condemned Biden’s plan. 

In case you missed it, Biden recently made two big federal student loan announcements. One is that he has decided, once again, to extend the moratorium on student loan payments through the end of the year.

The second is that Biden, through executive action, has announced that the federal government will forgive up to $10,000 of each federal student loan borrower’s debt and up to $20,000 if such a borrower received a Pell Grant. The only requirement is that the borrower is making less than $125,000, or less than $250,000 for a married couple.

WaPo responds

The Post made it clear that it is not on board with either of Biden’s announcements. It did so with one article written by the outlet’s editorial board.

“Both measures are ill-conceived and misdirected,” the board wrote.

“Mr. Biden’s student loan decision will not do enough to help the most vulnerable Americans,” it explained. “It will, however, provide a windfall for those who don’t need it — with American taxpayers footing the bill.”

“Jaw-droppingly expensive”

In a separate article, Post columnist Megan McArdle also criticized Biden’s “regressive” student loan handout, writing, “there are so many things wrong with President Biden’s newly unveiled policy on student loans that one hardly knows where to begin.”

McArdle went on to call Biden’s student loan handout “a jaw-droppingly expensive plan for student loan forgiveness that is actually going to make the problem of college costs worse while increasing the political pressure for the government to shovel in even more subsidies.”

McArdle noted that the plan could cost between $400 and $600 billion. She also noted that only “the most affluent demographics” will benefit from it and that everyone else will be stuck paying “the cost through some combination of higher taxes, lower benefits, or higher inflation and interest rates.”

Finally, McCardle questioned the legality of Biden’s move, writing, “its legality is at best an abuse of the law to address the ‘national emergency’ of upcoming midterm elections.”

It is not every day that you will see the Washington Post, of all places, making this much sense. Why this particular move by Biden struck a nerve with the Post is unclear.

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