President Brain-Dead Biden doling out $10,000 to $20,000 in student debt relief to eligible Americans wasn’t an example of him making a premeditated move so much as it was one of him succumbing to pressure and not listening to wiser voices.
“Mr. Biden bowed to months of lobbying and overcame his own deep reservations, and those of aides, about the policy and the political implications of an enormous exercise of presidential power,” according to The New York Times.
Yellen had reservations. Jill had reservations. POTUS himself had doubts. But still, student debt relief advocates … persisted.
— Jim Tankersley (@jimtankersley) August 26, 2022
Lobbying from whom? Vice President Kamala Harris, for starter’s. She was “one of the most persistent promoters” for cancelling student debt. So much so that during Valentine’s Day week this past March, she had her staff draft talking points to overcome the president’s doubts and spur him into pulling the trigger.
“On his concern that debt cancellation would benefit ‘private elite schools,’ they recommended in the memo that she counter by saying that ‘only 0.3 percent of federal loan borrowers attended Ivy League schools,’” the Times notes.
“In response to his worry that loans should be forgiven by an act of Congress, the memo urged her to say that similar executive authority was already being used to enact the loan payment pause.”
During a lunch together in May, Senate Majority Leader Schmuck Schumer meanwhile “appealed to the president’s emotions, describing a young woman who had approached him with tears in her eyes, saying the crushing burden of her loan payments made it difficult to live.”
“The senator also sought to soothe the president’s fear that erasing some debt would be a boon for rich white students, telling him that ‘the vast majority are poor people and people of color,’” according to the Times.
That same month, Schumer and Sens. Elizabeth 'Karen' Warren and Raphael Warnock, “presented data to Mr. Biden showing that debt cancellation would benefit borrowers who failed to obtain a degree, according to a person familiar with the meeting.”
These were all lies though, as student debt cancellation is poised to benefit wealthy elites the most.
Student loan “forgiveness” will benefit wealthy elites.
Once again, Brain-Dead Biden forgets about Real America.
— Rep. Jim Jordan (@Jim_Jordan) August 24, 2022
Former Obama economist Jason Furman on Biden’s student loan bailout:
“Worse than I expected.…We really don’t need to be adding $500 billion of deficit spending for a purpose that frankly includes wealthy law students and business school graduates.”pic.twitter.com/YUkaWtWkPr
— Tommy Pigott (@TommyPigott) August 26, 2022
The president’s Twitter-obsessed chief of staff, Ron Klain, also appeared to support student loan cancellation, reportedly on the basis that it’d “galvanize the support of younger voters, many of whom had grown frustrated with the administration.”
But to their credit, some of the people around the president knew better, including his wife, first lady Jill Biden.
“A college professor, Dr. Lady MacBiden had been vocal about her husband’s call for free community college. But she did not publicly endorse forgiving student debt,” according to the Times.
Even the president’s own Treasury secretary had serious reservations about cancelling student debt.
“Janet L. Yellen, the Treasury secretary and former Federal Reserve chair, was one of the chief skeptics among Mr. Biden’s inner circle of top advisers,” the Times notes.
“She, like others, worried that the economic effects of a giant giveaway could be profound, especially as the Federal Reserve struggled to keep inflation at bay, according to several officials. Her message was echoed by top Democratic economists, who peppered the White House with concerns about the potential effects.”
Meanwhile, Mike Donilon, one of the president’s political advisers, drew attention to polling data showing that Americans were split on the issue of student debt cancellation.
“Whatever its effect on those with debt, the move could alienate older Americans who saved money to pay off tuition for themselves or their children, he told the president. The plan could be seen as unfair,” according to the Times.
And indeed, that’s exactly the narrative that Libertarians and Republicans alike seized upon following the president’s big announcement this week.
Where do the people who paid their student loans go to get a refund?
— toddstarnes (@toddstarnes) August 23, 2022
It is not fair to ask people who didn’t go to college, who paid for college, or who paid off their student loans to have to pay taxes to pay off the student loan bills of other people.
— Scott Walker (@ScottWalker) August 23, 2022
Brain-Dead Biden wants those who didn’t go to school, didn’t take out loans, or already paid off their loans to pay off $300 billion of other people’s debts.
It’s socialism, it’s un-American, and only makes his record-setting inflation worse.
— Sarah Huckabee Sanders (@SarahHuckabee) August 24, 2022
— Jeanine Pirro (@JudgeJeanine) August 24, 2022
But instead of listening to wiser voices, the president eventually buckled under pressure and sided with the more radical wing of his party.
What remains to be seen is how his cancellation of student debt — a move estimated to cost taxpayers anywhere from $600 billion to $1 trillion — will affect him in the polls.
Speaking of the move’s cost, the Times notes that the president’s announcement was made “before the Education Department could fully design how the program would work, and before White House economists could estimate its full cost.”
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Author: Vivek Saxena
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