What’s behind the latest Biden latest student-loan-forgiveness plan?
Possibly that his massive public sellout of Israel to genocidal terrorists isn’t moving the needle enough on his campaign’s internal polls — so it’s time to again try directly bribing Dem voters instead.
Why else have the prez announce it himself Monday in swing-state Wisconsin?
No matter that the Supreme Court last summer killed his his first big-ticket jubilee: He’s been doing retail giveaways on one pretext or another ever since, to the already staggering total of $146 billion.
Yet the other guy is still beating him among younger voters, so now he’s doing more of the same in hopes of getting better results.
The latest: He aims to reward debtors for failing to pay back the interest they agreed to take on.
If your student debt has grown due to unpaid interest, you can get up to $20,000 of forgiveness.
If you’re in an income-driven-repayment plan, the whole interest load gets wiped out.
Some 23 million Americans will see their interest debt wiped out that way . . . if the plan goes through.
Then there’s automatic debt cancellation for those who are eligible for it but haven’t yet applied.
And everyone who began paying off the debt more than 20 years ago.
And everyone experiencing “hardship.”
The overall number of beneficiaries, the White House says, will be around 30 million, so this tranche will add at least hundreds of millions to the $146 billion Biden has forgiven student-loan debtors so far.
If the legal basis — an innovative reading of the Higher Education Act — holds up.
What’s not up for debate: This move is 100% payola, and probably not even good politics.
Forgiving student loans on the back of all taxpayers is a transfer of wealth from the poorer and less-educated to the richer and better-educated — and fewer.
Heck, it’s another reason for most young people to vote against him.
For all Biden’s blather to the contrary, the majority who don’t go to college (or who pay off their loans) get hurt: It’s just another bill, or at least more federal debt for the grandkids to repay, and more inflation for the Fed to fight with even higher interest rates.
In other words, it’s the classic Biden policy: public posturing about helping the downtrodden that’s actually a gift to the privileged in a bid to help him.
