Who Would Have Guessed a Pre-Election Round of Student Debt Dumping Was Imminent?

AP Photo/Jacquelyn Martin

You, sir? 

Me, sir?

Oh, no, sir. Not I, sir!

I would have never guessed POTATUS would do anything so obvious.

And if you believe that, you'll BUY THIS WATCH!! 

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*points to empty wrist*

This move is an old and familiar one for Biden, having done it before - nothing new. It was almost exactly two years ago, right before the mid-terms, when I had a headline that read:

Getcher Biden election money here! Getcher student loan pay-off Biden money here!

The man may not be all there, but what's remaining is consistently crooked.

He was due for another end run at a giveaway pretty soon in any event, especially with an election three weeks off and a shaky-as-Schlitz Biden usurper trying to foist her phony way over the finish line.

POTATUS is in no big hurry to lend Cackles a hand towards victory. But he also doesn't want to besmirch the saintly halo he now has perched over his balding pate thanks to his graceful stepping aside under severe duress for the sake of the party, the country, and, if you believe the gushing noises, all of mankind.

So, what to do, what to do. 

He and DOCTOR Jill have been ever so unsubtly cutting the legs out from under Kamala while using the executive prerogative and privilege of the presidency as cover should they get called out by party brahmins.

Now it was time for the traditional Democratic dollar dump to favored constituents, ensuring their biannual attendance at the polls. Doing this would pose no harm, no foul to the Bidens' sabotage plans.

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And so it was decreed.

RELEASE THE FUNDS OF WAR

The Democrats believe those "public sector" - union types, no less - worker bees can be counted on to be grateful and loyal. 

Having seventy grand or more in debt wiped out with the stroke of a POTATUS pen can buy a lot of love on top of everything else they already get.

The Biden administration announced Thursday that it was forgiving another $4.5 billion in student debt for more than 60,000 borrowers.

The latest round of relief is a result of the U.S. Department of Education’s fixes to the popular, but once troubled, Public Service Loan Forgiveness program.


President Joe Biden, who has forgiven more education debt than any other president in U.S history, said that the number of borrowers to benefit from the program under his administration now exceeded 1 million.

“Public service workers – teachers, nurses, firefighters, and more – are the bedrocks of our communities and our country,” Biden said in a statement. “But for too long, the government failed to live up to its commitments.”

The PSLF program, signed into law by President George W. Bush in 2007, allows certain not-for-profit and government employees to have their federal student loans canceled after 10 years. In 2013, the Consumer Financial Protection Bureau estimated that one-quarter of American workers may be eligible.

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So all totaled, Biden-HARRIS handouts are up to over a million satisfied moochers on the backs of taxpayers, many of whom - the unfortunate, gullible, responsible fools - paid off their student loans through dint of hard work and sacrifice. Or, like us, wrote painful checks for the community college and state university our kid attended and still drive those relly old cars,

It helps that POTATUS and Co could rewrite the rules to effect this wide-ranging miracle of magnanimity.

...Declaring that the program was “broken,” the Biden administration in 2021 offered a temporary waiver allowing borrowers to get credit for past periods of deferment or forbearance, among other changes. A year later, the Education Department updated the rules to expand eligibility more permanently.

Since then, waves of borrowers have been approved for cancellation as they reach the 10-year finish line. On Thursday, 60,000 more hit the mark, pushing the total past 1 million. When Biden took office, just 7,000 borrowers had been granted relief over the previous four years.

In all, the program has erased $74 billion in loans for public workers.

So far, this has also been the one student loan giveaway that the courts haven't shut down on the old grifter because it's a Congressionally established program (Thanks again, fellas.). Only 7,000 people had benefitted from it before our two current spendthrifts ascended their imperial thrones.

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Recent legal action has made even the PSLP handouts look murky, though, and the Biden rule rewriting more questionable.

...Earlier this month, a federal judge in Missouri temporarily halted the Biden administration from forgiving student loans until the courts decide on the plan’s legality. The day before, a federal judge in Georgia allowed a temporary restraining order to expire while a lawsuit filed by seven Republican-led states plays out in court.

Despite the Missouri judge’s recent preliminary injunction, the Biden administration continues to forgive federal student loans. The Supreme Court struck down the administration’s original proposal last year. In August, the Court refused to revive the latest plan when it was blocked by an appeals court’s nationwide injunction.

...The appeals court did not clarify whether the order blocked PSLF when asked by the Biden administration, and the Supreme Court declined to intervene.

The administration has continued to hand out the largesse unabatedly. It's better to ask for forgiveness, and if it gets clawed back from recipients, well, POTATUS tried.

For the record - when it comes to this cash giveaway, Kamala Harris is once again identifying as PART of the Biden-HARRIS administration.

I DID THAT

...Biden and Vice President Kamala Harris released statements, taking credit for approving more student-debt relief than any other administration. Both said that only 7,000 people received student-loan forgiveness under PSLF before they took office in 2021.

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Got that?

I know we "got it." 

But it's a family-friendly blog, so I can't say where.

I don't want four more years of gettin' "it."

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John Stossel 8:30 AM | December 22, 2024
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