Biden TORCHED Online After Cancelling $10K Of Student Loans, Pausing Payments Till 2023
Bo Banks
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Perhaps the headline of the day is that President Joe Biden has finally announced his plan for canceling student loan debt for Americans.
In keeping with his campaign promise, the Biden administration is going to “cancel” student loan debt up to $10,000, and pause loan repayment once more till January 2023.
In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023.
I'll have more details this afternoon. pic.twitter.com/kuZNqoMe4I
— President Biden (@POTUS) August 24, 2022
As The New York Times reported, Biden is “canceling $10,000 in student loan debt for Americans earning $125,000 or less per year and extending a pause on payments for all borrowers until Dec. 31.”
Biden will also provide “$10,000 of debt forgiveness for students who received Pell grants in college, focusing the additional aid on people from lower-income backgrounds,” the outlet continued.
As critics of Biden were quick to point out, this is the direct opposite of what House Speaker Nancy Pelosi said was going to happen to student loan debt last month.
The Hill reported on Monday that roughly 6 in 10 Americans – 59% – say they are worried that forgiving student loan debt could make inflation worse.
There is no such thing as student loan forgiveness. There is only student loan transferral, where the debt is transferred from the person who took out the loan to someone else who did not take out the loan.
— Matt Walsh (@MattWalshBlog) August 24, 2022
Reuters somewhat acknowledged this fear, by saying Biden canceling the debt will add “a new wrinkle” to the country’s inflation fight according to economists.
Critics also accused Biden of only canceling student loan debts in hopes of boosting Democrat approval ratings just ahead of the 2022 midterm elections.
Clay Travis of Outkick had a good take on the whole situation and how it is unconstitutional.
Almost all media arguments will focus on whether this is a good idea or not. The real story is it’s blatantly unconstitutional. But it won’t be struck down until well after the midterms. When that happens Democrats will blame the court in 2024 campaign.
— Clay Travis (@ClayTravis) August 24, 2022
This is essentially the eviction moratorium extension all over again. The president is acting unilaterally outside his own powers, & he knows it, for entirely political reasons. Media should do a better job explaining this. But they won’t. Because most media are Dem cheerleaders.
— Clay Travis (@ClayTravis) August 24, 2022
“This is essentially the eviction moratorium extension all over again. The president is acting unilaterally outside his own powers, & he knows it, for entirely political reasons,” Travis said in his four tweet Twitter thread.
“Media should do a better job explaining this. But they won’t. Because most media are Dem cheerleaders,” he concluded.
As more information regarding what this student loan forgiveness could mean for the future of Americans in regards to inflation and whether or not it’s constitutional, it’s worth noting that far-left outlets are already squawking about how $10,000 is not enough.
Not to mention that it’s also racist.
Per a report from Just The News about the NAACP’s response:
“If the rumors are true, we’ve got a problem. And tragically, we’ve experienced this so many times before. The interstate highway system devastated Black communities,” Johnson said, according to The Hill. “Welfare reform tossed poor people of color by the wayside.”
“President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people – especially Black women – behind,” he continued. “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”
This is a developing story. We will update as more information becomes available.
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