The Biden administration apparently intends to enact student loans through the installment plan.
Just a nibble here and a nibble there until all the loans are taken out and people who never borrowed the money (taxpayers) will pay back the loans to those who did (college deadbeats).
The nibble strategy means no single dose of fiscal absolution will be enough to elicit nationwide outrage, but at the end of the day, all those nibbles add up to “Mission accomplished!”
The Washington Examiner brings us the details: “The Biden administration is offering a new round of student-loan forgiveness for more than half a million Corinthian college student borrowers.”
This particular giveaway accounts for nearly 25% of the previous total: “The promotion will provide $5.8 billion in full loan relief to 560,000 borrowers, the largest single loan relief in the history of the Department of Education, and brings all student debt relief to the government to $25 billion.”
The weird thing about this handout is that it doesn’t target the loudest component of wannabe student loan deadbeats. This “Anvil Chorus” consists of Ivy League majors in gender and grievance studies with a very short time horizon and a flexible idea of how to honor a commitment.
Corinthian colleges consisted of trade schools that trained students for jobs below the super-competent people that make up our elites.
Corinthian Alumni really hit the jackpot.
All those who attended either school will see their college debt erased from the books with an eraser bought and paid for by taxpayers.
Even the graduates who got a job and an education.
“The Department of Education confirmed on Wednesday that every student who has ever attended a Corinthian school has been scammed and that anyone with remaining federal loans is eligible for borrower defenses.
“Approximately 100,000 Corinthian borrowers were approved for borrower defense.”
It’s obvious that the Biden administration is hopelessly at sea on economic policy, transportation, crime and foreign policy, but its big minds are surprisingly subtle and nuanced when it comes to government giveaways.
For months, rumors have circulated that Brandon (aka Joe Biden) is considering “eliminating an additional $10,000 in student loan debt for all borrowers making less than $150,000 a year or for joint applicants making less than $300,000.” – Earn Dollars”.
That’s quite a gift for the already lucky, considering the median income in the US is $31,000, which isn’t even a third of $150,000.
To begin this handout would have provoked a great outcry and accusations of hypocrisy.
Beginning the trade school loan cancellation looks like leveling the playing field for the little folks and will make for a solid man-of-the-people visual for Scranton Joe.
Then he can later follow that up with the $10,000 handout for the rich and frame it as only fair since all the welders’ debts have been paid off.
And over time, the bite-by-bite loan cancellation program will result in the complete elimination of college loan debt. That is, until the next generation of deadbeats comes along.
The Washington Examiner found fiscal conservatives “predicting that Biden’s loan forgiveness could exacerbate already historic inflation, and elected Republicans have said the initiative should be viewed as pure bribery en route to the midterm elections.”
So what else is new?
The Democratic Party has viewed government as a goodie bag for its constituents since the days of New York’s Tammany Hall.
Doing what your base wants keeps the left in power, a fact Republicans have eluded themselves for the last 50 years.
Michael R. Shannon is a commentator, researcher for the League of American Voters, and an award-winning policy and publicity consultant with national and international experience. He is the author of “Conservative Christian’s Guidebook for Living in Secular Times (Now With Added Humor!)”. Read Michael Shannon’s reports – more here.