Good day all. Charles “Upchuck” Schumer has never been known to pay attention to little things like the Law or the Constitution. Recently, Upchuck told Dementia Joe that he should just whip out Obama’s pen and phone and issue an executive order writing off hundreds of billions of dollars in student loans.
One of the major issues today is the massive amounts of debt that young people take on when they go to college. One of the reasons for the massive debt is the massive increases in college tuition that has occurred since The Great Mistake, Barack Obama had the government take over the Student loan programs.
Because the colleges could count on getting paid, no matter what, they began jacking up their prices. Add to that the number of degrees that are basically worthless, and you have a new crop of Starbucks Barristas living at home trying to pay off the debt.
During the election, the Progressives decided that the best way to fix this problem they caused was to just forgive the loans. I’m not going to get into the right or wrong of this, (It’s wrong of course), that is another topic. However, in yet another of his brilliant ideas to screw the people, Upchuck Schumer has told Dementia Joe he can just sign an order and make it all go away. Here are the details from Fox News:
Senate Minority Leader Chuck Schumer reiterated his call for President-elect Joe Biden to bypass Congress and cancel billions of dollars in student loan debt during his first day in office.
“We have come to the conclusion that President Biden can undo this debt, can forgive $50,000 of debt the first day he becomes president,” Schumer said Monday, speaking to reporters outside of his Manhattan office. “You don’t need Congress. All you need is the flick of a pen.”
Actually, you do need congress. That money has to come from somewhere, and only Congress can appropriate it.
The New York Democrat has previously said Biden should enact a plan that he laid out earlier this year alongside Sen. Elizabeth Warren, D-Mass., under which the president could use executive authority to immediately cancel up to $50,000 of student debt per borrower.
Fauxahontas Warren is not known for having any interest in the Constitution or the laws of the land if they are in her way. Her pet bureaucracy, the Consumer Financial Protection Bureau, was set up so that it would not be accountable to anyone. Of course, she had intended to be named the director by Der Fubar, and she wasn’t shy about how she was planning to use it. (The old East German Stasi would have drooled at the power she wanted to assume)
Biden has called for forgiving $10,000 in student loan debt as part of a broader coronavirus relief package. Under that proposal, economically distressed borrowers would immediately have $10,000 in student debt forgiven. The government would also cover monthly loan payments for people with private student loans until September 2021 and forgive $10,000 of their debt.
But in a joint op-ed published last week, the senators urged Biden to go further left on the issue, arguing that broad cancellation of student loan debt would free up about $200 to $300 per month for millions of Americans. They maintained that Biden could use existing executive authority under the Higher Education Act to order the Department of Education to “modify, compromise, waive or release” student loans.
The problem with this is rather simple and I’ve mentioned it before. Where is this money going to come from? It has to be appropriated. This requires Congress. If Dementia Joe were to try this, it would be challenged almost instantly.
Still, such sweeping executive action would almost certainly face a legal challenge, and it’s unclear whether it could survive. Critics have argued that using such power exceeds the president’s authority granted by Congress. Canceling student loan debt would also add to the nation’s already-ballooning national deficit, which totaled a record $3.1 trillion for the 2020 fiscal year.
The increase in the debt is something that I will ding President Trump on. Granted, it was due to the incredible stupidity of shutting down our economy do to blind panic over a nasty flu. However, President Trump went to Congress to get the authority to spend the money. What Upchuck is saying is to just ignore the Constitution’s separation of powers and responsibilities. Of course, if it were President Trump who was thinking of doing this, Upchuck would be knocking people over to get in front of a cameras screaming for impeachment.
Another problem is who would benefit from this in the first place? Well, it won’t be those who didn’t go to college or those who paid off their own college debt. No, it will be all the well off indoctrinated Progressives.
A large share of debt cancellation would benefit individuals with higher incomes who likely did not lose their job during the pandemic-induced recession. More than 70% of laid-off workers do not have a bachelor’s degree, including 43% who did not attend college at all.
Less than one-third of all student debt is held by households without a bachelor’s degree – while nearly two-fifths of debt is held by households with graduate degrees. A recent survey conducted by the Pew Research Center shows that most of the economic suffering from the crisis is concentrated among less-educated individuals.
Well, it isn’t important if those people who didn’t go to college are shafted. They’re probably all Deplorable Trump supporters.
Outstanding student loan debt has doubled over the past decade, nearing a staggering $1.7 trillion. About one in six American adults owe money on federal student loan debt, which is the largest amount of non-mortgage debt in the U.S. It has been cited as a major hindrance in people’s “economic life” by Federal Reserve Chairman Jerome Powell.
Perhaps if these people had gotten degrees in something that was sellable in the job market, they wouldn’t have a problem. Right off the bat, any course leading to a degree ending in the word “Studies” is garbage. I would also add political science degrees and frankly art degrees. Frankly, I’m of the opinion that many of the “Centers for Higher Education” should be prosecuted for fraud.
Experts have said that Biden’s ability to follow through on his agenda, including hiking taxes on wealthy Americans, could be severely limited if the GOP retains control of the Senate, a battle that hinges on two January runoff races in Georgia. Democrats would need to win both races to secure a 50-50 tie; in that scenario, Vice President-elect Kamala Harris could cast a tie-breaking vote to move the Democratic agenda forward.
That plan won’t raise taxes on “The Rich.’ It will raise taxes on everyone else and start a death spiral of the United States economy. This will lead to massive unemployment as business that can flee the United States do so. Add to that the plans to regulate businesses into oblivion, ala Kalifornistan, and you have everything you need to turn the United States into Venezuela North. But then the Democratic CommuNazis think that is a good idea.
As for cleaning up the Student loan problem? Here are a few suggestions. First, go after all those massive tax free endowments that most universities have. I think Harvard is sitting on somewhere north of $50 billion dollars. Second, end the program that caused this problem in the first place and return the loans to the banks. Third, allow those with the extreme levels of debt declare bankruptcy. It will wreck their credit rating, but it will get them out from under the mess they made for themselves.
Finally, stop paying for garbage degrees. We need engineers, scientists, doctors and nurses. We don’t need lawyers or “Womyn’s Studies” majors. We need people who actually invent things and make things. Also fix things like broken people.
Thatisall
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