Good day all. Once again, the worst president* in American History, Joe “Bumbles Dementia” Biden has decided he doesn’t need to deal with things like getting spending authority from Congress. Recently, he decided that he was going to “Forgive” up to $20K from all those people with worthless degrees. One of the issues is, who will be paying for all this?
The Student Loan debacle started under the Second Worst President in American History, Barack Obama when he federalized/nationalized the Student loan system. One of the expected results, (People told that SCoaMF that this would happen), was the jacking up of tuition costs and the universities giving out degrees that are, to be blunt, absolutely worthless.
Now you have thousands of people with degrees that cost tens of thousands of dollars that aren’t worth the paper their printed on. These same idiots now have loans that can, in some cases, hit 6 figures and the only jobs they’re qualified for require learning the phrase “Would you like fries with your order?”
Thanks to the laws that took over the student loan program, these people are also unable to discharge the debt by declaring bankruptcy. (Yes, this would wreck their credit rating, but they could get out from under the crushing debt they stupidly assumed) Now Dementia Joe has announced, per the orders of his handlers, that he will “Forgive” up to $20,000 of people’s student loan debt. The costs of this have been listed as between $300 billion and $1 trillion dollars. Here are some of the details from Fox Business News:
President Biden’s federal student loan forgiveness plan will cost U.S. taxpayers between $440 billion and $600 billion over the next 10 years, according to the Committee for a Responsible Federal Budget. The Committee for a Responsible Federal Budget settled on a central estimate of approximately $500 billion, according to a Thursday report.
Which means that it will be a lot higher.
Biden announced up to $20,000 in federal student loan forgiveness on Wednesday. Students who attended college using federal Pell Grants qualify for the $20,000, but those who did not use the program qualify for $10,000 in forgiveness. The handout only applies to borrowers making less than $125,000 per year.
And if you believe that, I have a nice bridge in San Francisco you may be interested in purchasing. I’ve already seen stories on how all the “Special People” that work in the Beltway Swamp are going to benefit from this.
More than 43 million Americans have federal student debt, amounting to a total of more than $1.6 trillion. Nearly one third of those owe less than $10,000 and more than half owe less than $20,000, according to the latest federal data.
This also doesn’t include all those people who have paid off their loans already. One thing this will do is clear all those people who have almost paid off their loans. Of course, there is a down side to the “Big Guy” trying to buy votes. These payouts, if people take them, are taxable.
Another issue is how the Hell do we pay for this? There are two ways. Once. Massive tax increases on those who either already paid off their loans or firing up the printing presses again.
Critics have argued Biden’s program will contribute to already record-high levels of inflation in the U.S. Senate Minority Leader Mitch McConnell argued the program is “yet another way to make inflation even worse, reward far-left activists, and achieve nothing for millions of working American families who can barely tread water.”
Once again, Cocaine Mitch misses the target. It’s not that this will achieve nothing for millions of working people who are living paycheck to paycheck, it will sink them. There is also the really big elephant in the room. Does Dementia Joe, or any president for that matter, have the authority to spend this kind of money?
Biden, however, touted the program as a fulfillment of his campaign promise to cancel $10,000 in student debt. Democrats had initially stated that the White House lacks the authority to unilaterally cancel debt and that the president must go through Congress.
“People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone, he can delay, but he does not have that power. That has to be an act of Congress,” House Speaker Nancy Pelosi said in 2021.
Now that San Fran Nan is looking at having to give up the Speakers gavel again, she’s changed her tune. According to the New York Post, Pelosi is now saying “No Problem!”
House Speaker Nancy Pelosi (D-Calif.) said Wednesday that she has no problem with President Biden citing the COVID-19 pandemic to cancel hundreds of billions of dollars in federal student loan debt.
“President Biden’s bold action is a strong step in Democrats’ fight to expand access to higher education and empower every American to reach fulfillment,” Pelosi said in a statement Wednesday, adding the move will help “more working families” meet their everyday needs “as they continued to recover from the challenges of the pandemic.”
This isn’t what the drunken bitch was saying last year.
“People think that the president of the United States has the power for debt forgiveness,” Pelosi told reporters in July 2021. “He does not. He can postpone. He can delay. But he does not have that power.”
“That has to be an act of Congress,” she continued. “And I don’t even like to call it forgiveness because that implies a transgression. It’s not to be forgiven, just freeing people from those obligations.”
Of course, last year things were a bit different. We hadn’t had the Biden Bug out from Kabul yet where he left thousands of Americans and green card holder behind while arming the Taliban, the inflation rate and gas prices were just starting to explode upwards and he was just beginning to weaponize the bureaucracy to go after anyone who didn’t support the Communazi policies.
Now we are in a recession, (no mater what Bumbles dementia might claim), gas prices, while having come down a bit from their highs, are still almost double what they were when President Trump was in office and the midterms look likely to be a virtual massacre for the Democratic Communazi party, from top to bottom.
This is just another desperate attempt by the Democrats to shore up their positions and save their phony baloney jobs. It’s unlikely to work and the court challenges are already being prepared. There is no way any President can spend that money without congressional approval. Of course, for the Bumbles Dementia maladministration, the Constitution is meaningless We shall see what comes next.
Thatisall
(3 votes, average: 5.00 out of 5)
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