President Joe Biden caused a lot of snowflakes to seek out new safe spaces as news came that he’s breaking one of his central campaign promises by not forcing the rest of America to pay for the student loans that deadbeats took out and don’t want to face their own responsibility by paying them off. I never understood how people can think it’s a good idea to have taxpayers pay off loans that they never agreed to. Heck, if that’s the case, where do I sign up to get my mortgage paid? Thanks, America!
Total federal student loan debt as of June 2020 was almost $1.6 trillion for close to 43 million borrowers.
Progressives have complained about student loan debt claiming that the cost of tuition has skyrocketed and for what a degree today will get you in the job market you will be paying off your student loans forever. That’s a great argument, but they are going after the wrong people. The taxpayers should not be given the bill for student loans because a. they aren’t the ones who signed for the loans and b. it’s immoral to force other people to be responsible for your debts. Instead of going after the taxpayers why not go after the colleges and universities that have skyrocketed their tuition rates? These are the same entities that are sitting on billion of dollars in endowments that they never spend.
As of 2019 Harvard University is sitting on $40.58 billion. Yale has $31.2 billion socked away. Stanford has $29.95 billion in endowments. Princeton has $26.56 billion. The University of Pennsylvania has $14.99 billion in endowments. Most universities have a lot of endowment money that they could use to lower their tuition rates but most won’t do it.
During the 2020 campaign, Biden’s official website made statements like “more than halve payments on undergraduate federal student loans,” “make loan forgiveness work for public servants,” and even to “make public colleges and universities tuition-free for all families with incomes below $125,000.”
Biden even repeated his vow to take action on student loans and supported a proposal from House Democrats to “immediately” wipe out $10,000 of student loan debt from every person who took out a student loan. Can you imagine the gall of the Democrats to pander to college students for votes while screwing the rest of us, many of whom have already paid off their own student loans – me included – by shifting their student loan debt burden to the rest of us as higher taxes.
“It’s holding people up,” Biden said. “They’re in real trouble. They’re having to make choices between paying their student loans and paying their rent, those kinds of decisions. It should be done immediately.
“Immediate $10,000 forgiveness of student loans, helping people up there in real trouble,” Biden said. And meanwhile, he would put a lot of other people in real trouble by forcing them to pay off a 43 million loans.
According to the Washington Post – where democracy dies – Biden’s first official budget will be finalized this week and it will not have anything in it forgiving large amounts of student loan debt. Even a broken clock is right twice a day.
Forcing other Americans to pay off other people’s student loans was a big campaign promise to get college students to vote for him.
Biden has already proposed three huge spending bills adding up to $6 trillion of money we don’t have, so it would seem to leftists that he could have added an addition trillion into the mix for student loan forgiveness. Trust me, the Democrats have another plan. They are probably holding out until we get closer to the 2022 midterm elections when they will announce if you vote Democrat your loans will be forgiven.
Believe it or not, Biden recently opposed the idea of canceling student debt for people who chose to go to expensive universities, the ones that are sitting on billions of dollars in endowments.
“The idea that you go to Penn and you’re paying a total of 70,000 bucks a year and the public should pay for that? I don’t agree,” Biden told the New York Times.