Biden’s Student Loan Fraud

Spend enough time in Washington, and fringe ideas find acceptance as sound policy proposals. Near the top of a long list of such ideas emanating from the Far Left is forcing a Florida mechanic who attended trade school to pay for a New York lawyer’s bachelor’s degree.

For decades, elites have sold college as the universal ingredient to success in a deindustrialized America. While things are slowly changing, a bachelor’s degree is still likely to lead to an additional $1 million in lifetime earnings. But now, during a time of record-high inflation, President Biden is going to ask America’s working families to pay off the student loans of the privileged. Is that fair? The answer should be obvious, but apparently it isn’t to Democrats.

On April 28, the president announced he is “taking a hard look at whether there will be debt forgiveness” of up to $10,000 per borrower, the number he campaigned on in 2020. For a long time now, I’ve been warning that debt forgiveness is sheer insanity. The reasons why are simple. President Biden and his defenders seem to think money can be willed in and out of existence. They’re wrong, no matter what the economists say. Debts have to be paid, and if the hundreds of billions of dollars that students owe to the government are not paid by their borrowers, the burden of payment will fall on all American taxpayers.

That will happen directly, through tax hikes—or it will happen indirectly, through even more inflation. Inflation is what inevitably happens when the government gives out money “for free.” It’s why the Biden Administration’s endless COVID relief spending has caused prices to rise at the highest rate in 40 years. The two-year moratorium on student loan debt payments has surely contributed to that rise, and large-scale debt forgiveness would likely make things worse. – READ MORE