Biden plans to use tax dollars to pay off up to $10,000 in school debt for predominantly rich kids who go to expensive schools, but don’t worry. It won’t raise inflation MUCH according to National Economic Advisor Brian Deese, Reuters reports.
Biden is shamelessly raising the inflation rate to buy votes, and it’s illegal. He has no constitutional right to do it and he knows it.
IT WON’T RAISE INFLATION MUCH
IT WON’T RAISE INFLATION MUCHThe short-term impact on inflation of a possible decision by President Joe Biden to cancel some student loans is likely to be small, a top aide said on Tuesday.
Deese said during a press briefing that Biden has not made a final decision on student loan debt relief.
White House spokesman Vedant Patel said the report was inaccurate. Decisions are pending, he told Reuters.
Someone is lying.
THEY’RE DISCUSSING THE STRUCTURE OF THE LOANS
Meanwhile, the Washington Post has three sources saying internal deliberations are going on now to determine the structure of the loan forgiveness.
Single Americans making under $150K and married couples making under $300K are eligible.
It was unclear whether the administration will simultaneously require interest and payments to resume at the end of August, when the current pause is scheduled to lapse.
One potential problem involves targeting debt relief based on a borrower’s income. That would compel the Department of Education to verify a person’s identity and income to determine whether they qualify. But the Education Department doesn’t have that information on hand for borrowers. The Internal Revenue Service holds that data for many taxpayers, but it’s barred from sharing it with other federal agencies and private businesses, Business Insider reports.
IT’S ILLEGAL
This is illegal, and Biden knows it. The executive branch has no generalized power to forgive any amount of student debt for debt-holders of any income group. Asked about the idea last year, Nancy Pelosi confirmed simply that “the president can’t do it. That’s not even a discussion.”
Do you know how patently illegal something has to be for Nancy Pelosi to acknowledge it’s illegal?
The Department of Education came to the same verdict, determining that the executive branch “does not have the statutory authority to cancel, compromise, discharge, or forgive, on a blanket or mass basis, principal balances of student loans, and/or to materially modify the repayment amounts or terms thereof”, according to National Review.
It’s an election ploy, to give a one time bribe. And, they cannot allow payments to resume in August.
Coming up next . . Another rigged election.
These liberal bums will sell their mother for a vote. They are going to pull out all the stops to win the 2022 midterms. They are scared.
Forgiving College Debt is nothing but a Shameless Vote Buying Scheme. Student Loans are a Contract. The President of the United States doesn’t have the Power to break Contracts. This attempt will eventually be overturned by the Courts and the Congress, but the damage this would do is incalculable. Where is the Congress to stop this Senile Psychopath? If the President does this the Congress should place the liability to pay that Debt on the Colleges who hand out worthless degrees.
Sure makes me proud that the years I’ve worked supporting my family, never on welfare, never a handout, with only a high school education can help pay the student dept of millions of college graduates who cannot find meaningful employment with enough income to pay off their student loans for their degrees in Women’s Studies, LGBTQ Studies, Gender Studies, Minority Studies, etc. Didn’t anybody tell these parasites to earn degrees in fields where they can earn a living then study all that leftist nonsense later when they can afford it? Where’s the counselers? I didn’t take on that debt, they borrowed the money willingly and without consulting me. And to add even more insult to my financial injury I remember hearing a handful students relieved their student loans were approved in time for spring break so they would have money to spend. Isn’t there any requirements how the proceeds from student loans are spent?