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.
The 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.
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.
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