Take a look! Democrats demand more handouts. What a slap to the face for the working Americans!
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A Texas Judge halted Biden right in his tracks, as Biden attempted to spend even more taxpayer money to dish out free stuff to ensure another Democrat victory .
The Daily Wire reports. Senator Elizabeth Warren believes President Biden has the authority to cancel student debt, and says she has no doubts about it.
On NBC’s “Meet the Press,” Warren said Biden was authorized to forgive debt because former Presidents Obama and Trump had done so. As a result, she attacked the Texas judge who ruled that canceling debts was illegal, claiming that loan forgiveness proves Democrats support working people.
Judge Mark Pittman of the Northern District of Texas ruled earlier this week that Biden’s student loan bailout was illegal and set aside his plan to forgive up to $10,000 for families earning less than $250,000 or people earning less than $125,000 per year.
Forgiving student loans would benefit Americans, according to some brainwashed people across the nation.
USA Today reports. Paying off student loans is a bit complicated at first: Fresh college graduates get a six-month grace period, similar to a moratorium on student loans.
Postponing payment, however, cost interest on the debt to grow, at least until now. In order to capitalize the unpaid interest, the federal government adds it to the principal balance of the borrower. It is common for the loan at that point to be larger than what was originally borrowed. As a result of borrowers pausing their loan payments, the federal government has also capitalized interest.
In fiscal year 2019, the Education Department estimated it incurred interest capitalization charges of nearly $22 billion
It’s official: Democrats are the party of free stuff. First it was “free” health care, now it’s “free” student loans. Never mind the fact that nothing in life is truly free – somebody has to pay for it. In this case, the bill will be footed by American taxpayers.
And make no mistake, this is a partisan issue. President Biden has made it clear that he supports cancelation of student debt, while Republicans are dead set against it. The divide between the two parties on this issue could not be more clear.
Democrats like to paint themselves as the party of the working class, but forgiving student loans is anything but working class-friendly. It essentially amounts to a handout to those who chose to take on debt in order to attend college. And what’s even worse is that many of those who would benefit from loan forgiveness are already well-off. According to one study, nearly half of those with student debt earn more than $80,000 a year. In other words, they can well afford to pay off their loans.
Loan forgiveness is a bad idea, and it’s time for Democrats to abandon it. If they want to help the working class, there are much better ways to do so.
Let’s continue this conversation, in the comments below.