Birdnow's Aviary

July 13, 2021

Biden Implements Student Loan Forgiveness

Timothy Birdnow

The Usurper Crazy Joe Biden has made good on his scheme to cancel college debt.

From the National Interest:

"The Education Department has already canceled roughly $3 billion in student loan debt since the beginning of 2021, upholding part of President Joe Bidenâ€™s campaign pledge to lessen the student loan burden on Americans.

"But that massive step only represents 0.1 percent of the $1.7 trillion of student loan debt outstanding and could just be the start of a string of student loan forgiveness measures during Bidenâ€™s time in the White House."

So, was this money owed the government or private lenders? Who is on the hook for it?

Not that it matters overmuch; those who didn't willingly pay for it and derive no benefit are still stuck with the bill, be they taxpayers or banks.

Eligible borrowers will receive 100 percent loan discharges, according to the department.

How much do you want to bet these "eligible borrowers" are in a preferred group - be they ethnic minorities or sexual minorities or some other favored political subset.

Biden does not have the legal authority to do this.

The forgiveness measure was made possible due to a provision in the law that enables federal student loan borrowers to request that their debt be nixed if their schools engaged in any illegal behaviors.

The relief comes after two other forgiveness programs were approved by the Biden administration, including one from March that canceled $1.3 billion in loans for more than 41,000 borrowers with total and permanent disability.

"Borrowers with total and permanent disabilities should focus on their well-being, not put their health on the line to submit earnings information during the COVID-19 emergency,â€ Cardona said in a statement when the initiative was announced. "Waiving these requirements will ensure no borrower who is totally and permanently disabled risks having to repay their loans simply because they could not submit paperwork.â€

Illegal activity? Where are the arrests? Where are the prosecutions?

Now they are just making up lies to justify doing what pleases them.

This alone is grounds for impeaching Mr. Biden.

Posted by: Timothy Birdnow at 08:58 AM | Comments (5) | Add Comment
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1 Forgiveness of debt is normally regarded as income, and income tax must be paid on the full amount of the debt that was cancelled. That tax is payable in its entirety, at the rate applicable to normal earned income, in the year in which the debt is cancelled. Are these debtors going to be subject to that income tax?

Posted by: Bill H at July 13, 2021 10:27 AM (/sW5m)

2 It sure ought to be, Bill, but I'm not holding my breath, and I imagine you're not either.

Posted by: Dana Mathewson at July 13, 2021 01:32 PM (9/UYM)

3 That is an excellent point Bill! I too won't be holding my breath.

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