Biden's Classist Charlie Foxtrot

Timothy Birdnow

Here is a thoughtful essay on the Biden student loan scam.

BIDEN'S STUDENT-DEBT BONFIRE IS A CLASSIST MESSAGE TO THE UNCREDENTIALED:

SCREW 'EM
By Charlie Cooke

A few more points to ponder here:

1.Most of these loans are financed and guaranteed by the government but are actually made by private banks under government supervision. So, is government going to actually write checks to these banks or are they going to make the banks eat the costs?

2. How does defaulting loans help to reduce inflation? Medicare didn't; medical costs skyrocketed after it was implemented. Ditto drug prices when Bush Jr. implemented a prescription drug benefit. And would anyone claim with a straight face that housing prices are cheaper now after decades of "affordable housing" efforts by government entities like Fannie Mae, Freddie Mac, the VA and the like?

3.If Federal student loans are to be forgiven why shouldn't housing loans? Those are often Federally guaranteed too. Why shouldn't SBA loans? Small businesses were ravaged by the policies implemented by governments over Covid.

4. Who would not believe for a second this won't just lead to increases in tuition in the upcoming academic year? Since so many students are now out of debt.

5.IRS code treats loan forgiveness as a gift and as income. Will they waive that now? Or will these kids get a huge tax bill when April rolls around?

6.Does this apply to loans for trade schools or correspondence courses? (I assume you can take out a loan for those)? I think we know the answer.

7. Does Biden or anybody else believe for a second this is a one-time deal? There will be an outcry to make this a permanent state of affairs. What does that mean? As this article points out, it is like the Israelite Jubilee year where slaves are all freed and debts forgiven. So it will have to happen fairly regularly. The simplest solution would, of course, be to make college free to everyone courtesy of taxpayer dollars. That will be a budget buster but when did Joe Biden or any of his party ever care about that? And it also will cheapen college degrees - which have already been cheapened to the point where a bachelor's degree is worth what a high school diploma used to be - as everyone will have one.

8. This will likely have a chilling effect on private lenders who will not want to make loans after government undercut them. This may well include banks dealing with Federally-insured and funded loans, as they may still wind up losing money on this. It will definitely chill private loans (what few of them that are left) as nobody will want to commercial loan if there is a good chance their government loans will be forgiven in a few years.

It will keep young people out of the workforce. It will guarantee a crying need for entry level workers, which the Democrats will happily fill with aliens, both legal and illegal. So we will lose more of our country to satisfy the fantasies of the Demo-left and to allow young adults to goof off with the third decade of their lives, remaining juveniles forever.

There is a reason why college was selective in the first place; it was not supposed to be universal. Most people are not cut out for a scholarly life. So the answer was to dumb colleges down with grade inflation, fake disciplines, and a rejection of real scholarship and solid subjects. Then when graduates with Womyns Studies or African Ice Skating Studies or LGBTQ Puppeteering degrees find themselves unemployed they will be forced to turn to the tender mercies of the government and their eternal ruling party.

This is an outrageous power grab by Lunch Pail Joe and his handlers. And we must hope the courts stop this from moving forward as it is grossly unconstitutional and illegal. This is a lawless president, from the way he stole power to the every action he has taken since.

To quote Thurston Howell III Biden "must be a Yale Man!"

Posted by: Timothy Birdnow at 12:23 PM | Comments (7) | Add Comment
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