Staff Reports
Ah, the bureaucratic circus surrounding the “Save Biden’s Failed Education Legacy” plan continues. The 10th U.S. Circuit Court of Appeals decided to temporarily lift the block on the misguided effort to make the rest of America subsidize the perpetual students of higher education. The Education Department can now proceed with lowering the monthly payments for millions of student loan borrowers, at least for now.
This grand central piece of President Joe Biden’s “Let’s Buy Some Votes” initiative seeks to reduce monthly repayment rates from 10% of discretionary income to a laughable 5%. While this plan hangs in the balance like a millstone around the neck of fiscal responsibility, July 1st is the big day when the reduced payments are set to take effect. Of course, some sensible federal judges in Kansas and Missouri initially put the brakes on this fiasco, creating a brief moment of sanity in this chaotic saga.
A federal appeals court has allowed the U.S. Education Department to move ahead with a plan to lower monthly payments for millions of student loan borrowers, putting on hold a ruling last week by a lower court. https://t.co/KioXkpXqy2
— Local 4 WDIV Detroit (@Local4News) July 1, 2024
Persis Yu, an executive for the Student Borrower Protection Center—an organization no doubt in the running for the “Best Bureaucratic Name Award”—claims this legal tug-of-war leaves borrowers in a bind. Allegedly, they can’t make informed financial decisions. Because, of course, anyone faithful in their monthly Netflix subscription can’t figure out how to handle borrowing thousands of dollars for a degree in underwater basket weaving.
According to U.S. Education Secretary Miguel Cardona, the Biden administration is unwavering in its devotion to overhauling the student loan system. Maybe if they “fix” it enough, it might just stay broken. Their grand redesign of student loan repayment schemes allows fewer payments and waves a magic wand for debt forgiveness, as long as you’ve toiled for a decade paying off minimal amounts. Let’s not even get started on how this makes a mockery of personal responsibility. Taking out $12,000 in student loans and not paying them back is now rewarded, not questioned.
This temporary reprieve does not overturn the important injunction from a judge in Missouri, which rightly prevents the outright cancellation of loan balances. The lawsuits leading to these injunctions were filed by states with their heads screwed on straight, arguing that Biden’s antics are simply an end-run around the Supreme Court’s prior rejection of his ludicrous plan.
Let’s not forget, behind Biden’s desperate vote-grabbing scheme lies a support network of private foundations bankrolling education coverage, all while the Associated Press conveniently fails to mention the puppeteers pulling those philanthropic strings. It’s a spectacle to watch – a never-ending show of federal overreach and economic buffoonery.
