Staff Reports
The Biden administration strikes again with more irresponsible spending and playing fast and loose with taxpayer dollars. This time, they’ve decided to cancel a whopping $5 billion in debt for 74,000 student loan borrowers who apparently have been deemed more deserving than the hardworking Americans footing the bill for this free ride.
Under this plan, 44,000 of the approved borrowers had the audacity to work in the public sector for a mere 10 years as teachers, nurses, and firefighters. Another 30,000 borrowers have apparently toiled for at least 20 years without reaping the benefits of the income-driven repayment scheme they signed up for. However, it’s not as if they didn’t know the rules when they took out those loans in the first place!
Joe you can’t do that … well, son of a …
Biden to forgive $5 billion in student loan debt in newest wave of cancellations – Washington Examiner https://t.co/K2729pXxDh
— Cassis (@cassisnouveau) January 19, 2024
President Joe Biden is touting this move as a great victory for those who supposedly couldn’t afford to pay back their loans, conveniently ignoring the fact that it’s the hardworking American taxpayers who are footing the bill for this cancellation spree. And let’s not forget, this all falls under Biden’s desperate attempt to gain favor with voters for his reelection bid after the Supreme Court saw through his plan to cancel a whopping $400 billion in student debt with no congressional approval. Talk about fiscally irresponsible!
The administration’s latest move also entails expanding and speeding up its income-driven student loan forgiveness plan. Now, borrowers who initially borrowed $12,000 or less and have managed to make at least 10 years of payments will be eligible for debt cancellation as early as February. What a slap in the face to those who have taken on personal responsibility and repaid their own debts without expecting a handout from the government or their fellow citizens.
All this reckless spending has led to the total number of borrowers with debt canceled under the Biden administration reaching a jaw-dropping 3.7 million. Who’s going to foot the bill for all of this? It’s time for the American people to wake up and demand fiscal responsibility from our government, rather than handouts and free rides for those who should be held accountable for their own financial decisions.
