Pollak: Biden’s Student Loan Bailout Adds Insult to Working-class Injury
US President Joe Biden speaks while meeting virtually with governors in the Eisenhower Executive Office Building in Washington, D.C., US, on Friday, July 1, 2022. Biden discussed his options for protecting women's access to abortion with the group of Democratic governors as he faces increasing pressure to respond more forcefully …
Ting Shen/Bloomberg via Getty Images
Joel B. Pollak24 Aug 20226
4:47
President Joe Biden is set to announce student loan forgiveness of $10,000 — and perhaps more — for lower-income debtors on Wednesday, in a move that is unconstitutional, unfair, and dangerous for the stability of our economy and our democracy.
There is no doubt that some borrowers would benefit from student loan relief — especially young people, low earners, borrowers in the black community. It would help them avoid default, and perhaps allow some to enter the housing market.
Some of these debtors can truly be seen as victims of a system that urges young people to attend college when other paths might be better suited to their talents and interests; that jacks up federally-subsidized tuition costs; and that steers students toward highly-ideological majors that provide few marketable skills, but train them as future left-wing voters and activists.
However, most borrowers took out student loans quite voluntarily, and there are several strong arguments against relief:
1. Fairness. Rewarding those who are not paying their loans is unfair to people who have worked hard — and sacrificed — to pay off their own student debt. It is also unfair to people who made the choice not to attend college — often because of the prospect of debt — who must now pay, as taxpayers, to subsidize others’ student loans, even though they may have their own debts (such as mortgage and car payments). Moreover, despite income caps, wealthier borrowers will find ways to benefit.
https://www.breitbart.com/politics/...-bailout-adds-insult-to-working-class-injury/
US President Joe Biden speaks while meeting virtually with governors in the Eisenhower Executive Office Building in Washington, D.C., US, on Friday, July 1, 2022. Biden discussed his options for protecting women's access to abortion with the group of Democratic governors as he faces increasing pressure to respond more forcefully …
Ting Shen/Bloomberg via Getty Images
Joel B. Pollak24 Aug 20226
4:47
President Joe Biden is set to announce student loan forgiveness of $10,000 — and perhaps more — for lower-income debtors on Wednesday, in a move that is unconstitutional, unfair, and dangerous for the stability of our economy and our democracy.
There is no doubt that some borrowers would benefit from student loan relief — especially young people, low earners, borrowers in the black community. It would help them avoid default, and perhaps allow some to enter the housing market.
Some of these debtors can truly be seen as victims of a system that urges young people to attend college when other paths might be better suited to their talents and interests; that jacks up federally-subsidized tuition costs; and that steers students toward highly-ideological majors that provide few marketable skills, but train them as future left-wing voters and activists.
However, most borrowers took out student loans quite voluntarily, and there are several strong arguments against relief:
1. Fairness. Rewarding those who are not paying their loans is unfair to people who have worked hard — and sacrificed — to pay off their own student debt. It is also unfair to people who made the choice not to attend college — often because of the prospect of debt — who must now pay, as taxpayers, to subsidize others’ student loans, even though they may have their own debts (such as mortgage and car payments). Moreover, despite income caps, wealthier borrowers will find ways to benefit.
https://www.breitbart.com/politics/...-bailout-adds-insult-to-working-class-injury/
