President Biden and Democrats are traveling the country ahead of the Midterm Election. One of their major selling points is Biden’s highly touted student loan forgiveness program. Millions of applications have already been submitted – and others are being advised to submit their applications as soon as possible.
There is a problem, however. There are no established student loan forgiveness programs. It does not exist – other than in the minds of Biden & Co. At best, it is a proposal … a campaign promise.
Yes, Biden did announce his student loan forgiveness program – and he did issue an Executive Order that allegedly created it.
BUT … it is very doubtful that Biden has the authority to create such a program on his own. There is a very credible argument that his EO is unconstitutional – and that only Congress can write off that debt.
Six states filed suit in federal court to challenge Biden’s action – Missouri, Iowa, Nebraska, Arkansas. Kansas and South Carolina. A federal Appellate Court stopped the distribution of any money pending the outcome of the cases. The case is likely to drag on into 2023.
So … even as Biden & Co. is selling the program as if it is a done deal – and they are encouraging the former students to keep applying for the cancellation money – there is no money to be had. The promotion of the non-existent program before the Midterm Elections is a callous political ploy to fool the hopeful individuals to vote for Democrats in appreciation for something they will not get soon – if ever.
We should also not forget that the student loan crisis was created by Washington progressives. They took away the borrowing from the banks – where there was some determination of affordability on the part of the student. They crafted it as a monumental give-away to the colleges and universities. With Uncle Sam covering the cost, the schools raised tuition costs well above inflation – even institutions with multi-billion dollar endowment funds.
There is the possibility that the entire gambit will backfire on Biden before and after the Midterm elections. While many former students are happy in their belief that they will soon be receiving a big fat check from Uncle Sam … ah … Uncle Joe … there are a lot more former students who have paid off their loans. They are rightfully feeling cheated. And there are also a lot more folks who may never have had a student loan but do not want to be paying for college educations they did not receive.
Biden is not only promoting a program that does not exist – but may also wind up pleasing no one.
So, there ’tis.