On Sunday, The American Thinker posted an article about President Biden’s plan to forgive approximately $5 billion more in student debt. The article reminds us that forgiving student debt is simply transferring wealth from those who could not afford to go to college to those who took out loans to go to college.
The article reports:
In a desperate attempt to win votes in the upcoming presidential election in November, President Biden has transferred $153 billion in wealth from middle and lower income-earners to the rich. How has he done that? Student loan forgiveness is the answer.
In January 2022, Forbes conducted a study that found that a significant portion of student debt belongs to high-wealth households. Additionally, an article from Brookings emphasizes that student loan forgiveness tends to be regressive, which benefits higher-income individuals more than lower-income ones. Some studies indicate that students from high-wealth families owe at least 60% of the total student debt.
Students from wealthy or affluent families can qualify for student loans more easily than those from less affluent families. In the past few years, Biden has forgiven $153 billion in student loans, mainly benefiting high-wealth households.
The article concludes:
So long as we have an authoritarian, Constitution-ignoring dictatorship running this country, we will have no control over our financial well-being. The Constitution provides that our elected officials rule with the consent of the people. I didn’t give my consent, nor did my representative in Congress, nor did anyone’s representative in Congress. This is an authoritarian act solely by President Biden without the consent of the Legislative or Judicial Branch of government. So much for checks and balances.
This administration continues to add more debt for us to pay and spends our money without limitation, increasing inflation and the national debt with every dollar spent. Remember, the government has no money of its own. What it spends is money it collects from the American taxpayer in the form of taxes. It just spent $153 million without consulting Congress, which the Supreme Court has ruled is unconstitutional.
In pre-Revolutionary times, the people declared that taxation without representation was tyranny. Will America wake up?