President Joe Biden's latest moratorium on repayment of student loan is set to expire on Aug. 31, and as the date approaches, the left is once again demanding an outright forgiveness of student debt.
And if he follows the Biden Doctrine, he'll do it.
The White House is expected to announce as early as today that it will extend its freeze on student loan repayments, and may even forgive up to $10,000 for some borrowers, according to Politico.
The usual suspects are calling for outright loan forgiveness.
Former Ohio Democrat state senator, Nina Turner, had what had to be the most poorly-reasoned argument, especially given that the senior fellow at the Institute on Race, Power and Political Economy claims to be an educator.
"FYI—Student debt cancelation isn't paid for by the taxpayers, the federal government is the lender," she said. "It's costlier for the government to hold on to the debt."
It's as though this former college professor doesn't understand that the money the federal government loaned out came from the taxpayers, and it's the taxpayers who are the ultimate creditor — the government is just the middleman.
As conservative author, columnist and comedian Tim Young observed, "Tell me you don't know where the federal government gets its money from without saying you don't know where the federal government gets its money from ..."
But if Turner's argument was poorly-reasoned, Sen. Elizabeth Warren's was intellectually dishonest.
"I went to a college that cost $50 a semester and had the opportunity to follow my dreams," the Massachusetts Democrat said. "But too many people don't have that opportunity today. It's time to fix our broken student loan system and #CancelStudentDebt."
The cheap tuition is due to a number of factors. First of all, Warren began her college education more than a half-century ago. Secondly, she attended her first two years of college at George Washington University on a debate scholarship before she dropped out to get married.
She finished her undergraduate work at a regional public college — University of Houston.
But if she wants to know why education is so expensive today, she should examine her own life.
Before her election to the Senate in 2012, she was an academic, initially teaching at the University of Houston Law Center, later at the University of Pennsylvania and others, before ending up on the staff at Harvard Law, where she made a salary of $429,981.
If she wants to know why higher education is so expensive today, those mid-six-figure paychecks could have something to do with it.
Also, while proponents of college debt forgiveness claim that those holding the debt are financially suffering, the reverse is actually true.
The Foundation for Economic Education (FEE) reported that a late 2020 research study found that the people who would benefit the most from student debt forgiveness are the ones most financially capable of paying the loans off.
It found that the top 20% of U.S. wage-earners would receive five times more benefit from a school debt cancellation scheme than the bottom 20%, prompting FEE policy analyst Brad Polumbo to ask in a Newsweek column, "Why Is Biden Extending a Taxpayer Bailout to Doctors and Lawyers?"
A better question might be: Why are we forcing waitresses and bus drivers to pay for all or part of the education of doctors and lawyers? Not only is it immoral, but it also teaches the debtor nothing of personal responsibility.
Finally, student debt forgiveness would have a negative effect on this already fragile economy, which is distinguished by recession and a 40-year high inflation.
CNBC reported Tuesday that a majority of Americans — 59% — believe that student debt forgiveness will only drive up inflation, according to a CNBC/Momentive poll.
"The concern is that borrowers would have more money to spend, driving up demand, driving up inflation," as reported on "Power Lunch."
And they have reason for concern. Larry Summers, a former senior economic adviser in both the Clinton and Obama administrations, cautioned Biden against loan forgiveness proposals.
"I hope the administration does not contribute to inflation macro economically by offering unreasonably generous student loan relief or micro economically by encouraging college tuition increases," Summers said Monday.
But taking sound advice — whether it involves the economy, national security, foreign policy or any other issue for that matter — would run contrary to the Biden Doctrine.
Simply stated, the Biden Doctrine is to take an already stable condition, fiddle with it to make it non-functional, promise to take action to fix it, but instead make it even worse.
And that's why he'll forgive at least some portion of student loans — if not now, then in the future. He's committed to the Biden Doctrine.
Michael Dorstewitz is a retired lawyer and has been a frequent contributor to Newsmax. He is also a former U.S. Merchant Marine officer and an enthusiastic Second Amendment supporter. Read Dorstewitz's Reports — More Here.
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