Newsmax TV & Webwww.newsmax.comFREE - In Google Play
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
Skip to main content
Tags: college | corinthian | debt

Biden's Loan Forgiveness Bites Taxpayers One Nibble at a Time

student loans burden


Michael Reagan By with Michael R. Shannon Saturday, 04 June 2022 12:15 PM EDT Current | Bio | Archive

The Biden administration evidently intends to forgive student loans on the installment plan.

Just a nibble here and a nibble there until the loans are all forgiven and people who never borrowed the money (taxpayers) will be paying off loans for those that did (college deadbeats).

The nibble strategy means that no one dose of fiscal absolution will be enough to trigger nationwide outrage, but at the end of the day all those nibbles add up to "Mission accomplished!"

The Washington Examiner brings us the details: "The Biden administration is offering a new round of student loan debt relief for more than half a million borrowers who were students of Corinthian Colleges."

This particular giveaway comprises almost 25% of the former total, "The action will see $5.8 billion in full loan discharges for 560,000 borrowers, marking the single largest loan discharge in the history of the Department of Education, and brings the total student debt relief extended by the administration to $25 billion."

The strange thing about this handout is it isn’t going to the most vocal component of student loan wannabe deadbeats. That "Anvil Chorus" is made up of Ivy League gender and grievance studies majors with a very short time horizon and a flexible notion of how to honor a commitment.

Corinthian Colleges were made up of trade schools where students trained for jobs that are beneath the super competent folks who comprise our elites.

Corinthian alumni have really hit the jackpot.

Everyone who attended one of the schools will see their college debt wiped off the books with an eraser bought and paid for by taxpayers.

Even the graduates who got a job and an education.

"The Department of Education confirmed Wednesday that every student who ever attended a Corinthian school was defrauded and that anyone with remaining federal loans is eligible for borrower defense.

"Roughly 100,000 Corinthian borrowers have been approved for borrower defense relief."

It’s evident the Biden administration is hopelessly at sea when it comes to economic policy, transportation, crime and foreign policy, but its big brains are surprisingly subtle and nuanced when it comes to government giveaways.

There have been rumors for months that Brandon (aka Joe Biden) is considering "canceling an additional $10,000 in student loan debt for all borrowers earning less than $150,000 per year or for joint filers earning less than $300,000."

That’s quite the gift to the already fortunate when you consider the average income in the U.S. is $31,000, which isn’t even a third of $150,000.

Starting with that handout would have generated a large outcry and charges of hypocrisy.

Starting with loan cancellation for trade schools looks like some playing field leveling for the little folks and will make for sound man-of-the-people optics for Scranton Joe.

Then he can follow that later with the $10,000 handout for the affluent, framing it as only fair, since all the debt was erased for the welders.

And over time the bite-by-bite loan nullification program will result in the complete elimination of college loan debt. That is, until the next generation of deadbeats comes along.

The Washington Examiner found fiscal conservatives who "predict that Biden's loan relief could exacerbate already historic inflation, and elected Republicans have stated that the initiative should be viewed as an outright bribe heading into the midterm elections."

So what else is new?

The Democratic Party has viewed government as a goodie bag for its voters since the days of New York's Tammany Hall.

Doing what your base wants keeps the left in power, a fact eluding Republicans for the last 50 years.

Michael Reagan, the eldest son of President Reagan, is a Newsmax TV analyst. A syndicated columnist and author, he chairs The Reagan Legacy Foundation. Michael is an in-demand speaker with Premiere speaker's bureau. Read Michael Reagan's Reports — More Here.

Michael R. Shannon is a commentator, researcher for the League of American Voters, and an award-winning political and advertising consultant with nationwide and international experience. He is author of "Conservative Christian's Guidebook for Living in Secular Times (Now with added humor!)" Read Michael Shannon's Reports — More Here.

© Mike Reagan

Over time the bite-by-bite loan nullification program will result in the complete elimination of college loan debt. That is, until the next generation of deadbeats comes along.
college, corinthian, debt
Saturday, 04 June 2022 12:15 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
America's News Page
© Newsmax Media, Inc.
All Rights Reserved