Empower Wisconsin | Aug. 29, 2022
MADISON — President Joe Biden is known for being a hand’s on politician. He is, after all, the Sniffer-in-Chief.
But President Touchy Feely is also a sugar daddy for all manner of leftist causes — most recently, his student loan “debt forgiveness” program.
Using the phony cover of a “national emergency,” Biden signed an edict wiping out as much as $10,000 in college debt for borrowers earning less than $125,000 a year, or families making $250,000.
For low-income students who took out loans under the Pell Grant program, the bailout is even sweeter: up to $20,000 “forgiven.”
But you’ll forgive us for saying, this old sugar daddy isn’t forgiving anything. He’s just transferring the money that will have to be paid back — up to $600 billion — to the federal government. That money will have to be paid back by millions of other hard-working Americans who don’t have college debt, already paid off their college debt or won’t be eligible in the future when this sweetheart deal expires.
They will, of course, have to continue paying for their business loans, their mortgages, their car payments and their credit card debt. Sugar Daddy hasn’t signed a sweeping executive order excusing those loans yet.
He’s certainly making happy some 40 million Americans who decided to take out loans for a costly college education Biden can be so generous because it once again is other people’s money.
The National Taxpayers Union Foundation says the plan would cost $2,085.59 per taxpayer.
“There’s a transfer of wealth from the society at large to people who borrowed to go to college right now,” said Andrew Lautz, director of federal policy at the National Taxpayers Union. “That has consequences for consumers. It has consequences for taxpayers.”
That’s Biden and the left, the redistributors of wealth. Remember that Inflation Reduction Act they just foisted on American taxpayers? That’s another redistribution act. And the lie that the IRA will cut hundreds of billions of dollars from the nation’s gaping $31 trillion debt is also swallowed up in this latest round of winners-and-losers giveaways.
Joe Biden is a sugar daddy — with your money.
He’s also Empower Wisconsin’s Tool of the Week.