Petersen: Biden’s Student-Loan Forgiveness Treats The Law Like an Inconvenience

by | Apr 10, 2024 | Opinion

President Biden’s recent announcement to erase student debt for nearly 30 million Americans reeks of fiscal irresponsibility and unfairness. Despite the Supreme Court’s clear rebuke last year, Biden and his administration continue to treat the law as a mere inconvenience The initiative, conveniently unveiled seven months before an election, is a transparent attempt to buy votes. It disregards those who responsibly paid off their loans or chose not to pursue college to avoid debt. The plan unfairly burdens taxpayers who receive no benefit from this largesse. If you went to trade school and paid your way, congratulations! Your reward is you’re paying for white collar environmental gender science degree majors who are making tiktoks of their work days drinking lattes for lunch.

Thankfully legal challenges are already imminent, with GOP state attorneys general ready to contest this overreach of executive power. Remember, the Supreme Court already squashed Biden’s previous attempt at widespread loan forgiveness. At the heart of this proposal is the forgiveness of up to $20,000 in interest for borrowers under a certain income threshold. Why not extract the funds from academia who are largely responsible for this mess? This ‘generosity’ will be funded by taxpayers, many of whom never set foot in a college classroom.

The plan forgives debt for borrowers who haven’t made regular payments for over 20 years. It’s a pat on the back for Gen Xers who’ve shrugged off their fiscal duties. The plan covers those in ‘low-financial-value programs’ from for-profit schools, broadening the scope of the debt forgiveness to a staggering degree. The administration’s approach will predictably result in inflation of college costs, especially in unchecked graduate programs. It transforms higher education into a taxpayer-funded bonanza, setting a dangerous precedent for future fiscal recklessness.

Already, the administration boasts of canceling $146 billion in student debt. That’s about $36,500 per borrower, a hefty sum extracted from the pockets of taxpayers. The rule of law? Merely a hurdle for Biden’s administration. This move sets a dangerous precedent, encouraging future students to borrow recklessly in the hope of future bailouts. It also does nothing to address the root cause of the problem: skyrocketing college tuition fees. How can you take this kind of action with absolutely zero plan to address the problem itself?

The plan’s focus on helping those with long-standing debts and those from ‘low-financial-value programs’ fails to acknowledge the importance of personal responsibility in financial decisions. Biden’s student loan forgiveness plan is a misguided, politically motivated stunt that punishes fiscal responsibility and rewards financial recklessness, all on the taxpayer’s dime. It’s a plan that should, and likely will, face significant legal challenges and moral opposition from those who believe in personal responsibility and fair play. People who actually paid their debts must feel like real suckers now.

Austin Petersen is a former Libertarian presidential candidate turned Republican and the host of the Wake Up America show every Monday-Friday from 7-9am central which you can stream live on Rumble, or listen to on Spotify or iTunes. He resides in Jefferson City, Missouri with his wife Stephanie and their two presidential French Bulldogs, Calvin and George.

NEXT: Petersen: Javier Milei Stands as a Beacon of Hope for Economic Freedom and Traditional Values

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