Gravy: 73% of Joe Biden's student loan amnesty recipients plan to spend their windfall on travel, dining out, new tech -poll
After jeremiad after jeremiad about student loan debt crushing the younger generation, with the media touting drama and womyn's studies majors being unable to get highly paid jobs, it turns out the situation doesn't seem to have been so bad after all:
According to CNBC:
Any day now, federal student loan borrowers throughout the U.S. could see their balances reduced by up to $20,000 thanks to President Biden’s student debt forgiveness plan. The administration is waiting on a green light from a federal judge to actually start reducing balances, but still says applicants can expect good news in the coming weeks.
While recipients won’t see that aid in the form of a check, any remaining balances will be re-amortized, meaning monthly payments will be recalculated to reflect the new balance. For borrowers, that means monthly payments could drop by up to $300 per month.That extra cash will be a much needed lifeline to cover other bills or necessary expenses for many. But some borrowers plan to spend the money more freely.
In fact, 73% of anticipated recipients say they expect to spend their debt forgiveness on non-essential items, including travel, dining out and new tech, according to a recent survey from Intelligent.com.
That's a far cry from the rationale that Education Secretary Miguel Cardona argued in his vow to appeal a Texas judge's ruling yesterday that struck down the $430 billion payout to student loan recipients as a result of Joe Biden's executive order.
"We believe strongly that the Biden-Harris Student Debt Relief Plan is lawful and necessary to give borrowers and working families breaking room as they recover from the pandemic and to ensure they succeed when repayment starts,"
The Texas judge had other ideas. According to Buzzfeed, whose hipster employees-cum-recipients follow this story closely:
In a 26-page order, US District Judge Mark Pittman, an appointee of former president Donald Trump, ruled that the Biden administration did not have "clear congressional authorization" to create the program, which is estimated to eliminate about $430 billion in student debt for more than 40 million people. The case in question was filed by two borrowers who did not qualify for the relief and is one of several lawsuits filed by opponents of the plan.
So the judge saw no constitutional basis for the executive order, because debt forgiveness on this scale is the job of Congress (currently controlled by Democrats), but Cardonas argues that student loan borrowers just need "breaking room" because they are so beleaguered. The appeal is ongoing, so it's still uncertain as to whether this very unpopular giveaway will be squelched. I think Cardonas meant "breathing room" but every news story out there says "breaking room," so it looks like the less-than-educated DoE interns have been busy on that one.
Well, the only breaking room they need it seems is the cash they want for fun stuff -- the airline flights, the restaurant meals, the latest Apple iPhone or Apple Watch. They've been deprived of those things by their student loans and rather than work their way up the career ladder to be able to afford them with their own money, the way the non-college kids do, or kids who paid off their college loans already did, they want those goodies right now.
Tell that to the working families who are being crushed by high gas prices and monster grocery bills, not to mention, higher tax bills. The higher tax bills, of course, will be to pay for these goodies for the debt-forgiven. It seems that having a big bale of student loan debt is a blessing, not a millstone, for this entitled class.
Meanwhile, Joe Biden is doing nothing for anyone else crushed by high taxes, business lockdowns, rising rents, monster medical bills, inflation, energy bills, or other rising and crushing costs. Nor is he doing anything for anyone at the bottom of society -- other than illegally present foreigners -- the homeless, the homeless vets, the drug-addicted substance abusers. There's no debt amnesty, no windfall, for those who really need it, because, well, they aren't such a reliable voting base as the twenty-somethings -- who, it turns out, did indeed reward Biden's party in large numbers at midterms.
As for whether this is the best use of federal money -- or another inflation additive, most people know the answer to that.
The problem with Biden's debt amnesty is that it's a one-size fits all solution. There are some borrowers who got in over their heads and took on college majors that don't pay enough to recover them -- the $300 a month forgivenesss for them actually isn't going to help much. Others, who scrimped and saved to pay off their debt, get nothing, too. Then there are the vast majority, the 73%, the coming Apple Watch buyers and airline ticket purchasers, who didn't need the help, the debt amnesty was just an express ticket to live it up earlier, a great government freebie. For them, it's gravy.
What a mockery this makes to the public which is so burdened by Bidenomics and the atrocious Biden inflation. Some voters win the lottery, others pay the bill. If this doesn't wake voters up for 2024, what will?
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