(Republican Insider) – Joe Biden has done a lot of damage to our economy with his policies since taking over in the Oval Office last year. It’s almost impressive how quickly he’s sent our nation swirling down the drain. We have record high gas prices and spikes in inflation the likes of which our country has never seen before. Groceries require a person to sell their organs on the black market just to get a few things to eat. That’s partly a joke folks, don’t take that comment literally.
But apparently, Biden wasn’t satisfied with the destruction he’d already wrought on the American people and the pressure he has already applied to the quickly disappearing middle class. We all said, “there’s no way he could do any more damage than this,” to which Biden replied, “hold my beer.”
The president then introduced his student loan debt forgiveness plan and proved us all wrong. He can, in fact, do much worse to the economy. There’s no such thing as a free lunch, kids. When Biden says he’s going to reduce your loans, what he really means is that the rest of America is going to pick up the tab on your behalf. Taxes are going to increase, as will inflation, which is already hovering somewhere in space.
This is why a letter has been penned by a total of 22 GOP governors and sent off to Biden earlier this week urging him to ditch this plan immediately, says a piece published by People.
The piece says, “In the document, obtained by Business Insider via the Republican Governors’ Association, the governors, including Florida’s Ron DeSantis and Texas’ Greg Abbott, state that Biden’s plan ‘rewards the rich and punishes the poor’ and should not be moved further.”
“As governors, we support making higher education more affordable and accessible for students in our states, but we fundamentally oppose your plan to force American taxpayers to pay off the student loan debt of an elite few,” the letter reads, going on to state that the cost of the plan will be “a price the people of our states cannot afford.”
The letter from the governors also said, “Shifting the burden of debt from the wealthy to working Americans has a regressive impact that harms lower income families.”
“College may not be the right decision for every American, but for the students who took out loans, it was their decision: able adults and willing borrowers who knowingly agreed to the terms of the loan and consented to taking on debt in exchange for taking classes,” the governors wrote.
“A high-cost degree is not the key to unlocking the American Dream — hard work and personal responsibility is,” the letter said. “For many borrowers, they worked hard, made sacrifices, and paid off their debt. For many others, they chose hard work and a paycheck rather than more school and a loan. Americans who did not choose to take out student loans themselves should certainly not be forced to pay for the student loans of others.”
“Even economists from your own party oppose your plan for raising demand and increasing inflation,” the governor’s claim in the letter. “Rather than addressing the rising cost of tuition for higher education or working to lower interest rates for student loans, your plan kicks the can down the road and makes today’s problems worse for tomorrow’s students.”
The letter then concluded with the Republican governors saying Biden does not have the “authority to wield unilateral action to usher in a sweeping student loan cancellation plan.”
Which is, of course, absolutely true. There’s this thing called the Constitution and it lays out how our government is to function and create laws and programs. You write up a bill, it gets proposed to both chambers of Congress, there’s a debate, amendments are made, and then they vote on it. Abusing executive order powers to circumvent this process is not okay.
“The governors involved in the writing of the letter signed their names below the text. The governors were Abbott, DeSantis, Kim Reynolds (Iowa), Doug Ducey (Arizona), Brian Kemp (Georgia), Mike Parson (Missouri), Chris Sununu (New Hampshire), Kevin Stitt (Oklahoma), Bill Lee (Tennessee), Mark Gordon (Wyoming), Kay Ivey (Alabama), Asa Hutchinson (Arkansas), Brad Little (Idaho), Greg Gianforte (Montana), Doug Burgum (North Dakota), Henry McMaster (South Carolina), Mike Dunleavy (Alaska), Larry Hogan (Maryland), Pete Ricketts (Nebraska), Mike DeWine (Ohio), Kristi Noem (South Dakota) and Spencer Cox (Utah),” People reported.
You can read a copy of the letter here.
When Biden announced his plan last month, he revealed that non-Pell Grant borrowers will see a total of $10,000 in student loan debt canceled if they are currently making less than $125,000 a year. Which is a pretty good chunk of folks in the U.S. There are some Pell Grant recipients who are eligible to have up to $20,000 in student debt canceled if they meet that same income requirement.
In order for married couples to benefit from the plan they must make less than $250,000 a year, which is most people honestly.
Along with announcing the cancellation of student loan debt, Biden also stated that he would be extending the student loan payment pause one last time, through the end of the year, saying borrowers should expect to start paying again in January 2023.
Congratulations, Mr. American Taxpayer. You’ve just won the privilege of paying for someone else’s college education. It’s the kind of prize that keeps on giving the whole year.
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