The Biden White House is reportedly considering “forgiving” $10,000 worth of student debt for some borrowers, a move that is likely illegal and definitely will increase inflation and force poor people to subsidize rich people.
President Joe Biden is possibly considering subsidizing Americans earning less than $150,000 or $300,000 for married couples filing jointly — households in the 96 percentile of income, e.g. the most wealthy among us. He has to make a decision by Aug. 31. (RELATED: LEWIS: America Needs Trump To Break The Washington Establishment Once And For All)
It’s clearly an election year scam, one perfectly timed to try to gin up votes for a president whose approval ratings make him toxic on the campaign trail. House Speaker Nancy Pelosi previously suggested Biden’s move would be illegal: “the president can’t do it. That’s not even a discussion,” she said last year.
It’s unlikely Pelosi will remember her warning and will probably endorse this violation of the Constitution stipulating power of the purse to Congress.
In January 2021, just before the Trump administration departed, the U.S. Department of Education issued a legal memo (which has since been ripped down by the Biden White House) stating the secretary of Education “does not have the statutory authority to cancel, compromise, discharge, or forgive, on a blanket or mass basis, principal balances of student loans, and/or to materially modify the repayment amounts or terms thereof.”
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