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HomeIllinois NewsRossi: Joe Biden’s $590 Billion Student Loan “Heist” to Buy Votes

Rossi: Joe Biden’s $590 Billion Student Loan “Heist” to Buy Votes

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Joe-bidenBy Randy Rossi – 

Just when you think socialist Dems and Democrat President Joe Biden can’t cause any more destruction to our great republic, they do. The perfect example of that is Joe Biden’s illegal and incredibly destructive college loan forgiveness “heist” which is designed to get more votes for Democrats in the 2022 midterm elections. But using billions of our tax dollars to buy votes is not the worst thing Biden is doing, he is adding $590 billion to our debt which will increase inflation and he is insulting those Americans who honorably paid off their college loans and the roughly 58% of adult Americans that don’t get a college degree and make their living practicing a trade. This is a direct attack on core American values in order to buy votes.

The Wall Street Journal just wrote an important editorial on this that sheds the light on this incredible “heist” of $590 billion of tax payer money appropriately titled “Biden’s Half-Trillion-Dollar-Student-Loan Forgiveness Coup” . First, it correctly says “Worse than the cost is the moral hazard and awful precedent this sets. Those who will pay for this write-off are the tens of millions of Americans who didn’t go to college, or repaid their debt, or skimped and saved to pay for college, or chose lower-cost schools to avoid a debt trap. This is a college graduate bailout paid for by plumbers and FedEx drivers”.

Of course, President Biden never talked about how much this would cost American voters when he tried to sell it to the American people. Folks that read the WSJ or watch Fox News immediately heard that this would cost American tax payers $300 billion which the “Fake News” didn’t mention much if at all. But that WSJ editorial provided proof that the “heist”  will actually cost $590 billion! Standard loan forgiveness will cost $300 billion. But the forgiveness of Pell grants included in this Biden “heist” will cost another $270 billion. And added to that is the $20 billion cost of the four month “freeze” on loan payments included in Biden’s “heist “. Add it all up and Democrat President Biden just added $590 billion of debt to our insane $30 trillion of US debt.

To make this even worse, this will no doubt raise what are already insane tuition costs for going to college. Once the government started protecting student loans, colleges started raising tuition rates 4 times faster than normal inflation. When I went to college 50 years ago, I was able to pay for my annual cost of college which was roughly $2,000 (tuition, books, and room and board) with a manual labor summer job. Today, it costs over $36,000 for a year of college there. What student can make $36,000 with a summer job?

Finally, many experts say that Joe Biden does not have the legal right to forgive student loans. They insist that this must be approved by Congress which is part of the check and balance system our Founding Fathers gave us. Not only is Biden’s “heist” illegal and an obvious ploy to use your tax dollars to buy votes, it is a direct attack on the core American value of keeping our promises. When a student takes out a loan, they promise to pay it. Biden’s student loan “heist” is rotten to the core and an attack on the foundation of this great republic.

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