On This Episode

Well, I did an entire episode on why the current plan to transfer student loan debt from borrowers to tax payers is a morally hazardous, intellectually vapid, and obviously self-interest vote-buying.

Here’s a synopsis on why to oppose the Biden Administration’s plan to transfer student debt onto all of us.

1. It’s illegal.

There is no Constitutional or statutory authority for presidents to spend over $300 billion on a whim. I will play you audio of Nancy Pelosi saying so and remind you the president’s administration said this EXPLICITLY last year.

I suspect attorneys general from conservative states will have to intervene and sue the administration like they did when the administration used power they didn’t exist to expand the eviction moratorium and to implement illegal vaccine mandates.

2. It’s unfair in countless ways.

It’s unfair to people who avoided student loans, to those who already paid them off and to those who are about to take student loans out. It’s also unfair because the policy advantages the privileged, those already making more, and those with more potential earn more over time.

3. It’s going to exacerbate inflation.

Even Larry Summers (on the Left) and OBAMA’s chief economic advisor, Jason Furman, have said the policy pours “gasoline on an inflation fire.”

In this section, I also give you data over the last 20 years that demonstrate everywhere the government is involved in the economy, prices skyrocket. When they’re not involved, prices are stable or decrease over time.

4. It’s typical Leftist redistribution of wealth through taxes.

I illustrate it this way. If you received a receipt for your taxes in 2021, it would include a line item for social security, medicare, Medicaid, WIC, unemployment, the military, and a bunch more.

If this is implemented, in 2022, there would be a line where you absorb the cost of someone else’s debt. That’s wrong.

5. We already have a solution.

I’ll explain how the Income Based Repayment system is the solution to this current problem. We still have to work on preventing future debt, but we have the tool to solve this one.

If the plan would have just been to lower the minimum payment, I would have shut up and moved on. Unfortunately, there weren’t a lot of votes in lowering payments.