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In article <t1hl3h$31r7e$150@news.freedyn.de>
<governor.swill@gmail.com> wrote:

This is a plan to transfer wealth from the poor and middle class
to the wealthy

America is experiencing inflation, gas prices are the highest
are some of the highest in U.S. history, and the Biden
administration is planning a money transfer to the richest
segment of the American population.

On Monday, during a meeting with the Congressional Hispanic
Caucus, President Joe Biden shared he was moving toward
implementing student loan forgiveness.

The president didn’t get into specifics, how much would be
canceled or for whom, but he had campaigned on canceling $10,000
worth of student debt per student. One lawmaker in attendance
took his comments to mean Biden would cancel all student debt
but CBS News clarified that Biden didn’t mean "all" but would be
"open to going beyond what he originally vowed as a candidate."

Nor did the president get into how, exactly, this kind of
"cancelation" would be possible. Would the lender simply forget
about it? Would the government actually make payment on these
loans? Or would debtors simply get a check in the mail?

A few weeks ago, the administration extended the pandemic-era
pause on student loan payments, with waived interest, until
August. Why? We’re in a time of incredibly low unemployment. Why
put off the payment of this debt?

And why, of all debts, is the student loan one the focus from
the president? People are struggling to put gas in their cars to
get to work or pay astronomical electric bills. Why should a
basket weaving major at Super Expensive Private University get
her debt paid off while a refrigerator repairman continues to
struggle with enormous price hikes on everyday items due to
BidenInflation?

The plan to "cancel" debt accrued while attending college is a
plan to transfer wealth from the poor and middle class to the
wealthy.

The Chicago Booth Review, a publication out of University of
Chicago’s Booth School of Business, found "While the highest-
income groups have about twice the student debt as the lowest-
income groups, research finds that across-the-board loan
forgiveness would disproportionately benefit the rich, saving
them well more than twice as much money" and would make income
inequality worse.

It makes sense. The son of a plumber, who went to a local
college, lived at home and worked while attending school so he
could graduate loan-free, instead of partying for four years at
a lavish private university with rock climbing walls and luxury
dorm rooms, would now be responsible for the ramifications of
someone else’s bad choices.

It also doesn’t help that this handout doesn’t come with any
plan on what to do going forward. The people not paying their
debt today are in a great time for employment. What about the
people who graduate in four years or eight? What if there’s a
recession or worse? How many more university debts are we
signing up to pay? If the system is broken, and it is, why
continue to let it function as is?

Senate Minority Whip John Thune is introducing a bill to stop
the Biden administration from canceling the debt. The bill would
also prevent the administration from indefinitely pausing the
debt or exempting people making over 400% over the poverty line
from participating in any pause.

This is absolutely a moment where Republicans have to fight back
and clearly make the case about this wealth transfer. This isn’t
debt forgiveness. This is debt-someone-else-pays-it.

Karol Markowicz is a columnist at the New York Post. She has
also written for Time, USA Today, The Observer, Heat Street,
Federalist, Daily Beast and elsewhere. Follow her on Twitter
@Karol.

https://www.foxnews.com/opinion/biden-cancel-student-debt- forgiveness-karol-markowicz

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