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In article <t1kckd$33e2e$93@news.freedyn.de>
<governor.swill@gmail.com> wrote:

No federal student loan borrower, regardless of income or
ability to work, has been required to make a student loan
payment in two years

The Biden administration is trying once again to save its
tanking poll numbers by writing a blank check to student loan
borrowers using Americans’ pocketbooks.

Nearly every pandemic relief program has expired as the economy,
which the president repeatedly touts as growing at the fastest
pace in four decades, recovers and COVID restrictions move
further into the rearview mirror.

Americans are finally returning to their everyday lives,
balancing the responsibilities of work and family. Yet,
according to the president and Democrats in Congress, it is
essential that taxpayers continue to fund the largest and most
regressive transfer of wealth to the upper-class in modern
history, to the tune of $5 billion every month.

Since March 2020, no federal student loan borrower, regardless
of income or ability to work, has been required to make a
student loan payment – not a single penny in two years.

These deferments were intended to be a safety net at the height
of the pandemic. Two years later, the deferments have turned
into a $150 billion spending spree predominately benefiting
lawyers, doctors, and bankers who racked up their debt in
graduate school.

In fact, the repayment pause – which the White House sees as a
shining achievement of its commitment to fairness and equity –
provides bachelor’s degree holders a mere ten cents in relief
for every dollar provided to doctors. That extra $150 billion in
unnecessary national debt makes it that much harder to find
funding for COVID therapeutics or larger Pell Grants for low-
income students and adds the hidden tax of inflation and higher
debt for future generations.

Now, facing a stalled legislative agenda and an inflation crisis
exacerbated by his administration’s disastrous policies,
President Biden is doing what’s politically expedient and
extending, for a second time, the "final extension" of the
repayment pause and proposing to cancel tens of thousands of
student loans for 44 million borrowers.

By caving to progressives, he is breaking his promise to over
100 million taxpayers without student debt who are subsidizing
this boondoggle. President Biden is grasping at straws and
putting politics over responsible policy.

The left has argued for the repayment pause and advocated for
abolishing student borrowers’ obligations to taxpayers on the
grounds of anything and everything from "economic, racial, and
gender injustice" to climate change.

By caving to progressives, President Biden is breaking his
promise to over 100 million taxpayers without student debt who
are subsidizing this boondoggle.

Yet, when in the position to actually legislate, House and
Senate Democrats are (un)surprisingly quiet on student loan
debt. Rather than do their jobs, top Democrats are asking the
president to do their dirty work for them, calling for an
additional extension through the end of the year and debt
forgiveness by executive fiat.

The administration justifies this elitist handout arguing that
borrowers are simply not ready to pay their monthly bills. And
progressives back this flawed argument by citing absurdly biased
polling data from a group whose mission statement is to cancel
student debt while ignoring the data that further relief is
unwarranted – such as the 2.9 percent unemployment rate of
college graduates and the less than 1 percent of private
borrowers needing emergency relief.

The most troubling excuse for mass cancellation and this
permanent pandemic pause touted by progressive policymakers is
that it mitigates the impact of the resident’s inflation crisis.

Low-income households are hit hardest by inflation and are the
least likely to hold a college degree. Economists across the
political spectrum agree that the repayment pause has
exacerbated inflation – Larry Summers included.

In fact, a recent analysis found that extending the repayment
pause through the end of the year would easily push inflation
above 9 percent. Flooding the economy through loan forgiveness
with another trillion and a half dollars won’t ease inflation
pressures either. And the single mother of three paying nearly
double at the pump and struggling to put food on the table for
her family isn’t interested in taking on monthly payments for a
Harvard MBA graduate.

So why is President Biden doing this? Simply put, he is placing
politics and poll numbers above his fiscal and moral
responsibilities.

Seven in ten Americans are indifferent at best about this
administration as we head into primary season. Desperate times
call for desperate measures, and Uncle Joe is banking on the
left’s ideologues to save Democrats from a disastrous midterm
election, taxpayers be damned.

Republican Richard Burr represents North Carolina in the United
States Senate.

https://www.foxnews.com/opinion/biden-student-loan-borrowers- blank-check-taxpayers-virginia-foxx-richard-burr

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