https://amgreatness.com/2022/08/27/bidens-debt-transference-and-enforcement-arm/
I have two subjects for you today: debt “forgiveness” and, once again, the raid on Mar-a-Lago by Biden’s secret police.
Let’s do the student debt wheeze first. “Forgiveness” without absolution: I think that just about sums up the Biden Administration’s latest publicity gambit, videlicet, the offer to “forgive” from $10,000 to $20,000 of the debt students have contracted. Note the scare quotes around “forgive.”
It is pointless to go into the details of the program because nobody knows what the details are. Tens of millions of Americans (whoever they are in Biden’s America) are apparently eligible. You are supposed to make less than $125,000 a year to be eligible, but who’s checking? The government agency handling the program, studentaid.gov, has been inundated with inquiries, since the announcement of “free stuff!,” as usual, has acted like a handful of fresh meat tossed into a pool of piranhas. How much will it cost? Who knows?
“The White House doesn’t know exactly how many eligible borrowers will actually end up applying for loan forgiveness,” one news source reported, “or how much it will cost.” According to a study from the Wharton School, however, the total tab might exceed $1 trillion. That is 1,000,000,000,000. It’s important to appreciate the number of zeros involved.
I am not sure the Biden Administration has admitted yet whether the economy is in recession, but it is. And it is certainly suffering from inflation—or “Bidenflation” as some wags denominate it—the worst, we’re told, in 40 years. Gas prices have moderated a bit from their highs in May and early June, but they are still more than twice what they were when Biden took office, i.e., when Donald Trump was president, and everyone thinks prices will climb again this winter.
So, prices are rising, your money is worth less, and, oh, by the way, you have less of it. On Friday, the Dow-Jones Industrial Average lost just over 1,000 points, wiping out billions in value. And if the “Prosperity Reduction Act” (the real name of the inflationary “Inflation Reduction Act”) weren’t enough of a blow—raising taxes and weaponizing the tax farmers of the IRS—Biden has delivered another sharp jab to the solar plexus of the American taxpayer with his hare-brained student loan “forgiveness” scheme.
True, from time immemorial, the promise of debt forgiveness has been a powerful political gesture. But as has often been pointed out since the student loan subsidy was announced, Biden’s program is not really debt forgiveness. Rather, it is debt transference. That is, the debt doesn’t go away. It is just dropped in someone else’s lap. And that someone, Dear Reader, is you.