In a blatant bid to buy midterm votes, Joe has announced he will (illegally) cancel $10,000 in student loans for each borrower earning less than $125,000, and $20,000 per borrower who paid for college using Pell Grants.

He also said he will extend the pause on federal student loan repayment, initiated during COVID-19 lockdowns, to January 2023. Under this new (illegal) plan, borrowers with undergraduate loans can also cap repayments at 5% of their monthly income.

The Committee for a Responsible Federal Budget put the estimated cost of the cancellation plan between $400 and $600 billion.

The House Judiciary Republicans tried to post, “If you take out a loan, you pay it back. Period,” on their Facebook account. The Effing Bee took it down, claiming it violated community standards.

Asked if his student debt forgiveness plan is “unfair to people who paid their student loans,” FAUXTUS said, “Is it fair to people who in fact do not own multi-billion dollar businesses to see one of these guys getting all the tax credits? Is that fair? What do you think?” … uhhhh, what?

CLICK (or not) [:24] to hear FAUXTUS’ WH Spox explain how they’re trying to “fix a broken system.” Can we just mention that they broke it?! Student loans worked just fine when the banks (not the feds) were doing it.

CLICK (or not) [:45] to see how Fauxcahontas answered that question. Dunno ‘bout you, but I always want to smack that woman upside the head.

CLICK (definitely) [2:11] to see how the rest of us answer that question.

And, in a very surprising twist, the ultra leftie Washington Post has come out strong AGAINST the Biden plan! Wow, if you’re being too libtard for WaPo, you’re really way out there.

IOWAHAWK has a long thread analyzing student loan default rates for different schools and majors. It has some surprising stuff in it that I didn’t know. He also talks about what is really wrong with the current system and what they’re not doing that would fix it.


Jason Furman (once head of Barack Obama’s council of economic advisers) has another thread about the proposal that likens it to throwing gasoline on the fire of inflation. Twitchy says, “When even one of Obama’s lackeys knows this is a bad idea? You know it’s really really really bad.”


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