President Biden is wooing college grads with billions in debt forgiveness — and sticking everyone else with the bill.
Bragging that the Supreme Court’s kibosh of his first plan “didn’t stop me,” Biden announced last week that he’ll be forgiving another $1.2 billion in student loans, bringing his total in “cancelled” debt to $138 billion.
On Friday, the administration released a breakdown of how many people score from this latest move: a little under 153,000, a paltry .04% of Americans.
Here in New York: 8,190, or .09% of the state’s population, got $63 million erased.
Have so few ever benefitted so much from one government giveaway?
After the Supremes last June (rightly) ruled that his attempt to cancel $430 billion in one sweep was unconstitutional, Biden has found ways to do piecemeal bailouts anyway.
He claims his cancellation schemes are “simple and fair” and somehow bring “relief for working-class and middle-class Americans.”
Relief for the working class? That’s largely Americans who never graduated college — who earn about $1.5 million less in their lifetimes on average than college grads — yet still see their taxes going to pay for Biden’s giveaway.
As do college grads who paid their own loans, or chose an affordable school and/or saved enough not to take on any debt.
This is anything but “fair.”
Plus, it gets the heat off the colleges that overcharged for degrees that don’t yield serious incomes, indeed encourages the higher-education-industrial complex to keep charging ever more: Don’t worry, kids, you won’t actually have to pay this back!
This is pure vote-buying, a counter to the fact that Biden’s losing ground with demographics that Democrats usually have locked up, including under-35 voters, whose support for him is down by more than half from January 2021.
They may not go to Donald Trump, but in a tight race Biden’s in big trouble if they just don’t vote.
Sorry: This is “relief” for exactly two groups: A small number of privileged college grads with high earning potential — and Democratic candidates.
The prez wants college kids believing he’s on their side — but by the same logic, it means he’s against everyone else.
This story originally appeared on NYPost
