{"id":1621156,"date":"2022-08-25T18:03:38","date_gmt":"2022-08-25T22:03:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1621156"},"modified":"2022-08-25T18:03:48","modified_gmt":"2022-08-25T22:03:48","slug":"no-bidens-student-loan-forgiveness-is-nothing-like-ppp","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/no-bidens-student-loan-forgiveness-is-nothing-like-ppp\/","title":{"rendered":"No, Biden\u2019s Student Loan \u2018Forgiveness\u2019 Is Nothing Like PPP"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fno-bidens-student-loan-forgiveness-is-nothing-like-ppp%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1621156&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>When a reporter asked Joe Biden yesterday if bailing out (<a href=\"https:\/\/thefederalist.com\/2022\/08\/24\/bidens-student-loan-forgiveness-is-an-unjust-cynical-abuse-of-power\/\">largely well-heeled<\/a>) students was fair to those who chose not to take out loans, the president <a href=\"https:\/\/twitter.com\/CurtisHouck\/status\/1562518347207819264\">responded<\/a>: \u201cIs it fair to people who \u2026 do not own multibillion-dollar businesses? They see why these guys getting all the tax credits? Is that fair? What do you think?\u201d<\/p>\n<p>I think it\u2019s an incoherent <em>non sequitur<\/em>. But there\u2019s an effort on the left to compare the president\u2019s loan \u201cforgiveness\u201d edict with other bailouts, especially the recent Paycheck Protection Program. If we can forgive business loans, why not the suffering grad student, goes the argument.<\/p>\n<p>This is a terrible comparison for numerous reasons. First, PPP loans were enacted by the government to stave off economic ruin it had initiated. The state sent checks so that employment wouldn\u2019t crater after it forced the economy to shut down. In normal times, a company unable to repay debts to creditors enters bankruptcy. And perhaps student loans should also be dischargeable in bankruptcy. Though many of those bailed out by Biden\u2019s executive edict aren\u2019t on their way to ruin, but six-figure salaries.<\/p>\n<p>Second, PPP loans, unlike student loans, were <em>intended<\/em> to be cash transfers from the government. They were structured to be forgivable \u201cloans\u201d before the law was passed. No one broke a contract. No one changed the parameters of the loans. No president walked in and unilaterally transferred the responsibility of PPP payments to other businesses.<\/p>\n<p>Which brings me to the third point: PPP was <em>passed<\/em> with wide margins in Congress, not decreed by a president approaching a midterm in <a href=\"https:\/\/thefederalist.com\/2022\/08\/24\/bidens-plan-to-dump-student-loan-debt-onto-taxpayers-is-blatant-vote-buying\/\" target=\"_blank\" rel=\"noreferrer noopener\">desperate need of votes<\/a>.<\/p>\n<p>\u201cWhen corporate taxes were cut a few years back, I don\u2019t recall accusations of \u2018buying votes,&#8217;\u201d <a href=\"https:\/\/twitter.com\/danprimack\/status\/1562778164517953538\">says<\/a> Axios\u2019s Dan Primack. Nate Silver also <a href=\"https:\/\/twitter.com\/NateSilver538\/status\/1562549469165469697\">called<\/a> Biden\u2019s edict a \u201ctransactional\u201d piece of public policy, \u201cdirectly serving the interests of the people who elected you.\u201d It\u2019s \u201cextremely common\u2026\u201d he went on to say, adding that it was just like \u201cthe Trump tax cuts were.\u201d<\/p>\n<p>Trump\u2019s tax cut would be just like Biden\u2019s loan forgiveness if the former president had, by executive force, \u201ccanceled\u201d corporate loans of some favored industries and then transferred the responsibility for those payments directly to unfavored businesses. Trump\u2019s tax cuts weren\u2019t curated to prop up any one interest, despite <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-27\/the-trump-tax-cut-wasn-t-just-for-the-rich\">the left\u2019s claims<\/a>. Of course, tax cuts also merely let people keep their own money (sometimes it seems the left believes every dollar belongs to the state, which then bequeaths it to the citizen at their pleasure.)<\/p>\n<p>None of this means Congress is incapable of buying votes or even that PPP was without corruption. Bills bailing out political interests \u2014 like Barack Obama\u2019s corrupt \u201cauto bailout\u201d <a href=\"https:\/\/www.thefiscaltimes.com\/Columns\/2012\/10\/17\/Obamas-Auto-Bailout-Was-Really-a-Hefty-Union-Payoff\">payout<\/a> to GM-Chrysler unions that broke contracts and screwed over debt holders \u2014 are basically racketeering schemes. But those who believe the president should be empowered to change the parameters of existing loans by fiat \u2014 relying on bogus decades-old \u201cnational emergency\u201d legal rationalizations \u2014 without any debate or vote, are defending lawlessness. <\/p>\n<p>Maybe PPP was bad policy, or maybe it was unfair, but it was a law passed by Congress to mitigate economic factors it helped create. It is nothing like student loan \u201cforgiveness.\u201d<\/p>\n<hr class=\"wp-block-separator\" \/>\n<div class=\"article-author-description fst-italic\">\n  David Harsanyi is a senior editor at The Federalist. Harsanyi is a nationally syndicated columnist and author of five books\u2014the most recent, <a href=\"https:\/\/www.amazon.com\/Eurotrash-America-Reject-Failed-Continent\/dp\/0063066017\/\">Eurotrash: Why America Must Reject the Failed Ideas of a Dying Continent<\/a>. His work has appeared in National Review, the Wall Street Journal, Washington Post, Reason, New York Post, and numerous other publications. Follow him on Twitter, <a href=\"https:\/\/twitter.com\/davidharsanyi\/\">@davidharsanyi<\/a>.<\/div>\n<div class=\"article-comments mt-30 mt-sm-60\">\n<div class=\"article-comments-container d-flex flex-column align-items-center py-30\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"110\" height=\"106\" src=\"https:\/\/thefederalist.com\/wp-content\/uploads\/2021\/12\/fdrlst-mark.svg\" class=\"img-fluid mb-20\" alt=\"The Federalist logo eagle mark\" \/>    <\/p>\n<p>Unlock commenting by joining the Federalist Community.<\/p>\n<p>    <a href=\"https:\/\/thefederalist.com\/plans\/pricing\/\" class=\"btn btn-on-white\">Subscribe<\/a>  <\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>When a reporter asked Joe Biden yesterday if bailing out (largely well-heeled) students was fair to those who chose not to take out loans, the president responded: \u201cIs it fair<\/p>\n","protected":false},"author":831,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1621156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1621156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/831"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1621156"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1621156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1621156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1621156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1621156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}