{"id":1626893,"date":"2022-08-30T11:48:20","date_gmt":"2022-08-30T15:48:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1626893"},"modified":"2022-08-30T11:48:54","modified_gmt":"2022-08-30T15:48:54","slug":"mary-vought-bidens-bailout-and-the-nationalization-of-higher-education","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mary-vought-bidens-bailout-and-the-nationalization-of-higher-education\/","title":{"rendered":"Mary Vought: Biden\u2019s Bailout and the Nationalization of Higher Education"},"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\">20<\/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%2Fmary-vought-bidens-bailout-and-the-nationalization-of-higher-education%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=1626893&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--><div><\/div>\n<p class=\"article-category\"><strong>OPINION:<\/strong><\/p>\n<p>President <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">Joe Biden<\/a> has made the first bid in what will ultimately become a bidding war for the loyalty and votes of a small, but affluent and influential segment of voters: Student loan borrowers. Last week\u2019s move is costly to taxpayers, unfair and regressive. But worst of all, it\u2019s the beginning of what will ultimately be the nationalization of higher education in the U.S.<\/p>\n<p>Start first with the proposal\u2019s legality\u2014or, rather, its lack of legality. Mr. <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">Biden<\/a> himself has publicly and repeatedly doubted <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">his<\/a> authority to cancel student debt unilaterally. When discussing student debt cancellation during a CNN town hall last year, Mr. <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">Biden<\/a> conceded that \u201cI don\u2019t think I have the authority to do it by signing with a pen.\u201d<\/p>\n<p>One year later, and facing the prospect of losing control of Congress in this November\u2019s midterm elections, Mr. <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">Biden<\/a> has reversed himself, and now thinks <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">he<\/a> has the power to cancel debt on <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">his<\/a> own. This move comes after <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">his<\/a> administration proposed a unilateral extension of the pandemic-era moratorium on evictions that courts struck down and a vaccine mandate that suffered the same fate. For a president and a party that claims they are working to preserve democracy, Mr. <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">Biden<\/a> sure seems willing to embrace autocratic means to attain <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">his<\/a> objectives\u2014when it suits <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">him<\/a>.<\/p>\n<p>All this student \u201cloan forgiveness\u201d will come with a big price tag. One estimate suggests that providing $10,000 in canceled debt to borrowers will cost $300 billion over ten years. But adding on an additional $10,000 in cancelation for Pell Grant recipients will add significant amounts to that $300 billion sum.<\/p>\n<p>Who will benefit from Mr. Biden\u2019s unilateral spending spree? In short, wealthy families. The Penn-Wharton Budget Model believes that as much as three-quarters of the benefit will go to families in the top three income quintiles, while only 7-9% of the benefit will go towards the bottom 20% of borrowers.<\/p>\n<aside>\n<\/aside>\n<p>Other studies demonstrate how student debt cancelation will help the elites in society. For instance, the Brookings Institution noted that households with graduate degrees\u2014who comprise only 14% of the population\u2014held more than half (56%) of all student debt as of 2019. Little surprise then that Brookings concluded that the top two income quintiles, including households earning over about $74,000 per year, \u201cowe almost 60% of the outstanding education debt\u2026 make almost three-quarters of the payments,\u201d and would benefit most from Mr. Biden\u2019s cancelation plan.<\/p>\n<p>But beyond its illegality, the hefty price tag, and its benefits to the affluent, the real cost of Mr. <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">Biden<\/a>\u2019s actions will come in the future. This administration has sent a very clear, and very expensive, signal to students and universities alike: If the American public accumulates more student loan debt, this president, or a future president, will take action to cancel that debt and wipe the slate clean.<\/p>\n<p>In that sense, Mr. <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">Biden<\/a>\u2019s actions will last far beyond this year, and far beyond this administration. <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">His<\/a> decision doesn\u2019t just represent a slap in the face to those who worked hard to pay off their student loans on time, or people who chose their college\u2014or decided not to attend college\u2014based solely on what they could afford at the time.<\/p>\n<p>Mr. Biden\u2019s decision will encourage all those contemplating a college education, or the colleges themselves, to act in risky manners\u2014taking on more debt than they can afford, raising tuition, and not paying debt back. Students and schools alike now know that, if they increase the amount of student loan debt, politicians will face further pressure to provide additional \u201cloan forgiveness\u201d that both the students and the schools can capitalize upon, and benefit from.<\/p>\n<p>Mr. <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">Biden<\/a> has publicly claimed that \u201cI\u2019m not a socialist.\u201d But by taking this decision, Mr. <a href=\"https:\/\/www.washingtontimes.com\/topics\/joe-biden\/\">Biden<\/a> has effectively nationalized the entire higher education industry\u2014putting it on a path where the federal government pays the bills for nearly every student at nearly every college.<\/p>\n<p><em>\u2022 Mary Vought is the founder of Vought Strategies and a visiting fellow at the Independent Women\u2019s Forum (iwf.org ). You can follow her on Twitter @MaryVought.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPINION: President Joe Biden has made the first bid in what will ultimately become a bidding war for the loyalty and votes of a small, but affluent and influential segment<\/p>\n","protected":false},"author":1,"featured_media":1626895,"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-1626893","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\/1626893","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1626893"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1626893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1626895"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1626893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1626893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1626893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}