{"id":1751464,"date":"2022-11-25T12:16:30","date_gmt":"2022-11-25T17:16:30","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1751464"},"modified":"2022-11-25T12:34:07","modified_gmt":"2022-11-25T17:34:07","slug":"bidens-extension-of-the-student-debt-pause-is-cravenly-political","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-extension-of-the-student-debt-pause-is-cravenly-political\/","title":{"rendered":"Biden&#8217;s Extension of the Student-Debt Pause Is Cravenly Political"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Fbidens-extension-of-the-student-debt-pause-is-cravenly-political%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=1751464&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--><aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>President Joe Biden says he wants to build our economy \u201cfrom the bottom up and the middle out.\u201d But his latest move will give doctors and lawyers thousands in benefits while leaving working-class Americans on the hook for billions more in taxes.<\/p>\n<p>The Biden administration just announced it\u2019s <a href=\"https:\/\/nypost.com\/2022\/11\/22\/biden-extends-student-loan-repayment-pause-through-june-as-court-fight-looms\/\">extending the \u201cpause\u201d on student-debt payments <\/a>yet again \u2014 this time through 60 days after June 30 or until court cases surrounding the president\u2019s broader student-debt cancellation efforts are resolved. <\/p>\n<p>Implemented at the start of the COVID-19 pandemic amid tremendous economic disruption, the pause allows borrowers to skip their student-loan payments, and it outright forgives the interest owed while it\u2019s in place.<\/p>\n<p>This was supposed to be a very short-term measure, enacted in March 2020 when people\u2019s jobs were locked down and many Americans couldn\u2019t pay their bills. Yet years later, after almost all the other \u201cemergency\u201d programs have been allowed to expire, the president is extending the \u201cpause\u201d again \u2014 even though the economic disruption facing college grads has long since faded.<\/p>\n<aside class=\"single__inline-module alignright\">\n\t<\/aside>\n<p>College graduates\u2019 unemployment rate is down to less than 2%, meaning they\u2019ve fully recovered from the pandemic\u2019s effects. So they clearly don\u2019t need a further vacation from their financial responsibilities. But the \u201cpause\u201d is worse than unnecessary. It costs taxpayers billions a month and is actually deeply regressive, mostly benefiting the elite, especially those with advanced degrees.<\/p>\n<p>The <a href=\"https:\/\/www.crfb.org\/blogs\/student-loan-pause-could-cost-275-billion\" target=\"_blank\" rel=\"noreferrer noopener\">biggest beneficiaries<\/a> of extending the pause will be doctors, lawyers and people with graduate degrees, according to the nonpartisan Committee for a Responsible Federal Budget. That\u2019s certainly who has profited so far. <\/p>\n<p>CRFB\u2019s experts estimate that between the waived interest payments and the debt-eroding effects of inflation, by the end of the year doctors will have received an average of $68,000 in total debt forgiveness from the pause. Lawyers will have collected a tidy $41,500, with master\u2019s degree-holders getting around $18,500.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/biden-loans-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/biden-loans-1.jpg\" alt=\"Biden&#039;s pause on loan payments mainly benefits people with graduate degrees like doctors and lawyers.\" class=\"wp-image-24771954\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/biden-loans-1.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/biden-loans-1.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/biden-loans-1.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>Biden\u2019s pause on loan payments mainly benefits people with graduate degrees like doctors and lawyers.<\/figcaption><figcaption><span class=\"credit\">Bonnie Cash\/UPI\/Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Apparently that wasn\u2019t enough: Biden decided these struggling classes of Americans were in desperate need of more taxpayer-funded relief.<\/p>\n<p>This move really is almost exclusively helping the well-off. All told, more than \u201cthree-quarters of the benefit of the pause goes to the top half\u201d of earners, <a href=\"https:\/\/www.crfb.org\/blogs\/student-loan-pause-could-cost-275-billion\" target=\"_blank\" rel=\"noreferrer noopener\">CRFB says<\/a>. On the other hand, your average waiter, trucker and Uber driver \u2014 who didn\u2019t go to college \u2014 will get exactly $0 in benefits. Yet they\u2019ll still be on the hook for the tens of billions this extension will cost us taxpayers, of course.<\/p>\n<aside class=\"single__inline-module alignleft\">\n\t<\/aside>\n<p>That\u2019s right: At a time <a href=\"https:\/\/nypost.com\/2022\/11\/23\/gen-zers-trading-turkey-for-pizza-as-thanksgiving-prices-surge\/\">inflation is already costing families thousands<\/a> and leaving hardworking Americans struggling to make ends meet, Biden is putting them on the hook for billions more to comfort an affluent, highly educated slice of America\u2019s elite. <\/p>\n<p>This is a profound injustice \u2014 and frankly it reeks of partisan clientelism.<\/p>\n<p>Student-debt relief disproportionately benefits demographic constituencies that lean heavily Democratic. Younger people, people with advanced degrees and urbanites are all more likely to have student debt than other Americans. They\u2019re also much more likely to vote for Democrats.<\/p>\n<p>This is no coincidence.<\/p>\n<p>Biden has backpedaled from his August promise, as <a href=\"https:\/\/nypost.com\/2022\/11\/18\/brace-for-more-biden-vote-buying-to-save-dems-georgia-senate-seat\/\">James Bovard predicted he would<\/a> in these pages: \u201cThe student-loan payment pause is gonna end,\u201d the prez said then. \u201cIt is time for the payments to resume.\u201d <\/p>\n<p>Biden didn\u2019t announce an end before the midterms, though. Indeed, he thanked \u201cthe young people of this nation\u201d who voted for \u201cstudent debt relief\u201d \u2014 and helped Democrats dodge disaster in the election.<\/p>\n<p>Now Biden\u2019s party is hoping to gain a solid Senate majority in <a href=\"https:\/\/nypost.com\/2022\/11\/23\/georgia-oks-early-voting-in-warnock-walker-senate-runoff\/\">Georgia\u2019s Dec. 6 runoff <\/a>between Democratic Sen. Raphael Warnock and GOP challenger Herschel Walker. As Bovard <a href=\"https:\/\/twitter.com\/JimBovard\/status\/1595163242732871681\" target=\"_blank\" rel=\"noreferrer noopener\">notes of the extension<\/a>, \u201cThis is forcing taxpayers to make a $25+ billion contribution to Warnock\u2019s GA Senate campaign.\u201d<\/p>\n<p>President Biden has a line he loves to trot out: \u201cDon\u2019t tell me what you value, show me your budget, and I\u2019ll tell you what you value.\u201d Well, if <em>his<\/em> budget is anything to go by, this president values rewarding his affluent voter base over doing what\u2019s best for the American people.<\/p>\n<p><em>Brad Polumbo is a Robert Novak journalism fellow and the co-founder of Based Politics.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden says he wants to build our economy \u201cfrom the bottom up and the middle out.\u201d But his latest move will give doctors and lawyers thousands<\/p>\n","protected":false},"author":1,"featured_media":1751467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1751464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1751464","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=1751464"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1751464\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1751467"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1751464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1751464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1751464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}