{"id":2184566,"date":"2024-02-23T05:02:02","date_gmt":"2024-02-23T10:02:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-terrible-student-loan-gamble\/"},"modified":"2024-02-23T05:06:07","modified_gmt":"2024-02-23T10:06:07","slug":"bidens-terrible-student-loan-gamble","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-terrible-student-loan-gamble\/","title":{"rendered":"Biden&#8217;s Risky Student Loan Bet"},"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\">10<\/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-terrible-student-loan-gamble%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=2184566&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--><blockquote>\n<h2>Column: The President&#8217;s Latest Betrayal of the Working Class<\/h2>\n<figure><figcaption>(Mario Tama\/Getty Images)<\/figcaption><\/figure>\n<\/blockquote>\n<div>\n<p>President Biden recently \u2063made a trip to \u200bthe West \u200dCoast to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/missouri-governor-pardons-mccloskeys-of-crimes-related-to-standoff-with-blm-protesters\/\" title=\"Missouri Governor Pardons McCloskeys Of Crimes Related To Standoff With BLM Protesters\">raise campaign funds<\/a>, but he didn&#8217;t stop there. \u2062He also decided to spend some of \u2064your <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hate-being-spewed-in-the-name-of-patriotism-wapo-opinion-attacks-anthem-before-games-2\/\" title=\"\u2018Hate Being Spewed In The Name Of Patriotism\u2019: WaPo Opinion Attacks Anthem Before Games\">hard-earned money<\/a>.<\/p>\n<p>On \u2064February 21, Biden made the announcement that he would be canceling $1.2 billion in federal student loans for 153,000 \u200cborrowers. This is in addition to the more than \u200b$130 billion in student debt that he has\u2063 already forgiven. According to\u2064 the\u200b Penn Wharton school, these efforts \u200bwill cost a total of $475 billion over the next\u2063 decade.<\/p>\n<p>Now, let&#8217;s take a closer look at just how\u200c terrible \u2062this policy really is.<\/p>\n<p><strong>It&#8217;s not debt relief<\/strong>. It&#8217;s simply transferring the burden of debt from certain borrowers to the American taxpayer, who is already saddled \u2062with trillions of dollars in federal debt.<\/p>\n<p>The cost of servicing this public debt\u2062 is\u200b projected to soon exceed America&#8217;s\u2062 defense budget. \u2063Talk about reckless spending.<\/p>\n<p><strong>It&#8217;s constitutionally dubious<\/strong>. The Supreme Court has already struck down Biden&#8217;s original\u2062 debt\u2064 transfer \u2063program, stating that\u200d he\u2062 overstepped his authority. \u2064Yet, he continues to find ways to bypass Congress and the judiciary with his &#8220;Saving on a Valuable Education&#8221; (SAVE) Plan.<\/p>\n<p>This \u2063plan\u2064 is\u2062 also vulnerable \u200dto legal challenges, as such far-reaching policies require congressional\u200c authorization. It&#8217;s only a matter\u2062 of time before a \u2063Republican state attorney general takes action against the federal government.<\/p>\n<p><strong>It creates moral hazard<\/strong>. By forgiving student\u2062 debt, Biden is \u2062incentivizing \u200cpotential\u2062 borrowers to take \u200con more debt, knowing that they will be bailed out\u200c by the\u2063 government. \u200cColleges and universities also have no\u2064 reason\u2063 to\u200d control tuition costs, as they know the true customer is Uncle\u2064 Sam.<\/p>\n<p>This hazard extends beyond just the\u2063 economic impact. Biden&#8217;s arbitrary exercise of \u2062power emboldens the far-left wing\u200b of the Democratic\u200d Party, who will push for the \u2062transfer of\u2063 other forms \u2064of debt to the state.<\/p>\n<p>Laws are meant to\u2063 discourage bad behavior, but Biden&#8217;s executive action\u2064 rewards it.<\/p>\n<p><strong>The plan smacks of desperation<\/strong>. Biden is facing \u200ca tough battle \u200bfor re-election, trailing behind former President Trump in key swing states.\u200b His \u200bapproval rating is also stuck in \u2063the low 40s, particularly among younger voters.<\/p>\n<p>This student debt relief is a desperate attempt to appease a key\u2064 constituency, following the old-school Democratic strategy\u2063 of \u200cconcentrating benefits \u200dto \u200dcertain groups\u200d while spreading the costs among the\u2062 general electorate.<\/p>\n<p>Beneficiaries of this\u2062 plan will receive an email \u200bwith the president&#8217;s signature, just \u2064so they know who \u2062to\u200c thank.<\/p>\n<p>However, Biden&#8217;s gambit may not pay off. Despite backing popular \u200cinitiatives, his job approval remains low. Voters blame \u200bhim for rising food prices \u200cand \u2062interest \u200drates, and \u200bthey feel his policies have not helped the middle class.<\/p>\n<p>Biden&#8217;s student debt plan is more controversial\u200c than \u200dthe\u2064 bipartisan legislation he\u200d has signed into \u2064law. It\u2063 affects a smaller number of\u200b voters and creates resentment among those \u2063who have already paid off their loans or did not attend\u200c college. It&#8217;s yet another\u2064 blow to non-college voters who are \u2063struggling \u200bwith high prices and\u2062 job losses.<\/p>\n<p>So why is there such \u200ca disconnect between Biden&#8217;s actions and voters&#8217; \u200cattitudes? It&#8217;s because the electorate has already judged\u200b him as incapable of serving\u2062 a second term. \u200dThis puts Biden\u200b in\u2063 the difficult position of trying to \u200dplease his left-wing base while hoping that \u2063independent voters will\u2064 turn\u200c against\u200b Trump and MAGA.<\/p>\n<p>No wonder \u2063he&#8217;s\u200b desperate.<\/p>\n<\/div>\n<p> <\/p>\n<h2> Why does canceling student \u2063debt\u200b promote a culture of entitlement and undermine personal responsibility?<\/h2>\n<p><span>  Rising \u200ctuition costs, as they know the government will continue \u2064to bail out students. This creates a moral hazard where individuals are not held accountable for \u2064their financial decisions, and it perpetuates a cycle of debt for \u200bfuture generations.<\/p>\n<p><strong>It <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/javier-milei-slams-western-leaders-in-speech-at-wef-they-have-abandoned-the-model-of-freedom\/\" title=\"Javier Milei criticizes Western leaders at WEF for forsaking freedom\">undermines personal responsibility<\/a><\/strong>. \u200cBy canceling student debt, Biden is sending \u200bthe message that \u200bindividuals are not \u2064responsible\u2063 for the choices they \u2063make. It promotes a\u2062 culture of\u200b entitlement and discourages personal \u2064accountability. Hardworking individuals who have diligently paid off their student loans are now being punished for their \u200bresponsible behavior.<\/p>\n<p><strong>It ignores the root causes of student debt<\/strong>. Instead of addressing the underlying issues that \u2063contribute to the rising cost of higher education, such as administrative bloat and excessive spending,\u200b Biden is simply throwing money at the problem. This approach fails to address the systemic issues that need to be tackled to make education more affordable in the long term.<\/p>\n<p><strong>It prioritizes \u2064certain borrowers over \u200bothers<\/strong>. Not all borrowers will benefit from Biden&#8217;s debt cancelation plan. It creates an unfair system where some individuals receive preferential treatment based on their \u2063student loan status. This is not a fair or equitable solution\u200c for the working class.<\/p>\n<p>In conclusion, President Biden&#8217;s latest decision to cancel billions of\u2064 dollars in student debt is a betrayal of \u200cthe working class. It transfers the burden of debt onto the American taxpayer, undermines personal responsibility,\u200c and fails to address the root causes of student debt. It is a \u200bshort-sighted policy that prioritizes certain borrowers over \u2064others and ignores the long-term implications. The working class deserves better solutions that tackle the \u2063systemic issues and provide real relief for all individuals, \u200dnot just a select few.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Column: President Biden&#8217;s costly, unconstitutional, and ineffective decision to cancel $1.2 billion in funds is a betrayal of the working class. While fundraising on the West Coast, he irresponsibly spent taxpayers&#8217; money. (Image: Mario Tama\/Getty)<\/p>\n","protected":false},"author":222,"featured_media":2184567,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2024\/02\/president-biden-speaks-in-culver-city-california-scaled-e1708625102497.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2184566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2024\/02\/president-biden-speaks-in-culver-city-california-scaled-e1708625102497.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2184566","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\/222"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2184566"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2184566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2184567"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2184566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2184566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2184566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}