Uh-oh. POTUS has pissed off AOC.
[Translation for those not obsessed with politics.] President Joe Biden has angered U.S. Rep Alexandria Ocasio-Cortez.
He’s placed restraints on what was going to be a volcano of money for college
deadbeats students in debt. Early on, there was talk of waving a wand and making all student debt disappear.
[Translation for those who don’t do numbers.] The debt, estimated at #1.75 trillion, does not “disappear.” If the students don’t pay off their loans, someone else will. That “someone else” are taxpayers, the majority of whom did not attend college. Plus the large number who took out student loans and paid them back — and will have to pay them again. Ain’t equity fun?
Paying debts used to be the way things worked in America. Now we seem to be encouraging a generation of grifters.
Biden will go the cheap, cutting the gift down to $10,000, and that will not apply to everyone, even though we know most of those who owe student loans are well off.
I ask, why $10,000? Why not the once hinted-at $50,000? Why not $5,000? Why not $14.75? The 10 Large is an arbitrary number Biden pulled out of his patootie.
And why single out student debt, when there are so many other kinds of loans — The Mother Of All Loans, mortgage, plus credit card, auto, personal? I’ve been a taxpayer for 60 years. Don’t I deserve a break with my mortgage?
Back to AOC.
The student debt
bribe forgiveness will be limited to those earning less than $125,000 a year.
“What the F! How you be so mean to a brown-skinned girl from the streets,” AOC did not say, but should have.
The last I read, the socialist Rep from NYC owes $17,000 on her student loan. She graduated cum laude from Boston University in 2011 with a B.A. in international relations and economics. Economics?
As a member of Congress, her base pay is — are you seated? — $174,000. She
virtue signals owns a Tesla, average price about 70Gs. (Does she have an auto loan? Who does she want to pay that off for her?)
OK — she “earns” 174 Large and the economics major can’t pay $17,000? Give me a break.
Honoring her obligations is obviously a low priority with her. And those with her mindset.
Even with the limitations — which anger progressives who think no one should pay for anything — the $10,000
bribe writedown will cost a minimum of $300 billion, according to CBS News.
Guess what? That will pretty much clobber Biden’s much ballyhooed Inflation Reduction Act.
When government spends more without taking in more, the result is inflation. You don’t have to be an economist to figure this out.
If student debt is sort of a trap, Biden’s plan does nothing to solve that problem. Instead of shifting debt to others, why not drive down interest rates so that future borrowers will have an easier path?
But no, that would not put dollars in pockets.
bribe forgiveness will hurt the economy, encourage colleges to raise tuition, create irresponsibility among the young, and take an axe to the American virtue of self-reliance.
But other than that, the bribe is just peachy.