{"id":1455898,"date":"2024-02-07T15:00:00","date_gmt":"2024-02-07T20:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1455898"},"modified":"2024-02-07T15:00:00","modified_gmt":"2024-02-07T20:00:00","slug":"biden-brags-about-defying-supreme-court-on-student-debt-cancellation-claims-no-cost-to-taxpayers","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/biden-brags-about-defying-supreme-court-on-student-debt-cancellation-claims-no-cost-to-taxpayers\/1455898\/","title":{"rendered":"Biden Brags About Defying Supreme Court On Student Debt Cancellation, Claims No Cost To Taxpayers"},"content":{"rendered":"

Biden Brags About Defying Supreme Court On Student Debt Cancellation, Claims No Cost To Taxpayers<\/span><\/p>\n

\n

Authored by Tom Ozimek via The Epoch Times<\/a> (emphasis ours),<\/em><\/p>\n

During a speech in Las Vegas on Sunday, President Joe Biden boasted that he has continued canceling student debt thanks to workarounds in defiance of a U.S. Supreme Court ruling that blocked his debt relief plan\u2014while claiming that the forgiveness won\u2019t burden taxpayers.<\/strong><\/p>\n

\u201cI promised we’d help eliminate accumulated student debt that millions of Americans carried during the economic pandemic and beyond,\u201d President Biden said in the speech<\/a>, recalling one of his key campaign promises.<\/p>\n

\u201cThe Supreme Court of the United States blocked me, but they didn\u2019t stop me<\/strong>,\u201d he continued, saying he \u201cfound another way\u201d to continue canceling student debt,<\/strong> while falsely claiming that the various forgiveness schemes were \u201cnot costing people\u201d anything.<\/p>\n

President Joe Biden speaks during a campaign rally at Pearson Community Center in Las Vegas, Nevada, on Feb. 4, 2024. (Saul Loeb\/AFP\/Getty Images)<\/em><\/a><\/p>\n

In a 6-3 decision in the summer of 2023, the Supreme Court blocked President Biden\u2019s plan to cancel $430 billion in student loan debt for some 43 million Americans, protecting taxpayers from having to fund the forgiveness scheme but delivering a blow to one of the president\u2019s campaign promises.<\/p>\n

At the time, President Biden denounced the decision<\/a>, saying in a June 30, 2023, speech at the White House that the Supreme Court decision \u201cclosed one path\u201d but that his administration would \u201cpursue another,\u201d including by way of a student debt forbearance scheme under the Higher Education Act.<\/p>\n

Since then, the Biden administration has continued to cancel debt for specific groups of federal student loan borrowers by tweaking and expanding rules under existing relief programs.<\/p>\n

For example, in his Las Vegas speech, President Biden said he \u201cfixed\u201d one of the existing programs to allow public servants to get student debt relief, adding that members of this group would be getting notices in the mail soon.<\/p>\n

\u201cThis time, they\u2019re not going to have any doubt about who sent it to you. It\u2019s going to have my name on it\u2014Biden<\/strong>,\u201d he declared.<\/p>\n

<\/a><\/p>\n

\u2018Not Costing People\u2019?<\/h2>\n

In late January, the U.S. Department of Education canceled another<\/a> $5 billion in federal student loan debt owed by some 73,600 borrowers, bringing the total that the Biden administration has so far approved for cancellation to a whopping $136 billion for some 3.7 million people.<\/p>\n

In his Nevada speech, the president said he\u2019s determined to keep at it.<\/p>\n

\u201cI mean it,\u201d he said. \u201cWe\u2019ve got another $25 billion a year\u201d in the pipeline, the president continued, claiming incredibly that the student debt forgiveness not only \u201cgrows the economy\u201d but it\u2019s \u201cnot costing people\u201d anything.<\/strong><\/p>\n

Clips of President Biden\u2019s remarks have circulated online, drawing various reactions, many critical.<\/p>\n

\u201cIt is getting paid for by those of us who repaid our own college loans,\u201d one X user stated<\/a>. \u201cCriminal.\u201d<\/p>\n

The Republican National Committee\u2019s (RNC) research arm took to X to say that President Biden\u2019s claim that his student debt cancellation scheme isn\u2019t costing people anything is false.<\/p>\n

\u201cHe\u2019s wrong. That debt gets transferred to Americans who didn\u2019t go to college through inflation and taxes,<\/strong>\u201d the RNC Research account wrote<\/a>.<\/p>\n

Numerous critics of President Biden\u2019s student loan forgiveness scheme have panned the debt wipeout as unfair to people who sacrificed to pay off their student loans or never racked them up in the first place\u2014but now are being forced to foot the bill for other people\u2019s debts.<\/p>\n

Debt Forgiveness Costs<\/h2>\n

In August 2022, the Biden administration unveiled its plan to forgive up to $20,000 in student debt per person for about 40 million borrowers.<\/p>\n

At the time, the White House said that the cancellation scheme would cost $24 billion per year, or $240 billion over a 10-year period.<\/p>\n

By contrast, projections by the Penn Wharton Budget Model<\/a> and the Committee for a Responsible Federal Budget put the figure at between $330 billion and $500 billion over the decade, respectively.<\/strong><\/p>\n

Under that sweeping plan, taxpayers would have absorbed up to $10,000 in outstanding student debt for individual borrowers earning less than $125,000 per year or $250,000 for married joint filers.<\/p>\n

At the time, Senate Republican Leader Mitch McConnell (R-Ky.) called President Biden\u2019s student loan cancellation scheme \u201csocialism\u201d and a \u201cslap in the face of every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt.\u201d<\/p>\n

The Supreme Court\u2019s 6-3 decision in June 2023 put an end to that scheme\u2014but the president has, as he made clear in his Las Vegas speech\u2014continued to cancel student debt by every means at his disposal.<\/p>\n<\/p>\n

Some political strategists have said that the president\u2019s various debt forgiveness actions could help him as he runs for re-election, even if they\u2019re blocked by the courts because it would generate anger that could be channeled to fuel voter engagement.<\/p>\n

Republican nominees for president have voiced opposition to the Biden administration student debt forgiveness.<\/p>\n

President Trump, who is the frontrunner for the Republican 2024 nomination, said after the Supreme Court ruling that the debt cancellation \u201cwould have been very unfair to the millions and millions of people who paid their debt through hard work and diligence\u2014very unfair.\u201d<\/strong><\/p>\n

Nikki Haley, former U.S. ambassador to the United Nations who\u2019s polling in second place, has said canceling student debt is unfair for those who worked hard to pay back their loans or make other career choices that didn\u2019t involve going deep into debt.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 02\/07\/2024 – 10:00<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

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