25 August, 2022 by Eric Dunkelberger

The Biden Abomination has been working overtime to destroy the economy of this country over the past month. First, they headed off the impending recession by redefining the word “recession”. That, of course, didn’t work as, within two weeks, the Sewer Stream Media which usually provides cover for DemSocialists, came out and referred to the recession in most of their newscasts. Then, there was the massive tax and spend bill that was passed by Congress and signed into law. It had an optimistic name, The “Inflation Reduction Act”, but all it will do is usher in inflation and cost the low to middle class more money out of their wallets.

Now, they have the Student Loan Forgiveness Program, worth a minimum of $300 Billion ($300,000,000,000). Ostensibly, the program forgives $10,000 of student loan debt for people who signed a contract to repay the loan. But, in reality, all it does is shift that burden of payment to people who have never taken out a student loan or people who have already fulfilled the obligation to repay their own college loans. The colleges and universities don’t lose any money. The loan agencies don’t lose any money. The taxpayers of the United States are the only ones who lose. That’s pretty much par for the course for the Biden Abomination!

The first question that came to my mind was, under what authority Biden could do this? I’m positive Biden doesn’t have a slush fund of the size to pay off those loans. Apparently, he’s more prone to being paid off, as the Big Guy. Spending bills are supposed to begin in the House of Representatives, according to the Constitution of the United States. The President can’t just make up a program that requires spending on his own. Yet, here we are! Even Nancy Pelosi says Biden can’t do this without Congress. When you start asking around, you quickly find out there is no plan to fund this. No one can tell you about any funding mechanism.

Another question, who exactly qualifies for this program? The published answer is you qualify if you make less that $120,000 ($250,000 for a couple). Do you have to be registered Democrat? What if you are Conservative or Independents? Does it apply only to federal and state bureaucrats. I heard that close to the President’s sphere, there’s enough qualified loanees to get around $9,000,000.

This whole idea is basically an effort to pay a bunch of people for votes! They think those who owe college debt will vote Democrat in hopes of further cuts to their debt. For those who are actually working and earning a pay check, one can only hope they took enough math courses to determine that the debt reduction of $10,000 is not offset by the loss in value of what they earn. The inflation and added taxes they have to pay costs them more than the reduction of their debt! Besides, the DemSocialists may find that they have successfully enraged everybody who believes in fulfilling their obligations and now have to pay off everybody else’s obligation. When you add these people to the immigrants who worked hard to earn their citizenships who are enraged at the current talks of amnesty, hopefully the DemSocialist plans to pay for votes will backfire hugely!