Student Debt Relief – Reparations for Rich Whites, by Larry Elder

To reduce inflation, fight climate change, lower gas prices, stem rising crime and protect our southern border, President Joe Biden canceled $10,000 in federal student loans and extended $20,000 in debt forgiveness to Pell Grant recipients for borrowers earning less than $125,000 per year. . A study by the Wharton School at the University of Pennsylvania found that “between 69% and 73% of canceled debt accrues to households in the top 60% of the income distribution” and that the total cost could be as high as $1,000. billions of dollars.

Even many Democrats are outraged.

Jason Furman, chairman of the Council of Economic Advisers under former President Barack Obama, said: “I’ve been critical of student debt relief for the past two years, but the plan has come, frankly, much worse than what I expected. It was supposed to be around 250 billion. I thought that was a bad idea, I voiced it. Instead, it’s probably around 500 At this point in our economy, we really don’t need to add $500 billion in deficit spending for a target that frankly includes wealthy law students and business school graduates receiving tens of thousands of dollars.”

Many of these college graduates work in jobs that don’t even require college degrees, let alone higher degrees from expensive colleges and universities. The cost of college has long exceeded the rate of inflation, primarily due to the availability of public funds that incentivize raising tuition and hiring more administrators lest the college lose millions of dollars. This will spur the impetus to increase college admissions, not to mention universities like those in the Ivy League with large enough endowments to admit students for free.

I hate to be a buzzkill, but is debt cancellation even legal?

Speaker Nancy Pelosi on August 24, 2022 said, “President Biden’s bold action is an important step in the Democrats’ fight to expand access to higher education and empower every American to By providing historic targeted student debt relief to millions of borrowers, more working families will be able to meet their kitchen table needs.” But Pelosi, on July 28, 2021, said, “People think that the President of the United States has the power to cancel the debt. He doesn’t. He can postpone. He can delay. But he doesn’t have that power. It has to be an act of Congress.”

Charlie Rose, general counsel, former Obama Department of Education, May 7, 2021, agreed with Pelosi. Rose said, “While the issue is contentious, the most compelling analyzes tend to support the conclusion that the executive branch probably does not have the unilateral power to engage in massive student debt cancellation.”

What about, one might ask, the idiots who have paid off their student loans and the majority of Americans, many of them minorities, who have never attended college? Propose an addendum to the plan. Because most felons won’t get student loan forgiveness and to fight “systemic racism,” Biden should allow thieves of color and/or thieves from the LGBTQIA+ community to keep $10,000 worth of stolen property , if taken from a white college graduate. Win-win.

In the “you can’t make this up” category, Harvard law professor Laurence Tribe tweeted, “Good news for thousands of my former students. I am grateful to them, Mr. President.” In other words, the prof celebrates loan forgiveness for Harvard law graduates, those who are most able to repay their own loans. Let’s hear him for reparations for rich white people! While we’ve got the momentum – and since legal authority doesn’t seem to matter – let’s tackle credit card debt forgiveness, car loans, rent, cell phone and TV payments. cable, health insurance premiums, vision and dental payments, utility bills, private and church payments K-12 tuition, tattoos and nose rings.

Will OJ Simpson write a letter to Biden asking his administration to forgive the $96 million, including interest, Simpson owes the Browns and Goldmans for murdering their loved ones? Think outside the box here.

Finally, a quick question. If someone’s mortgage “identifies” as student debt, will Biden forgive it? Ask a friend.

Larry Elder is a bestselling author and nationally broadcast radio host. To learn more about Larry Elder or become an “Elderado”, visit www.LarryElder.com. Follow Larry on Twitter @larryelder. To read articles by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate webpage at www.creators.com.

Photo credit: QuinceCreative at Pixabay


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John A. Bogar