Joe Biden is trying to fight the ship on his failing presidency.
But in his desperation, Biden went too far for even allies like Nancy Pelosi.
Then Nancy Pelosi called out Joe Biden for giving one illegal order.
Joe Biden tried to save the Democrat majority in Congress by literally buying votes.
Biden previewed a plan to forgive student loan debt in the hopes of motivating the Democrat Party’s base of college-educated voters.
The White House is planning its long-awaited student loan announcement for tomorrow, sources tell @nancook and me. The parameters are unclear still (to us!), but expectations are that it’ll include at least a brief extension on the payment pause and further debt cancellation.
— Josh Wingrove (@josh_wingrove) August 23, 2022
Biden gifted a bailout worth hundreds of billions of dollars to the most privileged Americans.
NBC News reported:
President Joe Biden is expected to announce Wednesday at the White House that he will cancel $10,000 in federal student loans per borrower making $125,000 a year or less.
He is also expected to extend the federal student loan payment pause for several more months, according to multiple sources familiar with the matter.
The Biden administration knew the move was unpopular with the broader electorate and tried to punt questions on the pending student loan bailout.
“The President will have more to say on this before August 31,” White House spokesman Abdullah Hasan told reporters. “As a reminder, no one with a federally-held loan has had to pay a single dime in student loans since President Biden took office, and this Administration has already cancelled about $32 billion in debt for more than 1.6 million Americans — more than any Administration in history.”
The president has no authority to bail out student loan borrowers.
That requires an act of Congress.
Even Nancy Pelosi said this telling reporters last July it would be illegal for Joe Biden to cancel student loan debt.
“The president can’t do it,” Pelosi told reporters. “That’s not even a discussion.”
There is no such thing as canceling student loan debt.
The government went into debt to hand out those loans and now Americans who did not go to college – over 60 percent of the country – or those who already paid off their loans are stuck paying down the interest payments on the debt the government accrued to dole out money for woke college students to major in gender studies.
Not only is the policy illegal, it is also self-defeating.
Inflation is running at a 40-year high and Johns Hopkins University economics professor Marc Goldwein told CNN a student loan bailout is going to make inflation worse.
“Yeah, that’s sort of the Catch-22 of this all,” Goldwein replied. “We can send everybody another round of checks to pay for their inflation costs, but that would actually make inflation worse. What we need to do now is get inflation under control. One of the easiest ways to do that is to ask people to start paying back the debt they already owe, to start making the principal payments that they already agreed to.”
Bailing out student loan borrowers is a legal, ethical, and financial catastrophe.
But Joe Biden is flailing about trying to help Democrats cling to power so Biden is violating his oath of office to push this unconstitutional, immoral and reckless policy.
American Patriot Daily will keep you up to date on any new developments in this ongoing story and the rest of the breaking news in politics, please bookmark our site, consider making us your homepage and forward our content with your friends on social media and email.