Despite the Biden administration claiming the economy is booming and that President Joe Biden has created more jobs than any other president in history, Democrats are still demanding a "cancelation" of student debt.
There is no such thing as debt cancelation, only payment by others. In this case, that means American taxpayers – the majority of whom did not go to college – will foot the bill with hard-earned money.
Biden is fine with this. Earlier this month, he announced yet another delay to ending a moratorium on student debt payments.
"We are still recovering from the pandemic and the unprecedented economic disruption it caused. If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans' financial stability," Biden said in a statement. "My Administration is extending the pause on federal student loan repayments through August 31st, 2022. That additional time will assist borrowers in achieving greater financial security and support the Department of Education’s efforts to continue improving student loan programs. As part of this transition, the Department of Education will offer additional flexibilities and support for all borrowers."
Socialist Bernie Sanders demanded Biden go even further.
"Cancel student debt. All of it," Sanders tweeted about the move.
Biden officials and Democrats claim it is the fair thing to do, but in reality, it's a rejection of personal responsibility for individuals who voluntarily took out loans which ultimately places the burden of paying back debt on other people. Given the continued moratorium delay and recent comments by White House Press Secretary Jen Psaki, it looks like Senator Sanders may get his wish.
"Not having to pay back student loans, nobody's had to pay a dollar, a cent, anything in student loans, since Joe Biden has been president," Psaki touted during a recent podcast interview. "Between now and Aug. 31, it's either going to be extended, or we're going to make a decision, as referenced, about canceling student debt."
But the cost of "canceling" student debt doesn't fall on the shoulders of the rich in favor of the poor. It's the opposite and serves as a bailout for the credentialed, upper class, not the working class of America as leftists claim.
"A blanket forgiveness of student debt would be a Brahmin bailout, delivering economic benefits to the upper class while doing nothing for the trucker in Toledo, Ohio, or the Waffle House waitress in Atlanta. It would increase divisions between the college-educated and the rest of the country without reforming the student lending system or bloated universities that created the debt problem," The Wall Street Journal points out.
It's also obvious this is a ploy to buy votes from a voting demographic that already leans left. Why not cancel mortgages? Credit card debt?
Canceling student debt isn't admirable and isn't simply a redistribution of wealth for a wasteful government service. Instead, it's theft. Former students are refusing to pay down their bills — despite millions of job openings and decent economic conditions — while being perfectly fine with the government forcing others to pay them instead.