Fresh off of his soviet, red light speech about "MAGA Republicans" being a "threat to the Republic," President Joe Biden is attempting to do damage control by pivoting back to his platitudes about the working class. "Working people built America. I'm fighting like hell to make this nation work for them," Biden tweeted this week. The statement is pure gaslighting in the wake of Biden's policies since he took office in January 2021. Just three weeks ago, Biden stood in front of the country and brazenly reallocated student loan debt held by wealthy college degree holders to the working class. The move is illegal, a fact even acknowledged by House Speaker Nancy Pelosi, yet he did it anyway in a quest to fire up far-left base voters for the midterm elections.
"I made a commitment that we'd provide student debt relief. And I'm honoring that commitment today," Biden said from the White House, flanked by his secretary of education. "Using the authority Congress granted the Department of Education, we will forgive $10,000 in outstanding federal student loans."
According to Forbes, 68 percent of Americans do not have a college degree. A recent study from the Brookings Institute shows the overwhelming majority of those who benefit from the reallocation of debt are not working class but multi-degree holders with high-paying jobs.
"Some advocates have called to forgive student loans because student loans contribute to racial and socioeconomic wealth gaps. The usual measures of financial wealth, however, is a misleading indicator of the economic status of student loan borrowers. Medical school graduates typically owe six-figure student loans but that doesn't mean they are poorer than high-school graduates who did not go to college," the study found. "Wealth, properly measured, should include the value of educational investments students borrowed to make. Measured appropriately, student debt is concentrated among high-wealth households and loan forgiveness is regressive whether measured by income, educational attainment, or wealth. Across-the-board forgiveness is therefore a costly and ineffective way to reduce economic gaps by race or socioeconomic status."
Biden's move wasn't "debt forgiveness" or elimination. He's simply forcing hardworking taxpayers to pay bills that don't belong to them.
Couple that with Biden's big government spending policies, leading to the highest inflation on record, and the working class is being double taxed. Biden, in partnership with Senators Chuck Schumer and Joe Manchin, just made inflation worse for working families through the dishonestly titled "Inflation Reduction Act." There's no inflation reduction in sight, but instead, the legislation is a Green New Deal-style climate bill that will further increase already astronomical energy prices as summer ends and winter approaches.
According to the non-partisan Congressional Budget Office, the legislation, which passed without Republican support, will make inflation worse and balloon the deficit. Not to mention, fund thousands of new IRS agents who plan to harass the working class making transactions under $1,000, rather than specifically targeting billionaires for spare dollars as the White House and Democrats have claimed.
President Joe Biden isn't "fighting like hell to make this nation work" for the working class. He's placating leftist elites, and that's exactly who his administration has benefited. His latest policy moves prove it. His gaslighting about supporting the working class is dishonest and insulting.
