In Los Angeles , President Biden announced that 153,000 more borrowers would have their student loans “canceled” by his administration—which, in practice, means paid by the people who didn’t take them out and spend them.
In January, Biden “canceled” 74,000 loans.
Together, these moves cost $5 billion and brought the total expense of Biden’s program to more than $130 billion.
By the time he is finished, the president will have spent $475 billion.
Never in the history of buying votes have so many been so fleeced for so few.
As policy, the initiative is a disaster. The administration has made no effort to reduce the cost of college; it has proposed no changes to the way higher education works; and it has done nothing to alter the funding mechanisms for anyone beyond the current tranche of debtors.
By now, it ought to be clear that the “opportunity” Biden speaks of is the opportunity to shore up his political base in an election year. And boy does he intend to take it.
