Well-compromised Joe Biden did it again.
Saying he was keeping another campaign promise, the mostly incoherent President of The United States just arbitrability canceled some of the student debt 40 million people in the United States have borrowed individually, which collectively totals $1.7 trillion in student loans.
Biden had promised to “forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities and private HBCUs and MSIs for debt-holders earning up to $125,000.”
To be eligible for Biden’s debt cancellation program, borrowers must earn under $125,000 individually or $250,000 as a household, and those who received Pell Grants can have a minimum of $10,000 canceled.
In my humble opinion, and in line with radical social justice activists in the US, The Great Reset, and the United Nation’s push for “Equity”, the Biden administration is providing an extra $10,000, for a total of $20,000, in forgiveness for borrowers who received Pell Grants.
The administration says this extra $10,000 is a way to help close the racial wealth gap as black students statically have been twice as likely to receive pell grants compared to other racial groups.
The basic authority to cancel such debt has been used by both political parties. Former DOE secretary Betsy DeVos, a staunch critic of broad-based student debt cancellation was forced by a federal court to cancel $150 million worth of debt for certain students.
During the COVID outbreak, former President Donald Trump used executive authority to initiate and extend a pause on student loan repayments and interest accrual – which Biden continued after taking office and that is keeping in effect until the end of 2022.
The initial Trump policy, renewed multiple times by Biden, was premised on the coronavirus pandemic being classified as a “National Emergency” under the Public Health Service Act of 1944.
Trump’s administration (and Biden’s) claimed to have that authority under the Higher Education Relief Opportunities for Students (HEROES) Act of 2003.
It authorizes the secretary of the DOE to “waive or modify any statutory or regulatory provision applicable to” the Title IV loan programs “as the Secretary deems necessary” to ensure that individuals adversely affected by a Presidentially declared national emergency “are not placed in a worse position financially.”
With the COVID pandemic over, this move by Biden is expected to be challenged in the courts as being unconstitutional.
According to Forbes, at least two legal doctrines could restrict Biden’s ability to cancel student loans.
For example, the Court’s conservative justices have expressed doubt regarding:
- The Chevron Principle: if a law isn’t clear on its face, then the courts will defer to the executive agency that implements that law; and
- The Nondelegation Doctrine: Congress cannot delegate to the executive branch any of the powers the Constitution gives to Congress.
Was this move simply to pay back to those in higher education that funneled a lot of money to Joe’s coffers?
Joe Biden and several other high-profile Democrats received tens of millions of dollars from individuals and groups in the higher education sector over the last few campaign cycles before the president announced his student loan forgiveness program on Wednesday.
Biden received more than $64.5 million in contributions from people in the higher education sector during his presidential campaign in 2020, making him the top recipient by a large margin, according to data compiled by OpenSecrets.
Democrats have been responsible for 70% of all political contributions from groups in the education industry since 2002 and have continued to dominate the sector during the 2022 midterm cycle.
So far Sen. Raphael Warnock (D-GA) who is battling to get re-elected in the midterms, and is looking for money, is topping the list at $2.2 million. Biden is still ranked within the top 10, coming in at No. 8, with $384,113 raised.
The numbers indicate that Democrats have deep financial ties with the higher education industry even before Biden announced his mass student loans forgiveness program on Wednesday.
I believe this debt relief action is payback, Quid Pro Quo, to those who helped Biden get elected and part of the advancement of the globalist agenda being pushed by Barack Obama, etc.
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