What’s Happening:
Despite the massive debt our nation suffers, Biden plunges along spending money we don’t have. His latest move, a desperate attempt to pander to voters, is to cancel a portion of student loan debt.
From The Hill:
The White House is expected to announce a plan to cancel a chunk of student loan debt on Wednesday, in addition to an extension of the existing payment pause, three sources with knowledge of the situation told The Hill.
This was money loaned to college students to pay for tuition. Now, they won’t have to pay about $10,000 of their loans. Of course, that means, taxpayers will have to bare the brunt of Biden’s decision.
But, as it turns out, Biden might not even have the power to do this. Nancy Pelosi said as much last year.
From Fox News:
But last year, Pelosi poured cold water on the idea, saying that such a move was something reserved for an act of Congress, not the executive.
“People think that the President of the United States has the power for debt forgiveness; he does not,” Pelosi said in July last year. “He can postpone, he can delay, but he does not have that power. That has to be an act of Congress.”
Hard to believe Nancy said something like that? Here it is, straight from her mouth:
REMINDER: Biden doesn’t have the authority to forgive student loan debt. Even Speaker Pelosi agrees.
PELOSI: “People think that the President of the United States has the power for debt forgiveness. He does not… The President can’t do it. So that’s not even a discussion.” pic.twitter.com/E1AH0YxTFZ
— Senate Republican Communications Center (@SRCC) August 24, 2022
Um… okay. Nancy Pelosi said, just last year, that Biden does not have the power to “forgive” loan debt.
She said he could “postpone” payments, but he cannot simply erase the debt. The Speaker made it very clear that only Congress can do that.
According to reports, Biden will “forgive” $10,000 of debt for people making less than $125,000 a year. That would result in $300 billion not being returned to the American taxpayer.
I’m sure all those blue-collar Americans busting their butts to make ends meet with appreciate that. Americans whose kids couldn’t go to college, because they couldn’t afford it.
So, Biden is handing out welfare to entitle children who refuse to repay their loans—forcing the working classes to pay for it.
Pelosi made the very argument last year when this issue came up. So… what is she saying today?
Will Pelosi oppose Biden, just before critical elections? I doubt it.
Something tells me she will be on board with this “white collar welfare” out of a desperate hope that it will save them in November.
Biden’s approval is in the toilet. The party is facing major losses in the midterms. Instead of addressing the many problems our nation faces, they hand out welfare.
That is not leadership.
UPDATE:
Now Pelosi is changing her tune. From Daily Wire:
But on Wednesday, as Biden indicated he would proceed with his plan to “forgive” student loans, Pelosi seemingly reversed herself, tweeting Biden’s “bold action is a strong step in Democrats’ fight to expand access to higher education. By delivering historic targeted student debt relief to millions of borrowers, more working families will be able to meet their kitchen table needs as they recover from the pandemic.”
Absolutely no backbone from these career politicians. Which is why they should be voted out in November.
Key Takeaways:
- Joe Biden is set to forgive $300 billion in student loans, at the taxpayer’s expense.
- Last year, Nancy Pelosi warned that only Congress can pass a bill to cancel student loans.
- It is unclear if the Speaker will oppose this move by the White House today.
