Sam Graves-Biden's Student Loan "Forgiveness" Boondoggle

August 31, 2022

Dear Friend,

After months of haggling with his political advisors, President Biden finally pulled the trigger on his disastrous plan to “forgive” student loan debt.

The President issued an executive order to unilaterally strike $10,000 from every student loan that has been borrowed by someone making up to $125,000 or couples making up to $250,000. Let’s be clear—this isn’t actually forgiving any debt. It’s transferring responsibility for a debt to someone who didn’t agree to it, to the tune of at least $300 billion.

In other words, it’s going to land square on the backs of hard-working taxpayers who didn’t take out the loans in the first place. And it’s just one more notch in the inflation belt, driving up the cost of living for the same folks who, once again, didn’t take out the loan as well as those who did. Ultimately, nobody wins.

Look around. There’s a lot of people who chose not to go to college, either because it wasn’t for them or because they just couldn’t afford it. They weren’t willing to take on a loan to pay for it either. The President has arbitrarily made the determination that truckers and plumbers should foot the bill for lawyers and executives.

There’s also a lot of folks who chose to go to college, working multiple jobs while getting their education or with parents who worked multiple jobs to pay for it. Imagine the shock to find out they’re also responsible for those who took out loans.

The President’s plan is clearly socialism, it’s unfair and it’s just plain wrong. This isn’t just me saying this. The Washington Post is crying foul because they know this is a regressive plan, which mostly benefits the wealthy, contrary to the way it’s been sold. And Nancy Pelosi said just last summer that the President didn’t have the authority to make a move like this. At the end of the day, this sets a terrible precedent, on a multitude of levels.

Not only that, but this ploy ignores the problems that exist, even making some of them worse. If you thought the cost of higher education was expensive now, the government paying off student loans is only going to send it through the roof. We need to work on solving the underlying problems, not shovel money out the door in a taxpayer-funded scheme to appease a few folks and get some political support.

While this idea has been thrown around as a liberal platitude for a while, it always appeared that basic economics and common sense would stand in the way of it moving forward. That’s now been thrown out the window. This is a disaster and it’s got to be stopped.


Sam Graves