Joe Biden may be a horrible president of the United States. But he’s one damn fine magician as, once again, he proves that his magical abilities are more powerful than any Congress, court, or constitution in America.
With a disinterested flick of his magic wand, Biden has been able to make $39 billion in student loan debt disappear. How can he do this, you might ask? Like all magic tricks, it’s a big secret. But we know how he didn’t do it: He didn’t ask Congress to pass a bill forgiving the debt. That sort of thing is only important to old fuddy-duddy conservatives who think when the Supreme Court says the president can’t forgive $400 billion in student loan debt, they mean it.
The Biden administration imposed a moratorium on the repayment of student loan debt in March 2021. But that doesn’t mean that the borrowers weren’t paying back the money. Biden used more magic to make all those monthly payments disappear.
Obama-era repayment plans cap borrower monthly payments at 10% of discretionary income and let borrowers discharge unpaid debt after 10 to 25 years. Yet the Education Department said Friday that borrowers will receive credit for payments even during months when they weren’t making them. This adds up to $39 billion in new loan forgiveness.
The Administration also boasted that it has approved $116.6 billion in loan forgiveness to date, including $45 billion through “improvements” to public-service loan plans. That’s $68,828 of writeoffs on average for each qualifying government and nonprofit worker. Now the Administration plans to “improve” repayment plans for all borrowers.
Our Wizard-in-Chief is digging deep into his bag of tricks to pull out more student loan debt cancellations in order to buy more votes for the 2024 election.
The Education Department plans to slash payments to 5% of discretionary income, which would be redefined to exclude more earnings. Borrowers earning less than $32,800 wouldn’t pay a cent. Even years in which they don’t make payments, as during the pandemic, would be counted toward their required payments.
The Administration estimates that a typical graduate of a four-year public university would save nearly $2,000 a year, or about $40,000 over 20 years. That’s several thousand dollars more than the already generous Obama writeoffs, and loan balances wouldn’t grow from unpaid interest as they do now.
Exclusively for our VIPs: Biden’s ‘Plan B’ for Forgiving Student Loan Debt Is Still Unconstitutional
There’s no doubt that the Supreme Court has been a burr under the butt of every president in history. More often than not, SCOTUS has stood athwart the power ambitions of presidents for more than two centuries. Now, the Wizard King is challenging the high court to stop him from making our founding document invisible by rendering its contents meaningless.
Can no one stop the evil wizard’s plans from succeeding?
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