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Biden's scheme to cancel student debt is reckless, unethical, and damaging to the economy

Published in Blog on August 23, 2022 by Jakob Fay

President Joe Biden is on the brink of canceling $10,000 of student debt for borrowers making less than $125,000 per year. In addition, the Biden administration may be extending the pause on federal student loan debt which has been in place since the early months of the pandemic and is currently set to end for the first time since then at the end of the month.

Although this is almost certainly a scheme to win votes in the 2022 midterm elections, many voters have expressed concern that now is not the best time to make this move.

“Already battling higher prices, 59% of Americans are concerned that student loan forgiveness will make inflation worse,” CNBC reported.

Maybe Biden hasn’t noticed, but the economy is in terrible condition. Gallup polls reveal that the economy is currently the most important political issue to Americans. Negligently, Biden and Washington continue to pour billions of dollars into government programs and projects with little regard for the long-term sustainability of a nation that excessively spends while $30 trillion in debt.

As the CNBC poll would suggest, a majority of Americans understand that canceling an estimated $300 billion worth of student debt is adding yet another strain on an already strained economy.

The term “canceling” or “forgiving” student debts may sound appealing, especially to younger voters who are saddled with debt, but these terms only mean that someone else will pay for it. The money, of course, will come from taxpayers.

This creates a moral crisis as it’s both unethical and unfair to expect taxpayers who already paid off their debt or managed to make it through school debt-free to help cover these costs for other students.

Zach Jewell points this out in his excellent article “I Paid My Way Through College. Forcing Me To Pay For Someone Else’s Is Unjust.” “Those taking the hit for student debt cancellation,” he warns, “would be the taxpayers like me who paid their way through college or who responsibly paid back their loans and like others who never went to college and never needed student loans.”

Politicians who call for student loans to be forgiven rely on our culture’s deep-seated desire for instant gratification. Voters who fall for these schemes don’t realize that while canceling debt may be gratifying temporarily, it ultimately does serious damage to the economy and is an undue burden on other taxpayers.

Apparently, Biden and his cronies don’t care if their irresponsible policies drive the U.S. economy into the ground. Thankfully, we have a solution.

The only way to stop the reckless spending and bring the nation back from the brink of economic implosion is to call a Convention of States which would enable the states to limit Washington, D.C.’s power, place term limits on federal officials, and impose fiscal restraints on those who recklessly waste taxpayer dollars.

To show your support and empower the states to live with economic freedom, sign the Convention of States petition below!

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