Brandon Makes Holders Of Student Loan Debt Mad

Biden is just working hard to make everyone mad

Biden says Americans must be ready to resume student loan payments next year, clashing with Democrats like AOC urging him to cancel the debt

Biden Brain SlugPresident Joe Biden on Wednesday extended a pause on student loan payments that was set to expire on February 1, a decision praised by Democratic lawmakers who pressured him to make the move as the coronavirus pandemic continues to disrupt American lives.

But at the same time, Biden signaled that he wants borrowers to resume paying off their loans once the new moratorium ends on May 1, placing him at odds with Democrats who have demanded that debt be wiped out.

“[We] know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments,” Biden said in a statement. “Given these considerations, today my Administration is extending the pause on federal student loan repayments for an additional 90 days — through May 1, 2022 — as we manage the ongoing pandemic and further strengthen our economic recovery.”

No one is pausing you and I having to pay our mortgages, car loans, and other stuff. Loans we took out voluntarily. Same with student loans. They knew they had to pay them, yet, they often took them and either got a degree not worth the paper or obtained too much debt to repay properly. That’s their problem. Of course, you can’t simply repossess the degree. Provided they even obtained it. Why should they be given relief? Get a job? Work two. There should be no extension. Biden is correct that they should start paying. He shouldn’t extend this. Because you know the loan recipients will next get him to further extend it.

Under what statutory authority is there to extend the pause on repaying legal debt to creditors? Perhaps if the loans are from the federal government, not just the ones backed by Los Federales but owned by private companies.

“Meanwhile, the Department of Education will continue working with borrowers to ensure they have the support they need to transition smoothly back into repayment and advance economic stability for their own households and for our nation,” the president continued. “As we are taking this action, I’m asking all student loan borrowers to do their part as well: take full advantage of the Department of Education’s resources to help you prepare for payments to resume; look at options to lower your payments through income-based repayment plans; explore public service loan forgiveness; and make sure you are vaccinated and boosted when eligible.”

Wait, what was that last part? Did that need to be there?

Biden’s comments put him on a collision course with progressive lawmakers vowing to increase pressure on the administration to cancel student-loan debt for millions of borrowers. Americans owe an estimated $1.7 trillion in student loans, a record-breaking total, according to Federal Reserve data.

“Thank you! Next step: cancellation,” Rep. Alexandria Ocasio-Cortez of New York tweeted along with a video of Biden’s announcement.

“I applaud President Biden for once again pausing federal student loan payments for 45 million Americans. Now let’s cancel it. All of it,” Sen. Bernie Sanders of Vermont tweeted.

A government of Men, not law.

Save $10 on purchases of $49.99 & up on our Fruit Bouquets at Promo Code: FRUIT49
If you liked my post, feel free to subscribe to my rss feeds.

Both comments and trackbacks are currently closed

2 Responses to “Brandon Makes Holders Of Student Loan Debt Mad”

  1. Hairy says:

    At least inflation will make it easier to pay back debts

  2. L.G.Brandon says:

    It will also turn everything you earn and everything you own and everything you’ve saved into worthless crap. Oh, and ultimately destroy the US dollar as the world currency. How do you think that will work out Dr. Krugman?

Pirate's Cove