E&W Blog

In his speech today at Delaware State University, President Biden continued to tout his illegal student loan scam. Erasing up to $20,000 in federal student loan debt may sound like an act of compassion, but this gambit is a transfer of wealth from hardworking Americans to college educated elites—many of whom can afford to pay back their loans. 

By labeling this program as federal student loan “forgiveness,” this administration is attempting to paint a pretty picture while ignoring the facts. These loans cannot be erased or forgiven. Someone must foot the bill, and the Biden administration pinned the burden squarely on the American taxpayer. This scheme will cost the average taxpayer at least $2,500. This is unfair to those who already paid back their loans, never even went to college, or paid their way through college. Why are the 87 percent of Americans without federal student loans being forced to pay for the degrees of doctors and graduate students? 

This policy also creates perverse incentives. We’re already seeing borrowers take out more student debt than they need with the expectation of another loan bailout. Furthermore, Biden’s haphazard strategy does nothing to address rising college costs or the devaluation of certain degrees. This is going to make our student loan debt problem worse, not better. 

Pursuing the American Dream has always meant working hard to pull yourself up by the bootstraps to provide a better life for yourself and the next generation. In Biden’s America, those who worked hard to better themselves and their families are being taken advantage of. This isn’t the American Dream; it is an irrefutable nightmare.