White House still won't say who's going to pay the $500 billion student loan handout

Alleged President Joe Braindead

The Biden/Klain/Obama/Rice/AOC administration refuses to say how it plans to pay for the student loan debt that cancels $10,000 to $20,000 in loans students promised to pay back, but now they don't have to because somebody else will pay it for them. 

And just how that $500,000,000,000 [that's five-hundred-billion dollars, for all you Peruvian Pottery majors] will be paid is still a Democrat mystery. Will it be through higher taxes? Music festivals? 

Although the unconstitutional policy was announced this week, the administration refuses to discuss how the proposal will be paid for over time. Since the Democrats' plan calls for the future highest earners to be absolved of their responsibility and abide by the promise they made, it's a no-brainer that the taxpayer is going to carry the burden. They are probably going to be on the hook for most of the principal and interest on top of an already existing $31,000,000,000,000 U.S. debt.

When Fox News asked the White House how it plans to pay the student debt, they were mum, just as they were over the idea of future tax increases to help assuage the cost. And while administration officials refused to explain how added spending will be offset, they brag about the plunging deficit under our brain addled President.

"We actually achieved $350 billion in deficit reduction, and this year it's projected, by the end of the fiscal year, to be a $1.7 trillion deficit reduction," said the incompetent White House press secretary Karine Jean-Pierre at the White House briefing. 

And if you believe that an actual deficit reduction has been achieved, you probably also believe the ladies on "The View" are geniuses.

These officials also claim that the cost of the Biden handout cannot be totally accessed since we don't know how many loan borrowers will have the taxpayer foot the bill for them. It's also unclear as to how many would have paid back the full amount of their loans anyway, since their word on repayment is as good as the Democrats' word when they start a sentence with "All we ask for . . ." It is never all they want.

"All of this as when it comes to costs will also depend on how many of the loans canceled were actually expected to be repaid," said Jean-Pierre.

The National Taxpayers Union Foundation doesn't agree, however. In an analysis released this week, it estimated that if the student loan handout adds almost $330,000,000,000 to the deficit over the next ten years, as a budget model by former President Trump's former University of Pennsylvania's Wharton School of Business asserts, the average cost for each taxpayer will be at least $2,085. This low-ball figure is a low estimate as the Committee for a Responsible Budget puts the cost of the handouts at between $440 billion and $600 billion. 

No such thing as "canceling" debt; it's reassigning debt to those who didn't 
agree to pay back the loan

And just like the estimate you got on the remodeling of your kitchen, the higher figure is more likely the closer one to reality.

Tax hikes is the most likely scenario for the future in order to make up for this loan forgiveness ploy to gain more Democrat votes and thus more power. The higher income brackets are definitely going to pay a lot more, but the middle class is also going to take a big financial hit.

Those of us who paid off our student loans are suckers. Those of us who never went to college and worked at a skilled labor job are suckers. Those of you who voted for these idiots in Washington are the biggest suckers.

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The only people who will benefit from student loan "forgiveness" are the wealthiest earners in the population who could best be able to pay off the loan they applied for and agreed to pay.

The administration is using COVID-19 as the excuse for this ploy, so then why isn't the government helping small businesses and others that suffered most during forced COVID lockdowns, and have the students learn that their word is their bond? 

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Rep. Jayapal's tweet on canceling student loan goes over like a lead balloon

Socialist Rep. Pramila Jayapal (D-WA) believes that people who take out student loans with the promise to repay them should not have to carry the burden of their promises. The Señor Wences lookalike took to Twitter to pressure lawmakers to go along with President Biden's plan to forgive up to $50,000 in student debt by executive order. Due to her lack of insight, she was surprised by the responses she received on Twitter.

"I want to hear from you," she posted on Twitter. "How would cancelling $50,000 of student loan debt help you and your family?"

Some of the answers she got were priceless. "Could I have the $50,000 I already paid put back in my bank account?" one person wrote.

"Pls figure out what to give working class people who didn’t go to college to avoid this and feel they’re footing the bill with nothing in return," another user wrote.

Majority Leader Chuck Schumer along with Sen. Elizabeth "Throwing Bull" Warren and Rep. Ayanna Pressley two weeks ago urged Biden to use his pen and his phone to forgive student debt borrowers promised to repay. [It's always easy to be Robin Hood when you're robbing from others, even if they aren't rich.]

Señor Wences

They urged Biden in a resolution to use  "existing legal authorities" under the Higher Education act of 1965. The resolution also "encourages" Biden to use executive authority under the Internal Revenue Code of 1986, which would prevent administrative debt cancellation from resulting in a tax liability for borrowers.

Biden indicated on Tuesday that writing off $50,000 in student debt is not something that he was told can be "done with presidential action," but said he is prepared to eliminate $10,000 for students, because somehow that is a magic number.

Sen. Bill Cassidy (R-LA) wrote an op-ed on FoxNews.com Tuesday saying that Republicans "need to have a better answer to calls for debt forgiveness."

He posits that Congress and the administration "should do a better job of informing borrowers about what options exist to make affordable payments, while simplifying options to remove confusion."

Others, like regular taxpayers and those who have repaid their student loans, believe that a deal is a deal, a promise is a promise, and you should pay your damn loan. It was given in good faith and you have no right to ask for public charity, especially because the whole charade benefits the rich and hurts the poor. 

Robin Hood was a socialist who robbed the rich because the poor don't have money. And Jayapal is no Maid Marion.

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