In what most cynics would say amounts to nothing more than vote-buying, the Biden administration recently announced it will wave its magic debt cancelation wand for 40,000 Americans who no longer have to repay their student loans.
Per the Department of Education, “Today, the Department of Education announced steps that will bring borrowers closer to public service loan and income-driven repayment (IDR) forgiveness by addressing historical failures in the administration of the federal student loan programs. Federal Student Aid (FSA) estimates that these changes will result in immediate debt cancellation for at least 40,000 borrowers under the Public Service Loan Forgiveness (PSLF) Program. Several thousand borrowers with older loans will also receive forgiveness through IDR. More than 3.6 million borrowers will also receive at least three years of additional credit toward IDR forgiveness.”
Coincidentally, or not, the latest move on debt cancelation follows a plethora of polls showing that young Americans are less than enthusiastic with the Biden administration’s job performance to date.
Also, by sheer coincidence I assume, Biden’s move to cancel more student debt follows a string of stinging rebukes by the likes of self-avowed socialist Rep. Alexandria Ocasio-Cortez (D-NY). Cortez also happens to be the “proud sponsor of the Student Debt Cancellation Act, which would forgive outstanding federal and private student loans of all previous and current students in our education system.”
In other words, Biden is once again kowtowing to the socialists who wield the real power in the Democratic Party. However, this shouldn’t come as that big of a surprise, considering Biden and ardent socialist Sen. Bernie Sanders (I-VT) sang kumbaya while they crafted their 110-page Biden-Sanders Unity Task Force Recommendations, which is nothing more than a modern version of Marx’s Communist Manifesto.
As Biden becomes more emboldened to take “executive action” to enact his socialist agenda, we the people must make it crystal clear that this will not stand.
Perhaps Ronald Reagan put it best when describing what happens when the up-and-coming generation abandons freedom in place of collectivism, “Freedom is a fragile thing and it’s never more than one generation away from extinction. It is not ours by way of inheritance; it must be fought for and defended constantly by each generation, for it comes only once to a people. And those in world history who have known freedom and then lost it have never known it again.”
Reagan uttered those words in 1967. They are more true today than ever.
PHOTO: Student loan protest. Photo by sarah Mirk. Attribution 2.0 Generic (CC BY 2.0).
Chris Talgo ([email protected]) is an editor and research fellow at The Heartland Institute and a researcher and editor at StoppingSocialism.com.