While it’s clear that President Biden and Bernie Sanders had an extra glass of prune juice this morning, it’s also clear that they’re full of shit. Everyone who has debt, whether it be credit card debt, car loans or a mortgage, would really like the government to give them $20,000. That would be great—sign me up. But is that great policy? No.
Biden and Bernie illustrated on their high-tech map how many people in Delaware, Vermont, Texas and Missouri would benefit from the government wiping away some of their student loan debt. But what about the people in those states who will have to pay for those loans. In Delaware it’s 589,000, in Vermont it’s 461,000, in Texas it’s almost 15 million, and in Missouri it’s over 4 million. That’s 20 million people who either paid for their own school or didn’t go to college at all who will have to pony up the cash for the 2 million people in those states with student loans. Does that seem fair? No.
The other small issue is that Biden’s plan didn’t go through Congress. He wants to give away $400 billion dollars with a stroke of his pen. For all the Democrats who think this is a terrific idea, think about giving that power to Donald Trump. Is that the precedent you want to set?
The Supreme Court will likely find this is all illegal. Bernie and Biden know that all they can do is make cringy post-it note videos so they can pretend to be “fighting for you.”