Morning Jolt: Biden’s Plan to Punish the Responsible

On the menu today: President Biden is on the verge of rewriting a longstanding social contract by deciding that taxpayers should repay significant portions of student loans, instead of the borrowers who took out those loans and received the education. The biggest beneficiaries would be white Americans under the age of 40 who have graduate degrees and live in high-income, majority-white neighborhoods — in other words, extremely online Democrats. Biden's Hail Mary pass for the coming midterms is a massive wealth transfer from taxpayers to the Democratic Party's activist class, and that will exacerbate the already-bad inflation crisis.

The President's Terrible Student-Loan-Forgiveness Plan

If you borrow money and sign a contract promising to pay it back, then you must pay it back, or you will suffer serious long-term financial consequences. Or at least, that's the way it used to work until Democrats decided they could win a lot of votes by just waving a magic wand and declaring that people didn't have to pay their student debt back.

Sure, you could always find some smarter-than-usual jerk who hid certain assets, declared bankruptcy, and ...

TODAY'S MORNING JOLT WITH JIM GERAGHTY
IS PRESENTED BY

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WITH JIM GERAGHTY April 27 2022
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WITH JIM GERAGHTY April 27 2022
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Biden's Plan to Punish the Responsible

On the menu today: President Biden is on the verge of rewriting a longstanding social contract by deciding that taxpayers should repay significant portions of student loans, instead of the borrowers who took out those loans and received the education. The biggest beneficiaries would be white Americans under the age of 40 who have graduate degrees and live in high-income, majority-white neighborhoods — in other words, extremely online Democrats. Biden's Hail Mary pass for the coming midterms is a massive wealth transfer from taxpayers to the Democratic Party's activist class, and that will exacerbate the already-bad inflation crisis.

The President's Terrible Student-Loan-Forgiveness Plan

If you borrow money and sign a contract promising to pay it back, then you must pay it back, or you will suffer serious long-term financial consequences. Or at least, that's the way it used to work until Democrats decided they could win a lot of votes by just waving a magic wand and declaring that people didn't have to pay their student debt back.

Sure, you could always find some smarter-than-usual jerk who hid certain assets, declared bankruptcy, and ...   READ MORE

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