The Rotten Core Inside Biden’s Student Debt Relief

Andy Snyder|June 22, 2023

This is the future of America… and it ain’t good.

Someday very soon, the Supreme Court will decide the fate of the millions of Americans who overpaid and overborrowed for their college educations.

We won’t bore you with the details of the court proceedings or the who-said-whats. Just know that Biden’s big promise will likely be a big flop.

Either way, student loan borrowers – who haven’t had to make a payment in three years – are about to start mailing in checks once again. Whether the White House gives them some cash or not, millions of debtors are about to go on the interest rate clock once again.

It won’t be pretty.

“Adding another expense to my budget would put me beyond a financial hardship,” a Massachusetts teacher told The Guardian.

“When payments restart, I will not pay,” said another borrower. “I’m an underpaid teacher, and I just won’t have the funds.”

It’s a tough spot. But these people are lying.

They can pay their bills. They just choose to put other things first.

What else would we expect them to say after the government told them to take a few years off from paying their debts? What else would we expect them to say when a fat pile of free cash is on the line?

Would they dare to publicly say something as sane as, “Yeah, I borrowed the money, and, therefore, I need to pay it back. I’ve been saving, waiting for repayments to begin. The government can keep its cash.”

Would the press dare to even print such common sense?

Of course not.

Some say we have a gross lack of financial education in this country. Perhaps. But that’s not the real problem.

Some say higher education is too expensive… especially for what you get. That’s certainly true. We have more respect these days for the independent thinkers who saw the trap and steered clear of it.

But that’s not the real problem, either.

Damaged Class

What threatens America and her success has nothing to do with knowledge or even prices. It’s a carrot-and-stick problem.

Put $20,000 on the table… and guess how folks are going to vote to get some of it. Guess how they’re going to spend their money knowing more of it is out there. And, most importantly, guess how quickly they will toss aside any notion of consequences.

There’s little incentive to do the right thing… but a massive incentive to be part of the “damaged class” – for the larger that class grows, the more it gets fed, and the easier life becomes.

That’s the real issue here.

The government turned a short-term emergency into a multiyear free-for-all in the name of political indoctrination.

But it won’t stop there. Oh boy, no. It never does.

We’re training a generation of Americans to do wrong by their money… to spend it instead of save it… to borrow without consequences… and to rely on the government to bail them out if their problems get too deep.

It’s dangerous… and dumb.

The final cost of all this is quite expensive. It’s our freedom.

What happens when an overreaching and burdensome government is the final debt on our backs?

We’ll find out soon enough.

History tells us to expect quite a mess.

Do what’s right with your money. Keep the government out of it. And pay your damn bills.