Joe Biden reads his response to the Supreme Court decision that blocked the executive branch from permanently eliminating student debt without an act of Congress.
In his defense of the smackdown by SCOTUS, Biden conflates his unilateral student loan giveaway with the legislatively authorized PPP program. One is from executive fiat, the other from legislative assembly; see the difference? Yes Joe, if you wanted it to be legit, you needed an act of Congress.
Additionally, notice how Biden lies about what the PPP program was. PPP was a program to subsidize and support the payroll expenses of shut down small businesses – keeping small business workers with a paycheck -not replacing the business’s operational income. Video and Transcript Below – WATCH:
[Transcript] … This program was all set to begin. The website had been set up. The applications had been simplified so that it took less than five minutes to complete. Notices had been sent out to people about the relief they were eligible for. Sixteen million people — sixteen million people had already been approved. The money was literally about to go out the door.
And then, Republican elected officials and special interests stepped in. They said no — “no” — literally snatching from the hands of millions of Americans thousands of dollars in student debt relief that was about to change their lives.
You know, these Republican officials just couldn’t bear the thought of providing relief for working-class and middle-class Americans. Republican state officials sued my administration, attempting to block relief, including for millions of their own constituents.
Republicans in Congress voted to overturn the plan. I think every one. I don’t think I had any Republican votes for this plan.
At the same time, think about this: We all supported the Paycheck Protection Program — remember? — PPP — you know, which was designed to help businessowners who lost money because of the pandemic. It was a worthy program.
But let’s be clear: Some of the same elected Republicans, members of Congress who strongly opposed giving relief to students, got hundreds of thousands of dollars themselves in relief — members of Congress — because of the businesses they were able to keep open.
Several members of Congress got over a million dollars. All those loans were forgiven. You know how much that program cost? $760 billion. My program is too expensive? $360 billion more than I proposed in my student debt relief program.
I was trying to provide students with 10 to 20 thou- — $10- to $20,000 of relief. By comparison, the average amount forgiven in the PPP — the pandemic loan program — average amount forgiven was $70,000.
Now, a kid making 60,000 bucks, trying to pay back his bills, asking for $10,000 in relief — come on. The hypocrisy is stunning.
You can’t help a family making 75 grand a year, but you can help a millionaire and you have your debt forgiven?
My plan would not only have li- — been life-changing for millions of Americans, it would have been good for the American economy. Freeing millions of Americans from the crushing burden of student debt, more homes would have been bought, more businesses would have been started, more couples would have had the confidence to start a family. Millions of people would have felt they could get on with their lives.
These Republicans blocked all that. Now, in addition to the hypocrisy, some of these Republicans in Congress are shamelessly pushing to advance a bill in the coming weeks that gives hundreds of billions of dollars in tax breaks and handouts to the wealthiest Americans. They still haven’t given up on making permanent a $2 trillion tax cut that they never paid for. Never paid for. Two trillion dollars.
So let me be clear: For Republicans in Congress, this is not about reducing the deficit, it’s not about fairness and forgiving loans, it’s only about forgiving loans they have to pay.
Today, the Supreme Court sided with them. I believe the Court’s decision to strike down my student debt relief program was a mistake, was wrong.
I’m not going to stop fighting to deliver borrowers what they need, particularly those at the bottom end of the economic scale. So, we need to find a new way. And we’re moving as fast as we can.
First, I’m announcing today a new path consistent with today’s ruling to provide student debt relief to as many borrowers as possible as quickly as possible.
We will ground this new approach in a different law than my original plan, the so-called Higher Education Act. That — that will allow Secretary Cardona, who is with me today, to compromise, waive, or release loans under certain circumstances.
This new path is legally sound. It’s going to take longer, but, in my view, it’s the best path that remains to providing for as many borrowers as possible with debt relief.
I’ve directed my team to move as quickly as possible under the law. Just moments ago, Secretary Cardona took the first step to initially that — to initiate that new approach.
We’re not going to waste any time on this. We’re getting moving on it. It’s going to take longer, but we’re getting at it right away.
Second, we know what many borrowers will need to make their hard choices, which their — which their budgets are being strained now — when they start to repay their monthly loan payments this fall.
You know, we know that figuring out how to pay these added expenses can take time for borrowers, and they might miss payments at the front end as they get back into repayment.
Normally, this could lead some borrowers to fall into delinquency and default. But without their financial se- — it would hurt their financial security, and that’s not good for them or the economy. That’s why we’re creating a temporary, 12-month what we’re calling “on-ramp” repayment program.
Now, this is not the same as the student loan pause that’s been in effect for the past three years. Monthly payments will be due, bills will not go out, and interest will be accruing. And during this period, if you can pay your monthly bills, you should.
But if you cannot, if you miss payments, this “on-ramp” will temporarily remove the threat of default or having your credit harmed, which can hurt borrowers for years to come, because the Department of Education won’t refer borrowers. And the reason why that will work: They won’t refer borrowers who have missed payments to credit agencies for 12 months to give them a chance to get back up and running.
Let me close with this: Our Republican officials say, “Student loan relief is a giveaway to the privileged.” You hear that loud now: “the privileged.” (Laughs.) I love the concern for the privileged.
But I know who student loan borrowers are in this country and so do all of you: the couple putting off having a child until they can find their way to deal with their debt. That’s who they are. They’re a young — put — putting off buying their first home until they can get out from under their student loans.
Hope on the horizon thanks to the relief that I planned last year — today’s Court decision snatched it away from them. I get it. I get it. I hear this. It’s — it’s — and — and I’m concerned about it.
But today’s decision has closed one path. Now we’re going to pursue another. I’m never going to stop fighting for you. We’ll use every tool at our disposal to get you the student debt relief you need and reach your dreams.
It’s good for the economy. It’s good for the country. It’s going to be good for you. Thank you very, very much for listening. We’re going to get this done, God willing. Thank you.
Q Mr. President, why did you give millions of borrowers false hope? You’ve dated — doubted your own authority here in the past.
THE PRESIDENT: I didn’t give any false hope. The question was whether or not I would do even more than was requested. What I did, I thought was appropriate and was able to be done and would get done. I didn’t give borrowers false hope.
But the Republicans snatched away the hope that it was — they were given. And it’s real — real hope.
Thank you.
Q Mr. President, will you cancel student debt?
Q Mr. President, the Court said you overstepped your authority. Did you overstep your authority?
THE PRESIDENT: I think the Court misinterpreted the Constitution.
Q Mr. President, do you admit failure in Afghanistan? Mistakes? There was a — there was a report on Afghanistan withdrawal, saying there was failure, mistakes. Do you admit there was mistakes during the withdrawal and before?
THE PRESIDENT: No, no. All the evidence is coming back. Do you remember what I said about Afghanistan? I said al Qaeda would not be there. I said it wouldn’t be there. I said we’d get help from the Taliban. What’s happening now? What’s going on? Read your press. I was right.
Thanks.
Q So — so — so the report is from the State Department, actually, about the withdrawal.
Here is the core of the issue:
tax cut that they never paid for.
These vermin believe that whatever they decide to spend is there for the spending, and anyone who diminishes that spending has to pay it back to them.
The Student Loan Program actually caused the cost of college to rise.
For the colleges, the student loan was “free” money backed by the government. The universities and colleges got paid free and clear and pursued crazy building programs and other costly schemes. The government used the student loan money as a bludgeon to force certain programs like affirmative action, Title IX, LGBT and other mandates at every university and college. You don’t get the money without the social agenda that comes with it.
More student loan money, more building programs more administration (for the social programs and compliance)—Bingo! there go your costs. So, raise tuition: the government’s paying.
Except that students loans are not able to be discharged by bankruptcy. They are PERMANENT debt slavery. And with college required for everything–including being a dental assistant or driving a truck–the number of Americans in this student loan debt is enormous. And, as Dave Ramsey never ceases to point out, the debtor is the slave of the lender.
What needs to be abolished is the student loan program. Regular jobs, like dental assisting and truck driving, should not involve college but low cost technical schools with on-the-job training that can defray some of the costs.
And NOT EVERYBODY SHOULD GO TO COLLEGE. I am sorry, but it’s entirely unnecessary, unless you’re going into law, medicine, engineering or laboratory science. Most of the liberal arts majors are absolutely shot. It’s ALL critical theory/cultural Marxism. Even the classics are tainted. The social sciences are all social, no science. Most of those types don’t understand statistics anyway and just have their grad assistants code the results and feed them into the software program.
Biden’s “plan” was a drop in the debt slavery bucket, a kind of grandstanding, probably to bring out the vote in 2024 for the Dems. They know that students don’t vote. I’ve been teaching a long time and our deans send out emails during election season to get the kids to the polls. We can’t by law tell them who to vote for, of course. But students skew liberal and Democrat in elections.
Sorry, but this topic is a sore one with me. It’s so damned easy for my students to click the links putting them into debt–in many cases, for life. The kids are better off putting their tuition on credit cards–these can be discharged in a bankruptcy. Student loans are forever, the Company Store for kids.
Everything gubmint touches gets screwed up.
Yup.
I think your summary is excellent! Thank you for giving it to us
Thank you. The Democrats are just using this issue to get out the youth vote. Meanwhile, the Department of Education actually runs the Student Loan Program now–and they’re armed:
https://www.heritage.org/crime-and-justice/commentary/beware-the-us-education-department-swat-team
Three sectors have risen much faster than inflation, consistently for many, many years.
These same sectirs are the ones with the greatest govt regulation/involvement;
Home ownership
College education
Medical care.
EVERYTHING thr Govt touches, it taxes, subsidises and ruins.
it wasn’t just the youth vote Democrats were buying. It was the entire higher-education industrial complex votes they were buying: faculty, administrators, staff and college building contractors.
Students were used only as cover as a go-between. Then all along was to get the tax payers to bail out the higher education industrial complex. Just like “aid to Ukraine” buys votes from the military-industrial complex.
THANK YOU!
Here’s more on how student loan debt is distributed. This is from the College Fix:
https://www.thecollegefix.com/student-loan-debt-hits-some-cities-harder-than-others-study/
“…“One of the biggest financial pressures on Americans is their post-college debt,” WalletHub analyst Jill Gonzalez told The Fix.
“In fact, with a record $1.63 trillion in debt, student loans are the second largest category of household debt behind mortgages,” Gonzalez said.
WalletHub found that this $1.63 trillion amounts to about $37,600 per borrower.
“The study’s findings indicate that some regions of the nation are more financially unsustainable than others when it comes to student loan debt,” Gonzalez said…
…One example is Walterboro, South Carolina, the most overleveraged city according to WalletHub’s data.
“The median student debt here is among the largest, making up over 82% of the median earnings,” she said.
Meanwhile, the least overleveraged city is Mckees Rocks, Pennsylvania, where the median student debt is only $725. The city also performs the best for the ratio of student loan debt to earnings. The median earnings of bachelor degree holders in the PA town is $38,892…”
And here is the kicker:
“Prior research has shown that even individuals who received relief from student loan payments did not use the opportunity to pay down debt, but instead actually increased their borrowing.”
Been doing largely the same rant for a couple decades now. Risen to the level of criminal fraud now.
I think fraud is a good word for it–on many levels.
They went to the faculty, who failed to deliver a viable product in return.
Why did you leave them out?
Claw back this money from the higher education industrial complex – all of them: faculty, administrators, staff and building contractors.
The faculty were delivering a psyop–mind control–as the politicians wanted them to.
And now they have the 15-minute student loan app, and everybody’s happy. And in debt. FOREVER.
This issue is going to hurt the gop in the 2024 election in the same way the Dobbs decision hurt them in the midterms.
No, of course it’s not right for people who signed their names to loan docs to expect a bailout but you can listen to them interviewed tell you that if Biden puts forward a plan to help out their financial situation they’ll vote for him. We are talking big money here and money talks.
It’s not just one person per family who will vote for this con man and his shyster party: it’s a bunch of folks in that person’s family–a spouse, a mother and father who feels, “Hey, my kid will hit me up for money to make those loan paymerns so sure, even if I hate the guy, I’ll vote for Biden if that’s at stake.”
The smart thing for McCarthy to do is draft a bill that will get the US gov’t out of the loan business.
The GOP has to carefully and constantly pummel the public, educate the public about how the government involvement has forced up the price of college.
If the GOP ignores this issue, doesn’t talk about all the time, the Dems don’t even need to cheat to win back the House and to put in a Dem in the Oval.
Dems are good at this stuff.
The GOP has to go after the youth vote and as far as I can tell they all just sitting back on their heels again, and Trump is not talking to Gen Z either. The major state universities killed him last election.
TL Howard,
Ehst part of McCarthy and the GOP played an active, major role in installing Joe, don’t you understand?
And Dobbs is NOT why some R candidates lost; they list because McCarthy and McConnell withheld funds from the R Senate and House Csmpaign funds from sny candidate who campaigned on challenging the 2020 election and Ronna did the same with RNC funds.
Majewski talked about it on War room, MTG talked sbout how the RNC took over Herscels campaign and ran it into a ditch.
And the narrative if falsely blaming the Dobbs decision is misdirection and bullshirt.
It feeds into the RNC/GOPe narrative that culture issues hurt R’s, cause us to lose “moderate dem anf Indie votes” needed to win.
Quit drinking the RNC tea its really unhealthy.
Bottom line, we’re a nation of morally and intellectually compromised people, who will sell their souls for free schitt.
When Biden proposed this, democrats held the senate. If dems were going to do this, they would have passed it then. But, they never were going to do it, they just use this as a carrot to keep the youth voting for them. It was always an empty promise like so many other promises of handouts that their voters will never get. The reparations for POC are the same thing. That is unconstitutional and they know it, but they have dragged their voters along for years and they keep falling for it.
Matt Taibi is the guy to read on Student Loans:
DOE MAKES money on student loan defaults:
https://www.rollingstone.com/politics/politics-news/ripping-off-young-america-the-college-loan-scandal-186926/
“2005 Wall Street Journal story by John Hechinger showed that the Department of Education was projecting it would actually make money on students who defaulted on loans, and would collect on average 100 percent of the principal, plus an additional 20 percent in fees and payments.”
And a more recent article:
https://www.rollingstone.com/politics/political-commentary/matt-taibbi-student-loan-crisis-1117924/
Thanks
People that keep falling for this are stupid. That’s why affirmative action was so important to them. Luckily, the world still needs ditch diggers.
being a pathological liar, making promises you never expect to be fulfilled is par for the course….joe malarkey still can’t play a full round and that’s spotting him 70 points, 40 staff to sheperd, 18 mulligans, playing at the kids tee, and playing what lands near the green counts as a hole and three fully equipped medical copters hovering on the scene and two hospitals fully crash prepped.
Joe malarkey is a national security and defense threat to this country.
God Bless America
Not a single reporter screams from the back, “Why do you lie, Mr. President?”
Simon Ateba comes close.
A threat to this entire world.
And don’t it know it.
Obiden doesn’t know what room he’s in.
On a serious note: Knowing his vegetative mental condition, his lack of communication skills without reading a script, and wearing that CPAC or whatever the hell they call that breathing machine at night — how long do you think it would take him to function and make a decision if he got that 3am phone call saying the Germans are bombing Pearl Harbor again?
Asking for a friend…………….
He’d be the last person they’d wake.
They might tell him that he bombed Russia in response come the the morning.
ha!
“Germans?”
“Forget it, he’s rolling…”
FJB
What drivel! FJB doesn’t understand a thing about setting a budget and living within it. If everything he was saying is true, then since the passage of the Civil Rights Act in 1964 we should have eliminated poverty.
So he purposefully sets it up so the money is right there, knowing it will get snatched away, then tries to blame the other guy
10-20,000 is nothing in these 100,000 loans that never go down with unregulated interest . The banks that buy and sell these loans are having a field day
If Biden really wanted to do something for those with student loan debt, he would regulate the banks making sure the loans can’t be paid down
From the BEE:
https://babylonbee.com/news/democrats-devastated-as-supreme-court-bans-robbing-the-poor
“…WASHINGTON, D.C. — Leftists are devastated this morning after the Supreme Court passed down a new ruling that will ban robbing those who didn’t attend college to pay for the expensive and useless degrees of those who did.
“If the useless poor can’t pay for my $300,000 Diversity and Belonging Doctorate degree, what good are they?” said Dr. Mikayla Barnes, a local Starbucks shift manager. “What am I supposed to do now? Work more? I’m ruined!”
Sources say this tragic ruling will adversely affect the lives of thousands of feminists who will no longer be able to afford blue hair dye..”
Snort!! 😂
on a different topic –
If you are white you ARE justified to feel discriminated by blacks because you are – and you have every reason not to like black America – As Jussie Smollett case has shown for all of us to see its A VERY RACIST BLACK AMERICA pushing a very racist black supremacism and socialism that is influencing the behavior on these DAs and of the Democratic Party today and putting on display for all of us to see a culture that has been taught for the past 50 years in their homes and neighborhoods, hate and racism towards the white population – I have experienced racism and abuse from blacks Americans and im not the only one experiencing this abuse – people stop taking their abuse and its time to start calling it out and start calling out the racisms’ of a black community hell bent at hate against the white, Asian and Hispanic peoples and excusing rampant crime by mostly black and woman
So this dimwit is throwing a temper tantrum to distract us from the lid about to be blown off of he and his worthless crackhead son and their corruption!
CAN YOU SAY TREASON!
THIS IS COMPLETE INSANITY!
Nothing really changes except the rhetoric. Democrats get a lot more ballots from promising money they never deliver than from actually delivering money.
And it’s OUR MONEY, not theirs.
things that you will never hear joe malarkey say:
we are going to give tax breaks to companies that hire recent UNIVERSITY GRADUATES to help solve the loan and economic opportunity facing the new generation that has to endure inflation and severe economic downturns from policies that I implemented. And I have also decided to support giving tax breaks to all americans also, because it would be unfair to give it to just one specific group and not the entire group.
noting: as usual the way that joe malarkey and his band of grifters ALWAYS solve problems, is by CREATING THEM FIRST, then using tax payers dollars and grift to special beach friends…
Besides vote buying, Biden’s plan was nothing more than loan shoplifting up to $20,000 without penalty. Sort of similar to what goes on with theft in Democrat controlled cities.
“THE RESIDENT: I think the Court misinterpreted the Constitution.”
And no uproar from the chattering heads for that remark and of course giving the rotting sack of POTATO a pass.
Why the White House thinks new student loan plan will hold up in court
https://thehill.com/homenews/administration/4076860-why-the-white-house-thinks-new-the-student-loan-plan-will-hold-up-in-court/
Student loan forgiveness was just one of many edicts puppet JoeBama did that were grounds for impeachment. Congress waited for a Supreme Court ruling because they approved of this regimes totalitarian form of pseudo democracy.
No comment.
How about they pay off our mortgages, credit cards etc etc. and how about teaching these kids what a responsibility is. Many citizens are paying for training for the career they want to pursue that are not college related. My Grandson just finished paying off his tractor trailer training . Sure there are many other jobs that require training other than college.
Affirmative action: Just think if the NBA decided not to let Lebron James into the NBA because there are too many black players and made the LA Lakers take Ed Shearon singer instead because he is white how would that go over. I laugh @ these fools 24/7 sorry off topic. But a great example.
The left never obey a court ruling that went against them. MPP, Title 42, rent moratorium, in every case Biden ignored the ruling and he’ll ignore this one.
“Let’s Go Brandon!” Gobligook from the resident!
God please end this unelected brainless puppets existence out of the PEOPLES GOVERNMENT. There has never been a more destructive and Corrupt system as the Obama/Biden regime.
They knew this would happen when they came up with the cockamamie plan. Now the people Joe tricked with his false promise will be inclined to blame the courts/Trump, because nobody understands who our system is supposed to work.
All that is needed to fix the student debt problem is to make the debtors eligible for bankruptcy on a case by case basis.
Joe Biden was instrumental in making student loan debt non-discharegeable.
The “forgiveness” ploy helps peope who could have paid off their loans by now and decided not to.
It also helped divide Americans along lines such as those who went to colege versus those who did not, and demonizes the people struggling with mountains of debt and who never asked the government to wave it away.
Every time I bring up the easy fix, somebody comes at me with an anecdote about how they paid back every penny of their loans, or they didn’t take out loans, or they went into plumbing.
Good for you.
We have a system in this country to give people debt relief when they owe more than they can repay.
We have a whole category of Americans excluded from this.
How is this fair?
BTW Republicans will never look into the racket that student loans and higher education have become, because they benefit from the status quo as well.
He used the obviously illegal action to gain votes….(not necessary since the entire election was fixed)- – The governmnet SHOULD be going after the colleges that despite having HUGE ebdowments keep raising tuition (because they can )…….
THE PRESIDENT: I think the Court misinterpreted the Constitution.
That’s rich. The guy who barely graduated from law school and never worked as a lawyer a day in his life claiming the SCOTUS justices misinterpreted the Constitution. Well, certainly 3 of them — Sotomayor, Kagan, and Brown — did.
Hey, Joe, if someone is stupid enough to go into debt to get a worthless piece of paper, they deserve the opportunity to pay it all back out of their own pocket. As an alternative, how about those colleges using their endowment money to pay off their students’ loans? While they’re at it they can fire those DEI hires, anyone teaching a course with “Studies” in the title, and the football and basketball coaches. Then you could afford to reduce tuition by 75%. No 6 figure loans required.
Actually, Joey Two Scoops was hired by a private law firm in Wilmington, DE fresh from graduating in the bottom quarter of his class at Syracuse Law. After spending a year (at best) there, Bidumb won a seat on the New Castle County Council. The rest is history.
He is pissed because the 400 billion was going to buy a lot of ‘free stuff’ for people who were stupid enough to borrow money to pay for a lower education. He was going to the ‘free stuff’ because Demcommies do this for votes from stupid people at this stage of every election cycle. Immediately after winning elections, Demcommies always reveal their true intentions. After the conversation starts to turn to the next election, they suddenly want to give away a lot of ‘free stuff’ to the stupid people. It has worked for them in every election since the early 1900s, and the Repugs are always afraid to point it out during the campaign.
Political fact #1: Most people vote for their own pocketbook, while stupid people vote to get ‘free stuff’ for their pockets.
Greedy scofflaw students(D) were never going to vote GOP anyway.
Net political loss zero.
However, students are notorious for not voting. This bit of Biden political theater might galvanize them in a way other issues won’t. I know on college campuses, there will be lots of reminders about the “evil” Supreme Court that took away student loan relief. Lots of campus voter registration–and, in California–mail in ballots.
Get the money back from those who actually took it: the higher education industrial complex.
The students were only a pass-through, between our tax dollars and the powerful education unions (D).
Actually, the whole student loan program is a transference of taxpayer money to the indoctrination system of college. Students are paying for mind control (worthy of MKUltra) and become debt slaves at the end of it all. A two-fer.
What does aid to Ukraine have in common with college student loans?
Both Ukraine and college students are as pass-throughs, used to buy Democrat votes with our tax dollars.
Aid to Ukraine = supporting the US military industrial complex(D).
Student loans – supporting the higher education industrial complex(D).