In an effort to bribe voters in advance of the midterms, President Biden is pressing for a bailout for student loan debt. It is almost certainly unlawful and unquestionably the result of economic illiteracy.
However, the results of recent polls imply popular approval for Biden’s plan would evaporate if the American public is made aware of the plan’s potential ramifications.
According to new polling conducted by the Cato Institute, 64 percent of respondents say they are in favor of canceling debt for $10,000 per borrower for people who earn less than $150,000.
This is very similar to the plan proposed by Biden. Is there support for Biden’s agenda, then?
Would you favor or oppose the government forgiving up to $10,000 in federal student loan debt if forgiving $10,000 per borrower raised your taxes?
SUPPORT — 36%
OPPOSE — 64%
Cato institute / 08/17-23 https://t.co/Dys6Wi1rK6
— InteractivePolls (@IAPolls2022) September 1, 2022
People won’t agree with you after you show them the repercussions of their actions.
According to Cato’s research, nearly two-thirds of Americans are against cancellation if it means an increase in their taxes to forgive $10,000 per borrower (64%) or if it largely benefits people with higher incomes (68%).
They oppose it if it causes colleges to raise their tuition rates (76% of respondents) or if it prompts more employers to necessitate college degrees, even if they are not necessary to do the job (71% of respondents), also known as credential inflation.
Emily Ekins, director of polling at Cato, came to the conclusion the majority of Americans are opposed to the expenses many experts feel are linked with the forgiveness of federal student loans.
It’s strange how that works out. People positively react to the concept of getting things without having to pay for them when it is presented to them. Whereas after you’ve broken down the prices, the answer is no.
You may rest assured these aren’t just made-up scenarios. These are the constraints that will be placed on President Biden’s plan.
The Wharton School of Business estimates the cost to taxpayers of forgiving student loans will be at least $469 billion and possibly as much as $1 trillion.
Student-Loan Forgiveness Is Really a Bailout for Woke Higher Ed – WSJ. Every word is true here. Cancellation of student debts has its perverse consequences. https://t.co/GZmX5ZknpR
— Xiyue Wang (@XiyueWang9) August 30, 2022
It is money that will, in all likelihood, result in more taxes, either immediately, as a result of increased debt, or indirectly, as a result of higher inflation, in the event the government just prints more money to cover the difference.
After giving it some additional thought, voters have made it very apparent they do not agree with Joe Biden’s proposal to “forgive” student loans.
However, it is unfortunate the majority of these politically unpalatable truths that accompany the president’s proposal won’t be presented to the public by the liberal media.
Instead, they will simply repeat the White House’s talking points without providing any critical analysis.
One can only hope voters can see through the lies told by Biden, along with the misdirection offered by the media in order to see how disastrous this program truly is.
This article appeared in The Political Globe and has been published here with permission.