President Biden had vowed to “build back better” during his 2020 campaign. But it appears his only idea on building back the country has been to spend trillions in tax dollars.
His agenda triggered massive inflation. His attempt at fixing it was to spend more money, on the taxpayer’s dime.
Even the Supreme Court had to step in and stop one of his plans that would have cost Americans hundreds of billions. But despite that court decision, Biden is backing doing the very same thing.
From Fox Business:
The Biden administration has approved an additional $5 billion in debt cancelation for roughly 74,000 student loan borrowers, the White House said in a statement Friday…
The latest round of student debt cancelation brings the total amount canceled under Biden to $136.6 billion for more than 3.7 million Americans, according to the Department of Education. It comes after the U.S. Supreme Court blocked Biden’s initial student loan handout last year, which would have cost more than $400 billion.
In what could be a desperate bid to repair his low approval, President Biden has approved more student loan payment cancelations. The latest round will cost Americans $5 billion—and will go to “public sector workers.”
According to reports, these loans had already been paying off their loans. These repayments, for many of them, will come in the form of checks in the mail. Biden has already spent $136.6 billion in taxpayer funds to “cancel” student loan debt.
Many Americans were outraged when Biden started canceling student loans given out by the government. People asked why some Americans, who never went to college, will have to pay for the college educations of others. Biden had previously refused to cancel loans but flip-flopped just before the 2022 midterms.
Now, with his approval at the lowest in his presidency, just months before the 2024 Elections, Biden is once again canceling student loans. It is likely critics will accuse Biden of trying to buy votes, with taxpayer’s money.
Congress has even expressed outrage over Biden’s moves. Such large expenditures are supposed to go through the legislature. But the president has been finding loopholes and other legally questionable tactics to get his way—a common practice for this administration.
- President Biden has approved another $5 billion in student loan cancelations.
- This comes after the Supreme Court ruled he did not have the authority to do so.
- Biden has spent $136.6 billion of Americans’ money to cancel student loans.
Source: Fox Business