In a desperate attempt to win votes in the upcoming presidential election in November, President Biden has transferred $153 billion in wealth from middle and lower income-earners to the rich.  How has he done that? Student loan forgiveness is the answer.

In January 2022, Forbes conducted a study that found that a significant portion of student debt belongs to high-wealth households.  Additionally, an article from Brookings emphasizes that student loan forgiveness tends to be regressive, which benefits higher-income individuals more than lower-income ones.  Some studies indicate that students from high-wealth families owe at least 60% of the total student debt.

Students from wealthy or affluent families can qualify for student loans more easily than those from less affluent families.  In the past few years, Biden has forgiven $153 billion in student loans, mainly benefiting high-wealth households.

As the November election approaches, the Biden administration has been eager to show how much student loan debt it has canceled, making new announcements about debt relief roughly once a month and sending emails directly to eligible borrowers.  Earlier this week, Biden announced a new group of student debt relief proposals that could go into effect this fall.  This unconstitutional debt forgiveness is a desperate attempt, and likely a successful one, to get the families of students who hold student debt forgiven by Biden to vote for him and to become supporters of the Democrat party.

Just because the administration forgives $153 billion in debt, it doesn’t just disappear.  Someone has to pay it, and that someone is the middle- and lower-income taxpayer.

This student loan forgiveness is a massive transfer of debt from the affluent to the less affluent for political reasons.  Naturally outraged, lower- and middle-income taxpayers justifiably complain that Biden is transferring the cost of student tuition to those who chose not to attend college or who have already paid for it.  They also say he is circumventing the Supreme Court, which knocked down Biden’s signature student loan forgiveness program last year.  The Supreme Court ruled that the administration’s student loan forgiveness plan was unconstitutional, but that doesn’t stop Biden.

So long as we have an authoritarian, Constitution-ignoring dictatorship running this country, we will have no control over our financial well-being.  The Constitution provides that our elected officials rule with the consent of the people.  I didn’t give my consent, nor did my representative in Congress, nor did anyone’s representative in Congress.  This is an authoritarian act solely by President Biden without the consent of the Legislative or Judicial Branch of government.  So much for checks and balances.

This administration continues to add more debt for us to pay and spends our money without limitation, increasing inflation and the national debt with every dollar spent.  Remember, the government has no money of its own.  What it spends is money it collects from the American taxpayer in the form of taxes.  It just spent $153 million without consulting Congress, which the Supreme Court has ruled is unconstitutional.

In pre-Revolutionary times, the people declared that taxation without representation was tyranny.  Will America wake up?

Gary Aminoff is the chairman of the American Freedom Alliance and can be reached at gaminoff@aminoff.com.

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