Posted BY: Jim Hoft
Joe Biden unilaterally announced a massive forgiveness of student loans last month.
An estimated $300 billion of loans up to $10,000 per borrower making under $125,000 per year ($250,000 for couples) as well as up to $20,000 for Pell Grants will be forgiven by the Biden administration citing a new interpretation of the 2003 HEROES Act by Biden admin lawyers that says the secretary of Education has the authority to use national emergencies–specifically the COVID pandemic–to wipe out student debt en masse.
Trending: Dark Brandon
Joe Biden claimed ‘canceling’ student loan debt (AKA transferring the debt to the middle class) won’t have any “meaningful effect on inflation.”
“Independent experts agree that these actions taken together will provide real benefits for families without meaningful effect on inflation,” said Biden.