It is not a secret that the Yutes of Today, callow though they may be, are crippled with debt from student loans and have failed to launch into the American
Nightmare, er, Dream. The potential of this demographic —the most educated generation is US history— is YUGE and is being held back.
(Much of the tax cuts of the ’70s and ’80s [Hello, Howard Jarvis!] were financed by becoming the usurious fees at state colleges and universities, and then many schools started becoming profit centers. Those ‘comedic’ bumper stickers on fantasy cars of that era —“I’m Spending My Grandchildren’s Inheritance”— were much more honest. I might have keyed one or two. Allegedly.)
Anyway, President Handsome Joe Biden is looking into cancelling some or all of the student debt which would be politically advantageous as well as an amazing thing to do for the country as these kids could start to contribute to the economy through pent-up demand if they could spend more of their income.
FIRST ON FOX – Senate Minority Whip John Thune and a group of GOP senators are introducing a bill to ban President Biden from canceling student loan debt, amid news Biden is considering doing just that.
The bill would also limit how long the administration can pause student debt payments and add congressional oversight to the process. People with income above 400% the poverty line would be exempt from any pause.
“As Americans continue to return to the workforce more than two years since the pandemic began, it is time for borrowers to resume repayment of student debt obligation,” Thune, R-S.D., said in a statement. “Taxpayers and working families should not be responsible for continuing to bear the costs associated with this suspension of repayment.”
Thune added: “This common-sense legislation would protect taxpayers and prevent President Biden from suspending federal student loan repayments in perpetuity.”
“My REAL constituents fleeced the students fair and square,” Thune didn’t add. “Who will cry for the bankers?”
UPDATE 1: the Straw Man speaks!!1!