President Biden is once again showing his inability to learn from the mistakes of the Obama-Biden administration. This time, he’s launching a desperate bid to save his failing administration in the form of a proposal to waive federal student loan debt. A little-known law pushed by then-President Obama was sold to the country on the lie that having the federal government take over the student loan process would save taxpayer money and could be used to finance Obamacare.
But, as conservatives know, the federal government almost never manages tax dollars responsibly, and Obama’s bait and switch has caused federal student debt to nearly double since 2010. Outstanding student loan debt now totals over $1.7 trillion, and is among the largest shares of consumer loan debt.
Fast forward to 2022, Biden is just about as unpopular as Jimmy Carter, and it’s time to appease the radical, socialist left. Biden wants Tennesseans to pay for New York elites to get doctorates in gender studies or queer history free of charge. Around 40% of all student debt is held by people with advanced degrees (doctors, lawyers, PhDs), while a mere 10% of student debt is held by the bottom fifth of earners. What’s worse, 210 million Americans do not have any student loan debt.
It’s clear the left’s latest “equity” scam is nothing more than a messaging ploy. They want the rich to get richer off the backs of hardworking Tennesseans. That’s not the American dream, that’s the socialist dream.
Marsha Blackburn is the senior US senator from Tennessee.