Joe Biden’s controversial student loan bailout has been frozen by the United States Court of Appeals for the 8th Circuit.
An injunction was requested by these six states Arkansas, Iowa, Kansas, Missouri, Nebraska, and South Carolina.
Biden said, “Our student loan plan lowers costs for Americans as they recover from the pandemic to give everybody a little more breathing room. Republican members of Congress and Republican governors are doing everything they can to deny this relief. Their outrage is wrong, and it’s hypocritical.”
The proposed loan relief could cancel up to $10,000 for individuals who earn less than $125,000 per year or less than $250,000 for married couples.
Legal experts said Biden’s use of the HEROES Act for the student loan bailout is “flagrantly illegal.”
Daily Wire Editor Emeritus Ben Shapiro said, “Many businesses took that money. They took that money not out of greed but because the government had shut down their businesses. They took that money because the government was begging these businesses to keep their employees afloat.”
Shapiro continued, “This is morally reprehensible; it’s disgusting. If you are a business owner who just wants to operate and keep your employees employed, the government will shut you down, they’ll destroy you financially, they’ll promise you help, and then two years later, they’ll destroy you reputationally.”
Shapiro added, “They’ll tell you that you’re a good person for ensuring your employees can support their families, and then two years later, they’ll use that as leverage to force you to support their politically driven plan to bail out their favored political constituencies.”
Biden’s loan relief plan has also been criticized by some in Democratic circles, including the Washington Post’s editorial board and former Treasury Secretary Lawrence Summers.
House Speaker Nancy Pelosi(D-CA) was also skeptical of unilateral plans to cancel student loans.
Shapiro said, “Democrats believe that everyone should be able to follow their passion on your dime. And so they are happy to slander you as a deadbeat for being responsible while praising deadbeats for following their dream to become a professional finger painter. You’re the bad guy. After all, you’re the one who pays the bills. And only suckers pay their bills.”
Shapiro said Biden doesn’t seem to want a legal reason for debt forgiveness.
Shapiro continued, “Just like he didn’t need an actual legal excuse to use the Occupational Safety and Health Administration to cram down vaccine mandates on 80 million Americans before he was stopped by the Supreme Court.”
Shapiro added, “Just like he didn’t need an actual legal excuse to use the CDC to cram down eviction moratoria before he was stopped by the Supreme Court.”
“If you own a business, they hate you. If you paid your student loans, they hate you. If you are a responsible member of the free market economy, they hate you,” Shapiro concluded.
More on this story via Daily Wire:
Nixing $10,000 of student loan debt per borrower would cost $298 billion in 2022 and a total of $329 billion by 2031 if the policy is renewed each year, according to a nonpartisan analysis from the University of Pennsylvania’s Wharton School.
A report from the Brookings Institution observed that one-third of student debt is owed by the wealthiest 20% of households, while only 8% is owned by the bottom 20% — likely because graduate degrees are often necessary for the most lucrative professions.