Vice President Kamala Harris gave a speech last week to accompany the release of her 82-page economic planning document. While her words were intended to evoke optimism, the implications of the plan are troubling for America’s future.
To begin with, the plan must be placed in context.
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The Supreme Court on Wednesday rejected a request to reinstate the Biden administration’s latest student loan forgiveness plan.
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As borrowing costs for student loans are already at unseen levels, rates are expected to rise even higher in the coming months to a high not seen in 16 years.
According to ABC News, the current interest rate on a federal undergraduate student loan, which is 5.5%, is expected to rise to 6.5% in July. This would mark the highest level since 2008. The borrowing rate for student loans is determined as a result of adding a fixed amount of 2.05% to the yield on the 10-year Treasury bond, which is set every May at an annual auction. On Wednesday, the 2024 auction saw 10-year Treasury bonds sold at a yield of 4.48%.
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The House of Representatives on Thursday passed a bill that would repeal the student loan plan issued by the Biden administration after its original plan was ruled unlawful by the Supreme Court.
The Saving on a Valuable Education (SAVE) plan was issued by the Department of Education on July 10, less than two weeks after the Supreme Court struck down the administration’s plan to forgive $10,000 of student debt held by all borrowers making less than $125,000 a year. House Republicans, who have opposed all student debt forgiveness plans by the administration, passed a bill that would repeal the SAVE plan on Thursday, by a vote of 210 yeas to 189 nays.
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GOP presidential candidate Vivek Ramaswamy released a video statement Friday after the U.S. Supreme Court struck down the Biden administration’s proposal to unilaterally cancel hundreds of billions in student loan debt.
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The Biden administration has announced that the federal government will enact a $10,000 per borrower student loan bailout for those with annual incomes as high as $125,000 (or $250,000 for households). This legally dubious action represents an upward redistribution of wealth from hard-working taxpayers toward the higher-income minority of Americans who have a college degree, all the while doing nothing to solve the ongoing challenge of rising college costs.
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A whistleblower lawsuit filed last month alleges that Rutgers University’s business school artificially boosted its rankings by using a temp agency to hire MBA graduates and place them into “sham positions at the university itself,” according to NJ.com, which first reported the news. Though shocking, the scandal is the natural result of the incentives the federal government has set up for schools through uncapped student loan subsidies for graduate programs.
Rutgers has denied the charges. But the allegations are credible when considering the source: the lawsuit was filed by Deidre White, the human resources manager at Rutgers’ business school. Days later, a separate class-action lawsuit was filed by one of Rutgers’ MBA students.
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Take heart. The resurgence of a freedom-based conservatism has already begun. On the other side of the pandemic tyranny, the debacle in Afghanistan, and the catastrophic reckoning with inflation, Americans will be ready to be rid of the screechy pseudo-intellectuals who ruin everything. When that day comes, it’s critical we take steps to eliminate the Left’s toxic syndicate that indoctrinated so many Americans. It’s not enough to beat them back. We must look to the source of this poison that almost overtook our country.
There are so many problems that need to be unwound. Leftist authoritarianism has infected everything as indoctrinated graduates began assuming leadership roles in heretofore apolitical organizations from churches to school boards to the military. Instead of trying to fight the battle on every front, we should look first to stopping it at its source: Academics unmoored from market incentives.
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The Department of Education announced Thursday that it will cancel student loan debt for over 300,000 borrowers with severe disabilities.
The program, set to erase over $5.8 billion in total debt, will begin in September and apply to over 323,000 borrowers classified as having a “total and permanent disability” by the Social Security Administration (SSA), the Education Department announced. Borrowers will now receive automatic discharges of their debt, whereas previously needed to fill out applications.
“Today’s action removes a major barrier that prevented far too many borrowers with disabilities from receiving the total and permanent disability discharges they are entitled to under the law,” Education Secretary Miguel Cardona said in the announcement.
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Americans are growing angrier by the day in a way different from prior sagebrush revolts such as the 1960s Silent Majority or Tea Party furor of over a decade ago.
The rage at the current status quo this time is not just fueled by conservatives. For the first time in their lives, all Americans of all classes and races are starting to fear a self-created apocalypse that threatens their families’ safety and the American way of life.
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